Boston Properties LP, a unit of Boston Properties Inc., on Tuesday sold $700 million of senior notes, according to IFR, a Thomson Reuters service, in a move that may position the company well in terms of capital if and when the market recovers.

The size of the deal was increased from an originally planned $500 million.

Bank of America, Citigroup and Deutsche Bank were the joint bookrunning managers for the sale.

"Properties are overleveraged, values have come down, and there is simply not enough capital to ever pay off the debt, based upon where the leverage is today," Boston Properties President Doug Linde said at the CREW Network convention in Boston last week, in advance of today’s capital deal. "At some point, there will have to be a day of reckoning with these assets. The challenging thing is not raising capital. It’s not a question of money. It’s a question of opportunity. Those assets clearly stuck in the machine of the servicers and the special servicers. We’re pretty realistic. There will not be significant opportunities for high quality assets anytime soon, but they will come."

Banker & Tradesman Staff Writer Paul McMorrow contributed to this report.