The Real Estate Industry team advised long-time client Boston Properties on the completion of its joint venture with Canada Pension Plan Investment Board (“CPPIB”) to acquire Santa Monica Business Park for approximately $627.5 million, including $11.5 million of seller funded leasing costs after the effective date of the purchase and sale agreement. Santa Monica Business Park is a 47-acre office park consisting of 21 buildings totaling approximately 1.2 million net rentable square feet.
As part of the joint venture, CPPIB will invest $147.4 million for a 45% ownership in the Business Park while Boston Properties will invest $180.1 million in the joint venture and will become the development manager for the customary operating, property management and leasing services.
Boston Properties, Inc., a fully integrated real estate company that is organized as a real estate investment trust, develops, redevelops, acquires, manages, operates and owns a diverse portfolio of primarily Class A office buildings totaling 50.3 million square feet and consisting of 167 office properties. The company has established a significant presence in five markets: Boston, Los Angeles, New York, San Francisco, and Washington, D.C.
For additional information on the acquisition, please read the press release.