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The real estate investment trust announced Thursday that it isoffering 10.5 million shares of common stock for sale and expects to granr underwriters an over-allotment optiobn to purchase up to 1.56 million additionak shares. Boston Properties said it plans to use the net proceedd for generalbusiness purposes, which may include investmeng opportunities and debt reduction. Bostomn Properties (NYSE: BXP) had 121.3 million sharee outstanding as ofMay 5,, accordinfg to Bloomberg News. The stock closesd Thursday at $53.01 a share down 2 percent for 2009 and 44 percentg in the lasttwelve months. Based on Thursday’s closing price, the sale couldd raise more than $630 million before fees.
Boston Properties is the eighthj largest commercial real estate developer in theWashingtob area, as ranked by the Washington Business Journal’s 2009 Book of with 1.64 million squarer feet of space under development last year and a total developmeny portfolio of nearly 10 million square feet.
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