2009 CPN Goldbook - (Page 7)

Boston Properties Inc. ne of the nation’s largest owners and developers of office properties, Boston Properties Inc. in the past 40 years has developed some of the nation’s and the federal government’s preeminent office properties, including Cambridge Center and 111 Huntington Ave. in Boston; Washington, D.C.-area buildto-suits for NASA, the National Institutes of Health, the Office of the Comptroller of the Currency and the U.S. Postal Service; and New York City’s Five Times Square and Times Square Tower. The public REIT’s portfolio encompasses 147 properties totaling almost 50 million square feet, including eight properties under construction that represent 2.8 million square feet under development. It also controls sites that would enable it to develop 13 million square feet as market conditions and build-toEd Linde suit opportunities permit. Drawing on management members’ Director & CEO experience that averages 25 years,as well as experience as a team that averages 15 years, the company develops central business district office buildings, suburban office centers and U.S. government build-to-suits. It also South of Market in Reston, Va. makes select acquisitions as deemed beneficial to its strategy, which focuses on fundamentally strong markets with high barriers to entry, specifically Boston, Midtown Manhattan,Washington, D.C., San Francisco and Princeton, N.J. The most notable recent acquisition was last June’s 2 million- O 2200 Pennsylvania Ave. in Washington, D.C. square-foot General Motors Building, the largest sale of the year for New York City, at $2.8 billion—plus another $2 billion-plus in debt—in partnership with The Goldman Sachs Group Inc. and a Dubai-based private equity firm. While the company in February announced suspension of construction on 250 W. 55th St., a 1 million-square-foot office property in Manhattan, until it can land a major tenant, it had a number of projects under way at press time. Significant ventures include a sale-leaseback and development deal with National Public Radio in Washington, D.C. Boston Properties acquired the headquarters NPR Building at 635 Massachusetts Ave., N.W., in September 2008 for just under $120 million in 77 CityPoint in Waltham, Mass. cash and signed a lease with NPR for five years. Meanwhile, Boston Properties is the development manager for NPR’s new headquarters building at 1111 N. Capitol St., N.E., which it expects to occupy in late 2012. Boston Properties plans to redevelop the old 211,000-square-foot NPR Building into a 450,000square-foot Class A office property. Another major D.C. deal, the largest development to break ground in the country’s capital last year, is Square 54, a 450,000-square-foot office building rising at 2200 Pennsylvania Ave. in the West End that includes 330,000 square feet of residential space.In February 2008, the company Annapolis Junction in Maryland executed a 60-year ground lease with George Washington University for the redevelopment of the site. Boston Properties also netted the top development distinction in its home city last year with its groundbreaking for Russia Wharf on Boston’s Waterfront.The $500 million, 854,000square-foot mixed-use development at 280 Congress St. in the Financial District is planned to qualify for a LEED gold rating and will include 700,000 square feet of office space, 65 residential units and 60,000 square feet of retail, restaurant and public space. In addition, the company is in the final stages of building 701 Carnegie Center, a four-story Class A office building in Princeton that is planned to be a LEED silver project, as well as a build-to-suit for Biogen Idec in Weston, Mass. Boston Properties entered into a 15-year lease agreement with the biotechnology company in November 2008, planning to build 356,000 square feet of Class A office space. Properties that the REIT completed and placed in service last year include Annapolis Junction, a 118,000-square-foot Class A office property in Annapolis, Md.; 77 CityPoint, a 210,000-square-foot Class A office property in Waltham, Mass.; and South of Market, a 652,000-square-foot Class A office project in Reston, Va. www.cpnonline.com • May 2009 • COMMERCIAL PROPERTY NEWS 7 http://www.cpnonline.com

Table of Contents for the Digital Edition of 2009 CPN Goldbook

2009 CPN Goldbook
Contents
Industry Update
From the Expert
Owners/Investors
Developers
Mortgage Banks
Lenders
Service Providers
Title Insurance Firms
Technology (Software) Firms
Net Lease Investors
Appraisers

2009 CPN Goldbook