Mort Zuckerman's Boston Properties held its third-quarter investor call this morning. It was, as such events are these days, a somber affair. But, as far as REITS go, Boston Properties has so far capitalized on the unstable markets better than many, maintaining strong cash reserves and acquiring the GM Building and other distressed Macklowe properties just as the market started to dip.
Mr. Zuckerman expressed confidence that he wouldn't have to sell any of those assets, or even acquire joint venture partners.
"We sold a lot of buildings, as you know, almost $4.2 billion [of property] in the last half of 2006 and first half of 2007," Mr. Zuckerman said. "There isn't a building that we own at this stage of the game that we wouldn't want to hold for the longer term."
Yet, the firm has also suffered some setbacks, most notably its exposure to the collapse of Lehman and the demise of Heller Erhman, tenants at 399 Park Avenue and Times Square Tower, respectively. read more »