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Boston Properties Shops Two NYC Buildings
By TSC Staff
3/30/2006 5:34 PM EST
Boston Properties (BXP:NYSE - news - research - Cramer's Take) confirmed Thursday that it is considering selling two "core" properties in New York City, a move it expects could yield gross proceeds of more than $2 billion.
The real estate investment trust said it is in talks regarding the sale of the two properties, which it didn't identify. According to the company's Web site, it owns six properties in Manhattan: the Citigroup Center, 599 Lexington Ave., 280 Park Ave., 399 Park Ave., Times Square Tower and 5 Times Square.
Boston Properties, which had been rumored to be shopping the buildings, said it expects that it would distribute at least the amount of proceeds necessary to avoid paying a corporate tax on the gain on the sale of the assets, estimated to be more than $1 billion.
The company said it would use the remaining proceeds to fund new development activities, acquisitions, debt payments, share buybacks or a special dividend. The REIT noted that it hasn't signed a deal yet, and that a sale isn't guaranteed.
Boston Properties Shops Two NYC Buildings
By TSC Staff
3/30/2006 5:34 PM EST
Boston Properties (BXP:NYSE - news - research - Cramer's Take) confirmed Thursday that it is considering selling two "core" properties in New York City, a move it expects could yield gross proceeds of more than $2 billion.
The real estate investment trust said it is in talks regarding the sale of the two properties, which it didn't identify. According to the company's Web site, it owns six properties in Manhattan: the Citigroup Center, 599 Lexington Ave., 280 Park Ave., 399 Park Ave., Times Square Tower and 5 Times Square.
Boston Properties, which had been rumored to be shopping the buildings, said it expects that it would distribute at least the amount of proceeds necessary to avoid paying a corporate tax on the gain on the sale of the assets, estimated to be more than $1 billion.
The company said it would use the remaining proceeds to fund new development activities, acquisitions, debt payments, share buybacks or a special dividend. The REIT noted that it hasn't signed a deal yet, and that a sale isn't guaranteed.
posted by Jones Lang LaSalle NJ News Blog at 9:52 AM
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