Boston Properties to launch $2 Billion on the office market. Executives of the real estate investment trust announced that Boston Properties will team up with two sovereign wealth funds to invest in office real estate.
According to REIT– Investors would identify the joint venture paperwork was finalized, will put in about $1 billion worth of equity, which will work out to about $2 billion in purchasing power. CEO Owen Thomas said, “It will be an investment-by-investment and if it goes well, it could be bigger.”
Boston Properties also announced that they launched 3 new life sciences labs in Boston and South Francisco totaling almost $1 billion in investment which are closely watched by the investment and brokerage communities, which see them as a source of demand for space with a long runway for growth.
In New York City, projects by Taconic Partners and Silverstein Properties, Alexandria Real Estate Equities, and Georgetown Properties have experienced recent success.
Boston Properties’ largest markets are in the areas surrounding Boston and San Francisco so they are seeing a strong increase in tenants touring spaces, but they’re not yet signing large leases in the same numbers as before the pandemic.