They reportedly sold for $283 million.

These Class A buildings in the Princeton area, which were bought by Eaton Vance Management, the Boston-based real estate investment firm, have 872,500 square feet of space in total. The beleaguered drugmaker agreed to a lease back for eight to 12 years.

But why did they sell?

Tony Plohoros, a Bristol-Myers spokesman, sent this explanation: “This arrangement allows BMS to sell the assets and put the proceeds to work in our core businesses rather than tying them up in real estate, while retaining our commitment to the office space on a long-term basis.”

As they say, cash is king, especially if you’re facing patent expirations.
[tags]Bristol-Myers Squibb[/tags]