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Boston Properties Sells 875 Third Ave. for $370M

NEW YORK CITY-The sale to Global Holdings Inc. is part of Boston Properties' ongoing effort to finance its $1-billion acquisition of 399 Park Ave. Last month, the REIT sold off One and Two Independence Square in Washington, DC for $345 million.

By Glen Thompson | Updated on December 03, 2002

NEW YORK CITY-Boston Properties has signed off on a deal to sell its 875 Third Ave. building to Global Holdings Inc. for $370 million. The transaction is expected to close later this month or early in 2003, Boston Properties’ officials said today. Sale proceeds will be used to pare down debt.

Boston Properties acquired the 719,000-sf office tower in 1997 and embarked on extensive capital improvements and retenanting of the property. The 875 Third Ave. sale follows closely on another major disposition by the REIT. Last month, Boston Properties completed the sale of One and Two Independence Square in Washington, DC in a $345-million deal.

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