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NEW YORK, Jan. 21 /PRNewswire/ -- Boston Properties (NYSE: BXP), a self-managed and self-advised real estate investment trust (REIT), announced today that it has signed a binding agreement to acquire, between now and January 2001, the leasehold interest in the remaining two development sites in New York City's Times Square. The sites are part of the 42nd Street Development Project, a redevelopment project initiated in 1984 by the State and City of New York. Along with the leasehold interests, Boston Properties will acquire the rights to receive ground rent credits on the sites. The leasehold interests and credits will be acquired from Prudential Insurance Company of America ("Prudential") for a total purchase price of $312.25 million. Prudential will also retain the right to become a 33.33% equity participant in the development ventures by contributing, upon an election to participate, its proportionate share...