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Exhibit 99.1
BEACON CAPITAL PARTNERS, INC.
One Federal Street
Boston, Massachusetts 02110
Contact: Randy J. Parker FOR IMMEDIATE
Chief Financial Officer RELEASE
(617) 457-0400
BEACON CAPITAL PARTNERS ANNOUNCES RECENT PROPERTY SALES IN SAN FRANCISCO AND
CAMBRIDGE
BOSTON, June 16, 2000 -- Beacon Capital Partners, Inc. announced today that it
has sold properties in San Francisco, CA and Cambridge, MA.
The San Francisco property, located at 233 Fremont Street, was sold to, and will
be occupied by Charles Schwab & Co., Inc. Beacon Capital Strategic Partners (an
affiliate of Beacon Capital Partners) purchased the building in 1999 for $33.5
million and began a complete rehabilitation and expansion that will be completed
by first quarter 2001. The total purchase price for the building is
approximately $146 million. The buyer will fund remaining development costs.
Upon completion, the building will include 385,000 square feet and will feature
a complete structural upgrade, a new facade, and all new building systems.
The Cambridge property, known as the Athenaeum Building, was purchased by New
York-based Capital Properties for $68 million. The 306,000 square foot building,
located at 215 First Street, was acquired by Beacon Capital Partners in May 1998
as part of a 970,000 square foot portfolio that includes office and laboratory
buildings at One Kendall Square. Beacon Capital Partners acquired those
properties in a joint venture with PaineWebber, and continues to own the
remainder of the portfolio.
Beacon Capital Partners, formed in January 1998 to pursue investment
opportunities in commercial real estate, is led by Alan M. Leventhal, Chairman
and CEO, and Lionel P. Fortin, President and COO. The company is based in Boston
and has a regional office in Los Angeles.
Certain matters discussed in this press release, including statements regarding
the completion of the building at 233 Fremont Street, may constitute
forward-looking statements within the meaning of the Federal securities law.
Although Beacon Capital Partners, Inc. believes that the expectations reflected
in such forward-looking statements are based upon reasonable assumptions, the
company can give no assurances that its expectations will be achieved. Factors
that could cause actual results to differ materially from current expectations
include general economic conditions, local real estate conditions, general
development and redevelopment risks and other risks detailed in the Company's
Form 10-Q filed with the Securities and Exchange Commission.
