Boston Properties To Sell 45% Interest In Times Square Tower - Quick Facts

(RTTNews) - Boston Properties, Inc. (BXP) announced a binding purchase and sale agreement to sell a 45% interest in the ground leasehold interest and related tax credits in Times Square Tower to an affiliate of Norges Bank for a gross purchase price of $684 million in cash. Upon closing, Boston Properties and an affiliate of Norges Bank will form a joint venture, and Boston Properties will retain property and leasing management for the venture.

Times Square Tower is a 1,246,000 square foot, Class A office tower, including associated retail space and signage, located in the heart of Times Square in New York City. It was developed by Boston Properties and is currently 99% leased.