Boston Properties focused on investment sales in Q1

TRD 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
Owen Thomas (Photo by Axel Dupeux)

The Closing: Owen Thomas

WeWork's co-CEO Sebastian Gunningham speaks at the launch of Dock 72

What, We Worry? Execs remain confident in WeWork-anchored Brooklyn project

Divco’s Stuart Shiff and Boston Properties’s Owen Thomas with 540 Madison Avenue

DivcoWest expands Big Apple footprint with Madison Ave office buy

Owen Thomas (Photo by Axel Dupeux)

Will Boston Properties’ latest real estate bets withstand a downturn?

Owen Thomas (Photo by Axel Dupeux)

Will Boston Properties’ latest real estate bets withstand a downturn?

The Real Deal's May cover

The Real Deal’s May issue is now available to all subscribers!

Millennium Management is ditching 666 Fifth for 399 Park

Millennium Management is ditching 666 Fifth for 399 Park

Boston Properties looking to raise $1B for green projects

Boston Properties looking to raise $1B for green projects

arrow_forward_ios
Loading...