Item 2. Properties
Item 2. Properties.
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)
Number of Buildings Net Rentable Square Feet
Office
767 Fifth Avenue (The GM Building) (60% ownership)
New York, NY 92.1 % 1 1,970,335
200 Clarendon Street
Boston, MA 97.8 % 1 1,728,956
601 Lexington Avenue (55% ownership) New York, NY 95.7 % 1 1,670,502
399 Park Avenue
New York, NY 99.9 % 1 1,567,470
Salesforce Tower
San Francisco, CA 98.0 % 1 1,420,682
800 Boylston Street - The Prudential Center
Boston, MA 96.4 % 1 1,274,927
7 Times Square (formerly Times Square Tower) (55% ownership) New York, NY 80.7 % 1 1,238,599
100 Federal Street (55% ownership)
Boston, MA 89.0 % 1 1,233,537
Colorado Center (50% ownership) (2) Santa Monica, CA 89.6 % 6 1,130,066
599 Lexington Avenue
New York, NY 95.8 % 1 1,106,335
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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
250 West 55th Street
New York, NY 97.4 % 1 966,976
Embarcadero Center Four
San Francisco, CA 93.4 % 1 942,640
111 Huntington Avenue - The Prudential Center
Boston, MA 100.0 % 1 860,446
200 Fifth Avenue (26.69% ownership) (2) New York, NY 100.0 % 1 855,059
Embarcadero Center One
San Francisco, CA 69.6 % 1 837,522
Embarcadero Center Two
San Francisco, CA 88.3 % 1 801,498
Atlantic Wharf Office (55% ownership)
Boston, MA 95.4 % 1 793,024
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
Madison Centre Seattle, WA 79.5 % 1 755,164
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 96.4 % 1 633,818
South of Market
Reston, VA 99.6 % 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
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
Boston, MA 99.0 % 1 506,476
145 Broadway
Cambridge, MA 99.6 % 1 490,086
2100 Pennsylvania Avenue Washington, DC 94.2 % 1 475,849
2200 Pennsylvania Avenue
Washington, DC 94.9 % 1 459,811
One Freedom Square
Reston, VA 86.0 % 1 427,646
Two Freedom Square
Reston, VA 99.8 % 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 91.2 % 1 415,512
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 100.0 % 1 363,320
Weston Corporate Center
Weston, MA 100.0 % 1 356,995
510 Madison Avenue
New York, NY 90.1 % 1 352,589
One Reston Overlook
Reston, VA 91.3 % 1 319,519
535 Mission Street
San Francisco, CA 67.8 % 1 307,205
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Properties Location % Occupied as of December 31, 2024 (1)
Number of Buildings Net Rentable Square Feet
Waltham Weston Corporate Center
Waltham, MA 75.5 % 1 301,611
230 CityPoint
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
Reston Corporate Center (4) Reston, VA 100.0 % 2 261,046
Democracy Tower
Reston, VA 99.3 % 1 259,441
355 Main Street
Cambridge, MA 99.3 % 1 256,966
1330 Connecticut Avenue
Washington, DC 92.3 % 1 252,262
10 CityPoint
Waltham, MA 97.1 % 1 236,570
510 Carnegie Center Princeton, NJ 65.6 % 1 234,160
500 North Capitol Street, N.W. (30% ownership) (2) Washington, DC 98.5 % 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 92.7 % 1 209,382
Sumner Square
Washington, DC 95.6 % 1 208,797
University Place
Cambridge, MA 100.0 % 1 195,282
North First Business Park (5) San Jose, CA 58.6 % 5 190,636
890 Winter Street Waltham, MA 70.6 % 1 180,159
150 Broadway
Cambridge, MA 100.0 % 1 177,226
Capital Gallery Washington, DC 80.8 % 1 176,824
206 Carnegie Center
Princeton, NJ — % 1 161,763
210 Carnegie Center
Princeton, NJ 33.2 % 1 159,468
Kingstowne Two
Alexandria, VA 55.8 % 1 156,005
105 Broadway
Cambridge, MA 100.0 % 1 152,664
212 Carnegie Center
Princeton, NJ 82.4 % 1 148,942
214 Carnegie Center
Princeton, NJ 62.9 % 1 146,799
2440 West El Camino Real
Mountain View, CA 71.5 % 1 142,711
506 Carnegie Center
Princeton, NJ 77.2 % 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 71.9 % 1 134,068
804 Carnegie Center
Princeton, NJ 100.0 % 1 130,000
101 Carnegie Center
Princeton, NJ 82.6 % 1 122,791
504 Carnegie Center
Princeton, NJ 100.0 % 1 121,990
502 Carnegie Center
Princeton, NJ 98.6 % 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
104 Carnegie Center
Princeton, NJ 35.6 % 1 102,930
103 Carnegie Center
Princeton, NJ 64.6 % 1 96,322
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
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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
San Francisco, CA 100.0 % 1 26,080
201 Carnegie Center
Princeton, NJ 100.0 % — 6,500
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
Retail
The Prudential Center (retail shops) Boston, MA 89.5 % 1 601,552
Fountain Square Retail Reston, VA 95.2 % 1 196,421
Kingstowne Retail Alexandria, VA 100.0 % 1 88,288
Santa Monica Business Park Retail Santa Monica, CA 77.2 % 7 73,006
Star Market at the Prudential Center Boston, MA 100.0 % 1 60,015
Avant Retail Reston, VA 100.0 % 1 26,179
The Point Waltham, MA 100.0 % 1 16,300
Subtotal for Retail Properties 91.6 % 13 1,061,761
Residential
Signature at Reston (508 units)
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
Hub50House (440 units) (50% ownership) (2) Boston, MA 94.3 % 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
Subtotal for Residential Properties
81.2 % (6) 6 1,840,072 (7)
Hotel
Boston Marriott Cambridge (437 rooms)
Cambridge, MA 77.2 % (8) 1 334,260 (9)
Subtotal for Hotel Property 77.2 % 1 334,260
Subtotal for In-Service Properties
87.5 % 178 51,033,871
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Properties Location % Occupied as of December 31, 2024 (1)
Number of Buildings Net Rentable Square Feet
Properties Under Construction/Redevelopment (10)
Office
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 47.0 % 1 320,000 (13)
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
Residential
121 Broadway Street (439 units) Cambridge, MA — % 1 492,000
Retail
Reston Next Retail Reston, VA 13.0 % 1 33,000
Subtotal for Properties Under Construction/Redevelopment 50.3 % (15) 7 2,285,000
Total Portfolio 185 53,318,871
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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.
(4) Property was taken out of service on January 1, 2025.
(5) Property is held for redevelopment.
(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.
(8) Represents the weighted-average room occupancy for the year ended 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.
(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.
(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.
(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 occupied and average annualized revenue per square foot on a historical basis for our In-Service Properties.
December 31,
2024 2023 2022 2021 2020
Percentage occupied (1) 87.5 % 88.4 % 88.6 % 88.8 % 90.1 %
Average annualized revenue per square foot (2) $81.21 $78.81 $75.99 $73.76 $72.67
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(1) Represents signed leases, excluding hotel and residential properties, for which revenue recognition has commenced in accordance with GAAP.
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(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. 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, 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.
Top 20 Clients by Square Feet
Our 20 largest clients by square feet as of December 31, 2024 were as follows:
Client Square Feet (1) % of In-Service Portfolio (1)
1. Salesforce 891,231 2.10 %
2. Google 836,110 1.97 %
3. Biogen 780,659 1.84 %
4. Fannie Mae 710,121 1.67 %
5. Akamai Technologies 658,578 1.55 %
6. Snap 607,287 1.43 %
7. Microsoft 599,200 1.41 %
8. Ropes & Gray 539,467 1.27 %
9. Kirkland & Ellis 461,470 1.09 %
10. Integrated Holding Group 408,118 0.96 %
11. Wellington Management 405,225 0.95 %
12. Allen Overy Shearman Sterling 384,813 0.90 %
13. Bain Capital 378,284 0.89 %
14. Marriott 367,787 0.86 %
15. Leidos 352,394 0.83 %
16. Blue Cross Blue Shield 347,618 0.82 %
17. Arnold & Porter Kaye Scholer 344,605 0.81 %
18. WeWork 337,457 0.79 %
19. US Government (2) 319,359 0.75 %
20. Mass Financial Services 313,584 0.74 %
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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).
(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:
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 8.7%
Other Professional Services 7.6%
Retail 6.2%
Financial Services - commercial & investment banking 5.7%
Manufacturing 4.7%
Government / Public Administration 3.0%
Other 2.7%
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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)
Year of Lease Expiration Rentable Square Feet Subject to Expiring Leases Current Annualized Contractual Rent Under Expiring Leases Without Future Step-Ups (3) Current Annualized Contractual Rent Under Expiring Leases Without Future Step-Ups p.s.f. (3) Current Annualized Contractual Rent Under Expiring Leases With Future Step-Ups (4) Current Annualized Contractual Rent Under Expiring Leases With Future Step-Ups p.s.f. (4) Percentage of Total Square Feet
2024 (5)(6) 390,847 $23,744,643 $60.75 $23,744,643 $60.75 0.80 %
2025 3,008,859 222,083,017 73.81 223,088,525 74.14 6.16 %
2026 1,864,176 162,007,646 86.91 166,250,784 89.18 3.82 %
2027 2,195,858 167,767,975 76.40 171,678,763 78.18 4.49 %
2028 3,570,229 301,652,841 84.49 322,664,501 90.38 7.31 %
2029 3,734,123 286,076,134 76.61 310,701,506 83.21 7.64 %
2030 2,735,795 216,748,858 79.23 236,311,071 86.38 5.60 %
2031 2,233,713 196,900,223 88.15 214,966,960 96.24 4.57 %
2032 2,885,652 221,634,397 76.81 263,763,756 91.41 5.91 %
2033 3,017,337 232,252,971 76.97 275,703,917 91.37 6.18 %
Thereafter 16,801,943 1,444,160,351 85.95 1,726,132,587 102.73 34.39 %
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(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) Represents the monthly contractual base rent and recoveries from clients under existing leases as of December 31, 2024 multiplied by twelve. This amount reflects total rent before any rent abatements and includes expense reimbursements, which may be estimates as of such date.
(4) 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, 2024 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 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.