Boston Properties Closes On Sale of Times Square Tower Stake

BOSTON—Boston Properties, Inc. has completed the previously announced sale of a 45% ownership interest in Times Square Tower for a gross purchase price of $684 million in cash. In connection with the sale, Boston Properties formed a joint venture with an affiliate of Norges Bank. In addition to retaining a 55% interest in the venture, Boston Properties will provide customary property management and leasing services for the venture. The property is unencumbered by debt. Boston Properties expects that it would distribute at least the amount of proceeds necessary to avoid paying a corporate level tax on the gain realized from the sale.