BXP, Inc. (NYSE: BXP) is a publicly traded real estate investment trust (REIT) and one of the largest owners and developers of office properties in the United States. Headquartered in Boston, BXP operates a portfolio concentrated in six major U.S. markets: Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. The company was founded in 1970 and has been publicly listed since 1997.
As of March 31, 2025, BXP’s portfolio included 185 properties totaling 53.4 million square feet. This comprised 162 office properties, 14 retail properties, eight residential properties, and one hotel. Nine of these properties were under construction or redevelopment. Notable assets include 200 Clarendon Street and The Prudential Center in Boston, Salesforce Tower in San Francisco, and 767 Fifth Avenue in New York.
Leasing activity during the first quarter of 2025 included 934,948 square feet of leases commenced, with a weighted average lease term of 64 months and a 2.17% increase in net rents. The in-service portfolio totaled over 50 million square feet, with Boston contributing the largest share of net operating income, followed by New York and San Francisco.
BXP’s top 20 clients, including Salesforce, Google, Biogen, and Microsoft, accounted for a significant portion of annualized rental obligations and occupied over 23% of the portfolio’s square footage. The company continues to invest in development projects, land acquisitions, and joint ventures across its core markets.
View More
