Boston Properties focused on investment sales in Q1

New York /
May.May 01, 2013 03:00 PM

Boston Properties channeled its energy into investment sales in the first quarter, GlobeSt reported, citing an earnings call with officials at the real estate investment trust.

“We are in the market selling assets right now and in 2013 we could sell a billion dollars or more,” Boston Properties president Douglas Linde said on the call, noting that the firm sold 125 West 55th Street in Manhattan and a property in San Jose, Calif. in the first quarter, raising $510 million.

Additionally, Boston signed leases for five “pre-builts” in New York City, as well as 53,000 square feet of office space, plus a ground floor retail lease, at the General Motors Building at 59th Street and Fifth Avenue, Linde said.

“We have really good activity across our portfolio,” he added.

Boston Properties reported $160.6 million in income in the first quarter and said its portfolio encompassed 157 properties as of March.

However, company officials said they are more bullish on the San Francisco market.

“We are going to build over a million and a half feet in San Francisco over the next few years,” said Mort Zuckerman, who recently stepped down as Boston’s CEO, adding that once-little-known companies are now taking large swaths of commercial space.

Boston Properties, alongside developer Hines, is working on 535 Mission Street, a 335,000-square-foot property in San Francisco catering to start-up and legal tenants. [GlobeSt]Zachary Kussin


Related Articles

arrow_forward_ios
Gotham Organization Chairman Joel Picket with the proposed development at 130 Felix Street. (Getty, 130 Felix)
These projects just beat the rezoning deadline
These projects just beat the rezoning deadline
Boston Properties CEO Owen Thomas and 360 Park Ave South (Thomas by Axel Dupeux, 360 Park Ave South via CBRE)
Boston Properties to acquire 360 Park Ave South ground lease
Boston Properties to acquire 360 Park Ave South ground lease
Boston Properties CEO Owen Thomas (iStock, Thomas by Axel Dupeux)
Boston Properties to launch $2B joint venture
Boston Properties to launch $2B joint venture
An aerial of 341-347 Madison Avenue and Boston Properties CEO Owen D. Thomas (Google Maps, Real Estate Roundtable)
Boston Properties moves forward with teardown of ex-MTA HQ
Boston Properties moves forward with teardown of ex-MTA HQ
Under Armour CEO Patrik Frisk and the GM Building (Getty, Google Maps, Cushman & Wakefield)
Under Armour to sublease planned Fifth Avenue flagship
Under Armour to sublease planned Fifth Avenue flagship
Clockwise from top left: Boston Properties' Owen Thomas; Empire Real Estate Trust's Tony Malkin; Equity Commonwealth's David Helfand; Columbia Property Trust's Nelson Mills; SL Green's Marc Holliday; Vornado Realty Trust's Steve Roth; and Brookfield's Brian Kingston (Getty)
Office unease: Tenants are paying up but staying away
Office unease: Tenants are paying up but staying away
Mort Zuckerman and Harry Macklowe with 510 Madison Avenue (Getty, Google Maps)
Harry Macklowe sues Boston Properties for $30M
Harry Macklowe sues Boston Properties for $30M
Boston Properties CEO Owen Thomas (Photo by Axel Dupeux)
Boston Properties’ Q3 income drops 17%
Boston Properties’ Q3 income drops 17%
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...