A joint venture led by Boston Properties has sold Two Grand Central Tower in New York for $401 million, Boston Real Estate reports. The acquirer took responsibility for $176.6 million of mortgage indebtedness.
Two Grand Central Tower, which was built in 1985, is a Class A office building with approximately 650,000 square foot of net rentable area. Boston Properties, which holds a 60 percent stake in the joint venture, received $125.9 million after deducting transaction costs from the net cash proceeds of $209.8 million from the sale.
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