 In 1987, the MTA agreed to sell the Coliseum and its office building to Boston Properties for $477.5 million.Under Boston Properties' plan, the Coliseum would be demolished by 1988 and replaced by a headquarters for Salomon Brothers, a subsidiary of Phibro-Salomon.Boston Properties would also have renovated the New York City Subway's 59th Street–Columbus Circle station for $40 million as part of the project.