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Boston Properties sells stake in three office assets

by Andrea Waitrovich

Boston Properties has agreed to sell a 45 percent interest in three office buildings to affiliates of Norges Bank Investment Management for a gross purchase price of approximately $1.5 billion in cash.

Boston Properties and affiliates of NBIM, which invests on behalf of Norway’s sovereign wealth fund, will form a joint venture for each property upon closing, and Boston Properties will retain property and leasing management for the ventures. The portfolio comprises two properties in Boston — Atlantic Wharf Office Building and 100 Federal St. — and 601 Lexington Ave. in New York City.

“This transaction represents an important step in executing our current strategy of recycling capital from existing assets into new development,” says Owen Thomas, Boston Properties CEO,

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