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Boston Properties Prices $1.0 Billion Offering Of Senior Unsecured Notes

Boston Properties, Inc. (NYSE: BXP), a real estate investment trust, announced today that its operating partnership, Boston Properties Limited Partnership (“BPLP”), has agreed to sell $1.0 billion of 3.85% senior unsecured notes due 2023 in an underwritten public offering through Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC, as joint book-running managers. The notes were priced at 99.779% of the principal amount to yield 3.876% to maturity. The notes will mature on February 1, 2023, unless earlier redeemed. The offering is expected to close on June 11, 2012.

The estimated net proceeds from this offering are expected to be approximately $989.4 million after deducting underwriting discounts and estimated transaction expenses of approximately $10.6 million. BPLP intends to use the net proceeds from the sale of the notes for general business purposes, which may include investment opportunities and debt reduction. Pending such uses, BPLP may invest the net proceeds in short-term, interest-bearing securities.

The offering is being made only by means of a prospectus and related prospectus supplement, a copy of which may be obtained from Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58 th Street, 8 th Floor, Brooklyn, NY 11220, toll free at (800) 831-9146 or at batprospectusdept@citi.com; J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Attention: High Grade Syndicate Desk, 3 rd floor, or by calling 212-834-4533; Merrill Lynch, Pierce, Fenner & Smith Incorporated, 4 World Financial Center, 250 Vesey Street, 7 th Floor, New York, New York 10080, Attention: Prospectus Department, by calling 800-294-1322 or by email at dg.prospectus_requests@baml.com; and Morgan Stanley & Co. LLC, 180 Varick Street, 2 nd Floor, New York, New York 10014, Attention: Prospectus Department, or by calling 866-718-1649 or by email at prospectus@morganstanley.com. An effective registration statement is on file with the Securities and Exchange Commission (SEC), and a copy of the prospectus and related prospectus supplement also will be available on the SEC's website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of these securities in any state in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

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