BOSTON, March 28 /PRNewswire/ -- As previously reported on
February 8, 2001, Boston Properties, Inc. (NYSE: BXP), a real estate
investment trust, has acquired a significant interest in Skyline Holdings LLC.
Skyline signed a contract on February 7, 2001 to acquire Citigroup Center in
New York City from Dai-Ichi Life Investment Properties, Inc. The acquisition
of Citigroup Center, a 1.6 million square foot building in Midtown Manhattan,
is expected to close in April 2001.
It continues to be Boston Properties' intent to enter into a joint venture
agreement pursuant to which Allied Partners, a private family-owned real
estate investment company, would participate in the acquisition of the
Citigroup Center on terms currently being negotiated with Allied. However,
litigation recently filed against Allied and its principals, including Eric
and Richard Hadar, in connection with an unrelated real estate partnership
which owns a building at 1 East 57th Street, New York, may interfere with the
proposed joint venture. Boston Properties is not named in the lawsuit and the
Citigroup Center acquisition is not at issue in the litigation. If the
proposed joint venture with Allied cannot be put in place, Boston Properties
intends to complete the acquisition of the Citigroup Center through its
controlling interest in Skyline, in accordance with the contract with Dai-Ichi
as currently in effect.
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 four core
markets -- Boston, Midtown Manhattan, Washington, DC and 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
This press release contains forward-looking statements within the meaning
of the Federal securities laws. Forward-looking statements are inherently
subject to risks and uncertainties, many of which cannot be predicted with
accuracy. Acquisitions that are pursued by Boston Properties may not be
consummated for a variety of reasons, including a failure to reach agreement
with the selling party regarding the acquisition price or other terms of a
contribution or acquisition agreement. Agreements that the Company enters
into may be terminated for a variety of reasons, including a failure by the
Company or the other party to fulfill all conditions required for consummation
of the agreements. Further, there can be no assurance that Boston Properties
will be successful in its efforts to acquire Citigroup Center or to secure the
financing necessary for that acquisition. There also can be no assurance that
Boston Properties will be successful in enforcing its claimed ownership rights
in Skyline Holdings LLC or in any of the agreements it has entered into with
Allied. Accordingly, Boston Properties can give no assurances that the
transaction contemplated by this release will be consummated on the terms
described or at all.
SOURCE Boston Properties, Inc.