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Item 2. Properties

2025-02-27 compared with 2024-02-27 · 65 added, 79 removed, 257 unchanged (36% of the section changed)

At December 31, 2023, we owned or had joint venture interests in 188 commercial real estate properties, aggregating approximately 53.3 million net rentable square feet of primarily premier workplaces, including 10 properties under construction/redevelopment totaling approximately 2.7 million net rentable square feet.

Our properties consisted of (1) 167 office and life sciences properties (including seven properties under construction/redevelopment), (2) 14 retail properties (including two properties under construction/redevelopment), (3) six residential properties (including one property under construction) and (4) one hotel.

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.

The table set forth below shows information relating to the properties we owned, or in which we had an ownership interest, at December 31, 2024, and it includes properties held by both consolidated and unconsolidated joint ventures.

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

Buildings Net

Office and Life Sciences

Number of Buildings Net Rentable Square Feet

767 Fifth Avenue (The GM Building) (60% ownership)

9 unchanged sentences

Boston, MA 96.4 % 1 1,274,927

Times Square Tower (55% ownership)

New York, NY 95.6 % 1 1,238,461

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

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 83.8 % 14 1,108,201

599 Lexington Avenue

New York, NY 95.8 % 1 1,106,335

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 92.1 % 2 1,063,284

Bay Colony Corporate Center

Waltham, MA 53.6 % 4 1,001,068

250 West 55th Street

11 unchanged sentences

Boston, MA 95.4 % 1 793,024

Gateway Commons (50% Ownership) (2) South San Francisco, CA 79.7 % 5 788,148

Embarcadero Center Three

San Francisco, CA 83.1 % 1 785,911

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

Safeco Plaza (33.67% ownership) (2) Seattle, WA 83.8 % 1 762,631

5 unchanged sentences

Reston, VA 99.6 % 3 624,387

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Properties Location % Occupied as of December 31, 2023 (1)

Buildings Net

901 New York Avenue (25% ownership) (2) (3) Washington, DC 83.2 % 1 548,425

Bay Colony Corporate Center

Waltham, MA 77.8 % 2 546,248

Mountain View Research Park

2 unchanged sentences

Waltham, MA 36.6 % 1 526,215

680 Folsom Street

San Francisco, CA 98.7 % 2 524,793

Fountain Square

Reston, VA 95.1 % 2 524,585

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

24 unchanged sentences

San Francisco, CA 67.8 % 1 307,205

Wisconsin Place Office

Chevy Chase, MD 64.2 % 1 302,858

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 97.7 % 1 296,720

Wisconsin Place Office

Chevy Chase, MD 47.5 % 1 294,525

17Fifty Presidents Street

Reston, VA 100.0 % 1 275,809

200 West Street Waltham, MA 94.5 % 1 273,365

125 Broadway Cambridge, MA 100.0 % 1 271,000

Reston Corporate Center

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

Democracy Tower

Reston, VA 99.3 % 1 259,441

1 unchanged sentence

Cambridge, MA 99.3 % 1 256,966

Democracy Tower

Reston, VA 99.3 % 1 259,441

1330 Connecticut Avenue

Washington, DC 92.3 % 1 252,262

880 Winter Street Waltham, MA 98.5 % 1 243,618

Waltham, MA 97.1 % 1 236,570

2 unchanged sentences

(30% ownership) (2) Washington, DC 98.5 % 1 230,900

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

Cambridge, MA 100.0 % 1 223,771

Sumner Square

Washington, DC 90.7 % 1 219,412

255 Main Street

2 unchanged sentences

Waltham, MA 92.7 % 1 209,382

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Properties Location % Occupied as of December 31, 2023 (1)

Buildings Net

Sumner Square

Washington, DC 95.6 % 1 208,797

University Place

10 unchanged sentences

Alexandria, VA 55.8 % 1 156,005

Kingstowne One

Alexandria, VA 34.2 % 1 153,601

Cambridge, MA 100.0 % 1 152,664

7 unchanged sentences

Princeton, NJ 77.2 % 1 139,050

153 & 211 Second Avenue Waltham, MA — % 2 136,882

Two Reston Overlook

19 unchanged sentences

Princeton, NJ 64.6 % 1 96,322

33 Hayden Avenue

Lexington, MA 100.0 % 1 80,876

Shady Grove Innovation District (6) Rockville, MD 75.9 % 1 78,915

Reservoir Place North

2 unchanged sentences

Lexington, MA 100.0 % 1 69,154

250 Binney Street

Cambridge, MA 100.0 % 1 67,362

302 Carnegie Center

Princeton, NJ 100.0 % 1 64,926

100 Hayden Avenue

Lexington, MA 100.0 % 1 55,924

211 Carnegie Center

2 unchanged sentences

Lexington, MA 100.0 % 1 31,100

17 Hartwell Avenue

Lexington, MA 100.0 % 1 30,000

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

Number of Buildings Net Rentable Square Feet

453 Ravendale Drive

4 unchanged sentences

Princeton, NJ 100.0 % — 6,500

Subtotal for Office and Life Sciences Properties 88.3 % 160 47,935,650

Subtotal for Office Properties 87.9 % 146 45,755,552

Life Sciences

180 CityPoint Waltham, MA 43.2 % 1 329,195

200 West Street Waltham, MA 86.1 % 1 273,365

125 Broadway Cambridge, MA 100.0 % 1 271,000

880 Winter Street Waltham, MA 100.0 % 1 243,618

300 Binney Street (55% ownership) Cambridge, MA 93.7 % 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 — % 1 112,841

33 Hayden Avenue Lexington, MA 100.0 % 1 80,876

250 Binney Street Cambridge, MA 100.0 % 1 67,362

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

Subtotal for Life Sciences Properties 77.2 % 12 2,042,226

The Prudential Center (retail shops) Boston, MA 89.5 % 1 601,552

1 unchanged sentence

Kingstowne Retail Alexandria, VA 100.0 % 1 88,288

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Properties Location % Occupied as of December 31, 2023 (1)

Buildings Net

Santa Monica Business Park Retail Santa Monica, CA 77.2 % 7 73,006

5 unchanged sentences

Reston, VA 94.3 % 1 517,783

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

Reston, VA 39.0 % 1 417,036

The Skylyne (402 units) Oakland, CA 90.8 % 1 330,996

11 unchanged sentences

87.5 % 178 51,033,871

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

Number of Buildings Net Rentable Square Feet

Properties Under Construction/Redevelopment (10)

1 unchanged sentence

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

725 12th Street (redevelopment) Washington, DC 47.0 % 1 320,000 (13)

Laboratory/Life Sciences

103 CityPoint Waltham, MA — % 1 113,000 (14)

180 CityPoint Waltham, MA 43.0 % 1 329,000 (15)

300 Binney Street (redevelopment) (55% ownership) Cambridge, MA 100.0 % 1 236,000

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

290 Binney Street Cambridge, MA 100.0 % 1 566,000

Skymark - Reston Next Residential (508 units) (20% ownership) (2) Reston, VA — % 1 417,000

760 Boylston Street (redevelopment) Boston, MA 100.0 % 1 118,000

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

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

Reston Next Retail Reston, VA 13.0 % 1 33,000

4 unchanged sentences

(2) Property is an unconsolidated joint venture.

(3) Our economic ownership has increased based on the achievement of certain return thresholds.

At December 31, 2023, our economic ownership was approximately 50%.

On January 8, 2024, our joint venture partner in 901 New York

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Avenue transferred all of its ownership interest in the joint venture to us for a gross purchase price of $10.0 million (See Note 17 to the Consolidated Financial Statements).

(4) On July 20, 2023, we completed and fully placed in-service 140 Kendrick Street - Building A, a redevelopment project with approximately 104,000 net rentable square feet in Needham, Massachusetts.

(5) Property is held for redevelopment.

(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.

Shady Grove Innovation District consists of 15825 Shady Grove Road.

2092 Gaither Road and 2098 Gaither Road were removed from in-service portfolio during 2023 and aggregated approximately 103,375 square feet.

(7) Excludes 760 Boylston Street, the stand-alone building consisting of approximately 118,000 square feet at The Prudential Center (retail shops) that was placed in redevelopment during the year ended December 31, 2022.

(8) Percentage leased is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2023.

(9) Includes 61,511 square feet of retail space that is approximately 79.2% leased as of December 31, 2023.

(6) Percentage occupied is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2024.

(7) Includes 61,511 square feet of retail space that is approximately 79.2% occupied as of December 31, 2024.

This amount is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2024.

1 unchanged sentence

This amount is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2024.

(11) Includes 4,260 square feet of retail space that is 100% leased as of December 31, 2023.

(9) Includes 4,260 square feet of retail space that is 100% occupied as of December 31, 2024.

This amount is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2024.

(10) Represents percentage leased as of February 21, 2025, including leases with future commencement dates.

(13) On December 14, 2023, we acquired an additional 29% ownership interest in the property, which has increased our total ownership to approximately 71% (See Note 6 to the Consolidated Financial Statements).

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

(12) The property was 6% placed in-service as of December 31, 2024.

(16) Total percentage leased excludes Residential.

(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.

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

The following table sets forth our percentage leased and average annualized revenue per square foot on a historical basis for our 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.

2024 2023 2022 2021 2020

6 unchanged sentences

The aggregate amounts of rent abatements per square foot under existing leases as of December 31, 2024, 2023, 2022, 2021 and 2020 for the succeeding twelve-month period were $2.14, $2.47, $1.56, $2.15, and $1.73, respectively.

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Top 20 Clients by Square Feet

1 unchanged sentence

Client Square Feet (1) % of In-Service Portfolio (1)

salesforce.com 891,231 2.10 %

Biogen 848,021 2.00 %

Salesforce 891,231 2.10 %

Google 836,110 1.97 %

Biogen 780,659 1.84 %

Fannie Mae 710,121 1.67 %

4 unchanged sentences

Kirkland & Ellis 461,470 1.09 %

Integrated Holding Group 408,118 0.96 %

Wellington Management 405,225 0.95 %

Shearman & Sterling 384,813 0.91 %

Integrated Holding Group (aka Millennium Management) 373,007 0.88 %

Arnold & Porter Kaye Scholer 367,878 0.87 %

Allen Overy Shearman Sterling 384,813 0.90 %

Bain Capital 378,284 0.89 %

Marriott 367,787 0.86 %

WeWork 367,338 0.87 %

Leidos 352,394 0.83 %

Blue Cross Blue Shield 347,618 0.82 %

Bank of America 330,350 0.78 %

Arnold & Porter Kaye Scholer 344,605 0.81 %

WeWork 337,457 0.79 %

US Government (2) 319,359 0.75 %

Bain Capital 315,833 0.75 %

Mass Financial Services 313,584 0.74 %

__________________

(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

4 unchanged sentences

Financial Services - all other 14.4%

Real Estate & Insurance 9.0%

Life Sciences 8.9%

Real Estate & Insurance 8.7%

Other Professional Services 7.6%

4 unchanged sentences

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Lease Expirations (1)(2)

23 unchanged sentences

(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