BXP is one of the largest publicly traded office real estate investment trusts (REITs) in the U.S., primarily focused on developing, owning, and managing premier workplaces. The company's properties are concentrated in six major U.S. gateway markets: Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC . BXP generates revenue mainly through leasing these premier workplaces to clients, emphasizing long-term leases with financially strong clients across diverse market sectors . Additionally, BXP earns revenue from its View Boston observatory at The Prudential Center, hotel operations, and management and development fees from joint ventures and third-party property owners .
- Leasing of Premier Workplaces - Generates revenue by leasing office spaces in major U.S. gateway markets, focusing on long-term agreements with financially robust clients .
- View Boston Observatory - Includes ticket sales, special events, food and beverage, and merchandise sales at The Prudential Center .
- Hotel Operations - Earns revenue from room rentals and other guest services .
- Management and Development Fees - Provides management and development services to unconsolidated joint ventures and third-party property owners .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Owen D. Thomas ExecutiveBoard | Chairman of the Board and CEO | Director and Former Global Chairman of Urban Land Institute; Director of Real Estate Roundtable; Member of Advisory Board of Governors of Nareit; Chairman of Board of Trustees of Woodberry Forest School. | CEO since April 2013, Chairman since May 2022; over 35 years of leadership in real estate and capital markets. | View Report → |
Bryan J. Koop Executive | EVP, Boston Region | Director of NAIOP Massachusetts; Director of Boston Green Ribbon Commission; Director of Kendall Square Association; Member of Boston Children's Hospital Champions for Children Committee. | Joined BXP in 1999; oversees Boston region operations and business development. | |
Donna D. Garesch\u00e9 Executive | EVP, Chief Human Resources Officer | No external roles mentioned in the documents. | Joined BXP in 2010; leads human capital strategy, including talent management and leadership development. | |
Douglas T. Linde Executive | President | Trustee of Beth Israel Lahey Health; Member of Real Estate Roundtable; Trustee Emeritus of Wesleyan University Board of Trustees. | President since May 2007; joined BXP in 1997; extensive experience in real estate finance and operations. | |
Eric G. Kevorkian Executive | SVP, Chief Legal Officer & Secretary | Vice Chair of Nareit\u2019s Corporate Governance Council; Chairman of the Board of Directors of Hockomock Area YMCA. | Joined BXP in 2003; oversees legal and risk management departments. | |
John J. Stroman Executive | EVP, Co-Head of Washington, DC Region | No external roles mentioned in the documents. | Joined BXP in 2005; oversees leasing, legal, property management, and marketing in the Washington, DC region. | |
Michael E. LaBelle Executive | EVP, CFO, and Treasurer | No external roles mentioned in the documents. | CFO since 2010; oversees financial operations and capital markets activities. | |
Michael R. Walsh Executive | SVP, Chief Accounting Officer | Co-chair of Nareit\u2019s Accounting Committee; Member of Nareit\u2019s Best Financial Practices Council; Board Member of Boston Athletic Academy. | Joined BXP in 1986; oversees financial reporting, property accounting, and tax compliance. | |
Peter V. Otteni Executive | EVP, Co-Head of Washington, DC Region | Member of the Board of Directors of the National Capital Area Region for the March of Dimes. | Joined BXP in 2000; oversees development, construction, and marketing in the Washington, DC region. | |
Raymond A. Ritchey Executive | Senior EVP | President of Spanish Education Development Center; Member of Federal City Council; Member of Economic Club of Washington. | Joined BXP in 1980; transitioned to a less-than-full-time role in March 2023 but remains active in leasing and regional business support. | |
Rodney C. Diehl Executive | EVP, West Coast Regions | Member of Urban Land Institute, NAIOP, and International Council of Shopping Centers. | Joined BXP in 2005; promoted to EVP in February 2024; oversees West Coast leasing and operations. | |
Bruce W. Duncan Board | Director | Director of T. Rowe Price mutual funds; Life Trustee of Rush University Medical Center. | Director since May 2016; over 40 years of real estate management and investment experience. | |
Carol B. Einiger Board | Director | Trustee of Albert Einstein College of Medicine; Chair of Montefiore Einstein Comprehensive Cancer Center Executive Council; Member of JPB Foundation Investment Committee. | Director since May 2004; extensive experience in investment management and endowment oversight. | |
Derek A. (Tony) West Board | Director | SVP, Chief Legal Officer, and Corporate Secretary of Uber; Director of Ro; Member of NAACP Legal Defense Fund Board. | Director since May 2023; former U.S. Associate Attorney General with expertise in legal and compliance matters. | |
Diane J. Hoskins Board | Director | Global Co-Chair and Co-CEO of Gensler; Trustee of MIT Corporation; Board Member of UCLA Anderson School of Management; 2023 Global Chair of Urban Land Institute. | Director since May 2019; leader in architecture and design with expertise in sustainability. | |
Joel I. Klein Board | Lead Independent Director | CEO of Retromer Therapeutics; Senior Advisor to Oscar Health; Director of Juul Labs. | Director since January 2013; former U.S. Assistant Attorney General and experienced corporate leader. | |
Kelly A. Ayotte Board | Director | Director of Blackstone Group, Caterpillar Inc., News Corporation, Blink Health LLC, and BAE Systems, Inc.; Member of advisory boards for Microsoft, Chubb Insurance, and Cirtronics. | Director since May 2018; former U.S. Senator with expertise in public policy and governance. | |
Mary E. Kipp Board | Director | President, CEO, and Director of Puget Sound Energy; Director of Hawaiian Electric Company; Co-Chair of Edison Electric Institute's Institute for Electric Innovation. | Director since December 2021; extensive experience in energy services and sustainability. | |
Matthew J. Lustig Board | Director | Chairman of North America Investment Banking at Lazard; Director at Ventas, Inc.; Member of Real Estate Roundtable and Urban Land Institute. | Director since January 2011; over 35 years of experience in real estate investment banking. | |
William H. Walton III Board | Director | Co-Founder of Rockpoint Group; Director of FRP Holdings and Crow Holdings; Trustee at Princeton University and University of Florida Investment Corporation. | Director since May 2019; extensive experience in real estate investment management. |
- With leverage expected to remain elevated over the next several quarters due to your development pipeline funding, how are you addressing potential concerns from credit rating agencies, and what measures are you taking to mitigate refinancing risks in a higher interest rate environment?
- Given the decline in same-store NOI driven by lower occupancy rates, despite leasing efforts, what specific strategies are you implementing to reverse this trend, and how confident are you in achieving the projected occupancy growth next year?
- As operating expenses have increased due to higher utilities and repair and maintenance costs, and are expected to rise further in the third quarter, how are you managing these costs to protect your margins, and what impact do you anticipate on your financial performance for the remainder of the year?
- Considering the limited acquisition opportunities in the premier workplace segment and the current bid-ask spread preventing transactions, how do you plan to achieve growth through acquisitions, and are you adjusting your investment criteria to capitalize on potential market dislocations?
- With rising construction and capital costs challenging the feasibility of new residential developments and not all projects meeting your target yields, how are you prioritizing these projects, and what alternative strategies are you exploring to achieve the mid-6% yields you're seeking?
Research analysts who have asked questions during BXP earnings calls.
Alexander Goldfarb
Piper Sandler
4 questions for BXP
John Kim
BMO Capital Markets
4 questions for BXP
Nicholas Yulico
Scotiabank
4 questions for BXP
Steve Sakwa
Evercore ISI
4 questions for BXP
Anthony Paolone
JPMorgan Chase & Co.
3 questions for BXP
Blaine Heck
Wells Fargo Securities
3 questions for BXP
Brendan Lynch
Barclays
3 questions for BXP
Caitlin Burrows
Goldman Sachs
3 questions for BXP
Dylan Burzinski
Green Street Advisors, LLC
3 questions for BXP
Omotayo Okusanya
Deutsche Bank AG
3 questions for BXP
Peter Abramowitz
Jefferies
3 questions for BXP
Ronald Kamdem
Morgan Stanley
3 questions for BXP
Upal Rana
KeyBanc Capital Markets
3 questions for BXP
Floris Gerbrand van Dijkum
Compass Point Research & Trading, LLC
2 questions for BXP
Jana Galan
Bank of America
2 questions for BXP
Michael Goldsmith
UBS
2 questions for BXP
Michael Griffin
Citigroup Inc.
2 questions for BXP
Andrew Berger
Bank of America
1 question for BXP
Dylan Bazinsky
Green Street
1 question for BXP
Floris van Dijkum
Compass Point Research & Trading
1 question for BXP
James Feldman
Wells Fargo
1 question for BXP
Jamie Feldman
Wells Fargo & Company
1 question for BXP
Jeffrey Spector
BofA Securities
1 question for BXP
Michael Lewis
Truist Securities, Inc.
1 question for BXP
Richard Anderson
Wedbush Securities
1 question for BXP
Seth Berge
Citigroup
1 question for BXP
Vikram Malhotra
Mizuho Financial Group, Inc.
1 question for BXP
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Salesforce | Office leasing | Office properties | Occupies 891,231 sq ft (2.10% of in-service portfolio). |
Office leasing | Office properties | Occupies 836,110 sq ft (1.97% of in-service portfolio). | |
Biogen | Office leasing | Office properties | Occupies 780,659 sq ft (1.84% of in-service portfolio). |
Fannie Mae | Office leasing | Office properties | Occupies 710,121 sq ft (1.67% of in-service portfolio). |
Akamai Technologies | Office leasing | Office properties | Occupies 658,578 sq ft (1.55% of in-service portfolio). |
Snap | Office leasing | Office properties | Occupies 607,287 sq ft (1.43% of in-service portfolio). |
Microsoft | Office leasing | Office properties | Occupies 599,200 sq ft (1.41% of in-service portfolio). |
Ropes & Gray | Office leasing | Office properties | Occupies 539,467 sq ft (1.27% of in-service portfolio). |
Kirkland & Ellis | Office leasing | Office properties | Occupies 461,470 sq ft (1.09% of in-service portfolio). |
Integrated Holding Group | Office leasing | Office properties | Occupies 408,118 sq ft (0.96% of in-service portfolio). |
Wellington Management | Office leasing | Office properties | Occupies 405,225 sq ft (0.95% of in-service portfolio). |
Allen Overy Shearman Sterling | Office leasing | Office properties | Occupies 384,813 sq ft (0.90% of in-service portfolio). |
Bain Capital | Office leasing | Office properties | Occupies 378,284 sq ft (0.89% of in-service portfolio). |
Marriott | Office leasing | Office properties | Occupies 367,787 sq ft (0.86% of in-service portfolio). |
Leidos | Office leasing | Office properties | Occupies 352,394 sq ft (0.83% of in-service portfolio). |
Blue Cross Blue Shield | Office leasing | Office properties | Occupies 347,618 sq ft (0.82% of in-service portfolio). |
Arnold & Porter Kaye Scholer | Office leasing | Office properties | Occupies 344,605 sq ft (0.81% of in-service portfolio). |
WeWork | Office leasing | Office properties | Occupies 337,457 sq ft (0.79% of in-service portfolio). |
US Government | Office leasing | Office properties | Occupies 319,359 sq ft (0.75% of in-service portfolio). |
Mass Financial Services | Office leasing | Office properties | Occupies 313,584 sq ft (0.74% of in-service portfolio). |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
901 New York Avenue, Washington, DC | 2024 | BXP acquired full ownership by purchasing its joint venture partner’s 50% economic interest for $10.0 million in cash and assuming $207.1 million of mortgage debt with modified extension terms. The property is a premier workplace (524,000–548,000 sq ft) anchored by a long-term lease through 2042, generating a consolidation gain of approximately $21.8 million and contributing notable revenue. |
13100 and 13150 Worldgate Drive, Herndon, VA | 2023 | A 50% joint venture interest was acquired for a gross purchase price of $17.0 million using available cash, for a property comprising two vacant office buildings (approximately 350,000 rentable sq ft) and a 1,200-space parking deck on a 10-acre site, with redevelopment plans for residential use that are not guaranteed. |
Madison Centre, Seattle, WA | 2022 | Acquired on May 17, 2022 for approximately $724.3 million (with a gross price of $730.0 million funded by an unsecured term loan), this 37-story, LEED-Platinum Class A office property of about 755,000 net rentable sq ft (93% leased) contributed strong revenue performance, aligning with the strategy to own premier assets. |
125 Broadway, Cambridge, MA | 2022 | Purchased on September 16, 2022 for approximately $592.4 million using available cash and borrowings, this six-story laboratory/life sciences property with 271,000 net rentable sq ft in Kendall Square is 100% leased and strategically expands the company's life sciences portfolio. |
200 Fifth Avenue, New York City | 2022 | Acquired as a 27% interest for approximately $280.2 million (including $120.1 million in cash and assuming $160.1 million of debt), this 14-story, 870,000 sq ft, LEED Gold-certified premier workplace in Midtown South (valued at $1.5 billion with an initial cap rate of 5.3%) also designated BXP as the managing member, reinforcing its presence in key markets. |
Recent press releases and 8-K filings for BXP.
- Q3 FFO of $1.74 per share, beating guidance by $0.04 and consensus by $0.02; full-year 2025 FFO guidance raised to $6.89–$6.92 (+$0.03 midpoint)
- Completed 1.5 M sq ft of Q3 leasing (+39% YoY) and 3.8 M sq ft YTD (+14%); same-store occupancy rose 20 bps to 86.6%, with year-end 2025 and 2026 occupancy projected at 86.2% and 88.3%
- Disposition program includes 23 transactions closed or underway for $1.25 B net proceeds; 2025 sales expected of $500 M–$700 M; recorded $212 M of impairments, with net gains of ~$300 M anticipated
- Strengthened capital structure with $1 B of five-year exchangeable notes at 2% coupon (GAAP yield 2.5%) and a $465 M CMBS refinancing at 5.73%, lowering financing costs
- BXP delivered FFO of $1.74 per share, beating guidance by $0.04, and raised full-year 2025 FFO guidance to $6.89–$6.92 per share.
- BXP leased 1.5 million sq ft in Q3 (+39% YoY) and YTD 3.8 million sq ft (+14% YoY), with same-store occupancy up to 86.6%.
- Disposition program reached 23 transactions closed or underway for ~$1.25 billion in net proceeds, including $57 million from four land sales.
- Capital markets activity includes $1 billion of 5-year exchangeable notes at a 2% coupon (2.5% GAAP) and refinancing a $465 million mortgage at 5.73%.
- Development pipeline comprises 3.5 million sq ft under way with $3.7 billion of BXP investment, plus multifamily and office deliveries.
- Q3 FFO of $1.74 per share beat the midpoint of guidance by $0.04; full-year 2025 FFO guidance raised to $6.89–$6.92 per share (up $0.03 at midpoint)
- Leased 1.5 million sq ft in Q3 (39% above Q3 2024) and 3.8 million sq ft YTD, driving same-store occupancy up 20 bps to 86.6% sequentially
- Progress on strategic disposals: 4 land assets closed for $57 million, 9 assets under contract for ~$400 million, plus 10 assets in market for $750–$800 million, totaling ~$1.25 billion of transactions
- Accessed capital markets with $1 billion of five-year exchangeable notes at 2% coupon (2.5% GAAP) and a $465 million CMBS mortgage at 5.73%, refinancing higher-cost debt
- Advancing new developments: delivery of 290 Benny Street in mid-2026 and progress on 343 Madison Avenue, targeting a 30–50% equity partner to optimize returns
- Revenue of $809.8 M–$871.5 M, surpassing analysts’ estimates
- FFO per share of $1.74, down from $1.81 year-over-year
- Net loss per share of $0.77 and a $145.1 M non-cash impairment charge
- Elevated leverage with a 3.15 debt-to-equity ratio, 1.56 interest coverage and an Altman Z-Score of 0.57, signaling distress risk
- Revenue increased 1.4% to $871.5 million in Q3 2025, compared to $859.2 million in Q3 2024.
- Net loss attributable to BXP of $(121.7) million, or $(0.77) per diluted share, versus net income of $83.6 million, or $0.53 per diluted share, in Q3 2024.
- FFO of $276.7 million, or $1.74 per diluted share, compared to FFO of $286.9 million, or $1.81 per share, in Q3 2024.
- Executed over 1.5 million sq ft of leases (up 38% YoY); CBD portfolio occupancy was 89.3%, and total in-service portfolio occupancy was 86.6%.
- Issued $1 billion of 2.00% exchangeable notes due 2030 and updated full-year 2025 guidance to EPS $0.99–$1.02 and FFO $6.89–$6.92 per diluted share.
- 1.5 M+ sq ft leased with a 7.9-year weighted-average lease term, marking the strongest Q3 since 2019 and a 38% YoY increase, bringing YTD leasing to 3.8 M sq ft.
- In Boston (Urban Edge), executed 200 K+ sq ft of leases on existing vacancy.
- In New York, signed 475 K+ sq ft in Midtown Manhattan (including extensions at 399 Park Ave) plus 46 K sq ft at 360 Park Ave South.
- At Reston Town Center, secured a 50 K sq ft tech lease, driving office occupancy to 98%.
- As of September 30, 2025, portfolio totaled 54.6 M sq ft across 187 properties, with 8 under construction or redevelopment.
- Revenue of $871.5 million (+1.4% y/y); net loss $(121.7) million or $(0.77)/share; FFO $276.7 million or $1.74/share
- Updated full-year 2025 guidance: EPS $0.99–$1.02; FFO per share $6.89–$6.92
- Leasing volume of over 1.5 million sq ft (strongest Q3 since 2019); CBD portfolio 89.3% occupied, 92.0% leased
- Issued $1.0 billion of 2.00% exchangeable senior notes due 2030
- Boston Properties Limited Partnership intends to offer $600.0 million aggregate principal amount of 2.000% exchangeable senior notes due 2030 in a private Rule 144A offering, with a 13-day option for up to $90.0 million additional notes.
- The notes will be senior, unsecured obligations of BPLP, accrue interest semi-annually in arrears, and mature on October 1, 2030, unless earlier repurchased, exchanged or redeemed.
- Noteholders may exchange their notes, under specified conditions, for cash up to the principal amount and, as applicable, cash, shares of BXP common stock or a combination thereof for any excess value.
- BPLP may redeem the notes, in whole or in part, for cash on or after October 6, 2028 if BXP’s common stock trades above 130% of the exchange price or to preserve REIT status, at a price equal to principal plus accrued interest.
- BPLP and BXP expect to enter into capped call transactions with initial purchasers to mitigate potential dilution upon any exchanges.
- FFO per share of $1.71 beat the midpoint by $0.05 and consensus by $0.04 in Q2 2025.
- 1.1 MM sq ft leased in Q2 (2.2 MM YTD); trailing four-quarter leasing of 5.7 MM sq ft was 18% higher than the prior four quarters.
- Full-year 2025 FFO guidance raised to $6.84–$6.92; same-property NOI now expected to grow 0.25% (1.25% cash basis) year-over-year.
- Commenced vertical construction on 343 Madison (930 K sq ft, 46 stories) with 30% preleased; BXP to buy out JV partner for $44 MM, with total development cost ≈$2 B and projected yield of 7.5–8%.
- Planning $600 MM of asset sales over the next 1–2 years—including ~$300 MM non-income producing and exploring ~$300 MM income-producing dispositions.
- Leasing activity is accelerating, with recent quarters showing about 30% growth in executed leasing and robust leasing pipelines that are expected to boost occupancy towards over 90% by year-end.
- The company is advancing its development pipeline, including the lab building at 290 Binney Street (100% leased to AstraZeneca, adding approximately $45–50 million in cash flow) and the upcoming 343 Madison project with an expected unleveraged yield of over 8%.
- A proactive asset sales program is underway, with four land parcels under contract expected to generate around $75 million in proceeds, supporting debt reduction and funding additional development opportunities.