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Boston Properties, CPP, GIC Announce Office Co-Investment Program

Developer Boston Properties Inc. (BXP), Canada Pension Plan Investment Board (CPP Investments) and GIC have announced the formation of a co-investment program for future acquisitions of office properties in the United States.

Through the program, the partners intend to selectively acquire and operate office properties in BXP’s core markets of Boston, Los Angeles, New York, San Francisco and Washington D.C., as well as Seattle. The partners have targeted an aggregate of $1 billion of equity to the program, with BXP and CPP Investments each allocating $250 million and GIC allocating $500 million. The partnership expects to employ leverage allowing for an initial investment capacity of approximately $2.0 billion.

“We are delighted to expand our relationship with CPP Investments and to begin a new relationship with GIC, two highly respected and experienced real estate investors,” said Owen Thomas, CEO at BXP. “This new co-investment program underscores the attractiveness of Class A office investment opportunities in our markets and BXP’s track record of creating long-term value at the property level.”

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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