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Article: The Latest from Boston Properties Watch: Boston Properties' Undeveloped Land Accumulates Poor Market Conditions, Lawsuits Hold Back Construction.
- Article from:
- Business Wire
- Article date:
- November 7, 2001
CopyrightCOPYRIGHT 2001 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors
WASHINGTON--(BUSINESS WIRE)--Nov. 7, 2001
With a number of projects delayed by litigation or the economy, Boston Properties' "land bank" of undeveloped property held for future use grew rapidly over the past 18 months.
A BostonPropertiesWatch analysis reveals that the value of undeveloped land soared by 45%, from $115 million to $166 million, since March 2000, while developed and under construction properties grew by only 23%.
"We don't intend to take on additional development unless they are virtually entirely pre-leased," Chairman Mort Zuckerman said in July. Members of his management team reiterated this stand to ...