Boston Properties honored as NACORE 'Developer of Year'.

NACORE New York will honor Boston Properties, Inc. as Developer of the Year at the organization's Annual Awards Banquet on Tuesday, February 22nd at the Sheraton New York Hotel & Towers.

Boston Properties, one of the largest owners and developers of office properties in the U.S., is being recognized primarily for its work at the site of 5 Times Square, part of the 42nd Street Development Project. At 5 Times Square, Boston Properties will build a 37-floor, 1.1 million square-foot office tower, which has been pre-leased by Ernst & Young LLP. The building is scheduled to be completed and ready for occupancy in mid-2002.

"We are extremely pleased to recognize Boston Properties and its worthy participation in furthering the redevelopment of Times Square," said Brian G. Schwagerl, president of the NACORE New York Chapter. "The new office tower will make a great addition to the renaissance taking place in the New Times Square."

Ernst & Young, one of the big five accounting and consulting firms, will relocate its approximately 4,000 New York City employees from several Midtown locations to consolidate its corporate headquarters into the new Boston Properties tower.

Mortimer B. Zuckerman, chairman of Boston Properties, said "This development affirms Boston Properties' commitment to New York City, and demonstrates our ability to undertake development of large complicated projects. Times Square is perhaps the greatest example to date of urban renaissance through joint public and private efforts, making Times Square the most dynamic, convenient and exciting place to be in New York City."

The building at 5 Times Square has been designed by the architectural firm Kohn, Pedersen, Fox of New York. The office tower features a dramatic angular shape, with a sloping fin on the Seventh Avenue side, with space for commercial signage and retail space at the base.

Boston Properties is a self-administered and self-managed real estate investment trust (REIT). The company owns 132 properties totaling approximately 35.3 million square feet, including 280 Park Avenue, 599 Lexington Avenue and 875 Third Avenue in Manhattan.

Each year at its annual dinner, NACORE New York recognizes a Developer of the Year and a Corporate Real Estate Executive of the Year. This latter award will go to Arthur Elman, vice president of real estate for ADP Worldwide. This year NACORE will also bestow a Chairman's Award on the project team creating the new headquarters of Bear Steams on Madison Avenue. The chair of this year's NACORE banquet is William A. Johnson, II of Johnson Belt Inc. and Johnson Partners International. Tickets for the banquet cost $300 for individuals; a table of 10 is $2,800 (with a full page journal ad: $3,400). The proceeds of the banquet will benefit several New York-based charities.