ANNAPOLIS, MD—The GSA has leased all of Annapolis Junction 7, a 127,000-square foot office that Boston Properties recently delivered.
The building, in which Boston Properties has a 50% stake, is generating an unleveraged initial cash yield of 8.3% on its investment of $17.5 million, according to comments CEO Owen Thomas made during the REIT's recent earnings call.
Boston Properties also extended the loan collateralized by 119,000-square foot Annapolis Junction Building Six building, another building in which it has a 50% stake, according to its earnings report.
The $13.4 million construction loan was scheduled to mature on November 17, 2015. The extended loan is for $15.9 million.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
