Boston Properties Completes the Acquisition of Colorado Center in Santa Monica, California
July 06 2016 - 4:01PM
Business Wire
Boston Properties, Inc. (NYSE: BXP), announced
today that it has completed the previously announced acquisition of
a 49.8% interest in an existing joint venture with Teachers
Insurance and Annuity Association (“TIAA”) that owns the fee
interests in Colorado Center in Santa Monica, California for an
aggregate gross purchase price of approximately $511.1 million, or
approximately $503.6 million net of credits for free rent, unfunded
leasing costs and other adjustments. Boston Properties has a 49.8%
interest in the property and will be the managing partner of the
joint venture with TIAA. There is currently no debt on the
property.
Colorado Center is an urban creative office campus that is
comprised of six buildings and approximately 1,184,339 rentable
square feet, as well as a three-level, underground parking garage
with 3,100 stalls. It is a premier office campus with a significant
amenity base and open outdoor space located in the Santa Monica
office market, which is home to the largest concentration of
technology, media, advertising and entertainment tenants in Los
Angeles. The campus sits on a 15-acre site in the Media and
Entertainment District of Santa Monica, and it is one block north
of the Bergamot Station of Los Angeles County’s new Light Rail
service connecting Colorado Center to downtown Santa Monica and
Downtown Los Angeles.
Boston Properties is a fully integrated, self-administered and
self-managed real estate investment trust that develops,
redevelops, acquires, manages, operates and owns a diverse
portfolio of Class A office space, one hotel, four residential
properties and five retail properties. The Company is one of the
largest owners and developers of Class A office properties in the
United States, concentrated in five markets - Boston, Los Angeles,
New York, San Francisco and Washington, DC.
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version on businesswire.com: http://www.businesswire.com/news/home/20160706006316/en/
Boston Properties, Inc.Michael LaBelle, 617-236-3352Executive
Vice President, Chief Financial Officer and TreasurerorArista
Joyner, 617-236-3343Investor Relations Manager
Boston Properties (NYSE:BXP)
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