"The acquisition of all remaining development rights at thePrudential Center will allow the company to realize 100% of thefuture value created from the development at this project," saysBoston Properties Senior Vice President Douglas T. Linde.
The REIT bought the 23-acre complex, which includes 1.7 millionsf of existing office space, in 1998 for $546 million, although thefirm later spun off three luxury apartment buildings to AvalonBayCommunities.
In addition to an 865,000-sf office building now underconstruction, the Prudential Center can accommodate another257,000-sf office building, 52,000 sf of retail and tworetail/residential buildings totaling another 530,000 sf. Thecompany is already making plans to build the office building on asite fronting Boylston Street.
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