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BXP (BXP)

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 .

  1. 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 .
  2. View Boston Observatory - Includes ticket sales, special events, food and beverage, and merchandise sales at The Prudential Center .
  3. Hotel Operations - Earns revenue from room rentals and other guest services .
  4. Management and Development Fees - Provides management and development services to unconsolidated joint ventures and third-party property owners .

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NamePositionExternal RolesShort 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.

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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.

  1. 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?
  2. 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?
  3. 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?
  4. 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?
  5. 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

Also covers: ALEX, ALX, AVB +25 more

John Kim

BMO Capital Markets

4 questions for BXP

Also covers: AIV, ALX, ARDX +31 more

Nicholas Yulico

Scotiabank

4 questions for BXP

Also covers: AHR, ALX, AVB +20 more

Steve Sakwa

Evercore ISI

4 questions for BXP

Also covers: ALX, AMH, AVB +31 more

Anthony Paolone

JPMorgan Chase & Co.

3 questions for BXP

Also covers: ARE, BDN, BNL +29 more

Blaine Heck

Wells Fargo Securities

3 questions for BXP

Also covers: CDP, COLD, CUZ +13 more

Brendan Lynch

Barclays

3 questions for BXP

Also covers: CCI, CUBE, CUZ +16 more

Caitlin Burrows

Goldman Sachs

3 questions for BXP

Also covers: ALX, BNL, BRX +19 more

Dylan Burzinski

Green Street Advisors, LLC

3 questions for BXP

Also covers: AAT, ALX, ARE +11 more

Omotayo Okusanya

Deutsche Bank AG

3 questions for BXP

Also covers: AMH, ARE, BDN +40 more

Peter Abramowitz

Jefferies

3 questions for BXP

Also covers: AHH, ARE, CBRE +14 more

Ronald Kamdem

Morgan Stanley

3 questions for BXP

Also covers: AAT, ADC, AHR +36 more

Upal Rana

KeyBanc Capital Markets

3 questions for BXP

Also covers: ADC, BDN, BNL +9 more

Floris Gerbrand van Dijkum

Compass Point Research & Trading, LLC

2 questions for BXP

Also covers: AKR, ALX, APLE +14 more

Jana Galan

Bank of America

2 questions for BXP

Also covers: ADC, AHH, CPT +19 more

Michael Goldsmith

UBS

2 questions for BXP

Also covers: ADC, AMH, AVB +30 more

Michael Griffin

Citigroup Inc.

2 questions for BXP

Also covers: AHR, ALX, ARE +32 more

Andrew Berger

Bank of America

1 question for BXP

Also covers: AHH, EGP, REXR

Dylan Bazinsky

Green Street

1 question for BXP

Floris van Dijkum

Compass Point Research & Trading

1 question for BXP

Also covers: AKR, ALX, APLE +19 more

James Feldman

Wells Fargo

1 question for BXP

Also covers: AMH, ARE, AVB +16 more

Jamie Feldman

Wells Fargo & Company

1 question for BXP

Also covers: AMH, AVB, BRX +16 more

Jeffrey Spector

BofA Securities

1 question for BXP

Also covers: AKR, AMH, AVB +25 more

Michael Lewis

Truist Securities, Inc.

1 question for BXP

Also covers: ALX, BDN, CHCT +12 more

Richard Anderson

Wedbush Securities

1 question for BXP

Also covers: AIV, ARE, AVB +22 more

Seth Berge

Citigroup

1 question for BXP

Also covers: BDN, CBRE, CDP +3 more

Vikram Malhotra

Mizuho Financial Group, Inc.

1 question for BXP

Also covers: ALX, ARE, DLR +17 more
YearAmount Due (in billions)Debt TypeInterest Rate (%)% of Total Debt
20250.850Unsecured Senior Notes3.2005.2% = (0.850 / 16.2) * 100
20250.700Unsecured Term Loan6.454.3% = (0.700 / 16.2) * 100
20250.204Mortgage Debt (901 New York Avenue)3.611.3% = (0.204 / 16.2) * 100
20261.000Unsecured Senior Notes3.6506.2% = (1.000 / 16.2) * 100
20261.000Unsecured Senior Notes2.7506.2% = (1.000 / 16.2) * 100
20270.750Unsecured Senior Notes6.7504.6% = (0.750 / 16.2) * 100
20281.000Unsecured Senior Notes4.5006.2% = (1.000 / 16.2) * 100
20290.850Unsecured Senior Notes3.4005.2% = (0.850 / 16.2) * 100
20300.700Unsecured Senior Notes2.9004.3% = (0.700 / 16.2) * 100
20311.250Unsecured Senior Notes3.2507.7% = (1.250 / 16.2) * 100
20320.850Unsecured Senior Notes2.5505.2% = (0.850 / 16.2) * 100
20330.850Unsecured Senior Notes2.4505.2% = (0.850 / 16.2) * 100
20340.750Unsecured Senior Notes6.5004.6% = (0.750 / 16.2) * 100
20350.850Unsecured Senior Notes5.7505.2% = (0.850 / 16.2) * 100
CustomerRelationshipSegmentDetails

Salesforce

Office leasing

Office properties

Occupies 891,231 sq ft (2.10% of in-service portfolio).

Google

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).

NameStart DateEnd DateReason for Change
PricewaterhouseCoopers LLP1997PresentCurrent auditor

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

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.

BXP proposes $600M offering of exchangeable senior notes due 2030
·$BXP
Debt Issuance
  • 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 $90.0 million additional notes.
  • The notes will be senior, unsecured obligations of BPLP, accrue interest semi-annually in arrears, and mature on October 1, 2030, unless earlier repurchased, exchanged or redeemed.
  • Noteholders may exchange their notes, under specified conditions, for cash up to the principal amount and, as applicable, cash, shares of BXP common stock or a combination thereof for any excess value.
  • BPLP may redeem the notes, in whole or in part, for cash on or after October 6, 2028 if BXP’s common stock trades above 130% of the exchange price or to preserve REIT status, at a price equal to principal plus accrued interest.
  • BPLP and BXP expect to enter into capped call transactions with initial purchasers to mitigate potential dilution upon any exchanges.
Sep 29, 2025, 8:37 PM
Boston Properties reports Q2 2025 earnings and raises guidance
·$BXP
Earnings
Guidance Update
New Projects/Investments
  • 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 ~$300 MM income-producing dispositions.
Jul 30, 2025, 7:55 PM
BXP Highlights Strong Leasing and New Developments at REITweek 2025
·$BXP
New Projects/Investments
Revenue Acceleration/Inflection
  • 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 $75 million in proceeds, supporting debt reduction and funding additional development opportunities.
Jun 4, 2025, 2:27 AM
BXP Inc Reports Strong Q1 2025 Performance
·$BXP
Earnings
Guidance Update
Debt Issuance
  • Leasing activity in Q1 2025 was robust with over 1.1 million square feet signed, representing a significant uplift compared to the previous year, reinforcing market resilience.
  • A strong pipeline is in place with signed letters of intent and active proposals totaling approximately 2.8 million square feet, which supports future occupancy and revenue growth.
  • The company executed over $4.2 billion in financing activity during the quarter, reflecting its active engagement in debt capital markets and strategic funding moves.
  • Q1 earnings met guidance with FFO per share at $1.64, and updated full-year guidance has been narrowed, highlighting increased confidence in future performance.
Apr 30, 2025, 2:01 PM
BXP, Inc. Amends Credit Agreement Terms
·$BXP
Debt Issuance
  • On April 22, 2025, BXP, Inc. executed the First Amendment to its Tenth Amended and Restated Credit Agreement, modifying key credit terms.
  • The amendment removed the 10 basis points SOFR conversion adjustment on Closing Date Term Loans and updated the definitions for Daily Simple SOFR and Term SOFR.
  • Multiple lenders and banks, including Bank of America, N.A. as the agent, participated in the execution of the amendment.
Apr 23, 2025, 12:00 AM
BXP Announces 2025 Credit Facility and Commercial Paper Update
·$BXP
Debt Issuance
  • New Credit Facility Terms: BXP detailed the Tenth Amended and Restated Credit Agreement, including interest margins for SOFR-based loans and various covenants such as maintaining a leverage ratio not to exceed 60% (with a temporary increase up to 65%) that are crucial for assessing the company’s credit profile.
  • Enhanced Liquidity Backing: The company increased its unsecured commercial paper issuance capacity by $250 million—from $500 million to $750 million—supported by the available capacity under the 2025 Credit Facility.
Mar 31, 2025, 12:00 AM