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Item 2. Properties

2026-02-27 compared with 2025-02-27 · 50 added, 60 removed, 262 unchanged (30% of the section changed)

At December 31, 2024, we owned or had joint venture interests in 185 commercial real estate properties, aggregating approximately 53.3 million net rentable square feet of primarily premier workplaces, including seven properties under construction/redevelopment totaling approximately 2.3 million net rentable square feet.

Our properties consisted of (1) 163 office and life sciences properties (including five properties under construction/redevelopment), (2) 14 retail properties (including one property under construction), (3) seven residential properties (including one property under construction) and (4) one hotel.

At December 31, 2025, we owned or had joint venture interests in 179 commercial real estate properties, aggregating approximately 52.6 million net rentable square feet of primarily premier workplaces, including eight properties under construction/redevelopment totaling approximately 3.5 million net rentable square feet.

Our properties consisted of (1) 157 office and life sciences properties (including four properties under construction/redevelopment), (2) 14 retail properties (including one property under construction), (3) seven residential properties (including three properties under construction) and (4) one hotel.

The table set forth below shows information relating to the properties we owned, or in which we had an ownership interest, at December 31, 2025, and it includes properties held by both consolidated and unconsolidated joint ventures.

12 unchanged sentences

Boston, MA 95.7 % 1 1,274,213

7 Times Square (formerly Times Square Tower) (55% ownership) New York, NY 80.7 % 1 1,238,599

7 Times Square (55% ownership) New York, NY 80.2 % 1 1,238,724

100 Federal Street (55% ownership)

1 unchanged sentence

Colorado Center (50% ownership) (2) Santa Monica, CA 89.6 % 6 1,130,066

Santa Monica Business Park Santa Monica, CA 83.4 % 14 1,104,377

599 Lexington Avenue

New York, NY 89.8 % 1 1,104,276

Properties Location % Occupied as of December 31, 2024 (1)

Number of Buildings Net Rentable Square Feet

Santa Monica Business Park Santa Monica, CA 80.6 % 14 1,104,967

Reston Next Reston, VA 97.9 % 2 1,063,299

12 unchanged sentences

Boston, MA 100.0 % 1 793,024

Gateway Commons (50% Ownership) (2) (3) South San Francisco, CA 67.1 % 5 792,728

Embarcadero Center Three

San Francisco, CA 75.6 % 1 786,411

Gateway Commons (50% Ownership) (2) (3) South San Francisco, CA 70.5 % 5 785,457

Safeco Plaza (33.67% ownership) (2) Seattle, WA 77.5 % 1 762,541

5 unchanged sentences

Reston, VA 100.0 % 3 624,387

Bay Colony Corporate Center

Waltham, MA 77.8 % 2 546,248

Mountain View Research Park

Mountain View, CA 60.7 % 15 542,264

Reservoir Place

Waltham, MA 36.6 % 1 526,215

Mountain View Research Park (4) Mountain View, CA 53.9 % 16 571,884

Fountain Square

Reston, VA 95.0 % 2 524,113

Properties Location % Occupied as of December 31, 2025 (1)

Number of Buildings Net Rentable Square Feet

901 New York Avenue Washington, DC 82.4 % 1 524,021

680 Folsom Street

San Francisco, CA 59.2 % 2 522,406

901 New York Avenue Washington, DC 84.8 % 1 508,130

101 Huntington Avenue - The Prudential Center

4 unchanged sentences

Washington, DC 89.3 % 1 460,039

360 Park Avenue South (71.11% ownership) (2) New York, NY 33.2 % 1 448,112

Bay Colony Corporate Center

Waltham, MA 79.7 % 2 435,917

One Freedom Square

2 unchanged sentences

Reston, VA 100.0 % 1 423,222

140 Kendrick Street Needham, MA 73.3 % 3 418,600

Market Square North (50% ownership) (2) Washington, DC 76.2 % 1 417,298

325 Main Street Cambridge, MA 96.5 % 1 406,824

The Hub on Causeway - Podium (50% ownership) (2) Boston, MA 94.8 % 1 382,988

One and Two Discovery Square

Reston, VA 89.7 % 2 366,989

888 Boylston Street - The Prudential Center

Boston, MA 96.2 % 1 377,574

One and Two Discovery Square

Reston, VA 89.7 % 2 366,989

Weston Corporate Center

6 unchanged sentences

San Francisco, CA 86.3 % 1 303,322

Properties Location % Occupied as of December 31, 2024 (1)

Number of Buildings Net Rentable Square Feet

Waltham Weston Corporate Center

2 unchanged sentences

Waltham, MA 97.0 % 1 299,304

Wisconsin Place Office

Chevy Chase, MD 47.5 % 1 294,525

Wisconsin Place Office Chevy Chase, MD 52.6 % 1 295,845

17Fifty Presidents Street

Reston, VA 100.0 % 1 275,809

Reston Corporate Center (4) Reston, VA 100.0 % 2 261,046

Democracy Tower

21 unchanged sentences

Capital Gallery Washington, DC 77.3 % 1 176,909

Reservoir Place (6) Waltham, MA 55.0 % 1 164,993

206 Carnegie Center

5 unchanged sentences

Cambridge, MA 100.0 % 1 152,664

Properties Location % Occupied as of December 31, 2025 (1)

Number of Buildings Net Rentable Square Feet

212 Carnegie Center

23 unchanged sentences

Princeton, NJ 100.0 % 1 120,000

153 Second Avenue Waltham, MA 100.0 % 1 104,278

104 Carnegie Center

2 unchanged sentences

Princeton, NJ 69.1 % 1 96,322

Reston Next Office Phase II Reston, VA 6.0 % 1 86,629

Reservoir Place North

8 unchanged sentences

Lexington, MA 100.0 % 1 31,100

Properties Location % Occupied as of December 31, 2024 (1)

Number of Buildings Net Rentable Square Feet

453 Ravendale Drive

Mountain View, CA 100.0 % 1 29,620

690 Folsom Street

9 unchanged sentences

300 Binney Street (55% ownership) Cambridge, MA 100.0 % 1 239,908

751 Gateway (49% ownership) (2) South San Francisco, CA 100.0 % 1 230,592

153 & 211 Second Avenue Waltham, MA 18.5 % 2 137,545

103 CityPoint Waltham, MA — % 1 112,842

2 unchanged sentences

100 Hayden Avenue Lexington, MA 100.0 % 1 55,924

211 Second Avenue Waltham, MA 51.2 % 1 49,815

Subtotal for Life Sciences Properties 80.2 % 10 1,723,893

4 unchanged sentences

Star Market at the Prudential Center Boston, MA 100.0 % 1 60,015

Properties Location % Occupied as of December 31, 2025 (1)

Number of Buildings Net Rentable Square Feet

Avant Retail Reston, VA 100.0 % 1 26,179

1 unchanged sentence

Subtotal for Retail Properties 95.0 % 13 1,050,289

Signature at Reston (508 units)

Reston, VA 94.3 % 1 517,783

Skymark - Reston Next Residential (508 units) (20% ownership) (2)

2 unchanged sentences

Hub50House (440 units) (50% ownership) (2) Boston, MA 93.2 % 1 320,444

Proto Kendall Square (280 units)

Cambridge, MA 94.3 % 1 166,717

The Lofts at Atlantic Wharf (86 units)

Boston, MA 98.8 % 1 87,096

The Lofts at Atlantic Wharf (86 units) (5) Boston, MA 91.9 % 1 87,096

Subtotal for Residential Properties

5 unchanged sentences

86.7 % 171 49,088,282

Properties Location % Occupied as of December 31, 2024 (1)

Number of Buildings Net Rentable Square Feet

Properties Under Construction/Redevelopment (11)

360 Park Avenue South (redevelopment) (71% ownership) (2) New York, NY 23.0 % 1 450,000 (11)

Reston Next Office Phase II Reston, VA 9.0 % 1 90,000 (12)

725 12th Street (redevelopment) Washington, DC 87.0 % 1 320,000

343 Madison Avenue New York, NY 29.0 % 1 930,000

Laboratory/Life Sciences

651 Gateway (redevelopment) (50% ownership) (2) South San Francisco, CA 21.0 % 1 327,000 (14)

290 Binney Street (55% ownership) Cambridge, MA 100.0 % 1 573,000

651 Gateway (redevelopment) (50% ownership) (2) (12) South San Francisco, CA 21.0 % 1 327,000

121 Broadway Street (439 units) Cambridge, MA — % 1 492,000

17 Hartwell Avenue (312 Units) (20% ownership) (2) Lexington, MA — % 1 290,100

290 Coles Street (670 Units) (19.46% ownership) (2) Jersey City, NJ — % 1 560,000

Reston Next Retail (13) Reston, VA 70.0 % 1 30,000

5 unchanged sentences

(3) Includes 681 Gateway, which is a laboratory/life sciences property.

(4) Property was taken out of service on January 1, 2025.

(5) Property is held for redevelopment.

On January 2, 2026, we sold our interest in the joint venture that owns Gateway Commons (See Note 17 to the Consolidated Financial Statements).

(4) Includes 453 Ravendale Drive.

(5) The property was sold subsequent to December 31, 2025 (See Note 17 to the Consolidated Financial Statements).

(6) During the first quarter of 2025, approximately 361,000 net rentable square feet was taken out of service to be held for future redevelopment.

(7) Percentage occupied is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2025.

6 unchanged sentences

(11) Represents percentage leased as of February 20, 2026, including leases with future commencement dates.

(11) The property was 30% placed in-service as of December 31, 2024.

Percentage leased excludes 651 Gateway which was sold on January 2, 2026.

(12) The property was 27% placed in-service as of December 31, 2025.

(13) We acquired 725 12th Street, on December 27, 2024 for a purchase price, excluding transaction costs, of $34.0 million.

Concurrently with the acquisition, a lease was executed for approximately 152,000 square feet of the redeveloped building.

(14) The property was 27% placed in-service as of December 31, 2024 and fully placed in-service on January 2, 2025.

(15) Total percentage occupied excludes Residential.

On January 2, 2026, we sold our interest in the joint venture that owns 651 Gateway (See Note 17 to the Consolidated Financial Statements).

(13) The property was fully placed in-service on January 16, 2026.

(14) Total percentage occupied excludes Residential and 651 Gateway which was sold on January 2, 2026.

Percentage Occupied and Average Annualized Revenue per Square Foot for In-Service Properties

4 unchanged sentences

_______________

(1) Represents signed leases, excluding hotel and residential properties, for which revenue recognition has commenced in accordance with GAAP.

(2) Represents the monthly contractual base rents and recoveries from clients under existing leases as of December 31, 2024, 2023, 2022, 2021 and 2020 multiplied by twelve.

(1) Represents the quotient obtained by dividing (A) the aggregate number of square feet subject to signed leases, excluding hotel and residential properties, for which revenue recognition has commenced in accordance with GAAP by (B) the total number of square feet in our in-service portfolio.

(2) Represents the monthly contractual base rents and recoveries from clients under existing leases as of December 31, of each year presented, multiplied by twelve.

These annualized amounts are before rent abatements and include expense reimbursements, which may be estimates as of such date.

5 unchanged sentences

Google 836,110 2.00 %

Biogen 780,659 1.84 %

Fannie Mae 710,121 1.70 %

4 unchanged sentences

Kirkland & Ellis 511,174 1.22 %

Biogen 423,664 1.01 %

Integrated Holding Group 408,118 0.98 %

Wellington Management 405,225 0.95 %

Allen Overy Shearman Sterling 384,813 0.90 %

Bain Capital 378,284 0.91 %

Marriott 367,787 0.88 %

Allen Overy Shearman Sterling 362,982 0.87 %

Leidos 352,394 0.84 %

1 unchanged sentence

Arnold & Porter Kaye Scholer 344,605 0.82 %

Bechtel Corporation 340,857 0.82 %

WeWork 337,457 0.81 %

US Government (2) 319,359 0.75 %

Mass Financial Services 313,584 0.75 %

Bank of America 299,985 0.72 %

__________________

(1) Amounts are calculated based on our consolidated portfolio square feet, plus our share of the square feet from the unconsolidated joint ventures properties (calculated based on our ownership percentage), minus our partners’ share of square feet from our consolidated joint venture properties (calculated based upon the partners’ percentage ownership interests).

(2) Amount includes approximately 261,046 square feet that expired on December 31, 2024.

Client Diversification

Our client diversification by square feet as of December 31, 2024 was as follows:

square feet from our consolidated joint venture properties (calculated based upon the partners’ percentage ownership interests).

Client Industry Diversification

Our client industry diversification by square feet as of December 31, 2025 was as follows:

Sector % of In-Service Portfolio (1)

23 unchanged sentences

2034 3,553,045 348,737,490 98.15 389,967,585 109.76 7.46 %

2033 3,017,337 232,252,971 76.97 275,703,917 91.37 6.18 %

Thereafter 15,495,476 1,309,674,185 84.52 1,567,654,819 101.17 32.55 %

4 unchanged sentences

In those cases, the data is included in the year in which the future lease with the replacement client expires.

(3) Lease expirations exclude Gateway Commons and North First Business Park.

We sold our interest in the joint venture that owns Gateway Commons on January 2, 2026.

North First Business Park was sold on January 14, 2026.

See Note 17 to the Consolidated Financial Statements.

(4) Represents the monthly contractual base rent and recoveries from clients under existing leases as of December 31, 2025 multiplied by twelve.

2 unchanged sentences

This amount reflects total rent before any rent abatements and includes expense reimbursements, which may be estimates as of such date.

(5) Represents leases that expired on December 31, 2024.

(6) Includes 261,046 square feet related to Reston Corporate Center which was taken out of service on January 1, 2025.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties