Boston Properties knows real estate in more than just its home city. The self-administered real estate investment trust (REIT) buys, develops, and manages mostly Class-A office buildings in large US cities, with its core markets being in Boston, New York, San Francisco, and Washington, DC. As one of the nation's largest office owners and developers, Boston Properties owns around 165 office and office/technical properties with 47.7 million rentable square feet. Its largest tenants include the US government, Bank of America , Biogen , and Citibank . The REIT also owns a handful of retail, hotel, residential properties, as well as land sites for development. The firm's chairman is media czar Mort Zuckerman (U.S. News & World Report and Daily News).


Boston Properties leases 164 office properties with 47.7 million sq. ft. of rentable space. About 95% of the REIT's total revenue comes from its office properties, the majority of which consists of its Class A portfolio which the REIT defines as centrally-located buildings that are professionally managed and maintained and command upper-tier rental rates. The firm also owns office/technical properties that support office, research and development, laboratory, and other technical uses. Beyond offices, the REIT owns one hotel, five retail properties, and four residential buildings.

The REIT owns stakes in some rather iconic buildings. It has a 60% stake in New York's GM Building, which was acquired from the ailing Macklowe Properties for $2.8 billion, a record-setting price for a US office building. Boston Properties also owns Times Square Tower in New York, Embarcadero Center in San Francisco, and Metropolitan Square in Washington, DC.

Geographic Reach

Despite its name, firm's largest market is actually in New York City, where its properties generate more than 40% of its total revenue. Its Boston-based properties contribute more than 30% to its revenue, while its properties in Washington, DC, and San Francisco made up another roughly 15% and 10% of its revenue, respectively.

Sales and Marketing

The REIT's tenants come from a variety of sectors including the legal services, media & technology, financial services, retail, and public sectors. The US government is the REIT's largest tenant, occupying 4% of its rented space. Citibank, Biogen, and Bank of America each occupy about 2% of space. Other high-profile tenants include Genentech, Microsoft, and Google.

Financial Performance

Boston Properties' annual revenue has risen 38% since 2012 thanks to rent-boosting property acquisitions and appreciating property valuations that have commanded higher rental rates.

The REIT's revenue climbed 2% to $2.6 billion in 2016 due to higher revenue per square foot, partially offset by a reduction in average occupancy. Termination income increased due to the termination of 35 tenants, mostly in the New York region.

Net income fell 12% to $512.8 million due to lower income from unconsolidated joint ventures. Cash provided by operating activities grew 30% to $1.0 billion.


Boston Properties continues to focus on the Boston, New York, San Francisco, and Washington, DC. markets, where it aims to be among the leading -- and preferably the leading -- owners and developers of office properties.

Aside from acquiring new properties, the REIT also develops its own. At the end of 2016, Boston had six office properties and two residential properties under construction totalling 4 million sq. ft.

It also makes property acquisitions, such as an office in Santa Clara that will be expanded and upgraded in 2021 when the current tenant's lease expires.

Mergers and Acquisitions

In 2016, Boston Properties acquired 3625-3635 Peterson Way, Santa Clara, California for $78.0 million. Boston will develop it into a business campus, nearly tripling rentable floorspace.

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800 Boylston St Ste 1900
Boston, MA 02199-8103
Phone: 1 (617) 236-3300
Fax: 1 (617) 536-3128


  • Employer Type: Public
  • Manager: Sergio Guzman
  • Senior Vice President: Bryan Koop
  • Chief Engineer: Richard Kromar
  • 2016 Employees: 785

Major Office Locations

  • Boston, MA

Other Locations

  • San Francisco, CA
  • Washington, DC
  • Cambridge, MA
  • Lexington, MA
  • Waltham, MA
  • Chevy Chase, MD
  • Rockville, MD
  • East Brunswick, NJ
  • Princeton, NJ
  • New York, NY
  • Herndon, VA
  • Reston, VA
  • Richmond, VA
  • Springfield, VA
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