NEW YORK CITY-Boston Properties has bought out its partner, Allied Partners, in Midtown trophy Citigroup Center. The pair purchased the 59-story site in 2001.

The 1.65-million-sf office and retail complex is located at Lexington Avenue and 53rd Street. It was built in 1979. Additional terms of the purchase were not disclosed. Boston Properties did not respond to a request for comment by deadline.

“We want to take advantage of the appreciation that trophy properties have realized and redeploy this capital to mine opportunistic real estate investments for greater returns,” says Eric Hadar, CEO of Allied Partners. Hadar and Robert Vahradian, president of Allied Partners, add that the company has earmarked $500 million in principal equity for investment in real estate.

The firm plans to focus on existing properties, real estate development and mezzanine lending here and other major metropolitan markets. The firm owns approximately two million sf of office, retail, multifamily and hotel properties primarily in the New York area. Its holdings include 568 Broadway, 95 Wall St., 50 West 40th St. and Woodbury Centre.

Last month, Boston Properties inked a deal to sell another Midtown asset, 280 Park Ave. for approximately $1.2 billion. The class A office site features nearly 1.2 million sf of net rentable sf. That deal is expected to close in the second quarter.

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