The notes are due in 2013 in an underwritten public offering. They were issued at a discount so the effective yield is 6.6%. The settlement of the sale is expected to occur this Friday.

Merrill Lynch & Co., along with Wachovia Securities, is heading up the sale. Co-managers of this offering were Banc One Capital Markets Inc., BNY Capital Markets Inc., McDonald Investments Inc., PNC Capital Markets Inc., SunTrust Robinson Humphrey and Wells Fargo Brokerage Services LLC.

HRPT currently owns 20 million sf of office buildings at a cost of $2.7 billion. The company says its strategy is to invest in high quality office buildings leased to strong credit tenants with long-term leases. Its largest tenant is the federal government, which is responsible for 16% of its rents. The company's buildings are 92% leased and the average lease term is 6 years.