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BXP to Reposition 399 Park

NEW YORK CITY—Boston Properties has owned 399 Park since 2002, when the office REIT paid about $1.1 billion to acquire it from Citigroup.

By Paul Bubny | Updated on January 08, 2016

NEW YORK CITY—Already considered a trophy property, 399 Park Ave. is set for a “comprehensive” makeover courtesy of Boston Properties Inc., which has owned the 1.7-million-square-foot office tower since 2002. The office REIT has hired Gensler as the design architect slated for the redevelopment and repositioning.

“This building was the epitome of modernist design developed for a major corporate user, which is why it continues to be a class-A asset,” says John Power, SVP and regional manager of BXP’s New York Office. “But Boston Properties has a longstanding commitment to improving the signature properties in its portfolio and this is an opportunity to enrich a remarkable building for decades to come.”

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