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BOSTON, Dec. 4 /PRNewswire/ -- Boston Properties, Inc. (NYSE: BXP), a leading real estate investment trust, announced today that it has completed the acquisition of 100% of the leasehold interest and ground rent credits for the site of the future "Times Square Tower" from The Prudential Insurance Company of America for a purchase price of $164 million in cash. The 47-floor, 1.2 million-square foot Class A office building will be built by Boston Properties on the south side of 42nd Street between Broadway and Seventh Avenue in New York City. Construction is expected to start in the second quarter of 2001 with initial occupancy expected in the fourth quarter of 2003. The site is part of the 42nd Street Development Project, a redevelopment project initiated by the State and City of New York.