Item 2. Properties
Item 2. Properties.
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.
Properties Location % Occupied as of December 31, 2025 (1)
Number of Buildings Net Rentable Square Feet
Office
767 Fifth Avenue (The GM Building) (60% ownership)
New York, NY 98.8 % 1 1,970,335
200 Clarendon Street
Boston, MA 99.9 % 1 1,700,914
601 Lexington Avenue (55% ownership) New York, NY 99.9 % 1 1,671,682
399 Park Avenue
New York, NY 100.0 % 1 1,567,470
Salesforce Tower
San Francisco, CA 98.0 % 1 1,420,682
800 Boylston Street - The Prudential Center
Boston, MA 95.7 % 1 1,274,213
7 Times Square (55% ownership) New York, NY 80.2 % 1 1,238,724
100 Federal Street (55% ownership)
Boston, MA 92.5 % 1 1,233,943
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
Reston Next Reston, VA 97.9 % 2 1,063,299
250 West 55th Street
New York, NY 98.3 % 1 966,976
Embarcadero Center Four
San Francisco, CA 87.9 % 1 945,594
111 Huntington Avenue - The Prudential Center
Boston, MA 100.0 % 1 860,446
200 Fifth Avenue (26.69% ownership) (2) New York, NY 59.0 % 1 846,506
Embarcadero Center One
San Francisco, CA 70.1 % 1 838,051
Embarcadero Center Two
San Francisco, CA 73.4 % 1 804,891
Atlantic Wharf Office (55% ownership)
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
Safeco Plaza (33.67% ownership) (2) Seattle, WA 77.5 % 1 762,541
Madison Centre Seattle, WA 82.1 % 1 754,011
7750 Wisconsin Avenue (50% ownership) (2) Bethesda, MD 100.0 % 1 735,573
Dock 72 (50% ownership) (2) Brooklyn, NY 42.7 % 1 668,521
100 Causeway Street (50% ownership) (2) Boston, MA 100.0 % 1 633,818
South of Market
Reston, VA 100.0 % 3 624,387
Mountain View Research Park (4) Mountain View, CA 53.9 % 16 571,884
Fountain Square
Reston, VA 95.0 % 2 524,113
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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
101 Huntington Avenue - The Prudential Center
Boston, MA 100.0 % 1 506,476
145 Broadway
Cambridge, MA 99.6 % 1 490,086
2100 Pennsylvania Avenue Washington, DC 95.0 % 1 475,849
2200 Pennsylvania Avenue
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
Reston, VA 87.8 % 1 427,646
Two Freedom Square
Reston, VA 100.0 % 1 423,222
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
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
Weston, MA 12.6 % 1 356,995
510 Madison Avenue
New York, NY 80.3 % 1 352,589
One Reston Overlook
Reston, VA 100.0 % 1 319,519
535 Mission Street
San Francisco, CA 86.3 % 1 303,322
Waltham Weston Corporate Center
Waltham, MA 73.0 % 1 301,611
230 CityPoint
Waltham, MA 97.0 % 1 299,304
Wisconsin Place Office Chevy Chase, MD 52.6 % 1 295,845
17Fifty Presidents Street
Reston, VA 100.0 % 1 275,809
Democracy Tower
Reston, VA 99.3 % 1 259,441
355 Main Street
Cambridge, MA 100.0 % 1 256,966
1330 Connecticut Avenue
Washington, DC 95.9 % 1 253,375
10 CityPoint
Waltham, MA 98.6 % 1 236,570
510 Carnegie Center Princeton, NJ 72.4 % 1 234,160
500 North Capitol Street, N.W. (30% ownership) (2) Washington, DC 96.8 % 1 230,900
90 Broadway
Cambridge, MA 100.0 % 1 223,771
255 Main Street
Cambridge, MA 82.5 % 1 215,394
20 CityPoint
Waltham, MA 98.1 % 1 211,476
77 CityPoint
Waltham, MA 90.2 % 1 209,382
Sumner Square
Washington, DC 92.9 % 1 208,797
University Place
Cambridge, MA 100.0 % 1 195,282
North First Business Park (5) San Jose, CA 58.4 % 5 191,033
890 Winter Street Waltham, MA 88.6 % 1 180,155
150 Broadway
Cambridge, MA 100.0 % 1 177,226
Capital Gallery Washington, DC 77.3 % 1 176,909
Reservoir Place (6) Waltham, MA 55.0 % 1 164,993
206 Carnegie Center
Princeton, NJ — % 1 161,763
210 Carnegie Center
Princeton, NJ 27.5 % 1 159,468
Kingstowne Two
Alexandria, VA 53.5 % 1 157,163
105 Broadway
Cambridge, MA 100.0 % 1 152,664
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Properties Location % Occupied as of December 31, 2025 (1)
Number of Buildings Net Rentable Square Feet
212 Carnegie Center
Princeton, NJ 69.9 % 1 148,942
214 Carnegie Center
Princeton, NJ 62.8 % 1 146,799
2440 West El Camino Real
Mountain View, CA 56.3 % 1 142,711
506 Carnegie Center
Princeton, NJ 95.1 % 1 139,050
Two Reston Overlook
Reston, VA 100.0 % 1 134,615
508 Carnegie Center
Princeton, NJ 100.0 % 1 134,433
202 Carnegie Center
Princeton, NJ 73.7 % 1 134,068
804 Carnegie Center
Princeton, NJ 100.0 % 1 130,000
101 Carnegie Center
Princeton, NJ 81.8 % 1 122,791
504 Carnegie Center
Princeton, NJ 100.0 % 1 121,990
502 Carnegie Center
Princeton, NJ 94.8 % 1 121,460
1265 Main Street (50% ownership) (2) Waltham, MA 100.0 % 1 120,681
701 Carnegie Center
Princeton, NJ 100.0 % 1 120,000
153 Second Avenue Waltham, MA 100.0 % 1 104,278
104 Carnegie Center
Princeton, NJ 72.2 % 1 101,969
103 Carnegie Center
Princeton, NJ 69.1 % 1 96,322
Reston Next Office Phase II Reston, VA 6.0 % 1 86,629
Reservoir Place North
Waltham, MA 100.0 % 1 73,258
32 Hartwell Avenue
Lexington, MA 100.0 % 1 69,154
302 Carnegie Center
Princeton, NJ 100.0 % 1 64,926
211 Carnegie Center
Princeton, NJ — % 1 47,025
92 Hayden Avenue
Lexington, MA 100.0 % 1 31,100
690 Folsom Street
San Francisco, CA 100.0 % 1 26,080
201 Carnegie Center
Princeton, NJ 100.0 % — 6,500
Subtotal for Office Properties 86.8 % 143 44,824,268
Life Sciences
180 CityPoint Waltham, MA 55.2 % 1 329,195
200 West Street Waltham, MA 86.1 % 1 273,361
125 Broadway Cambridge, MA 100.0 % 1 271,000
880 Winter Street Waltham, MA 92.3 % 1 243,614
300 Binney Street (55% ownership) Cambridge, MA 100.0 % 1 239,908
103 CityPoint Waltham, MA — % 1 112,842
33 Hayden Avenue Lexington, MA 100.0 % 1 80,872
250 Binney Street Cambridge, MA 100.0 % 1 67,362
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
Retail
The Prudential Center (retail shops) Boston, MA 95.7 % 1 590,080
Fountain Square Retail Reston, VA 90.9 % 1 196,421
Kingstowne Retail Alexandria, VA 100.0 % 1 88,288
Santa Monica Business Park Retail Santa Monica, CA 86.8 % 7 73,006
Star Market at the Prudential Center Boston, MA 100.0 % 1 60,015
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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
The Point Waltham, MA 100.0 % 1 16,300
Subtotal for Retail Properties 95.0 % 13 1,050,289
Residential
Skymark - Reston Next Residential (508 units) (20% ownership) (2)
Reston, VA 93.5 % 1 417,036
The Skylyne (402 units) Oakland, CA 93.3 % 1 330,996
Hub50House (440 units) (50% ownership) (2) Boston, MA 93.2 % 1 320,444
The Lofts at Atlantic Wharf (86 units) (5) Boston, MA 91.9 % 1 87,096
Subtotal for Residential Properties
93.3 % (7) 4 1,155,572 (8)
Hotel
Boston Marriott Cambridge (437 rooms)
Cambridge, MA 78.7 % (9) 1 334,260 (10)
Subtotal for Hotel Property 78.7 % 1 334,260
Subtotal for In-Service Properties
86.7 % 171 49,088,282
Properties Under Construction/Redevelopment (11)
Office
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
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
Residential
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
Retail
Reston Next Retail (13) Reston, VA 70.0 % 1 30,000
Subtotal for Properties Under Construction/Redevelopment 61.2 % (14) 8 3,522,100
Total Portfolio 179 52,610,382
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(1) Represents signed leases for in-service properties for which revenue recognition has commenced in accordance with accounting principles generally accepted in the United States (“GAAP”).
(2) Property is an unconsolidated joint venture.
(3) Includes 681 Gateway, which is a laboratory/life sciences property. 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.
(8) Includes 22,442 square feet of retail space that is approximately 42.9% occupied as of December 31, 2025. This amount is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2025.
(9) Represents the weighted-average room occupancy for the year ended December 31, 2025. This amount is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2025.
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(10) Includes 4,260 square feet of retail space that is 100% occupied as of December 31, 2025. This amount is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2025.
(11) Represents percentage leased as of February 20, 2026, including leases with future commencement dates. 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. 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
The following table sets forth our percentage occupied and average annualized revenue per square foot on a historical basis for our In-Service Properties.
December 31,
2025 2024 2023 2022 2021
Percentage occupied (1) 86.7 % 87.5 % 88.4 % 88.6 % 88.8 %
Average annualized revenue per square foot (2) $83.47 $81.21 $78.81 $75.99 $73.76
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(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. The aggregate amounts of rent abatements per square foot under existing leases as of December 31, 2025, 2024, 2023, 2022 and 2021 for the succeeding twelve-month period were $3.19, $2.14, $2.47, $1.56, and $2.15, respectively.
Top 20 Clients by Square Feet
Our 20 largest clients by square feet as of December 31, 2025 were as follows:
Client Square Feet (1) % of In-Service Portfolio (1)
1. Salesforce 891,231 2.13 %
2. Google 836,110 2.00 %
3. Fannie Mae 710,121 1.70 %
4. Akamai Technologies 658,578 1.58 %
5. Snap 607,287 1.45 %
6. Microsoft 599,200 1.43 %
7. Ropes & Gray 522,173 1.25 %
8. Kirkland & Ellis 511,174 1.22 %
9. Biogen 423,664 1.01 %
10. Integrated Holding Group 408,118 0.98 %
11. Bain Capital 378,284 0.91 %
12. Marriott 367,787 0.88 %
13. Allen Overy Shearman Sterling 362,982 0.87 %
14. Leidos 352,394 0.84 %
15. Blue Cross Blue Shield 347,618 0.83 %
16. Arnold & Porter Kaye Scholer 344,605 0.82 %
17. Bechtel Corporation 340,857 0.82 %
18. WeWork 337,457 0.81 %
19. Mass Financial Services 313,584 0.75 %
20. Bank of America 299,985 0.72 %
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(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
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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)
Technology & Media 21.0%
Legal Services 17.1%
Financial Services - all other 14.4%
Life Sciences 8.9%
Real Estate & Insurance 8.8%
Other Professional Services 7.6%
Retail 6.2%
Financial Services - commercial & investment banking 5.7%
Manufacturing 4.7%
Government / Public Administration 3.0%
Other 2.6%
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(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).
Lease Expirations (1)(2)(3)
Year of Lease Expiration Rentable Square Feet Subject to Expiring Leases Current Annualized Contractual Rent Under Expiring Leases Without Future Step-Ups (4) Current Annualized Contractual Rent Under Expiring Leases Without Future Step-Ups p.s.f. (4) Current Annualized Contractual Rent Under Expiring Leases With Future Step-Ups (5) Current Annualized Contractual Rent Under Expiring Leases With Future Step-Ups p.s.f. (5) Percentage of Total Square Feet
2026 1,226,593 103,023,260 83.99 105,487,118 86.00 2.58 %
2027 1,832,213 138,737,924 75.72 140,026,651 76.42 3.85 %
2028 2,958,476 255,254,975 86.28 268,533,265 90.77 6.22 %
2029 3,663,446 284,731,310 77.72 301,580,010 82.32 7.70 %
2030 2,631,335 210,016,985 79.81 221,813,826 84.30 5.53 %
2031 2,739,124 242,543,446 88.55 260,181,975 94.99 5.75 %
2032 2,753,264 213,979,655 77.72 249,842,156 90.74 5.78 %
2033 3,255,888 270,987,694 83.23 313,999,693 96.44 6.84 %
2034 3,553,045 348,737,490 98.15 389,967,585 109.76 7.46 %
Thereafter 15,495,476 1,309,674,185 84.52 1,567,654,819 101.17 32.55 %
__________________
(1) Includes 100% of unconsolidated joint venture properties. Does not include residential units or the hotel.
(2) Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. 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. This amount reflects total rent before any rent abatements and includes expense reimbursements, which may be estimates as of such date.
(5) Represents the monthly contractual base rent under expiring leases with future contractual increases upon expiration and recoveries from clients under existing leases as of December 31, 2025 multiplied by twelve. This amount reflects total rent before any rent abatements and includes expense reimbursements, which may be estimates as of such date.
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