Boston Properties Announces Pricing of 5.25% Series B Cumulative Redeemable Preferred Stock

  Boston Properties Announces Pricing of 5.25% Series B Cumulative Redeemable
  Preferred Stock

Business Wire

BOSTON -- March 18, 2013

Boston Properties, Inc. (NYSE:BXP), a real estate investment trust, announced
today that it has priced an underwritten public offering of 8,000,000
depositary shares, each representing a 1/100th of a share of its newly
designated 5.25% Series B Cumulative Redeemable Preferred Stock, at a price of
$25.00 per depositary share. The Company has granted the underwriters an
option to purchase up to an additional 1,200,000 depositary shares within 30
days solely to cover over-allotments, if any. The offering is expected to
close on or about March 27, 2013, subject to customary closing conditions.

The estimated net proceeds from this offering are expected to be approximately
$193.7 million (or approximately $222.8 million if the underwriters exercise
their over-allotment option in full) after deducting the underwriting discount
and estimated transaction expenses of approximately $6.3 million. The Company
intends to use the net proceeds for general business purposes, which may
include investment opportunities and debt reduction.

Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC
and Wells Fargo Securities, LLC acted as joint book-running managers of the
offering. BNY Mellon Capital Markets, LLC, Citigroup Global Markets Inc. and
J.P. Morgan Securities LLC served as co-managers for the offering.

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy any securities nor shall there be any sale of these
securities in any jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of any such jurisdiction.

An effective registration statement is on file with the Securities and
Exchange Commission ("SEC"). The offering is being made only by means of a
prospectus and related prospectus supplement, copies of which may be obtained
from Merrill Lynch, Pierce, Fenner & Smith Incorporated, 222 Broadway, 11^th
Floor, New York, NY 10038, Attention: Prospectus Department, by calling
800-294-1322 or by email at dg.prospectus_requests@baml.com; Morgan Stanley &
Co. LLC, 180 Varick Street, 2^nd Floor, New York, New York 10014, Attention:
Prospectus Department, or by calling 866-718-1649 or by email at
prospectus@morganstanley.com; and Wells Fargo Securities, LLC, 1525 West W.T.
Harris Blvd., NC0675, Charlotte, North Carolina 28262, Attn: Capital Markets
Client Support, telephone: 1-800-326-5897 or email:
cmclientsupport@wellsfargo.com. Alternatively, copies of the prospectus and
related prospectus supplement will be available on the SEC's website at
www.sec.gov.

Boston Propertiesis a fully integrated, self-administered and self-managed
real estate investment trust that develops, redevelops, acquires, manages,
operates and owns a diverse portfolio of Class A office space, one hotel,
three residential properties and four retail properties. The Company is one of
the largest owners and developers of Class A office properties in the United
States, concentrated in five markets –Boston, New York,Princeton,San
FranciscoandWashington, DC.

This press release contains forward-looking statements within the meaning of
the Federal securities laws. You can identify these statements by our use of
the words “assumes,” “believes,” “estimates,” “expects,” “guidance,”
“intends,” “plans,” “projects” and similar expressions that do not relate to
historical matters. You should exercise caution in interpreting and relying on
forward-looking statements because they involve known and unknown risks,
uncertainties and other factors which are, in some cases, beyond Boston
Properties’ control and could materially affect actual results, performance or
achievements. These factors include, without limitation, the Company’s ability
to enter into new leases or renew leases on favorable terms, dependence on
tenants’ financial condition, the uncertainties of real estate development,
acquisition and disposition activity, the ability to effectively integrate
acquisitions, the uncertainties of investing in new markets, the costs and
availability of financing, the effectiveness of our interest rate hedging
contracts, the ability of our joint venture partners to satisfy their
obligations, the effects of local, national and international economic and
market conditions (including the impact of the European sovereign debt
issues), the effects of acquisitions, dispositions and possible impairment
charges on our operating results, the impact of newly adopted accounting
principles on the Company’s accounting policies and on period-to-period
comparisons of financial results, regulatory changes and other risks and
uncertainties detailed from time to time in the Company’s filings with the
SEC. Boston Properties does not undertake a duty to update or revise any
forward-looking statement, whether as a result of new information, future
events or otherwise.

Contact:

Boston Properties, Inc.
Michael Walsh, 617-236-3410
Senior Vice President, Finance
or
Arista Joyner, 617-236-3343
Investor Relations Manager