Oct. 6, 2009 (Business Wire) -- Boston Properties, Inc. (NYSE: BXP), a real estate investment trust, announced today that its operating partnership, Boston Properties Limited Partnership (“BPLP”), has agreed to sell $700 million of 5.875% senior unsecured notes due 2019 in an underwritten public offering through Banc of America Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., BNY Mellon Capital Markets, LLC and Wells Fargo Securities, LLC, as joint book-running managers. Capital One Southcoast, Inc., Commerzbank Capital Markets Corp., Mitsubishi UFJ Securities (USA), Inc., PNC Capital Markets LLC, RBS Securities Inc., Scotia Capital (USA) Inc., SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC and U.S. Bancorp Investments, Inc. acted as co-managers. The notes were priced at 99.931% of the principal amount to yield 5.884% to maturity. The offering is expected to close on October 9, 2009.

The estimated net proceeds from the offering, after deducting underwriting discounts and offering expenses, are expected to be approximately $693.7 million. The Company intends to use the net proceeds from the sale of the notes for general corporate purposes, which may include investment opportunities and debt reduction.

The offering is being made only by means of a prospectus and related prospectus supplement, a copy of which may be obtained from Banc of America Securities LLC, 100 West 33^rd Street, New York, New York 10001, Attention: Prospectus Department, telephone (800) 294-1322; Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58^th Street, 8^th Floor, Brooklyn, New York 11220, Attention: Prospectus Department, toll-free at (877) 858-5407; Deutsche Bank Securities Inc., calling toll-free 1-800-503-4611 or by mail from Deutsche Bank Securities Inc., 100 Plaza One, Floor 2, Jersey City, New Jersey 07311-3901, or by email at prospectusrequest@list.db.com; BNY Mellon Capital Markets, LLC, 32 Old Slip, New York, NY 10286, telephone (800) 269-6864; Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262, Attention: Syndicate Operations, telephone (800) 326-5897. An effective registration statement is on file with the Securities and Exchange Commission (SEC), and a copy of the prospectus and related prospectus supplement also will be available on the SEC's website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of these securities in any state in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.