Boston Properties Inc. completed the acquisition of 100 Federal Street in Boston, from an affiliate of Bank of America N.A. for an aggregate investment of approximately $615.0 million. In connection with the transaction, the Company entered into a long-term lease with an affiliate of Bank of America for approximately 787,000 sq. ft.
The aggregate investment of approximately $615.0 million will be funded with available cash. In addition, Boston Properties expects to incur an aggregate of approximately $700,000 of acquisition-related costs, which will be expensed in the first quarter 2012.
The building is a 37-story, approximately 1,305,000 rentable sq. ft. class-A office tower located in the heart of Boston’s Financial District and is 93 percent leased. Situated on Federal Street and bounded by Franklin, Congress and Matthews Streets, 100 Federal Street occupies an entire two-acre city block.