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Boston Properties Expands Manhattan Portfolio into Midtown South
Boston Properties (BXP) said Tuesday it had agreed to acquire 360 Park Ave, South, a 450,000 square-foot, 20-story office property in Midtown South. The acquisition from Enterprise Asset Management is expected to close in December for approximately $300 million.
The acquisition of 360 Park South expands BXP’s Manhattan footprint into the Midtown South submarket, a preferred location for companies and young professionals in the TAMI sector.
“This acquisition is an ideal value-add opportunity for BXP as it allows us to use our proven real estate skills to reposition and upgrade an existing property in an attractive submarket to secure future lease up opportunities,” said John Powers, EVP, New York region.
He continued, “Our longstanding experience in repositioning and transforming well-located properties into high-quality workspaces with attractive amenities will lead to the delivery of a world-class office property that caters to the growing cluster of technology companies in New York City.”
- ◦Sale/Acquisition
