BXP Sells Stake in Times Square Tower

NEW YORK CITY-Boston Properties, which in June put reportedly its Times Square Tower up for sale, has instead sold a minority interest in the 1.2-million-square-foot office building. Norway’s sovereign wealth fund, the Norwegian Government Pension Fund Global, is paying $684 million for a 45% stake in the property, which is valued at a total of $1.52 billion.

The deal is expected to close in 90 days. When it does, BXP and an affiliate of Norges Bank, which manages the fund, will form a joint venture, with the Boston-based office REIT retaining property and leasing management for the venture. A Goodwin Procter legal team including partners James Broderick, Edward Glazer and Mark Kirshenbaum, and associates Laura Sherman and Argyrios Saccopoulos, advised BXP on the deal.