Boston Properties Announces Agreement to Sell Carnegie Center Portfolio in Princeton, New Jersey for $486M

Boston Properties, Inc. BXP announced today that the Company has signed an agreement to sell its Carnegie Center portfolio located in Princeton, New Jersey for approximately $468.0 million. The buyer is a joint venture between Normandy Real Estate Partners and The Landis Group. Carnegie Center is a sixteen building Class A office park set on 560 acres of professionally landscaped grounds and totaling more than 2.0 million net rentable square feet. Boston Properties acquired the Carnegie Center portfolio in 1998 and in addition to managing and leasing the portfolio, the Company completed approximately 300,000 square feet of new development.