Boston Properties Inc. (BXP) signed an agreement to sell its Carnegie Center in Princeton, N.J, for about $468 million to a joint venture between Normandy Real Estate Partners and Landis Group.
Carnegie Center, a 16-building office park on 560 acres, was acquired by the real estate investment trust in 1998. Under the terms of the deal, either party may terminate the pact at any time without payment to the other party. If the closing doesn't occur on or prior to June 21, the agreement will terminate.
Boston Properties in January reported swinging to a fourth-quarter loss, as the office-property manager saw a key measure of profitability decline because of one-time charges. Standard & Poor's boosted its outlook on the company in December, saying it thought U.S. office rents and occupancies were nearing their worst and Boston Properties was likely to see results gradually improve.
Shares were unchanged at $100.22 in after-hours trading and have gained 16% so far this year.
-By Lauren Pollock, Dow Jones Newswires; 212-416-2356; email@example.com