The company intends to use the funds to repay its debts and fund its acquisition of 1330 Connecticut Ave. in Washington, DC as well as for what it terms "general corporate purposes." Citigroup is the sole book running manager in the deal, while Morgan Stanley is acting as the sole co-manager.
Boston Properties concentrates in four core markets--Boston, Midtown Manhattan, Washington, DC and San Francisco--and currently owns the Prudential Tower in Boston as well as Times Square Tower and Five Times Square in New York City.
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