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Boston Properties is buying 360 Park Avenue South, a 20-story office tower at the southwest corner of Park Avenue South and 26th Street in Midtown South for $300 million. The 450,000 square-foot property is currently fully leased to a single tenant who will be vacating in late 2021. When it does, the REIT will make extensive upgrades to attract what it calls Class A tenants. Boston Properties  expects to close the acquisition in December 2021.

Boston Properties will place about $202 million in first mortgage debt on the property and further fund it by issuing $98 million in Operating Partnership Units. 

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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.

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