Boston has eye on the prize with latest $200m purchase.Boston Properties Boston Properties, Inc. (NYSE: BXP) is a self-managed real estate investment trust (REIT) based in Boston, Massachusetts. Its primary focus is "Class A" office space which it acquires, develops, and manages in the major markets of Boston, New York City, Washington, D.C. has started what some developers suspect is an assemblage to clear way for the development of a major new midtown office tower. Acquiring a site that alone will allow it 400,000 s/f of development rights in the heart of the burgeoning office district in midtown west, Boston Properties has purchased a parking lot and adjacent building on the southeast corner of 55th street from real estate investor A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. and hotelier, Robert Gladstone, for around $200 million. A developer familiar with the transaction said that the company would likely next try to buy up the collection of small office buildings that populate the block between 55th and 54th Street in order to clear way for what could be a tower with at least one million s/f of office space. The deal amounts to a property flip for Gladstone, who purchased the lot and office building from the Hearst Corporation The Hearst Corporation is a privately-held American-based media conglomerate based in the Hearst Tower in New York City, USA. Founded by William Randolph Hearst as an owner of newspapers, the company's holdings now include a wide variety of media. in late January 2006 for $170 million with plans to develop a luxury hotel. The Hearst Corporation itself had tried to assemble properties on the block in order to develop a skyscraper skyscraper, modern building of great height, constructed on a steel skeleton. The form originated in the United States. Development of the Form Many mechanical and structural developments in the last quarter of the 19th cent. in years past, but wound up selling its holdings when it built its stunning new headquarters building two blocks north on 56th Street and 8th Avenue. The construction of the Hearst building and Time Warner Center The Time Warner Center is a mixed-use skyscraper developed by The Related Companies in New York City. Its design, by David Childs and Mustafa Kemal Abadan of Skidmore, Owings & Merrill, consists of two 229 m (750 ft) towers bridged by a multi-story atrium containing upscale retail before it have pushed the range of class A space farther west and established 8th Avenue from the mid 50s to Columbus Circle Columbus Circle, named for Christopher Columbus, is a major landmark and point of attraction in the New York City borough of Manhattan. Completed in 1905 and renovated a century later, it is located at the intersection of Broadway, Central Park West, Central Park South (59th as a corridor with high quality office space. Boston Properties is likely flush with cash to use for development projects after the sale of 280 Park Avenue in recent months to the Dubai investment firm, Istithmar, for $1.2 billion. The Post reported last week that Boston Properties has also put 5 Times Square up for sale, a building that it estimated could fetch more than $1.25 billion. Neither Boston Properties nor Robert Gladstone's firm, Madison Equities, returned calls seeking comment. |
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