Boston Properties

Boston Properties, Inc. is a publicly traded real estate investment trust that invests in office buildings in Boston, Los Angeles, New York City, San Francisco, and Washington, D.C. As of December 31, 2019, the company owned or had interests in 196 commercial real estate properties, aggregating approximately 52.0 million net rentable square feet.[1]

Boston Properties, Inc.
TypePublic company
NYSE: BXP
S&P 500 Index component
IndustryReal estate investment trust
Founded1970 (1970)
FounderMortimer Zuckerman
Edward H. Linde
HeadquartersBoston, Massachusetts, U.S.
Key people
Owen D. Thomas, CEO
Douglas T. Linde, President
Michael E. LaBelle, CFO
Mortimer Zuckerman, Chairman
Revenue $2.960 billion (2019)
$0.521 billion (2019)
Total assets $21.284 billion (2019)
Total equity $5.684 billion (2019)
Number of employees
760 (2019)
Websitewww.bostonproperties.com
Footnotes / references
[1]

History

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

In 1985, the company outbid Donald Trump to re-develop the New York Coliseum at Columbus Circle. However, the company did not proceed and sold the property, which 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.

In June 1997, the company became a public company via an initial public offering.[6] In October 1997, the company acquired 100 East Pratt Street.[7]

In 1998, it acquired Embarcadero Center for about $1.22 billion and acquired Prudential Tower and The Shops at Prudential Center for $519 million.[8]

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.[9]

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.[10]

In October 2010, the company acquired 200 Clarendon Street (formerly John Hancock Tower) for $930 million.[11]

In 2012, the company partnered with Hines Interests Limited Partnership to develop Salesforce Tower.[12] By 2019, it had acquired 100% of the property.

References
  1. "Boston Properties, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. Hevesi, Dennis (2010-01-19). "Edward H. Linde, Co-Founder of Boston Properties, Dies at 68 (Published 2010)". The New York Times. ISSN 0362-4331. Retrieved 2021-01-21.
  3. "AFTER THE GOLD RUSH". Vanity Fair. September 1990.
  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. "Boston Properties completes IPO". American City Business Journals. June 24, 1997.
  7. 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.
  8. "Boston Properties Buys Twin Trophies Embarcadero and Prudential Center". The Wall Street Journal. May 12, 1998.
  9. White, Suzanne (March 19, 2002). "Boston Properties signs anchor tenant at 901 New York". American City Business Journals.
  10. "Boston Properties Forms Joint Venture and Completes Acquisition of the General Motors Building" (Press release). Boston Properties. June 10, 2008.
  11. GRILLO, THOMAS (October 4, 2010). "Boston Properties buys John Hancock Tower for $930M". The Boston Herald.
  12. Littman, Julie (January 22, 2018). "What It Took To Make Salesforce Tower A Reality". Bisnow Media.
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