[IMGCAP(2)]Boston Properties says it expects to complete theacquisition of 125 W. 55th St. "shortly," through a joint venturein which the firm will own a 60% interest. The purchase price forthat property is approximately $444 million, including the"assumption of an aggregate principal amount of $263.5 million ofsecured and mezzanine loans having a weighted-averagefixed-interest rate of 6.31% per annum," all of which mature inMarch 2010.
Each of the two acquisitions--the 664,000-sf Two Grand CentralTower at 44th Street between Lexington and Third avenues, and the292,000-sf 540 Madison Ave. building at Madison Avenue and 55thStreet—-were completed through a joint venture among BostonProperties, US Real Estate Opportunities I LP--which is apartnership managed by Goldman Sachs--and Meraas Capital LLC, aDubai-based private equity firm. Boston Properties has a 60%interest in each venture and will provide customary propertymanagement and leasing services for the venture. According to acompany press release, Boston Properties expects to account for itsinvestment in each JV under the equity method of accounting ratherthan on a consolidated basis. The Boston-based firm did not respondto GlobeSt.com queries by deadline.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
