News Release Details

WASHINGTON, Aug 6, 2003 /PRNewswire-FirstCall via COMTEX/ -- Boston Properties, Inc. (NYSE: BXP) a real estate investment trust, announced today that it has acquired the remaining interests of One and Two Freedom Square, located at Reston Town Center in Virginia, for cash of $36.0 million. The Company also assumed all remaining mortgage debt on One Freedom Square, which now totals approximately $75.2 million, and repaid in full the mortgage debt on Two Freedom Square for $70.2 million. In addition, the Company acquired approximately 507,000 square feet of future development rights in an adjacent parcel in Reston Town Center for $13.5 million. The Company's total investment in the two projects is estimated to be $205 million.

One and Two Freedom Square total approximately 833,000 square feet and were developed by the Company and Terrabrook in a joint venture. Both buildings are 100% leased. Reston Town Center is a mixed use complex of office, retail, dining, cinema and hotel facilities, with 4,000 structural and surface parking spaces.

Raymond A. Ritchey, Executive Vice President of Boston Properties, said, "this transaction concludes our partnership with Terrabrook on four successful developments in Reston, one of the best office markets in Northern Virginia, and reinforces our commitment to Reston Town Center. It also positions us as the dominant property owner in this market and places us in a desirable development position for future growth."

The Company's current holdings in Reston, Virginia include over 2.5 million square feet of existing assets as well as total development potential of approximately 1.6 million square feet. The existing assets are as follows:

     -- Discovery Square -- Two Class-A office buildings totaling 366,989
        square feet, also in Reston Town Center.
     -- Reston Overlook -- Two Class-A office buildings totaling 444,279
        square feet, developed by the Company in 1999.
     -- Reston Corporate Center -- Two Class-A office buildings totaling
        261,046 square feet, occupied entirely by the U.S. General Services
        Administration.
     -- 12300 Sunrise Valley -- A five-story office building with
        255,244 square feet, leased entirely by the Lockheed Martin Company.
     -- 12310 Sunrise Valley -- A five-story office building with
        263,870 square feet, leased entirely by the Lockheed Martin Company.
     -- The Arboretum -- A four-story Class-A office building with
        95,584 square feet, developed by the Company in 1999.

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, industrial and hotel properties. The Company is one of the largest owners and developers of Class-A office properties in the United States, concentrated in four core markets -- Boston, Midtown Manhattan, Washington, D.C. and San Francisco.

This press release contains forward-looking statements within the meaning of the Federal securities laws. 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 ability to enter into new leases or renew leases on favorable terms, dependence on tenants' financial condition, the uncertainties of real estate development and acquisition activity, the ability to effectively integrate acquisitions, the costs and availability of financing, the effects of local economic and market conditions, regulatory changes and other risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission.

Visit the Company's web site at http://www.bostonproperties.com .

SOURCE Boston Properties, Inc.

Kathleen DiChiara, Investor Relations of Boston Properties, Inc., +1-617-236-3300, or General Info., Marilynn Meek, +1-212-445-8451, or Media, Suzie Pileggi, +1-212-445-8101, both of FRB Weber Shandwick

http://www.bostonproperties.com