Prudential to Sell Landmark Boston Property

Prudential Insurance Co. of America has put up for sale the landmark Prudential Center office, residential and retail complex in Boston, according to people familiar with the situation. The insurance company has sent sales packages to about two dozen likely buyers for the property, which is expected to fetch about $1 billion, the sources said. The move is part of a plan by the largest U.S. life insurer to reorganize its $5-billion real estate portfolio by swapping properties for shares in public and private real estate companies and partnerships to boost returns. Many insurance companies are making similar moves to reduce their real estate exposure at a time when property prices are at their highest point in six years. Since Prudential’s plan was announced last fall, it has swapped or is in the process of swapping $1.5 billion worth of hotels, apartments, shopping malls and warehouses for shares in public companies. Executives at the Newark, N.J.-based company declined to comment.