News Release Details

BOSTON, Feb. 1 /PRNewswire-FirstCall/ -- Boston Properties, Inc. (NYSE: BXP), a real estate investment trust, announced today that the initial purchasers of $750 million aggregate principal amount of 2.875% Exchangeable Senior Notes due 2037 of Boston Properties Limited Partnership, a Delaware limited partnership and the Company's subsidiary ("BPLP"), have exercised in full their option to purchase an additional $112.5 million aggregate principal amount of notes to cover over-allotments, resulting in aggregate net proceeds from the offering of approximately $840.0 million.

As previously announced, the Company intends to use the net proceeds from the sale of the notes for the repayment of debt, development opportunities, asset acquisitions and other future investment opportunities. Pending the uses described above, the Company intends to invest the net proceeds in short-term, interest-bearing, investment-grade securities.

The notes were sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933. The notes and the Boston Properties, Inc. common stock issuable upon exchange of the notes have not been registered under the Securities Act of 1933, or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act of 1933 and applicable state laws. Boston Properties, Inc. and BPLP will file a registration statement with the Securities and Exchange Commission within 90 days relating to the resale of the notes and the Boston Properties, Inc. common stock issuable upon their exchange. This release shall not constitute an offer to sell or the solicitation of an offer to buy any of these securities, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

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 properties that also includes two hotels. 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. For more information about Boston Properties, please visit the Company's web site at http://www.bostonproperties.com.

Private Securities Litigation Reform Act of 1995.

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 "guidance," "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 the control of Boston Properties, Inc. and Boston Properties Limited Partnership and could materially affect actual results, performance or achievements. These factors include, without limitation, 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 costs and availability of financing, the effects of local economic and market conditions, the effects of acquisitions and dispositions, including possible impairment charges, the impact of newly adopted accounting principles on the accounting policies of Boston Properties, Inc. and Boston Properties Limited Partnership and on period-to-period comparisons of financial results, regulatory changes and other risks and uncertainties detailed from time to time in their respective filings with the Securities and Exchange Commission. Boston Properties, Inc. and Boston Properties Limited Partnership do not undertake a duty to update or revise any forward-looking statement whether as a result of new information, future events or otherwise.

CONTACT:
Michael Walsh
Senior Vice President, Finance
+1-617-236-3410

Kathleen DiChiara
Investor Relations Manager
+1-617-236-3343
Both of Boston Properties, Inc.

Marilynn Meek
General Info.
+1-212-827-3773
Financial Relations Board for Boston Properties, Inc.