Boston Properties has completed the acquisition of 360 Park Avenue South, a 450,000 square-foot, 20-story office property located in the Midtown South submarket of Manhattan from Enterprise Asset Management, Inc.
The gross purchase price was about $300 million and consisted of: (1) the assumption of about $200.3 million of mortgage debt and; (2) the issuance of 866,503 common units of limited partnership interest in Boston Properties Limited Partnership, BXP’s operating partnership.
Redevelopment of the property has begun, including modernizing building systems and creating amenities, collaborative spaces, and client spaces, to reimagine the property and meet the needs of today’s tech and creative firms and position it as the premier workspace for growing companies in Midtown South.
“We are thrilled to complete this acquisition and begin the transformation of this property,” said Hilary Spann, executive vice president, BXP. “360 Park Avenue South is id
