BXP Completes Disposition of The Avant at Reston Town Center
November 09 2022 - 4:15PM
Business Wire
BXP (NYSE: BXP), the largest publicly traded developer, owner,
and manager of premier workplaces in the United States, announced
today that it completed the disposition of The Avant at Reston Town
Center in Reston, Virginia, for a gross sale price of $141 million
and net proceeds of approximately $138 million.
The Avant is a 15-story, 359-unit luxury residential property
developed by BXP in 2013. BXP will continue to own and manage the
approximately 26,000 square foot retail portion of the property,
which includes several restaurants and a pharmacy, as part of the
vibrant urban core of Reston Town Center.
BXP structured the disposition as the final portion of a reverse
like kind exchange under Section 1031 of the Internal Revenue Code
with its recent acquisition of Madison Centre in Seattle,
Washington. As a result, BXP expects to defer the recognition of
taxable gain from the sale for federal income tax purposes. BXP
acquired Madison Centre, an approximately 755,000 square foot,
37-story, LEED-Platinum certified, Class A office property, on May
17, 2022, for $730 million. To complete the exchange, BXP disposed
of three assets for a gross sale price of approximately $700
million including 601 Massachusetts Avenue, Washington, DC, The
Avant, and two land parcels in Dulles, Virginia.
“The disposition of The Avant demonstrates the value creation
contributed by BXP’s residential platform,” said Richard Ellis,
Senior Vice President, Residential, BXP. “We are proud to have
developed this market-leading property and are actively seeking
opportunities to use our development expertise to expand our
residential portfolio.”
BXP was represented in the transaction by JLL Capital
Markets.
About BXP
BXP (NYSE: BXP) is the largest publicly traded developer, owner,
and manager of premier workplaces in the United States,
concentrated in six markets - Boston, Los Angeles, New York, San
Francisco, Seattle, and Washington, DC. BXP is a fully integrated
real estate company, organized as a real estate investment trust
(REIT), with more than 50 years of experience developing, owning,
managing, and acquiring premium properties in dynamic gateway
markets. As of September 30, 2022, including properties owned by
unconsolidated joint ventures, BXP’s portfolio totaled 53.3 million
square feet and 193 properties, including 14 properties under
construction/redevelopment. For more information, please visit our
website at www.bxp.com or follow us on LinkedIn or Instagram.
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version on businesswire.com: https://www.businesswire.com/news/home/20221109006051/en/
At BXP Helen Han Vice President, Investor Relations
hhan@bxp.com
Laura Sesody Vice President, Corporate Marketing &
Communication lsesody@bxp.com
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