About the Company
Founded in 1970, Boston Properties is a Boston, Massachusetts based real estate investment trust (REIT) that is traded publicly. It is one of America’s largest developers, owners and managers of Class A office properties. As of 2020, it invested in office properties located across Boston, Washington D.C., NYC, Los Angeles and San Francisco.
By the end of 2019, it had either owned or invested in around 198 properties that aggregate to approximately 52.0 million square feet of net rentable area. As of the same year, it had a workforce of 760 employees working in its operations.
Some of its properties are located at Midtown Manhattan, Santa Monica, Cambridge, Maryland, Oakland, Silicon Valley etc. Boston Properties went public in June 1997 and traded under the New York Stock Exchange market with BXP as its trading symbol.
Boston Properties was founded by Edward H. Linde and Mortimer B. Zuckerman in Boston. The company out-bid the 45th American president, Donald Trump, for the tender of re-developing the New York Coliseum in 1985. Its first undertaking in New York, 599 Lexington Avenue, was completed a year after that.
During 1990 it began to build the NASA Headquarters but in 2002 was sold off to Hana Financial Group. In 1998 it made its first substantial acquisition and bought three properties within the year. They were Embarcadero Center, The Shops at Prudential Center and Prudential Tower. From 2000-2005 it developed several properties such as 901 New York Avenue NW located in Washington, D.C.
In 2008 it made history by purchasing the General Motors Building in New York City and paid the highest amount of $2.8 billion for any office building in America. In 2010, it went further in its quest of expansion and acquired John Hancock Tower, presently known as 200 Clarendon Street for $930 million. In order to develop the Salesforce Tower, the company entered into a partnership with Hines Interests Limited Partnership, and by 2019 managed to take over 100% ownership of the property.;
|Boston Properties Inc