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Boston Properties to buy 49.8 pct interest in Colorado Center

  • Region:

    Boston, Colorado

  • Sector:

    Real Estate

  • Deal Size:

    $511.1 million

  • Buy Side Company:

    Boston Properties, Inc.
  • Sell Side Company:

  • Target Company:

Boston Properties, Inc., announced that it has signed a binding agreement with real estate funds managed by Blackstone, through its investment in Equity Office Properties, to acquire a 49.8% interest in an existing joint venture with Teachers Insurance and Annuity Association (“TIAA”) that owns the fee interest in Colorado Center in Santa Monica, California. The agreed upon gross value for the 49.8% interest is approximately $511.1 million and Boston Properties expects to pay the purchase price using existing cash balances. Boston Properties will be the managing partner of the joint venture. There is currently no debt on the property.


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