Boston Properties Acquires Leasehold Interest of 360 Park Avenue South
The leasehold interest in Enterprise Asset Management’s 470,000-square-foot building located at 360 Park Avenue South has attracted a price of $300 million. However, since Boston Properties’ acquisition “includes a number of operating partnership units, provided at market which can be converted into Boston Properties common stock, also known as a UPREIT arrangement,” it brings the value of the purchase to above $325 million. Located between East 26th and 27th Streets, the building will become vacant by the end of the year when the 20-year master lease held by business information company RELX expires.