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Boston Properties disposes of 2 assets, provides rent, operational update from SNL Real Estate Daily Boston Properties disposes of 2 assets, provides rent, operational updateByline: Maryam Merchant Boston Properties Inc. collected over 98% of its total rent payments from office tenants due June 1, with total rent collection from all tenants, including retail, reaching 94%. The real estate investment trust also disposed of two assets. It sold approximately 455,000 square feet of its Capital Gallery class A office property in Washington, D.C., to the Smithsonian Institution for a gross price of approximately $254 million and the vacant 125,700-square-foot Annapolis Junction Building Eight and two parcels of land, in which it had a 50% interest, at Annapolis Junction Business Park in Annapolis Junction, Md., for a gross price of $47 million. Boston Properties will continue to provide property management services for the Capital Gallery property and will retain 177,000 square feet of the property, which includes 157,000 square feet of office space, 20,000 square feet of retail and a 465-space parking garage. The portion of the property retained by the company is almost fully leased. The REIT expects to realize net proceeds of approximately $242 million from the Capital Gallery sale and approximately $14 million from the Annapolis Junction sale, after closing costs and the repayment of mortgage debt on the Maryland properties. All Boston Properties buildings have remained open, and repopulation began in June for the Boston; New York; and Washington, D.C., regions, according to a release. |
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