Boston Properties Prices $850 Million Offering of Senior Unsecured Notes

Boston Properties, Inc. (NYSE: BXP), a real estate investment trust, announced today that its operating partnership, Boston Properties Limited Partnership (“BPLP”), has agreed to sell $850 million of 3.200% senior unsecured notes due 2025 in an underwritten public offering through BNY Mellon Capital Markets, LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, Jefferies LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC and Wells Fargo Securities, LLC as joint book-running managers. The notes were priced at 99.757% of the principal amount to yield 3.238% to maturity. The notes will mature on January 15, 2025, unless earlier redeemed. The offering is expected to close on December 4, 2017, subject to the satisfaction of customary closing conditions.

The estimated net proceeds from this offering are expected to be approximately $841.2 million. BPLP intends to use the net proceeds from the sale of the notes for the repayment of debt, including funding the redemption of the $850 million aggregate principal amount of its 3.700% senior notes due 2018 that are outstanding (the “2018 Notes”), or other general business purposes, which may include acquisitions, development projects or other investment opportunities. Pending such uses, BPLP may invest the net proceeds in short-term, interest-bearing, investment-grade securities. In connection with the redemption of the 2018 Notes, BPLP expects that it will record a loss from early extinguishment of debt in the fourth quarter of 2017. Neither this offering nor the impact of the redemption of the 2018 Notes was previously reflected in Boston Properties’ earnings guidance for 2017.

BPLP has filed a registration statement (including a prospectus and a preliminary prospectus supplement) with the Securities and Exchange Commission for the offering to which this communication relates. Before you invest, you should read the prospectus and the preliminary prospectus supplement in that registration statement and other documents BPLP has filed with the Securities and Exchange Commission for more complete information about BPLP and this offering. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you may obtain a copy of the prospectus and related prospectus supplement from BNY Mellon Capital Markets, LLC at Attention: Debt Capital Markets, 101 Barclay St., 3W, New York, New York 10286, or by calling [phone]; Deutsche Bank Securities Inc. at Attention: Prospectus Group, 60 Wall Street, New York, NY 10005-2836, or by calling toll free at [phone] or by emailing [e-mail]; J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Attention: High Grade Syndicate Desk, 3rd floor, or by calling [phone]; Merrill Lynch, Pierce, Fenner & Smith Incorporated, 200 North College Street, NC1-004-03-43, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by calling toll-free [phone] or by email at [e-mail]; and Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, New York 10014, Attention: Prospectus Department, or by calling [phone] or by email at [e-mail].