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Company Description

Contact Info

The Prudential Center

Suite 1900

800 Boylston Street

Boston, MA 02199

United States

Phone: 617-236-3300

Fax:

Boston Properties, Inc. operates as an integrated self-administered and self-managed real estate investment trust (REIT). The company owns and develops office properties in the United States. It conducts its business through its subsidiary, Boston Properties Limited Partnership. The company’s properties are concentrated in five markets—Boston, New York, Princeton, San Francisco and Washington, DC. The company conducts its business through its subsidiary, Boston Properties Limited Partnership. As of September 30, 2013, the company owned or had interests in a portfolio of 177 commercial real estate properties (the Properties) aggregating approximately 44.6 million net rentable square feet, including 8 properties under construction totaling approximately 2.8 million net rentable square feet. In addition, the company had structured parking for approximately 46,221 vehicles containing approximately 15.7 million square feet. As of September 30, 2013, the Properties consisted of 169 office properties, including 130 Class A office properties (including 7 properties under construction) and 39 Office/Technical properties; 1hotel; 4 retail properties; and 3 residential properties (including 1 property under construction). The company owns or controls undeveloped land parcels totaling approximately 512.6 acres. The company owns or controls undeveloped land totaling approximately 509.3 acres, which could support approximately 12.5 million square feet of additional development. In addition, it has a noncontrolling interest in the Boston Properties Office Value-Added Fund, L.P., which refer to as the Value-Added Fund. As of December 31, 2012, the Value-Added Fund had investments in 23 buildings comprised of 2 office complexes in Mountain View, California. The company operates as a full-service real estate company, with substantial in-house expertise and resources in acquisitions, development, financing, capital markets, construction management, property management, marketing, leasing, accounting, tax and legal services. Strategy The company’s strategy is to concentrate on a few carefully selected geographic markets, including Boston, New York, Princeton, San Francisco and Washington, DC; emphasize markets and submarkets within those markets where the lack of available sites and the difficulty of receiving the necessary approvals for development and the necessary financing constitute high barriers to the creation of new supply, and where skill, financial strength and diligence are required to develop, finance and manage high-quality office, research and development space, as well as selected retail and residential space; take on complex, technically challenging projects, leveraging the skills of its management team to develop, acquire or reposition properties that other organizations may not have the capacity or resources to pursue; to concentrate on high-quality real estate designed to meet the demands of tenants who require sophisticated telecommunications and related infrastructure, support services and amenities, and to manage those facilities so as to become the landlord of choice for both existing and prospective clients; opportunistically acquire assets which increase its penetration in the markets in which it has chosen to concentrate, as well as potential new markets, which exhibit an opportunity to improve or preserve returns through repositioning (through a combination of capital improvements and shift in marketing strategy), changes in management focus and re-leasing as existing leases terminate; explore joint venture opportunities primarily with existing property owners located in desirable locations, who seek to benefit from the depth of development and management expertise; pursue on a selective basis the sale of properties, including core properties, to take advantage of its value creation and the demand for its premier properties; and seek third-party development contracts, which can be a significant source of revenue and enable it to retain and utilize its existing development and construction management staff, especially when its internal development is less active or when new development is less-warranted due to market conditions. Dispositions In 2012, the company completed the sale of its Bedford Business Park properties located in Bedford, Massachusetts. In 2012, the company’s Value-Added Fund completed the sale of its 300 Billerica Road property located in Chelmsford, Massachusetts. In 2013, the company completed the sale of its 303 Almaden Boulevard property located in San Jose, California. In 2013, the company completed the sale of its 1301 New York Avenue property located in Washington, DC. Hotel Property The company operates its hotel property through a taxable REIT subsidiary. The taxable REIT subsidiary, a wholly-owned subsidiary of BPLP, is the lessee pursuant to a lease for the hotel property. Tenants As of as of December 31, 2012, the company’s tenants included U.S. Government; Citibank; Bank of America; Wellington Management; Kirkland & Ellis; Biogen; Genentech; Ropes & Gray; O’Melveny & Myers; Weil Gotshal Manges; Shearman & Sterling; Manufacturers Investment (ManuLife); State Street Bank and Trust; Microsoft; Finnegan Henderson Farabow; Ann Inc.; Parametric Technology; Lockheed Martin; Mass Financial Services; and Bingham McCutchen. History Boston Properties, Inc. was founded in 1970.

 

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