BOSTON -- (Business Wire)
Boston Properties, Inc. (NYSE: BXP), a real estate investment
trust, announced today it has completed the acquisition of 535 Mission
Street, a development site, in San Francisco, CA for an aggregate
purchase price of approximately $71.0 million cash, including work
completed and materials purchased to date. The Company expects to
commence construction of the project in mid-February 2013 and expects to
complete the project by the fall of 2014 at a total budgeted cost of
approximately $215 million.
535 Mission Street will be a 27-story, 378 foot tall Class A office
tower with approximately 307,000 rentable square feet of office and
retail space and is expected to achieve a LEED Gold designation. The
site is located in the South Financial submarket of San Francisco, one
of the most attractive submarkets for both traditional office and
technology tenants. This office tower will have a striking glass design
with column free floor plates and will have dramatic views of the city
and bay featuring floor to ceiling glass.
In addition, the Company has entered into an agreement to purchase the
last remaining parcel of land in the urban core of Reston Town Center
for approximately $27 million. The closing is expected to occur in the
first quarter of 2013 and is subject to customary closing conditions.
The land parcel is commercially zoned for 250,000 square feet of office
space. The Company is evaluating a potential mixed-use development plan,
which could include residential uses as well as commercial uses.
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 of Class A
office space, one hotel, three residential properties and four retail
properties. The Company is one of the largest owners and developers of
Class A office properties in the United States, concentrated in five
markets – Boston, New York, Princeton, San Francisco and Washington, DC.
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 “assumes,” “believes,” “estimates,”
“expects,” “guidance,” “intends,” “plans,” “projects” 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
Company’s ability to satisfy the closing conditions to the pending
transactions described above, the ability to enter into new leases or
renew leases on favorable terms, dependence on tenants’ financial
condition, the uncertainties of real estate development, acquisition and
disposition activity, the ability to effectively integrate acquisitions,
the uncertainties of investing in new markets, the costs and
availability of financing, the effectiveness of our interest rate
hedging contracts, the ability of our joint venture partners to satisfy
their obligations, the effects of local, national and international
economic and market conditions (including the impact of the European
sovereign debt issues), the effects of acquisitions, dispositions and
possible impairment charges on our operating results, 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, Inc.
Michael Walsh, 617-236-3410
Vice President, Finance
Arista Joyner, 617-236-3343
Source: Boston Properties, Inc.
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