CAMBRIDGE, MA-In a deal that some say could exceed $300 million, Boston Properties is reportedly making a run at buying Technology Square, the massive office complex owned by Beacon Capital Partners. After acquiring four existing buildings at the site in May 1998, Beacon is now in the process of adding more than one million sf of additional space in the development, which is located in the booming East Cambridge office district.

Beacon has stridently denied for the past week that it is entertaining a sale, but company spokesman Alex McCallum has now acknowledged to that his firm is weighing several “unsolicited offers” for the property. McCallum says Lehman Brothers of New York has been retained to review the suitors, whom he declined to identify.

While stressing, “there is no signed contract,” McCallum says Beacon hired Lehman because, “obviously, if people are interested in the property, they are going to look at that.”

Lehman is “helping Beacon sort through the selection process,” says McCallum.

McCallum also confirmed that Beacon’s Athenaeum portfolio in Cambridge has been the target of recent inquiries by investors, and says the private REIT has decided to place two South Boston office buildings on the market for sale as well.

“They just felt that the timing was right,” McCallum says of offering Fort Point Place in South Boston up for sale. The two office buildings, which total 150,000 sf, were purchased last year along with two adjacent properties that Beacon is now converting to condominiums. It has hired CB Richard Ellis/Whittier Partners to broker that deal.

The Athenaeum portfolio was purchased in May 1998 for $195 million, with Beacon earlier this summer selling one of the 11 buildings contained in that package. The 215 First St. office building traded for $68 million to Capital Properties of New York, or approximately $226 per sf. As with Technology Square, McCallum maintains that Beacon has not actively marketed the Athenaeum portfolio, but instead was approached by interested investors.

As for Technology Square, Boston Properties enior vice president David Barrett declined comment on his firm’s supposed interest, saying that, “we have nothing to discuss or talk about.”"People are pursuing opportunities wherever they can find them, and Cambridge is certainly a very strong market right now,” says Barrett. “If we have any news about anything we are doing … we will let you know.”

Despite that, one broker told that a deal is in the works with Boston Properties, a major Boston REIT that initially helped establish East Cambridge as an office destination during the early 1980s. According to the broker, “it’s fairly well-known by insiders that Boston Properties is trying to buy” Technology Square.

Determining a price for the complex could be the next challenge, but one investment specialist notes that modern class A office space in Cambridge has fetched more than $300 per sf in several instances. Even at the more conservative $200 per sf mark, the purchase price would reach $328 million. Beacon has already refurbished much of the 551,000 sf of existing space, while its newest building at 300 Technology Square is said to be achieving rents above $70 per sf. The investment broker, who is familiar with the property, predicted Technology Square would “easily” exceed the $200 per sf price.

Beacon paid $123 million for Technology Square and the adjacent Draper Lab building in May 1998. It sold the 440,000-sf lab property to Draper earlier this year for $72.5 million.

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