Business News

Boston Properties Completes the Acquisition of 125 West 55th Street

2008-08-13 16:44:00

    BOSTON, Aug. 13 /EMWNews/ -- Boston Properties, Inc.

(NYSE: BXP), a real estate investment trust, announced today that it has

completed the previously announced acquisition of 125 West 55th Street in

New York City from an affiliate of Macklowe Properties. The purchase price

for 125 West 55th Street was approximately $444.0 million, including the

assumption of an aggregate principal amount of $263.5 million of secured

and mezzanine loans having a weighted-average fixed interest rate of 6.31%

per annum, all of which mature in March 2010.

    The acquisition was completed through a joint venture among Boston

Properties, US Real Estate Opportunities I, L.P., which is a partnership

managed by Goldman Sachs, and Meraas Capital LLC, a Dubai-based private

equity firm. Boston Properties has a 60% interest in the venture and will

provide customary property management and leasing services for the venture.

Boston Properties expects to account for its investment in the joint

venture under the equity method of accounting rather than on a consolidated


    125 West 55th Street is a 23-story building, spanning from 55th to 56th

Streets between Avenue of the Americas and Seventh Avenue, that contains

approximately 591,000 rentable square feet.

    This press release contains forward-looking statements within the

meaning of the Federal securities laws. You can identify these statements

by our use of the words "expects," "plans," "estimates," "projects,"

"intends," "believes" and similar expressions that do not relate to

historical matters. You should exercise caution in interpreting and relying

on forward-looking statements because they involve known and unknown risks,

uncertainties and other factors which are, in some cases, beyond Boston

Properties' control and could materially affect actual results, performance

or achievements. These factors include, without limitation, the ability of

our joint venture partners to satisfy their obligations, the ability to

enter into new leases or renew leases on favorable terms, dependence on

tenants' financial condition, the uncertainties of real estate development

and acquisition activity, the ability to effectively integrate

acquisitions, the costs and availability of financing, the effects of local

economic and market conditions, the impact of newly adopted accounting

principles on the Company's accounting policies and on period-to-period

comparisons of financial results, regulatory changes and other risks and

uncertainties detailed from time to time in the Company's filings with the

Securities and Exchange Commission. Boston Properties does not undertake a

duty to update or revise any forward-looking statement whether as a result

of new information, future events or otherwise.

    Boston Properties is a fully integrated, self-administered and self-

managed real estate investment trust that develops, redevelops, acquires,

manages, operates and owns a diverse portfolio consisting primarily of

Class A office properties and one hotel. The Company is one of the largest

owners and developers of Class A office properties in the United States,

concentrated in five select markets - Boston, Midtown Manhattan,

Washington, D.C., San Francisco, and Princeton, N.J. Visit the Company's

web site at

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