Finance History | 11 Wall Street — Twenty-Five Dollars and Thirty-One Million Office Shares
· 1997-6
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Finance History | 11 Wall Street — Twenty-Five Dollars and Thirty-One Million Office Shares
kevin
People treat BXP as a six-city office REIT that always printed a three-letter name.
The 1997 issuer was Boston Properties, Inc., taking a private office book public as a real-estate investment trust.
The prospectus dated 17 June 1997 offered 31,400,000 shares at 25 dollars each, a 785 million dollar offering in 1997 currency.
Bloomberg, printed in the New York Times on 19 June, said the stock rose 1.75 dollars to 26.75 on its first session, 18 June 1997, with 7.92 million shares traded.
Contemporaneous copy put net proceeds near 730 million dollars in 1997 currency, mostly to repay mortgage debt.
The company then owned 63 office properties and nine warehouse buildings.
The mechanism is a private developer converting into a listed REIT so it could retire property debt and buy more buildings with publicly traded paper. The later legal name BXP, Inc. is a rebrand of that same listed line, not a second offering.
The pin is the Broad Street facade of the Exchange, where BXP first printed. Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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