BOSTON--(BUSINESS WIRE)--Jul. 6, 2016--
Boston
Properties, Inc. (NYSE: BXP), announced today that it has
completed the previously announced acquisition of a 49.8% interest in an
existing joint venture with Teachers Insurance and Annuity Association
(“TIAA”) that owns the fee interests in Colorado Center in Santa Monica,
California for an aggregate gross purchase price of approximately $511.1
million, or approximately $503.6 million net of credits for free rent,
unfunded leasing costs and other adjustments. Boston Properties has a
49.8% interest in the property and will be the managing partner of the
joint venture with TIAA. There is currently no debt on the property.
Colorado Center is an urban creative office campus that is comprised of
six buildings and approximately 1,184,339 rentable square feet, as well
as a three-level, underground parking garage with 3,100 stalls. It is a
premier office campus with a significant amenity base and open outdoor
space located in the Santa Monica office market, which is home to the
largest concentration of technology, media, advertising and
entertainment tenants in Los Angeles. The campus sits on a 15-acre site
in the Media and Entertainment District of Santa Monica, and it is one
block north of the Bergamot Station of Los Angeles County’s new Light
Rail service connecting Colorado Center to downtown Santa Monica and
Downtown Los Angeles.
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, four residential properties and five 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, Los Angeles, New York, San Francisco and Washington,
DC.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160706006316/en/
Source: Boston Properties, Inc.
Boston Properties, Inc.
Michael LaBelle, 617-236-3352
Executive
Vice President, Chief Financial Officer and Treasurer
or
Arista
Joyner, 617-236-3343
Investor Relations Manager