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Exhibit 99.1
BEACON CAPITAL PARTNERS, INC.
One Federal Street
Boston, Massachusetts 02110
(617) 457-0400
Contact: Randy J. Parker FOR IMMEDIATE RELEASE
Chief Financial Officer
ONE KENDALL SQUARE IN CAMBRIDGE, MA, SOLD BY BEACON CAPITAL PARTNERS
FOR $192 MILLION
SPECIAL DIVIDEND PAYMENT SET
BOSTON, January 3, 2001 -- Beacon Capital Partners, Inc. today announced the
sale of One Kendall Square, consisting of nine office and laboratory buildings,
retail space, a cinema and a parking garage, located in Cambridge, MA. The
portfolio was sold for approximately $192 million to a joint venture between
Lincoln Property Company, Dallas, TX, and The J.E. Robert Companies, McLean, VA.
The closing took place on December 28, 2000.
One Kendall Square, which totals approximately 660,000 square feet, and The
Athenaeum Building, located at 215 First Street in Cambridge, were purchased by
Beacon Capital Partners as The Athenaeum Portfolio in May 1998 for $195 million.
The 215 First Street property, totaling 306,000 square feet, was sold in June
2000 for approximately $68 million to Capital Properties, New York. Beacon's
joint venture partner for The Athenaeum Portfolio was an affiliate of
PaineWebber.
In addition, as a result of the sale, Beacon Capital Partners will make a
special dividend distribution to its shareholders. The distribution, amounting
to $2.00 per share, will be paid to shareholders of record as of January 5,
2001. The payment date for the dividend is January 19, 2001.
Beacon Capital Partners, Inc. is a real estate investment company formed in
January 1998 by Alan M. Leventhal, Chairman and CEO, and Lionel P. Fortin,
President and COO. The company is based in Boston, Massachusetts, and has a
regional office in Los Angeles.
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ONE KENDALL SQUARE (2)
Certain matters discussed in this press release, including the amount and timing
of dividend payments, 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 assurance 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, timely release of occupied square footage upon
expiration, interest rates, availability of equity and debt financing and other
risks detailed from time to time in the Company's filings with the Securities
and Exchange Commission.
