The deal between Boston Properties and the Landis Group to sell Carnegie Center is off. Boston Properties announced on June 6 that it had canceled the deal that would have turned over the Carnegie Center for $468 million.
Under the terms of the agreement, announced on April 25 (U.S. 1, April 27), either party had the right to terminate the agreement at any time prior to June 21, without any cost or payment to either party.
Arista Joyner, a spokeswoman for Boston properties, said that the Landis Group was not going to be able to close by the June 21 deadline. “It just didn’t work out,” she said. As for whether the property will come up for sale again, Joyner said “it could, but I can’t say under what conditions.”
Boston Properties acquired the portfolio for the 560-acre Carnegie Center in 1998, when it acquired the assets from the Landis Group.
In addition to managing and leasing the portfolio, Boston Properties completed roughly 300,000 square feet of new development. There are 16 Class A office buildings in the park.
“We will continue to own and operate Carnegie Center,” Joyner said. “But if an opportunity presents itself in the future, we might take it.”