Boston Properties, a Boston-based real estate investment trust, has sold two Washington, D.C., office properties to Wells Real Estate Investment Trust for $345 million.Proceeds from the sale of One and Two Independence Square, which have a total of 948,813 square feet, have been used to repay first-mortgage debt of approximately $190 million as well as to pay off some unsecured debt, the office REIT said. The sale represents the first phase of the REIT's strategy of "recycling its capital through asset sales" to permanently finance the acquisition of 399 Park Avenue in Midtown Manhattan on a "leverage neutral basis." The building was acquired for $1.06 billion from Citibank.
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