Boston Properties, Canada Pension Plan Investment Board (CPP Investments) and GIC have established a co-investment program for future acquisitions of office properties in the United States. Through the program, the partners intend to selectively acquire and operate office properties in BXP’s core markets — Boston, Los Angeles, New York, San Francisco and Washington, D.C., as well as Seattle.
The partners have targeted an aggregate of $1.0 billion of equity to the program, with BXP and CPP Investments each allocating $250 million and GIC allocating $500 million. The partnership expects to employ leverage allowing for an initial investment capacity of approximately $2.0 billion. With these capital commitments, BXP expects to be able to accelerate the pace at which it can pursue acquisition opportunities and extend its investment capacity.
Owen Thomas, CEO of BXP, said, “This new co-investment program underscores the attractiveness of class A office investment oppor
