Boston Properties Considering Sale Of Princeton Portfolio

Date : 01/26/2011 @ 3:20PM
Source : Dow Jones News
Stock : Boston Properties, Inc. (BXP)
Quote : 122.88  -0.05 (-0.04%) @ 4:00PM

Boston Properties Considering Sale Of Princeton Portfolio

Boston Properties (NYSE:BXP)
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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; angela.pruitt@dowjones.com;

 
 

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