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BXP Snags 360 Park Ave. South for Redevelopment
Boston Properties, Inc. (BXP) completed the acquisition of 360 Park Ave. South, a 450,000 square-foot, 20-story office property in Midtown South, from Enterprise Asset Management, Inc. The $300-million purchase included the assumption of $200.3 million of mortgage debt.
Redevelopment of the property has commenced, including modernizing building systems and creating amenities, collaborative spaces, and client spaces. “We are thrilled to complete this acquisition and begin the transformation of this property,” said BXP EVP Hilary Spann. “360 Park Ave. South is ideally located for the growing cluster of technology companies in Midtown South.”
Following the acquisition, BXP refinanced the mortgage loan with a new $220-million, three-year loan. It also contributed the property to a new joint venture with two institutional partners as part of its Strategic Capital Program. BXP owns an approximately 42% interest in the property and will serve as the managing member of the JV.
- ◦Sale/Acquisition
