BXP, Inc. explained

BXP, Inc.
Type:Public
Industry:Real estate
Revenue: (2023)
Net Income: US$291 million (2023)
Assets: US$26.026 billion (2023)
Equity: US$8.877 billion (2023)
Num Employees:836 (2023)
Footnotes:Financials .
References:[1]

BXP, Inc. (formerly Boston Properties, Inc.) is a publicly traded real estate investment trust that invests in premier workplaces in Boston, Los Angeles, New York City, San Francisco, Seattle, and Washington, D.C. As of December 31, 2023, the company owned or had interests in 188 commercial real estate properties, aggregating approximately 53.3 million net rentable square feet.

History

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

In 1985, the company outbid Donald Trump to re-develop the New York Coliseum at Columbus Circle. However the company did not proceed with development and sold the property, it 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.[6]

In June 1997, the company became a public company via an initial public offering.[7] In October 1997, the company acquired 100 East Pratt Street.[8]

In 1998, it acquired Embarcadero Center for about $1.22 billion and acquired Prudential Tower and The Shops at Prudential Center for $519 million.[9]

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.[10]

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.[11]

In October 2010, the company acquired 200 Clarendon Street (formerly John Hancock Tower) for $930 million.[12]

In 2012, the company partnered with Hines Interests Limited Partnership to develop Salesforce Tower.[13] By 2019, it had acquired 100% of the property. [14]

Notes and References

  1. Web site: December 31, 2023 . Boston Properties, Inc. 2023 Form 10-K Annual Report . August 29, 2023 . U.S. Securities and Exchange Commission.
  2. News: Hevesi . Dennis . January 19, 2010 . Edward H. Linde, Co-Founder of Boston Properties, Dies at 68 . en-US . The New York Times . January 21, 2021 . 0362-4331 . January 28, 2021 . https://web.archive.org/web/20210128174819/https://www.nytimes.com/2010/01/19/realestate/19linde.html . live .
  3. News: Brenner . Marie . September 1, 1990 . After the Gold Rush . en-US . . August 29, 2023 . July 26, 2017 . https://web.archive.org/web/20170726025924/http://www.vanityfair.com/magazine/2015/07/donald-ivana-trump-divorce-prenup-marie-brenner . live .
  4. News: Depalma . Anthony . December 7, 1986 . In a New Tower, a Waiting Rental Strategy Works . . subscription . December 6, 2019 . August 27, 2021 . https://web.archive.org/web/20210827213723/https://www.nytimes.com/1986/12/07/realestate/in-a-new-tower-a-waiting-rental-strategy-works.html . live .
  5. News: Hilzenrath . David S. . June 19, 1990 . NASA Building Construction Delayed . . December 6, 2019 . December 6, 2019 . https://web.archive.org/web/20191206191633/https://www.washingtonpost.com/archive/business/1990/06/19/nasa-building-construction-delayed/20b04d7f-a6a4-4012-982f-ff86ef10f593/ . live .
  6. News: Kalinoski . Gail . July 17, 2017 . S. Korean Investment Firm Buys NASA HQ in DC . en-US . Commercial Property Executive . July 29, 2018.
  7. News: June 24, 1997 . Boston Properties completes IPO . . December 6, 2019 . March 22, 2024 . https://web.archive.org/web/20240322023751/https://www.bizjournals.com/boston/stories/1997/06/23/daily3.html . live .
  8. News: 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 . . subscription . December 6, 2019 . December 6, 2019 . https://web.archive.org/web/20191206191631/https://www.baltimoresun.com/news/bs-xpm-1997-10-24-1997297003-story.html . live .
  9. News: Kirkpatrick . David D. . May 12, 1998 . Boston Properties Buys Twin Trophies Embarcadero and Prudential Center . . subscription . December 6, 2019 . December 6, 2019 . https://web.archive.org/web/20191206191630/https://www.wsj.com/articles/SB894976857609464500 . live .
  10. News: White . Suzanne . March 19, 2002 . Boston Properties signs anchor tenant at 901 New York . . December 6, 2019 . December 6, 2014 . https://web.archive.org/web/20141206184802/http://www.bizjournals.com/washington/stories/2002/03/18/daily9.html . live .
  11. Boston Properties Forms Joint Venture and Completes Acquisition of the General Motors Building . June 10, 2008 . Boston Properties . December 6, 2019 . August 3, 2022 . https://web.archive.org/web/20220803164841/https://investors.bxp.com/news-releases/news-release-details/boston-properties-forms-joint-venture-and-completes-acquisition/ . live .
  12. News: Grillo . Thomas . October 4, 2010 . Boston Properties buys John Hancock Tower for $930M . . December 6, 2019 . December 6, 2019 . https://web.archive.org/web/20191206191636/https://www.bostonherald.com/2010/10/04/boston-properties-buys-john-hancock-tower-for-930m/ . live .
  13. News: Littman . Julie . January 22, 2018 . What It Took To Make Salesforce Tower A Reality . . December 6, 2019 . December 6, 2019 . https://web.archive.org/web/20191206191630/https://www.bisnow.com/san-francisco/news/construction-development/a-look-back-the-building-of-salesforce-tower-83799 . live .
  14. Web site: Boston Properties takes full control of Salesforce Tower as Hines sells out . Peterson . Jon . May 9, 2019 . IPE RA . en . 2024-07-03 . https://web.archive.org/web/20231204195316/https://realassets.ipe.com/news/boston-properties-takes-full-control-of-salesforce-tower-as-hines-sells-out/10031075.article . December 4, 2023 . limited .

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "BXP, Inc.".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.