BXP, Inc. (BXP)

BXP is a fully integrated, self-administered and self-managed real estate investment trust (REIT) and one of the largest publicly traded office REITs in the United States by total market capitalization as of December 31, 2025. It develops, owns and manages primarily premier workplaces: well-located, professionally managed buildings that are modern or have been modernized and offer amenities in high demand. BXP was formed in 1997 to succeed the businesses of a predecessor company founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde. It conducts substantially all of its business through Boston Properties Limited Partnership (BPLP), a Delaware limited partnership of which BXP is the sole general partner and owned about 89.4% of the economic interests as of February 20, 2026.

At December 31, 2025, BXP owned or held joint venture interests in 179 commercial properties totaling about 52.6 million net rentable square feet. These comprised 157 office properties, 14 retail properties and seven residential properties, including eight properties under construction or redevelopment totaling about 3.5 million square feet. That pipeline had an estimated total investment of about $3.9 billion, and the non-residential portion was 61% pre-leased. During 2025 the company acquired a vacant office building at 2100 M Street in Washington, DC for redevelopment and completed eight consolidated property sales for about $702.6 million in gross proceeds. It began four development or redevelopment projects, including 343 Madison Avenue in New York, and placed four properties in service. It also raised or refinanced about $4.2 billion of debt, including $1.0 billion of exchangeable senior notes due 2030 and an upsized $2.25 billion revolving credit facility.

BXP concentrates on six gateway markets: Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. It favors markets and submarkets with diverse economies, deep pools of prospective clients and high barriers to new supply. It calls its tenants "clients," and they include creditworthy corporations, universities and public institutions such as government agencies. At year-end the weighted-average remaining lease term was about 7.9 years. In 2025 the company signed about 5.6 million square feet of leases with a weighted-average term of 10.1 years. Leases covering about 2.6% of portfolio square footage expire in 2026.

BXP operates as a full-service real estate company with in-house capabilities in acquisitions, development, financing, capital markets, construction management, property management, leasing, accounting, risk management, tax and legal. It manages its office properties directly rather than outsourcing property management. It has regional offices in each of its six markets, and its headquarters is at The Prudential Center, 800 Boylston Street, Boston, Massachusetts. Its strategy includes selective development, acquisitions of assets and underperforming properties, joint ventures, and asset sales to reduce leverage and fund development. As of December 31, 2025, it controlled sites that could support about 13.6 million square feet of additional office development and 4.7 million square feet of residential development.