Boston Properties

Boston Properties, Inc. is a publicly traded real estate investment trust that invests in premier workplaces in Boston, Los Angeles, New York City, San Francisco, Seattle, and Washington, D.C. As of June 30, 2022, the company owned or had interests in 193 commercial real estate properties, aggregating approximately 53.7 million square feet.[1]

Boston Properties, Inc.
TypePublic
IndustryReal estate
Founded1970 (1970)
Founders
HeadquartersBoston, Massachusetts, U.S.
Key people
RevenueIncrease $3.108 billion (2022)
Increase $1.021 billion (2022)
Total assetsIncrease $24.208 billion (2022)
Total equityIncrease $6.133 billion (2022)
Number of employees
780 (2022)
Websitebxp.com
Footnotes / references
Financials as of December 31, 2022.
References:[1]

History

The company was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde in Boston.[2]

In 1985, the company outbid Donald Trump to re-develop the New York Coliseum at Columbus Circle. However the company did not proceed with development and sold the property, it is now the site of the Time Warner Center.[3] In 1986, the company completed 599 Lexington Avenue, its first development in New York City.[4]

In 1990, the company began construction of the NASA Headquarters.[5] It was sold to Hana Financial Group in 2002.[6]

In June 1997, the company became a public company via an initial public offering.[7] In October 1997, the company acquired 100 East Pratt Street.[8]

In 1998, it acquired Embarcadero Center for about $1.22 billion and acquired Prudential Tower and The Shops at Prudential Center for $519 million.[9]

In 2000 and 2001, the company completed development of several office buildings in Reston Town Center. From 2002 to 2005, it constructed 901 New York Avenue NW in Washington, D.C.[10]

In June 2008, the company acquired the General Motors Building in New York City for $2.8 billion, the highest paid for an American office building.[11]

In October 2010, the company acquired 200 Clarendon Street (formerly John Hancock Tower) for $930 million.[12]

In 2012, the company partnered with Hines Interests Limited Partnership to develop Salesforce Tower.[13] By 2019, it had acquired 100% of the property.

References
  1. "Boston Properties, Inc. 2021 Form 10-K Annual Report". U.S. Securities and Exchange Commission. February 27, 2023. Retrieved August 29, 2023.
  2. Hevesi, Dennis (January 19, 2010). "Edward H. Linde, Co-Founder of Boston Properties, Dies at 68". The New York Times. ISSN 0362-4331. Retrieved January 21, 2021.
  3. Brenner, Marie (September 1, 1990). "After the Gold Rush". Vanity Fair. Retrieved August 29, 2023.
  4. Depalma, Anthony (December 7, 1986). "In a New Tower, a Waiting Rental Strategy Works". The New York Times.
  5. Hilzenrath, David S. (June 19, 1990). "NASA Building Construction Delayed". The Washington Post.
  6. Kalinoski, Gail (July 17, 2017). "S. Korean Investment Firm Buys NASA HQ in DC". Commercial Property Executive. Retrieved July 29, 2018.
  7. "Boston Properties completes IPO". American City Business Journals. June 24, 1997.
  8. McQuaid, Kevin L. (October 24, 1997). "Boston group purchases IBM building 28-story office tower at 100 E. Pratt St. sells for $137 million; Record price in Baltimore; Building's location near Inner Harbor was factor in pricing; Commercial real estate". The Baltimore Sun.
  9. Kirkpatrick, David D. (May 12, 1998). "Boston Properties Buys Twin Trophies Embarcadero and Prudential Center". The Wall Street Journal.
  10. White, Suzanne (March 19, 2002). "Boston Properties signs anchor tenant at 901 New York". American City Business Journals.
  11. "Boston Properties Forms Joint Venture and Completes Acquisition of the General Motors Building" (Press release). Boston Properties. June 10, 2008.
  12. Grillo, Thomas (October 4, 2010). "Boston Properties buys John Hancock Tower for $930M". The Boston Herald.
  13. Littman, Julie (January 22, 2018). "What It Took To Make Salesforce Tower A Reality". Bisnow Media.
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