Boston Properties (NYSE:BXP)
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5 Years : From May 2012 to May 2017
Boston Properties Inc. (BXP) said Wednesday the real estate investment trust is considering selling a significant stake or its entire office portfolio in Princeton, N.J. that totals about 2 million square feet.
The potential sale is a part of a group of select asset sales the company says it's mulling this year mostly located in suburban markets. "We're recapitalizing to sell a significant portion or the entire Carnegie Center asset," Doug Linde, President of Boston Properties said, during the company's quarterly earnings call Wednesday.
Carnegie Center is a suburban office park comprising 16 buildings which the company has owned for 13 years. At 87.6% occupancy rate, the Princeton portfolio has one of the highest vacancy rates among the markets Boston Properties operates in including Boston, Washington D.C., New York and San Francisco.
-By A.D. Pruitt, Dow Jones Newswires; 212-416-2197; email@example.com;