Metropolitan Square
WASHINGTON, DC–Earlier this year Boston Properties announced it wanted to recapitalize its stake in Metropolitan Square, a 660,000-square foot CBD office building that it owns via a joint venture with New York State Common Retirement Fund.
And so it did, according to the REIT's latest earnings announcement.
On October 20, the two companies completed the sale of an 80% interest in the joint venture for $288.1 million. The deal called for the buyer to assume the pro rata share of the mortgage loan totaling $133.4 million and certain unfunded leasing costs totaling approximately $5.7 million.
A source tells GlobeSt.com that the buyer is Blackstone Group.
Prior to the sale, Boston Group owned a 51% interest and NYSCRF owned a 49% interest in the joint venture. Following the sale, Boston Properties continues to own a 20% interest in the joint venture with the buyer owning the remaining 80%.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
