HRPT Properties unit prices offering of 10m shares

HRPT Properties Trust, a Newton-based office real estate investment trust, said that its subsidiary, Government Properties Income Trust, priced an initial public offering of 10 million shares at $20 each, for an expected $200 million in proceeds.

The offering is expected to close on Monday.

Underwriters have 30 days to buy up to an additional 1.5 million shares to cover any overallotments.

Merrill Lynch & Co., Wachovia Securities and Morgan Stanley are joint book running managers for the offering.

Citi, Morgan Keegan & Co., RBC Capital Markets and UBS Investment Bank are joint lead managers.

HRPT will continue to own a 49.9 percent stake in Government Properties Income Trust. (AP)