NEW YORK CITY — Boston Properties has entered into agreements with affiliates of Macklowe Properties to acquire a portfolio of New York City assets for a total of approximately $3.95 billion. The portfolio includes the 200,000-square-foot General Motors Building, the 292,000-square-foot 540 Madison Avenue facility, a 591,000-square-foot office tower at 125 West 55th St., and the 664,000-square-foot Two Grand Central Tower. The purchase price includes approximately $1.47 billion in cash, the issuance to one of the selling entities of $10 million of common units of limited partnership interest in Boston Properties Limited Partnership and the assumption of approximately $2.47 billion of fixed rate debt. Boston Properties plans to execute the acquisitions through one or more joint venture partnerships. Goldman Sachs and Morgan Stanley are acting as financial advisors to Boston Properties, and Lehman Brothers and Deutsche Bank are investing in the transactions and advising Boston Properties as well. Proskauer Rose LLP and Goodwin Procter LLP are providing legal and tax advice to the REIT. The acquisition of the General Motors Building is slated to close in June.
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