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Boston Properties Abandons Pursuit Of London Tower

By A.D. Pruitt Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Boston Properties Inc. (BXP) isn't taking London's call. The office real-estate investment trust has scrapped talks to buy Drapers Gardens, a trophy office building in London's financial district, according to a person familiar with the matter. Boston was in negotiations to buy the 292,500-square-foot building for roughly $450 million from private-equity firm Evans Randall. A spokeswoman for Boston Properties declined to comment. However, in recent earnings conference calls, President Douglas T. Linde said that, although the company "pursued" some opportunities in London, "the economic requirements and the opportunities didn't get to the point where we were prepared to consummate a transaction." The deal would have marked Boston Properties' maiden acquisition in London at a time when many foreign buyers have flooded the city. Demand has been strong for London office buildings in part because the market is perceived as ultra-safe. London tenants usually sign long-term leases that aren't subject to rent reductions. Still, some analysts said they remain wary of companies entering markets with no on-the-ground training or local partners to guide them through unfamiliar terrain. "I had reservations about it about being a good idea in the first place because I think there is substantial risk in investing overseas," said David Harris, an analyst at Imperial Capital, noting currency risk and complicated tax structures. "They should probably be spending their dollars here in their established markets rather than planting their flag in the English capitol," he said of Boston Properties. -By A.D. Pruitt, Dow Jones Newswires; 212-416-2197;

Stock News for Boston Properties (BXP)
02/04/201606:05:26Current Report Filing (8-k)
02/03/201619:35:00Boston Properties Raises 2016 Guidance
02/03/201618:41:00Boston Properties Announces Fourth Quarter 2015 Results
02/01/201615:31:46Statement of Changes in Beneficial Ownership (4)
02/01/201615:31:16Statement of Changes in Beneficial Ownership (4)
02/01/201615:31:16Statement of Changes in Beneficial Ownership (4)
02/01/201615:30:50Statement of Changes in Beneficial Ownership (4)
02/01/201615:29:56Statement of Changes in Beneficial Ownership (4)
02/01/201615:29:26Statement of Changes in Beneficial Ownership (4)
02/01/201615:28:04Statement of Changes in Beneficial Ownership (4)
01/20/201616:40:19Current Report Filing (8-k)
01/20/201614:29:05Statement of Changes in Beneficial Ownership (4)
01/20/201614:28:36Statement of Changes in Beneficial Ownership (4)
01/20/201614:28:11Statement of Changes in Beneficial Ownership (4)
01/20/201614:27:41Statement of Changes in Beneficial Ownership (4)
01/19/201620:13:00Boston Properties Announces 2015 Tax Treatment of Its Distributions
01/14/201616:01:00Boston Properties to Release Fourth Quarter 2015 Financial Results...
01/08/201618:03:00Boston Properties Prices $1.0 Billion Offering of Senior Unsecured...
01/04/201615:16:57Statement of Changes in Beneficial Ownership (4)
01/04/201615:16:57Statement of Changes in Beneficial Ownership (4)

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