Boston Properties to sell 45% in two life sciences development properties in Cambridge for about $1.66 billion

Boston Properties Inc. (BXP) said Tuesday it has entered agreements to sell a 45% stake in two life sciences development properties located in Kendall Square in Cambridge, Mass., to Norges Bank Investment Management at a gross valuation of about $1.66 billion, or $2,050 per square foot. BXP is a public developer, owner and manager of premier workplaces in the U.S. BXP will retain a 55% interest in the joint ventures that will be created by the deal and provide development, property management and leasing services for them. "NBIM funded approximately $212.9 million at closing for its investment in 300 Binney Street and, upon closing of its investment in 290 Binney Street, NBIM's investment will reduce BXP's share of estimated future development spend over time by approximately $533.5 million," the company said in a statement. BXP's stock was not yet active premarket but has fallen 24% in the year to date, while the S&P 500 has gained 15%.

-Ciara Linnane

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11-14-23 0619ET

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