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    BXP Inc (BXP)

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    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 .
    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.

    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.

    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?
    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 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.
    2 hours ago
    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.
    8 days ago
    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