Boston Properties Sells $684M Stake In 7 Times Square

Law360, New York (September 9, 2013, 4:27 PM EDT) -- Real estate investment trust Boston Properties Inc. has agreed to sell a 45 percent interest in the skyscraper at 7 Times Square to an affiliate of Norges Bank for $684 million in cash, the REIT announced Monday.

The deal includes a 45 percent interest in the ground leasehold at the property and related tax credits, and no debt, according to Boston Properties.

The parties will form a joint venture when the deal closes, and Boston Properties will continue to manage leasing at the building, according to...
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