WALTHAM, MASS. — Boston Properties has announced its intention to acquire Bay Colony Corporate Center in Waltham for approximately $185 million. Boston Properties is purchasing the campus from Prudential Financial, which took over the troubled asset from its previous owner in May.
Bay Colony Corporate Center contains 980,000 square feet of Class A office space in four buildings. The 58-acre campus was constructed in phases between 1985 and 1998. It features views of the Boston skyline as well as Cambridge Reservoir. Earlier this year, the property was also certified LEED-Silver. Its primary tenant is United Health Care.
Under the terms of the deal, Boston Properties would pay $41.1 million in cash and assume the property's $143.9 million mortgage. The loan carries a 6.53 percent fixed interest rate. It requires interest-only payments and has a balloon payment due at maturity in June 2012.
The transaction is expected to close in the fourth quarter. Pending closing, Boston Properties could not comment on the deal.
— Coleman Wood