BOSTON--(BUSINESS WIRE)--Apr. 22, 2009--
Boston Properties, Inc. (NYSE: BXP), a real estate investment
trust, announced that it has completed construction financing for its
Russia Wharf development located in Boston, Massachusetts. The
five-year, $215 million secured construction loan bears interest at a
floating rate equal to the London Interbank Offered Rate (LIBOR) plus
3.00% per annum. Construction financing was provided by a syndicate of
commercial banks.
Russia Wharf, also known as 280 Congress Street, is located on Boston's
waterfront, with frontage on both the new Rose Kennedy Greenway and
historic Boston Harbor. The 854,000 square foot development is comprised
of a mix of uses, including Class A office space in a new 31-story tower
with retail and public spaces at its base, residential uses and a
650-space below grade parking facility. Wellington Management Company,
LLP has leased approximately 450,000 square feet of the office space in
the development. Boston Properties is seeking LEED Gold designation for
the project from the United States Green Building Council.
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 and one hotel. The Company is one of the largest
owners and developers of Class A office properties in the United States,
concentrated in five markets – Boston, Midtown Manhattan, Washington,
D.C., San Francisco and Princeton, N.J.
Source: Boston Properties
Michael Walsh, 617-236-3410
Senior Vice President, Finance
or
Boston
Properties, Inc.
Arista Joyner, 617-236-3343
Investor
Relations Manager