Boston Properties said it agreed to sell Carnegie Center, a 2 million-square-foot office park in Princeton, N.J., to a joint venture between Normandy Real Estate Partners and the Landis Group for $468 million.

In January, Doug Linde, president of Boston Properties, said the company might sell most or all of the 16-building complex, as part of a group of suburban properties that it was thinking about selling.

“I talked to Carnegie Center and we’re recapitalizing to sell a significant portion or a full on the entire Carnegie Center asset base depending on what that pricing looks like,” Linde told analysts in the January call, according to a transcript from SeekingAlpha.com. “We’d like to try and retain management and development because we still control the land for another seven-plus years and that will kind of play out.”
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Boston Properties President Doug Linde talked about buying out some of
the GM Building’s under-market leases, including that of anchor retail
tenant FAO Schwarz, after Boston Properties’ $2.8 billion purchase of
the building last year. Cushman & Wakefield’s C. Bradley Mendelson,
Boston Properties’ broker, is now marketing the 66,465-square-foot FAO
Schwarz space, which is spread across three floors, according to the
New York Post. The retailer reportedly now pays just over $70 per
square foot for the space. FAO Schwarz’s lease ends in 2012 and it
appears to be shopping for a smaller store. Comments