Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Boston Properties To Sell 45% Interest In Times Square Tower To Norges Bank

RELATED NEWS
Trade BXP now with 

Real estate investment trust Boston Properties Inc. (BXP: Quote) agreed Monday to sell a 45 percent ownership interest in its 47-story Times Square Tower to a Norwegian Sovereign Wealth fund in an all-cash deal valued at $684 million.

The deal includes 45 percent ground leasehold interest and related tax credits. The property is unencumbered by debt. The deal is expected to close within the next 90 days.

The Norwegian Government Pension Fund Global entered into a joint venture agreement with Boston Properties to buy the ownership interest in an office property in New York. The fund is managed by Norges Bank, which is Norway's central bank and also manages Norway's foreign exchange reserves.

"We are extremely pleased to form a new and important relationship with such a strong and reputable organization as Norges Bank, while at the same time once again demonstrating our ability to create and realize value for our shareholders through our development and management expertise," Boston Properties Executive Chairman Mortimer Zuckerman said in a statement.

In early June 2013, Boston Properties reportedly put up the Times Square Tower in Manhattan on the block, and was expecting proceeds in excess of $1 billion.

The proposed sale values the entire Times Square Tower office complex at $1.52 billion. Boston Properties, the seller, has retained a 55 percent interest in the property and will manage the building on behalf of the partnership.

The Times Square Tower occupies the full city block and is located between the 41st and 42nd street, between Broadway and Seventh Avenue, anchoring the Times Square district. This 47-story, Class A office tower consists of 1.25 million square feet (115,200 square meters) of rentable space that was developed by Boston Properties and completed in 2004.

The property is currently 99 percent leased, and is subject to a ground lease with The City of New York with 76 years remaining.

In Monday's regular trading session, BXP is currently trading at $105.42, up $0.61 or 0.58% on a volume of 0.17 million shares.

Register
To receive FREE breaking news email alerts for Boston Properties Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Shares of OvaScience Inc. (OVAS) have had a strong run in 2014, rising over 370 percent year-to-date. And that's indeed a very impressive return delivered by the fertility treatment company, which suffered a setback last year when it had to suspend a U.S. trial of its flagship fertility treatment due to regulatory concerns raised by the FDA. Nike Inc., the world's largest athletic shoes and apparel maker, said Thursday after the markets closed that its second quarter profit rose 23% from last year, helped by higher revenue and improved gross margin. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly revenue. Citing extreme fluctuation of the ruble, Apple Inc. (AAPL) has reportedly discontinued its online sales of products in Russia. Despite efforts of the Russian central bank, the ruble has been spiraling downward, with oil prices plunging to historic levels. The ruble shed around 19 percent on Wednesday....
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.