PRINCETON, NJ-Boston Properties has signed an agreement to sell its Carnegie Center portfolio in Princeton, NJ for approximately $468 million in a joint venture between Normandy Real Estate Partners and The Landis Group.
Consisting of 16 buildings situated on 560 acres, the two-million-square-foot, class A office park was originally developed by The Landis Group in 1989. Nine years later, Boston Properties acquired the portfolio in 1998 and expanded it by 300,000 square feet.
Boston Properties president Douglas T. Linde discussed a potential sale during the company’s fourth quarter conference call in January. “We're recapitalizing to sell a significant portion or the entire Carnegie Center asset base depending upon what that pricing looks like,” Linde said. Either party can terminate the deal, a 1031 exchange, at any time. If it is not completed by June 21, the agreement will terminate.
The deal is the second major transaction for Boston Properties this year. In February, the company acquired Bay Colony Corporate Center, a class A office park in Waltham, MA for $185 million. Last year, Boston Properties acquired the John Hancock Tower in Boston from Normandy Real Estate Partners for $930 million.
In the surrounding area, a 5,225-square-foot Stone House office building at Carnegie Center is on the market for $1.95 million, according to LoopNet. The complex is located on Route 1 halfway between New York City and Philadelphia. A Hyatt Regency Hotel, post office, heliport and dining facilities also are in the complex.
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