Boston Properties Inc. announced that its operating partnership, Boston Properties Limited Partnership, has agreed to sell $700 million of 3.8 percent senior unsecured notes due 2024 in an underwritten public offering through Deutsche Bank Securities Inc.; J.P. Morgan Securities LLC; Merrill Lynch; Pierce, Fenner & Smith Inc. and Morgan Stanley & Co. LLC as joint book-running managers.

The notes were priced at 99.7 percent of the principal amount to yield 3.8 percent to maturity. The notes will mature on Feb. 1, 2024 unless earlier redeemed. The offering is expected to close on June 27.

The estimated net proceeds from this offering are expected to be approximately $691.9 million after deducting underwriting discounts and estimated transaction expenses of approximately $8.1 million. BPLP intends to use the net proceeds from the sale of the notes for general business purposes, which may include investment opportunities and debt reduction. Pending such uses, BPLP may invest the net proceeds in short-term, interest-bearing securities.