Archstone-Smith says that the opening of the office underscoresits commitment to Boston, which represents approximately 5% of itsnational portfolio, and a current investment of $590.6 million. Thecompany formerly had offices in Lexington and Newton. StephanieWasser, vice president of development for Archstone-Smith says thatthose offices were dedicated to Archstone and Charles E. Smith, thecompany's two consumer-facing brands. "Boston is an importantmarket for us," she notes. "As we expand our portfolio here, it'scritical that we unify our investment and operations activitiesunder the Archstone-Smith umbrella to maximize synergies -- andraise awareness of our presence in this market."

The company began construction in December 2003 on the ParkEssex, a 28-story high-rise apartment community in the city'sChinatown neighborhood. The project is the city's first largeresidential high-rise to be developed in downtown Boston in 20years.

In the Greater Boston area, Archstone-Smith owns and operates 11high-rise and garden-style apartment communities representing 2,555units in downtown Boston, Waltham, Burlington, Canton, Salem andMalden. The company currently owns or has an ownership position in246 communities, representing 87,428 units, including units underconstruction.