Boston Properties Makes Splashy Entrance into Metro LA
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Colorado Center, Santa Monica, Calif.
Los Angeles—For about $511.1 million, Boston Properties will be acquiring a 49.8 percent interest in an existing joint venture with Teachers Insurance and Annuity Association (TIAA) which owns the fee interest in the Colorado Center office campus in Santa Monica, Calif., the REIT announced Wednesday. It’s the first foray into Los Angeles for Boston Properties, which until now has focused on assets in Boston, New York, San Francisco and Washington, D.C.
The seller is real estate funds managed by Blackstone, through its investment in Equity Office Properties. Boston Properties expects to pay the purchase price using existing cash balances and will be the managing partner of the joint venture. There is currently no debt on the property, according to the announcement. The closing is expected to take place in July…
