Boston Properties selling stake in Times Sq. Tower

The Associated Press

Real estate investment trust Boston Properties is selling its minority stake in Times Square Tower in New York to Norges Bank for $684 million.

The 1.2 million square foot office tower includes retail space and is 99 percent leased.

Boston Properties is one of the biggest owners and developers of office properties in the U.S., concentrating on the Boston, New York, San Francisco, Washington D.C. and Princeton, N.J., markets.

Boston Properties and Norges plans to form a joint venture once the transaction closes. Boston Properties will keep property and leasing management for the venture.

Shares of Boston Properties Inc. added 43 cents to $105.24 in Monday morning trading.