Boston Properties, Inc., a real estate investment trust, will offer eight million depositary shares, of it new 5.25% Series B Cumulative Redeemable Preferred Stock issue at a price of $25.00 per depositary share.

The company has granted the underwriters an option to purchase up to an additional 1.2 million depositary shares within 30 days solely to cover over-allotments, if any. The offering is expected to close on or about March 27.

The REIT expects to raise $193.7 million from the sale (or $222.8 million if the underwriters exercise their over-allotment option in full) after expenses. The company intends to use the net proceeds for general business purposes, which may include investment opportunities and debt reduction.

Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC acted as joint book-running managers of the offering. BNY Mellon Capital Markets, LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC served as co-managers for the offering.