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Boston Properties in Negotiations with Allied Partners on Equal Equity Partnering

BOSTON-Locally-based Boston Properties Inc. has purchased a large interest in Skyline Holdings, an affiliate of Allied Partners. The purchase was made to expedite a joint venture with Allied. Negotiations are underway to establish the terms of the partnership.

By Naomi Grossman | Updated on February 09, 2001

BOSTON-Boston Properties Inc. , which is headquartered here, formed a joint venture with Allied Partners when it purchased a large interest in Allied’s affiliate Skyline Holdings LLC. Agreements are currently being negotiated for Allied and Boston Properties to become equal equity partners in the venture, with Boston Properties getting a preferred return on its investment.

A desire to compete more aggressively in acquiring properties inspired the play. Allied Partners is a private real estate investment company founded in 1993. Its property holdings are valued at $1.2 billion. With Boston Properties, which is the country’s second largest REIT, the joint venture was recently able to make its first purchase–Citigroup Center, a 59-story building in Midtown Manhattan.

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