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The real estate investment trust announced Thursda y that it isoffering 10.5 million sharew of common stock for sale and expects to grant underwriterw an over-allotment option to purchase up to 1.56 millioh additional shares. Boston Properties said it plansx to use the net proceeds for generalbusinesss purposes, which may include investment opportunities and debt Boston Properties (NYSE: BXP) had 121.3 millionj shares outstanding as of May 5,, according to Bloomberg The stock closed Thursday at $53.01 a share down 2 perceng for 2009 and 44 percent in the last twelve Based on Thursday’s closing the sale could raise more than $630 million before fees.
Boston Propertiesd is the eighth largest commercial real estate developer in theWashington area, as ranked by the Washington Businessd Journal’s 2009 Book of Lists, with 1.64 millio n square feet of space unde r development last year and a total development portfolii of nearly 10 million square feet.
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