"This increase in our line of credit will provide us with additional capacity to fund our ongoing and future development activities, future land and property purchases and working capital," says Boston Properties senior vice president Douglas T. Linde.
The three-year-old REIT is currently amassing its portfolio via both investments and new construction, including an 865,000-sf office tower now underway at its Prudential Center mixed-use complex in Boston's Back Bay.
The firm also last week acknowledged it is buying 265 Franklin St. in Boston's Financial District for $97 million, sharing the ownership with a New York state pension fund. Along with holdings throughout Eastern Massachusetts, Boston Properties also owns properties and development sites in Northern Virginia and Greater San Francisco.
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