[IMGCAP(1)]NEW YORK CITY-Boston Properties Inc. has completed the acquisitions of 540 Madison Ave. and Two Grand Central Tower here for approximately $705 million including $309.9 million of “assumed indebtedness,” according to a company press release. As GlobeSt.com previously reported, the purchase of the two tower properties from affiliates of Macklowe Properties, was part of a nearly $4-billion portfolio buy, which also included the purchase of the General Motors Building , and a 591,000-sf office building at 125 W. 55th St.

[IMGCAP(2)]Boston Properties says it expects to complete the acquisition of 125 W. 55th St. “shortly,” through a joint venture in which the firm will own a 60% interest. The purchase price for that property is approximately $444 million, including the “assumption of an aggregate principal amount of $263.5 million of secured and mezzanine loans having a weighted-average fixed-interest rate of 6.31% per annum,” all of which mature in March 2010.

Each of the two acquisitions–the 664,000-sf Two Grand Central Tower at 44th Street between Lexington and Third avenues, and the 292,000-sf 540 Madison Ave. building at Madison Avenue and 55th Street—-were completed through a joint venture among Boston Properties, US Real Estate Opportunities I LP–which is a partnership managed by Goldman Sachs–and Meraas Capital LLC, a Dubai-based private equity firm. Boston Properties has a 60% interest in each venture and will provide customary property management and leasing services for the venture. According to a company press release, Boston Properties expects to account for its investment in each JV under the equity method of accounting rather than on a consolidated basis. The Boston-based firm did not respond to GlobeSt.com queries by deadline.

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