2024 Total Leasing Exceeds 5.6 Million Square Feet

BOSTON, January 28, 2025--(BUSINESS WIRE)--BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, announced today that it signed approximately 2.3 million square feet of leases in the fourth quarter of 2024 with a weighted-average lease term of 10.3 years, bringing BXP’s total leasing activity for 2024 to approximately 5.6 million square feet. The leasing volume is the strongest quarterly leasing for BXP since the second quarter of 2019 and the amount leased is approximately 130% of BXP’s historical 10-year average for the fourth quarter.

Notable leases executed during the fourth quarter include:

• A 413,000 square foot renewal with global law firm Ropes & Gray at Prudential Tower in Boston, Massachusetts,
• A 246,000 square foot renewal and expansion with KnitWell Group at 7 Times Square in New York City, New York, and
• A combined approximately 560,000 square feet of leases across our California regions of Los Angeles and San Francisco.

"Premier workplaces continue to command an outsize portion of the leasing demand throughout our regions," said Owen Thomas, Chairman and CEO, BXP. "BXP has capitalized on client preferences to locate in accessible, high-quality, and highly amenitized properties to secure significant leasing in the fourth quarter, and throughout 2024."

BXP’s leasing activity through year end 2024 included 291 leases totaling approximately 5.6 million square feet with a weighted-average lease term of 9.8 years. The weighted-average lease term remains higher than long-term averages, indicating clients making long-term investments in high-quality spaces.

About BXP

BXP, Inc. (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 50 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of December 31, 2024, BXP’s portfolio, including properties owned by unconsolidated joint ventures, totaled 53.3 million square feet and 185 properties, including seven properties under construction or redevelopment. For more information, visit www.bxp.com or follow us on LinkedIn or Instagram.

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Contacts

BXP Contacts

Laura Sesody
Senior Vice President, Corporate Marketing & Communications
lsesody@bxp.com

Helen Han
Vice President, Investor Relations
hhan@bxp.com