Boston Properties, Inc. is a publicly traded

real estate investment trust A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping cente ...

that invests in premier workplaces in

Boston Boston (), officially the City of Boston, is the state capital and most populous city of the Commonwealth of Massachusetts, as well as the cultural and financial center of the New England region of the United States. It is the 24th- mo ...

Los Angeles Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the largest city in the state of California and the second most populous city in the United States after New York City, as well as one of the world' ...

New York City New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...

San Francisco San Francisco (; Spanish language, Spanish for "Francis of Assisi, Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the List of Ca ...

Seattle Seattle ( ) is a seaport city on the West Coast of the United States. It is the seat of King County, Washington. With a 2020 population of 737,015, it is the largest city in both the state of Washington and the Pacific Northwest regio ...

, and

Washington, D.C. ) , image_skyline = , image_caption = Clockwise from top left: the Washington Monument and Lincoln Memorial on the National Mall, United States Capitol, Logan Circle, Jefferson Memorial, White House, Adams Morgan, ...

As of June 30, 2022, the company owned or had interests in 193 commercial real estate properties, aggregating approximately 53.7 million square feet.

History

The company was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde in

. In 1985, the company outbid

Donald Trump Donald John Trump (born June 14, 1946) is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021. Trump graduated from the Wharton School of the University of Pe ...

to re-develop the

New York Coliseum The New York Coliseum was a convention center that stood at Columbus Circle in Manhattan, New York City, from 1956 to 2000. It was designed by architects Leon Levy and Lionel Levy in a modified International Style, and included both a low b ...

Columbus Circle Columbus Circle is a traffic circle and heavily trafficked intersection in the New York City borough of Manhattan, located at the intersection of Eighth Avenue, Broadway, Central Park South ( West 59th Street), and Central Park West, at the so ...

. However the company did not proceed with development and sold the property, it is now the site of the

Time Warner Center Deutsche Bank Center (also One Columbus Circle and formerly Time Warner Center) is a mixed-use building on Columbus Circle in Manhattan, New York City. The building occupies the western side of Columbus Circle and straddles the border between ...

. In 1986, the company completed 599 Lexington Avenue, its first development in New York City. In 1990, the company began construction of the

NASA Headquarters NASA Headquarters, officially known as Mary W. Jackson NASA Headquarters or NASA HQ and formerly named Two Independence Square, is a low-rise office building in the two-building Independence Square complex at 300 E Street SW in Washington, D.C. ...

. It was sold to

Hana Financial Group Hana Financial Group Inc. () is a financial holding company headquartered in Seoul, South Korea. History Hana Financial Group was established as Hana Bank's transition to a holding company. In 2005, Hana Bank was delisted and incorporated into ...

in 2002. In June 1997, the company became a

public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (l ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

. In October 1997, the company acquired

100 East Pratt Street 100 East Pratt Street is a building located on Pratt Street in the Inner Harbor district of Baltimore, Maryland that consists of a ten-story concrete building finished in 1975 and a 1991 glass and steel twenty-eight story tower. History The orig ...

. In 1998, it acquired

Embarcadero Center Embarcadero Center is a commercial complex of five office towers, two hotels, a shopping center with more than 125 stores, bars, and restaurants, and a fitness center on three levels located in San Francisco, California. There is an outdoor ice sk ...

for about $1.22 billion and acquired

Prudential Tower The Prudential Tower, also known as the Prudential Building or, colloquially, The Pru,subscription required'The Pru' everyone calls it: a resigned shrug of a name, as flat and uninflected as the wan moue its pronunciation requires." is an Inter ...

and

The Shops at Prudential Center The Prudential Center (colloquially the Pru) is an enclosed shopping mall within the mixed-use Prudential Center complex in the Back Bay, Boston, Back Bay neighborhood of Boston, Massachusetts. It is located at the base of the Prudential Tower, ...

for $519 million. In 2000 and 2001, the company completed development of several office buildings in

Reston Town Center Reston Town Center (also known as RTC and locally as simply, Town Center) is a mixed-use development featuring offices, apartments, retail stores, and restaurants in Reston, Virginia owned and managed primarily by Boston Properties. __NOTOC__ Des ...

. From 2002 to 2005, it constructed 901 New York Avenue NW in

In June 2008, the company acquired the

General Motors Building A general officer is an Officer (armed forces), officer of highest military ranks, high rank in the army, armies, and in some nations' air forces, space forces, and marines or naval infantry. In some usages the term "general officer" refers t ...

for $2.8 billion, the highest paid for an American office building. In October 2010, the company acquired 200 Clarendon Street (formerly John Hancock Tower) for $930 million. In 2012, the company partnered with

Hines Interests Limited Partnership Hines Interests Limited Partnership is a privately held company that invests in and develops real estate. The company has developed, redeveloped or acquired 1,450 properties, comprising over 485 million square feet. The company currently manage ...

to develop

Salesforce Tower Salesforce Tower, formerly known as Transbay Tower, is a 61-story skyscraper at 415 Mission Street, between First and Fremont Street, in the South of Market district of downtown San Francisco. Its main tenant is Salesforce, a cloud-based softwar ...

. By 2019, it had acquired 100% of the property.

References

External links

* {{Authority control Companies listed on the New York Stock Exchange Real estate companies established in 1970 Real estate investment trusts of the United States Companies based in Boston Property management companies 1970 establishments in Massachusetts 1997 initial public offerings Sovereign wealth fund portfolio companies