Boston Properties, Inc. (NYSE:BXP) Announces Exercise of Over-Allotment Option, giving an additional 2.3 million shares to its underwriters J.P. Morgan and Morgan Stanley. Boston Properties offered 15 million shares and sold 3 million more of the secondary offerings than expected. The secondary offering is for $50 a share. Empirical evidence shows that of the 20 REITs that refinance their debt through a stock deal, 10 of them move 10% to the upside. As of March 31st: Impac Mortgage Holdings (NYSEMKT:IMH) and Hanover Capital Mortgage Holdings (NASDAQ:HCM) are amongst the list of the ten REITs, but of all the Real Estate Investment Trust, Boston Properties, Inc. (BXP) is one of the best run REITs in the business. Billionaire investor Mort Zuckerman runs Boston Properties and the biggest customer Boston Properties has is the U.S. government. Chances of default from its tenants are very minimal leaving Boston Properties as a play on REIT secondary offerings and a turnaround in commercial real estate. Now that residential real estate is on its way towards recovery, commercial real estate has been patiently waiting for its dose of medicine from the U.S. government. BXP was down 2.26% today, putting it at $49.73, which puts it under the secondary offering. It may be a good time to make your moves on BXP and whould at least make for an interesting trading vehicle.