Boston Properties Agrees to Acquire Bay Colony Corporate Center for $185M

Boston Properties, Inc. BXP announced today that it has entered into an agreement to acquire Bay Colony Corporate Center in Waltham, MA for an aggregate purchase price of approximately $185.0 million. The purchase price consists of approximately $41.1 million of cash and the assumption of approximately $143.9 million of indebtedness. The debt being assumed is a securitized senior mortgage loan that bears interest at a fixed rate of 6.53% per annum and matures in June 2012. The loan requires interest-only payments with a balloon payment due at maturity. The closing is scheduled to occur in the fourth quarter of 2010 and is subject to customary closing conditions. There can be no assurance that the acquisition will be completed on the terms or schedule currently contemplated, or at all.