Boston Properties earnings drop

The country’s largest office landlord, Boston Properties, said its earnings fell in the fourth quarter due to the decline in Manhattan property values, which forced the company to write down the value of three towers it acquired last year from developer Harry Macklowe. These buildings were 540 Madison Avenue, 2 Grand Central Tower and 125 West 55th Street. The company’s fourth-quarter funds from operations fell to $5.9 million from $147.5 million at the end of 2007. Boston Properties also acquired the GM building from Macklowe in the same deal last year.