Boston Properties, Inc. Acquires Reservoir Place In Suburban Boston, Massachusetts
BOSTON, MA, November 4, 1998 -- Boston Properties (NYSE: BXP), a self-managed and self-advised real estate investment trust, announced today that it has acquired Reservoir Place, an approximately 531,000-square-foot office complex located in Waltham, Massachusetts, from Donald Tofias, a private owner. The acquisition was funded with 933,085 Common Operating Partnership Units in Boston Properties' Operating Partnership ("OP Units"), the assumption of $66.4 million of debt and $1.9 million in cash.
The Class A office complex, located directly off Route 128, consists of two connected buildings and a two-level underground parking garage containing 775 spaces, plus 1,070 surface spaces. The South Building, constructed in 1955 and renovated in 1983, contains 162,734 net rentable square feet on three levels. The three-story North Wing, added in 1987, contains 368,257 net rentable square feet. Reservoir Place is one of the largest multi-tenant buildings located in the Route 128 northwest submarket. Major tenants include Hitachi Computer Products, Inc., PAREXEL International Corporation, Electronic Data Systems Corporation and Information Resources, Inc.
Boston Properties President and Chief Executive Officer Edward H. Linde said, "The acquisition of Reservoir Place enhances Boston Properties' already dominant position in this sector of Route 128, the most desirable and important suburban submarket in Greater Boston. We are delighted to add this high-quality asset to our portfolio."
Donald Tofias added, "We have created a synergy between what we have developed and what Boston Properties currently owns. We view this investment in Boston Properties as a long-term investment and would expect to be owners of those Units for a long time. We may not have accepted the highest bid, but we believe Boston Properties to be the best-quality investment."
Boston Properties, Inc. is a fully integrated, self-administered and self-managed real estate investment trust ("REIT") that develops, redevelops, acquires, manages, operates and owns a diverse portfolio of office, industrial and hotel properties predominantly located in Greater Boston, Greater Washington, D.C., Midtown Manhattan, Baltimore, Maryland, Richmond, Virginia and Princeton/East Brunswick, New Jersey. The Company is one of the largest owners and developers of office properties in the United States.
To receive Boston Properties' latest news and corporate developments via fax at no cost, please call 1-800-PRO-INFO; use company code BXP. Visit the Company's web site at http://www.bostonproperties.com. Also see http://www.frbinc.com.
This press release contains forward-looking statements within the meaning of the Federal securities laws. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy. Acquisitions that are pursued by Boston Properties may not be consummated for a variety of reasons, including a failure to reach agreement with the selling party regarding the acquisition price or other terms of a contribution or acquisition agreement.
Information contained in this release regarding current and future market conditions is based on the Company's assessment of the market and is subject to the uncertainties inherent in such an assessment. In particular, national and regional economic conditions and the rate of new construction and rehabilitation in a market will affect projected rents and the cost of lease renewals.
AT THE COMPANY:
Edward H. Linde - President, CEO & Director
David G. Gaw - SVP & CFO
(617) 859-2600
AT THE FINANCIAL RELATIONS BOARD:
Marianne Stewart - General Info. (212) 661-8030
Claire Koeneman - Analyst (312) 266-7800
Judith Sylk-Siegel - Media (212) 661-8030