In a Citigroup REIT CEO conference call, Boston Properties president and CEO Edward H. Linde would not reveal which particular assets the firm was shopping, but said they would be considered "well-positioned and core. We've said we're exploring asset sales." No potential buyers were mentioned in what sources say could be an off-market deal.
A Bank of America analyst report pegged the properties' value at $1.6 billion, but Linde said that figure could be low. "The pricing might even be higher than analysts speculated."
The 1.2-million-sf 280 Park Ave. has a tenant base which includes Credit Suisse, the NFL and Deutsche Bank. The 1.1-million-sf 5 Times Square Tower serves as the headquarters location for Ernst & Young.
And those two might not be the only Midtown assets on the block this year. Another source says 522 Fifth Ave., could trade this year for as much as $1,000 per sf.
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