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
601 Lexington Avenue and Citadel’s Ken Griffin (Wikipedia, Citadel)
Billion-dollar refi reveals what tenants pay at 601 Lex
Billion-dollar refi reveals what tenants pay at 601 Lex
Largest Real Estate Loans Topped $2.5B in December, including: 601 Lexington Avenue, 441 Ninth Avenue & 360 Park Avenue South (BXP, Hudson Commons, 360 Park Avenue South, iStock)
Ten biggest Manhattan real estate loans in December top $2.5B
Ten biggest Manhattan real estate loans in December top $2.5B
Boston Properties CEO Owen Thomas (Thomas by Axel Dupeux, iStock)
Boston Properties: Crime, Covid hindering urban office recovery
Boston Properties: Crime, Covid hindering urban office recovery
Boston Properties CEO Owen Thomas and 360 Park Avenue South (RER, CBRE)
Boston Properties closes on Midtown South office building
Boston Properties closes on Midtown South office building
Boston Properties nabs $1B loan at 601 Lex
Boston Properties nabs $1B loan at 601 Lex
Boston Properties nabs $1B loan at 601 Lex
Boston Properties’ Owen Thomas, Vornado Realty Trust’s Steve Roth, Paramount Group’s Albert Behler, SL Green’s Marc Holliday and Empire Real Estate Trust’s Tony Malkin  (iStock, slgreen.com, vno.com, paramount-group.com, esrtreit.com, LinkedIn)
Office landlords profess optimism despite dip in occupancy
Office landlords profess optimism despite dip in occupancy
Food52 CEO Amanda Hesser, Rudin Management president Eric Rudin and 1 Dock 72 Way in Brooklyn (Getty, Rudin)
Rudin’s Dock 72 notches Food52 as second tenant
Rudin’s Dock 72 notches Food52 as second tenant
Vice Media CEO Nancy Dubuc, Rudin Management's Bill Rudin and Dock 72 (Getty)
Vice plans move to Rudin’s Dock 72
Vice plans move to Rudin’s Dock 72
arrow_forward_ios

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

Loading...