Boston Properties, Inc. agrees to acquire newly constructed, vacant, 350,000 square foot, Class A office tower from affiliates of Harry Macklowe.
The Real Estate Department is representing Boston Properties, Inc. in its acquisition of 510 Madison Avenue from affiliates of Harry Macklowe. The parties signed a purchase and sale agreement on August 20, under which Boston Properties agreed to purchase the property for a purchase price equal to the aggregate principal and accrued interest on the property’s existing senior mortgage loan and senior mezzanine loan totaling approximately $280.5 million. Boston Properties had previously, on August 10, purchased the junior mezzanine note secured by a pledge of a subordinate ownership interest in the property for a purchase price of approximately $22.5 million. The transaction is expected to close on September 1, 2010. 510 Madison Avenue is a newly constructed, vacant, 350,000 square foot, Class A office tower. The building was developed by Harry Macklowe of Macklowe Properties. The deal was handled by partner Robert Bressman and associates Mal Serure and Elliot Rishty.