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Boston Properties Buys Out Partner

NEW YORK CITY-In a private transaction, Boston Properties buys Allied Partner's interest in Citigroup Center. The pair acquired the site in 2001. Allied officials say they wanted to take advantage of the appreciation of trophy properties.

By Barbara Jarvie | Updated on May 10, 2006

NEW YORK CITY-Boston Properties has bought out its partner, Allied Partners, in Midtown trophy Citigroup Center. The pair purchased the 59-story site in 2001.

The 1.65-million-sf office and retail complex is located at Lexington Avenue and 53rd Street. It was built in 1979. Additional terms of the purchase were not disclosed. Boston Properties did not respond to a request for comment by deadline.

“We want to take advantage of the appreciation that trophy properties have realized and redeploy this capital to mine opportunistic real estate investments for greater returns,” says Eric Hadar, CEO of Allied Partners. Hadar and Robert Vahradian, president of Allied Partners, add that the company has earmarked $500 million in principal equity for investment in real estate.

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