Four Embarcadero Center is a 47-story, class A office building with 937,000 square feet (net rentable). The loan was provided by a syndicate of insurance companies. Proceeds were used to pay down the company's unsecured line of credit.
The financing follows a flurry of acquisitions earlier this year. In August, Boston Properties completed the acquisitions of two New York City properties, 540 Madison Ave. and Two Grand Central Tower, for approximately $705 million including $309.9 million of assumed debt. It also paid $444 million for a 591,000-sf office building at 125 W. 55th St. The purchases were part of a nearly $4-billion portfolio buy that also included the General Motors Building for a reported $1.9 billion in June.
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