Boston Properties Inc. on Tuesday announced it has sold 280 Park Avenue in New York City for approximately $1.2 billion to an affiliate of Istithmar PJSC.

The property is located in the heart of Midtown Manhattan on the west side of Park Avenue and consists of approximately 1.2 million square feet. Boston Properties acquired the property in 1997 and will continue to serve as property manager and leasing agent.

Boston Properties is a real estate investment trust that develops, redevelops, acquires, manages, operates and owns a diverse portfolio of class A office properties in five select markets — Boston; Midtown Manhattan; Washington, D.C.; San Francisco; and Princeton, N.J.

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