Boston REIT Closes $401M Sale Of Manhattan Office Tower

Law360, New York (December 7, 2011, 6:45 PM EST) -- Boston Properties Inc. has closed a $401 million deal to sell a Manhattan office building in which it holds a 60 percent stake to an affiliate of Rockwood Capital LLC, according to city records filed Tuesday.

Boston Properties, which acquired its stake in the office tower as part of a larger New York property grab in 2008, netted about $125.9 million from the sale, the real estate investment trust said in an October earnings statement. The Rockwood entity took on $176.6 million of mortgage debt for the purchase,...
To view the full article, register now.