Boston Properties Continues Efforts to Acquire Citigroup Center
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 http://www.frbinc.com . 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.
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