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