Boston Properties Announces Shearman & Sterling Expand and Renew at 599 Lexington Avenue, New York

    BOSTON, Oct. 10 /PRNewswire/ -- Boston Properties (NYSE:   BXP), a real
 estate investment trust, announced today that Shearman & Sterling, the global
 law firm and the major tenant at 599 Lexington Avenue, has exercised its
 option to expand its premises by six full floors in 2002, increasing the
 firm's space in the building from 443,000 square feet to 578,000 square feet.
     By exercising its option, the firm also extended its overall lease
 maturity for five years from 2007 to 2012.  The options are fair market
 value-based, with rents to be determined as of 2002 for the expansion space
 and 2007 for the extension.  Shearman & Sterling, the third largest law firm
 in New York City and the twelfth largest in the country, has been a tenant in
 the building since it was developed by Boston Properties in 1984.
     Stephen R. Volk, Senior Partner of Shearman & Sterling, said,  "We are
 very pleased to make 599 Lexington Avenue our headquarters.  Exercise of this
 expansion and extension option enables us to continue to expand and remain in
 this fine building for years to come."
     Robert Selsam, Senior Vice President of Boston Properties and Manager of
 the New York office added, "We are very pleased that Shearman & Sterling has
 exercised its expansion and extension options.  599 Lexington Avenue remains
 our flagship building in New York, and we are delighted that the firm will
 continue to call it home for the foreseeable future."
     Boston Properties is a fully integrated, self-administered and self-
 managed real estate investment trust that develops, redevelops, acquires,
 manages, operates and owns a diverse portfolio of Class-A office, industrial
 and hotel properties.  The Company is one of the largest owners and developers
 of Class-A office properties in the United States, concentrated in the
 Northeast Corridor from Virginia to Greater Boston and in Greater San
 Francisco.
     To receive Boston Properties' latest news and corporate developments via
 fax at no cost, please call 1-800-PRO-INFO; use company code BXP.  Visit the
 Company's web site at http://www.bostonproperties.com .  Also see
 http://www.frbinc.com .
     This press release contains forward-looking statements within the meaning
 of the Federal securities laws.  You should exercise caution in interpreting
 and relying on forward-looking statements because they involve known and
 unknown risks, uncertainties and other factors that are, in some cases, beyond
 Boston Properties control and could materially affect actual results,
 performance or achievements.  These factors include, without limitation, the
 ability to enter into new leases or renew leases on favorable terms,
 dependence on tenants' financial condition, the uncertainties of real estate
 development and acquisition activity, the ability to effectively integrate
 acquisitions, the costs and availability of financing, the effects of local
 economic and market conditions, regulatory changes and other risks and
 uncertainties detailed from time to time in the Company's filings with the
 Securities and Exchange Commission.
 
 

SOURCE Boston Properties

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