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Embarcadero Center sold
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May 12, 1998: 6:57 a.m. ET
Zuckerman's Boston Properties to buy San Francisco complex for $1.3B
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NEW YORK (CNNfn) - Real estate developer Boston Properties Inc. said Tuesday it will buy San Francisco's trendy Embarcadero Center for $1.22 billion in cash and securities from co-owners David Rockefeller Associates and Prudential Insurance Co. of America.
The buyout signals a long-distance venture for Boston Properties, which is controlled by real estate and media mogul Mortimer Zuckerman, from its East Coast roots to one of the West's tightest real estate markets.
The sale of the Embarcadero Center follows a string of deals for some of the nation's highest-profile properties such as New York's Chrysler Building, Chicago's Sears Tower, and Boston's Prudential Center.
The six-building complex is made up of 3.4 million square feet of office space and another 350,000 square feet of retail space.
In press reports, Zuckerman indicated he expects the deal to boost earnings at Boston Properties by next year, in its first full year of ownership.
Boston Properties shares (BXP) closed unchanged Monday at 33-7/16 in New York Stock Exchange trading.
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Prudential
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