New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Boston Properties to Acquire Stake in 200 Fifth Ave.
Boston Properties (BXP) has agreed to acquire an approximately 27% interest in the joint venture that owns 200 Fifth Ave. in Manhattan’s Midtown South for $280.2 million. The 870,000-square-foot office property, owned by a JV of L&L Holding Co. and JPMorgan Asset Management, is currently 93% leased.
The acquisition of the JV interest will be BXP’s second investment in Midtown South in the past 12 months, following its partnership to acquire 360 Park Ave. South. BXP will serve as the managing member and provide customary leasing and property management services for the JV.
BXP expects to close the acquisition in the fourth quarter. The purchase price includes $120.1 million of cash and BXP’s pro rata share of the outstanding loan secured by the property of $160.1 million. The mortgage loan bears interest at 4.34% per annum and matures in November 2028.
- ◦Sale/Acquisition
