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Boston Properties Trades Stock for Prudential Center Development Rights

BOSTON-Two years after paying $546 million for the Prudential Center, the REIT has obtained the final piece of the mixed-use complex.

By Joe Clements | Updated on September 20, 2000

BOSTON-Just over two years after buying the Hub’s Prudential Center, Boston Properties has acquired the remaining 50% interest in future development rights for the landmark mixed-use complex. The rights were obtained from the Prudential Insurance Co. in exchange for 439,059 shares of Boston Properties common stock.

“The acquisition of all remaining development rights at the Prudential Center will allow the company to realize 100% of the future value created from the development at this project,” says Boston Properties Senior Vice President Douglas T. Linde.

The REIT bought the 23-acre complex, which includes 1.7 million sf of existing office space, in 1998 for $546 million, although the firm later spun off three luxury apartment buildings to AvalonBay Communities.

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