Boston Properties Finalizes $444M Office Buy

[IMGCAP(1)]NEW YORK CITY-Boston Properties Inc. has completed the previously revealed purchase of 125 W. 55th St. here for approximately $444 million from an affiliate of Macklowe Properties. The purchase price included “the assumption of an aggregate principal amount of $263.5 million of secured and mezzanine loans having a weighted-average fixed interest rate of 6.31% per annum, all of which mature in March 2010,” according to a prepared company press release.

[IMGCAP(2)]An industry source tells GlobeSt.com that CB Richard Ellis Inc.’s William Shanahan and Darcy Stacom negotiated the deal on behalf of Macklowe Properties, but CBRE had no comment and did provide confirmation by deadline. The industry source also notes that the same two also repped Macklowe in the recent sale of 540 Madison Ave. and Two Grand Central Tower here for approximately $705 million, as GlobeSt.com reported Wednesday.

[IMGCAP(3)]The purchase of the 23-story building, spanning from 55th to 56th streets between Avenue of the Americas and Seventh Avenue, is part of a $3.95-billion agreement the firm made to acquire that 591-000-rentable-sf building as well as two-million-sf GM Building, located between 58th and 59th streets at Fifth Avenue and Central Park South, the 591,000-sf office building at 125 W. 55th St., and the 664,000-sf Two Grand Central Tower at 44th Street between Lexington and Third avenues. That portfolio purchase price includes $1.47 billion in cash, $10 million in stock and the assumption of about $2.5 billion in debt.