Item 2. Properties.

At December 31, 2019, we owned or had interests in 196 commercial real estate properties, aggregating approximately 52.0 million net rentable square feet of primarily Class A office properties, including 11 properties under construction/redevelopment totaling approximately 5.5 million net rentable square feet. Our properties consisted of (1) 177 office properties (including nine properties under construction/redevelopment), (2) twelve retail properties, (3) six residential properties (including two properties under construction) and (4) one hotel. The table set forth below shows information relating to the properties we owned, or in which we had an ownership interest, at December 31, 2019, and it includes properties held by both consolidated and unconsolidated joint ventures.

Properties		Location		% Leased as of December 31, 2019 (1)					Number of Buildings			Net Rentable Square Feet
Office
767 Fifth Avenue (The GM Building) (60% ownership)		New York, NY		89.9	%				1			1,968,613
200 Clarendon Street		Boston, MA		96.7	%				1			1,766,534
399 Park Avenue		New York, NY		89.1	%				1			1,575,809
601 Lexington Avenue (55% ownership) (2)		New York, NY		100.0	%				1			1,444,272
Salesforce Tower		San Francisco, CA		99.3	%				1			1,420,682
Times Square Tower (55% ownership)		New York, NY		94.7	%				1			1,248,902
100 Federal Street (55% ownership)		Boston, MA		98.2	%				1			1,238,461
800 Boylston Street - The Prudential Center		Boston, MA		98.2	%				1			1,235,538
Colorado Center (50% ownership) (3)		Santa Monica, CA		100.0	%				6			1,128,600
Santa Monica Business Park (55% ownership) (3)		Santa Monica, CA		93.5	%				14			1,102,191
599 Lexington Avenue		New York, NY		98.2	%				1			1,062,916
Bay Colony Corporate Center		Waltham, MA		85.8	%				4			999,131
250 West 55th Street		New York, NY		98.6	%				1			966,965
Embarcadero Center Four		San Francisco, CA		97.9	%				1			940,890
111 Huntington Avenue - The Prudential Center		Boston, MA		100.0	%				1			860,455
Embarcadero Center One		San Francisco, CA		91.1	%				1			822,122
Atlantic Wharf Office (55% ownership)		Boston, MA		100.0	%				1			793,823
Embarcadero Center Two		San Francisco, CA		94.9	%				1			791,712
Embarcadero Center Three		San Francisco, CA		98.5	%				1			783,120
Metropolitan Square (20% ownership) (3)		Washington, DC		59.0	%				1			641,814
Capital Gallery		Washington, DC		96.5	%				1			631,131
South of Market		Reston, VA		93.1	%				3			623,271
Mountain View Research Park		Mountain View, CA		90.1	%				15			542,289
901 New York Avenue (25% ownership) (3)		Washington, DC		72.6	%				1			539,817
Reservoir Place		Waltham, MA		89.6	%				1			526,985
680 Folsom Street		San Francisco, CA		100.0	%				2			524,793
601 and 651 Gateway (4)		South San Francisco, CA		74.5	%				2			509,899
101 Huntington Avenue - The Prudential Center		Boston, MA		100.0	%				1			506,476
Fountain Square		Reston, VA		76.4	%				2			498,260
145 Broadway		Cambridge, MA		98.4	%				1			483,482
601 Massachusetts Avenue		Washington, DC		98.9	%				1			478,818

Properties		Location		% Leased as of December 31, 2019 (1)					Number of Buildings			Net Rentable Square Feet
2200 Pennsylvania Avenue		Washington, DC		100.0	%				1			458,831
One Freedom Square		Reston, VA		92.7	%				1			432,585
Two Freedom Square		Reston, VA		100.0	%				1			421,757
Market Square North (50% ownership) (3)		Washington, DC		79.5	%				1			417,768
880 & 890 Winter Street		Waltham, MA		84.1	%				2			392,400
The Hub on Causeway - Podium (50% ownership) (3)		Boston, MA		91.3	%				1			382,497
140 Kendrick Street		Needham, MA		100.0	%				3			380,987
One and Two Discovery Square		Reston, VA		97.2	%				2			366,990
888 Boylston Street - The Prudential Center		Boston, MA		100.0	%				1			363,320
Weston Corporate Center		Weston, MA		100.0	%				1			356,995
510 Madison Avenue		New York, NY		96.4	%				1			355,083
One Reston Overlook		Reston, VA		100.0	%				1			319,519
535 Mission Street		San Francisco, CA		100.0	%				1			307,235
Waltham Weston Corporate Center		Waltham, MA		91.6	%				1			301,607
Wisconsin Place Office		Chevy Chase, MD		90.0	%				1			299,186
230 CityPoint		Waltham, MA		89.9	%				1			296,212
Reston Corporate Center		Reston, VA		100.0	%				2			261,046
355 Main Street		Cambridge, MA		96.3	%				1			259,640
Democracy Tower		Reston, VA		100.0	%				1			259,441
611 Gateway (4)		South San Francisco, CA		71.4	%				1			258,031
New Dominion Technology Park - Building Two (5)		Herndon, VA		100.0	%				1			257,400
1330 Connecticut Avenue		Washington, DC		91.7	%				1			254,011
10 CityPoint		Waltham, MA		98.1	%				1			241,199
New Dominion Technology Park - Building One (5)		Herndon, VA		100.0	%				1			235,201
510 Carnegie Center		Princeton, NJ		100.0	%				1			234,160
500 North Capitol Street, N.W. (30% ownership) (3)		Washington, DC		98.5	%				1			230,860
90 Broadway		Cambridge, MA		100.0	%				1			223,771
3625-3635 Peterson Way (6)		Santa Clara, CA		100.0	%				1			218,366
255 Main Street		Cambridge, MA		100.0	%				1			215,394
77 CityPoint		Waltham, MA		91.9	%				1			209,708
Sumner Square		Washington, DC		91.8	%				1			208,892
University Place		Cambridge, MA		100.0	%				1			195,282
300 Binney Street		Cambridge, MA		100.0	%				1			195,191
North First Business Park (6)		San Jose, CA		81.1	%				5			190,636
150 Broadway		Cambridge, MA		100.0	%				1			177,226
191 Spring Street		Lexington, MA		100.0	%				1			170,997
Lexington Office Park		Lexington, MA		72.7	%				2			166,775
206 Carnegie Center		Princeton, NJ		100.0	%				1			161,763
210 Carnegie Center		Princeton, NJ		100.0	%				1			159,468
Kingstowne Two		Alexandria, VA		63.3	%				1			156,089
105 Broadway		Cambridge, MA		100.0	%				1			152,664
212 Carnegie Center		Princeton, NJ		67.5	%				1			151,547
Kingstowne One		Alexandria, VA		89.6	%				1			151,483

Properties		Location		% Leased as of December 31, 2019 (1)					Number of Buildings			Net Rentable Square Feet
214 Carnegie Center		Princeton, NJ		52.2	%				1			146,979
2440 West El Camino Real		Mountain View, CA		87.2	%				1			141,392
506 Carnegie Center		Princeton, NJ		66.0	%				1			140,312
200 West Street (7)		Waltham, MA		100.0	%				1			134,917
Two Reston Overlook		Reston, VA		75.3	%				1			134,615
508 Carnegie Center		Princeton, NJ		100.0	%				1			134,433
202 Carnegie Center		Princeton, NJ		93.5	%				1			134,381
804 Carnegie Center		Princeton, NJ		100.0	%				1			130,000
Annapolis Junction Building Seven (50% ownership) (3)		Annapolis, MD		100.0	%				1			127,229
Annapolis Junction Building Eight (50% ownership) (3)		Annapolis, MD		—%					1			125,685
504 Carnegie Center		Princeton, NJ		100.0	%				1			121,990
101 Carnegie Center		Princeton, NJ		100.0	%				1			121,620
502 Carnegie Center		Princeton, NJ		94.8	%				1			121,460
701 Carnegie Center		Princeton, NJ		100.0	%				1			120,000
Annapolis Junction Building Six (50% ownership) (3)		Annapolis, MD		75.2	%				1			119,339
1265 Main Street (50% ownership) (3)		Waltham, MA		100.0	%				1			114,969
7601 Boston Boulevard		Springfield, VA		100.0	%				1			114,028
201 Spring Street		Lexington, MA		100.0	%				1			106,300
7435 Boston Boulevard		Springfield, VA		83.4	%				1			103,557
104 Carnegie Center		Princeton, NJ		55.1	%				1			102,830
103 Carnegie Center		Princeton, NJ		69.8	%				1			96,332
8000 Grainger Court		Springfield, VA		—%					1			88,775
33 Hayden Avenue		Lexington, MA		100.0	%				1			80,872
7500 Boston Boulevard		Springfield, VA		100.0	%				1			79,971
7501 Boston Boulevard		Springfield VA		100.0	%				1			75,756
Reservoir Place North		Waltham, MA		100.0	%				1			73,258
105 Carnegie Center		Princeton, NJ		56.3	%				1			69,955
32 Hartwell Avenue		Lexington, MA		100.0	%				1			69,154
250 Binney Street		Cambridge, MA		100.0	%				1			67,362
302 Carnegie Center		Princeton, NJ		89.3	%				1			64,926
195 West Street		Waltham, MA		—%					1			63,500
7450 Boston Boulevard		Springfield, VA		100.0	%				1			62,402
7374 Boston Boulevard		Springfield, VA		100.0	%				1			57,321
100 Hayden Avenue		Lexington, MA		100.0	%				1			55,924
181 Spring Street		Lexington, MA		100.0	%				1			55,793
8000 Corporate Court		Springfield, VA		100.0	%				1			52,539
211 Carnegie Center		Princeton, NJ		100.0	%				1			47,025
7451 Boston Boulevard		Springfield, VA		67.4	%				1			45,615
7300 Boston Boulevard		Springfield, VA		100.0	%				1			32,000
92 Hayden Avenue		Lexington, MA		100.0	%				1			31,100
17 Hartwell Avenue		Lexington, MA		100.0	%				1			30,000
453 Ravendale Drive		Mountain View, CA		85.8	%				1			29,620
7375 Boston Boulevard		Springfield, VA		100.0	%				1			26,865
690 Folsom Street		San Francisco, CA		100.0	%				1			26,080
201 Carnegie Center		Princeton, NJ		100.0	%				—			6,500

Properties		Location		% Leased as of December 31, 2019 (1)					Number of Buildings			Net Rentable Square Feet
Subtotal for Office Properties				93.0	%				168			43,991,665
Retail
Prudential Center (retail shops)		Boston, MA		99.0	%				1			595,212
Fountain Square Retail		Reston, VA		90.1	%				1			220,503
Kingstowne Retail		Alexandria, VA		100.0	%				1			88,288
Santa Monica Business Park Retail (55% ownership) (3)		Santa Monica, CA		92.3	%				7			74,242
Star Market at the Prudential Center		Boston, MA		100.0	%				1			57,235
The Point		Waltham, MA		84.7	%				1			16,300
Subtotal for Retail Properties				96.6	%				12			1,051,780
Residential Properties
Signature at Reston (508 units)		Reston, VA		78.0	%		(8)		1			517,783
The Avant at Reston Town Center (359 units)		Reston, VA		90.0	%		(9)		1			355,374
Proto Kendall Square (280 units)		Cambridge, MA		97.1	%		(9)		1			166,717
The Lofts at Atlantic Wharf (86 units)		Boston, MA		96.5	%		(9)		1			87,097
Subtotal for Residential Properties				87.1	%				4			1,126,971			(10)
Hotel Property
Boston Marriott Cambridge (437 rooms)		Cambridge, MA		83.8	%		(11)		1			334,260			(12)
Subtotal for Hotel Property				83.8	%				1			334,260
Subtotal for In-Service Properties				93.0	%				185			46,504,676
Properties Under Construction/Redevelopment (13)
Office
17Fifty Presidents Street		Reston, VA		100.0	%				1			276,000
20 CityPoint		Waltham, MA		63.0	%				1			211,000
Dock 72 (50% ownership) (3)		Brooklyn, NY		33.0	%				1			670,000
325 Main Street		Cambridge, MA		90.0	%				1			420,000
100 Causeway Street (50% ownership) (3)		Boston, MA		94.0	%				1			632,000
7750 Wisconsin Avenue (Marriott International Headquarters) (50% ownership) (3)		Bethesda, MD		100.0	%				1			734,000
Reston Gateway		Reston, VA		80.0	%				2			1,062,000
2100 Pennsylvania Avenue		Washington, DC		61.0	%				1			469,000
Redevelopment
One Five Nine East 53rd Street (55% ownership) (14)		New York, NY		96.0	%				—			220,000
200 West Street (15)		Waltham, MA		—	%				—			126,000
Residential
Hub50House (The Hub on Causeway - Residential) (440 units) (50% ownership) (3)		Boston, MA		37.0	%				1			320,000
The Skylyne (MacArthur Station Residences) (402 units) (16)		Oakland, CA		—	%				1			324,000

Properties		Location		% Leased as of December 31, 2019 (1)					Number of Buildings			Net Rentable Square Feet
Subtotal for Properties Under Construction/Redevelopment				76.0	%		(17)		11			5,464,000
Total Portfolio									196			51,968,676

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(1)	Represents signed leases for in-service properties which revenue recognition has commenced in accordance with accounting principles generally accepted in the United States (“GAAP”).

(2)	Excludes the portion that was removed from the in-service portfolio during the third quarter of 2016 as part of a planned redevelopment.

(3)	Property is an unconsolidated joint venture.

(4)	On January 28, 2020, we entered into a joint venture with a third party and contributed these properties (See Note 19 to the Consolidated Financial Statements).

(5)	On February 20, 2020, we completed the sale of this property (See Note 19 to the Consolidated Financial Statements).

(6)	Property is held for redevelopment.

(7)	Excludes the portion that was removed from the in-service portfolio during the third quarter of 2019 as part of a planned redevelopment.

(8)	This project was completed and fully placed in-service on June 7, 2018 and is still in its initial lease-up period. Percentage leased is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2019.

(9)	Percentage leased is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2019.

(10)	Includes 74,865 square feet of retail space which is approximately 97.0% leased as of December 31, 2019. Note that this amount is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2019.

(11)	Represents the weighted-average room occupancy for the year ended December 31, 2019. Note that this amount is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2019.

(12)	Includes 4,260 square feet of retail space which is 100% leased as of December 31, 2019. Note that this amount is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2019.

(13)	Represents percentage leased as of February 21, 2020, including leases with future commencement dates.

(14)	The low-rise portion of 601 Lexington Avenue.

(15)	Represents a portion of the property under redevelopment for conversion to laboratory space.

(16)	This project is subject to a 99-year ground lease (including extension options) with an option to purchase in the future.

(17)	Excludes residential units.

Percentage Leased and Average Annualized Revenue per Square Foot for In-Service Properties

The following table sets forth our percentage leased and average annualized revenue per square foot on a historical basis for our In-Service Properties.

		December 31,
		2019				2018				2017				2016				2015
Percentage leased (1)		93.0		%		91.4		%		90.7		%		90.2		%		91.4		%
Average annualized revenue per square foot (2)			$69.72				$66.63				$63.66				$62.54				$60.89

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(1)	Represents signed leases, excluding hotel and residential properties, for which revenue recognition has commenced in accordance with GAAP.

(2)

Represents the monthly contractual base rents and recoveries from tenants under existing leases as of December 31, 2019, 2018, 2017, 2016 and 2015 multiplied by twelve. These annualized amounts are before rent abatements and include expense reimbursements, which may be estimates as of such date. The aggregate amounts of rent abatements per square foot under existing leases as of December 31, 2019, 2018, 2017, 2016 and 2015 for the succeeding twelve-month period were $1.70, $0.97, $1.67, $1.18 and $0.60, respectively.

Top 20 Tenants by Square Feet

Our 20 largest tenants by square feet as of December 31, 2019 were as follows:

		Tenant		Square Feet					% of In-Service Portfolio
1.		U.S. Government		1,387,368			(1)		3.07	%
2.		salesforce.com		885,738					1.96	%
3.		Arnold & Porter Kaye Scholer		804,200					1.78	%
4.		Biogen		772,212					1.71	%
5.		WeWork		734,515			(2)		1.63	%
6.		Akamai Technologies		671,210					1.49	%
7.		Kirkland & Ellis		645,130			(3)		1.43	%
8.		Wellington Management		628,336			(4)		1.39	%
9.		Bank of America		618,908			(5)		1.37	%
10.		Ropes & Gray		539,467					1.20	%
11.		Shearman & Sterling		506,237			(6)		1.12	%
12.		Google		476,285					1.06	%
13.		Weil Gotshal & Manges		469,763			(7)		1.04	%
14.		O’Melveny & Myers		458,399			(8)		1.02	%
15.		Snap		386,302			(9)		0.86	%
16.		Ann Inc. (fka Ann Taylor Corp.)		368,463			(10)		0.82	%
17.		Bechtel Corporation		365,606					0.81	%
18.		Blue Cross Blue Shield		347,618					0.77	%
19.		Mass Financial Services		336,981					0.75	%
20.		Finnegan Henderson Farabow		321,798			(11)		0.71	%

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(1)	Includes 157,029 square feet of space in properties in which we have a 50% interest.

(2)	Includes 221,607 and 226,493 square feet of space in properties in which we have a 50% and 20% interest, respectively.

(3)	Includes 584,138 square feet of space in a property in which we have a 55% interest.

(4)	Includes 618,297 square feet of space in properties in which we have a 55% interest.

(5)	Includes 50,887 and 540,555 square feet of space n properties in which we have a 60% and 55% interest, respectively

(6)	Includes 43,661 square feet of space in a property in which we have a 50% interest.

(7)	Includes 441,616 and 28,147 square feet of space in properties in which we have a 60% and 55% interest, respectively.

(8)	Includes 304,619 square feet of space in a property in which we have a 55% interest.

(9)	Includes 386,302 square feet of space in properties in which we have a 55% interest.

(10)	Includes 351,865 square feet of space in a property in which we have a 55% interest.

(11)	Includes 251,941 square feet of space in a property in which we have a 25% interest.

Tenant Diversification

Our tenant diversification by square feet as of December 31, 2019 was as follows:

Sector	% of In-Service Portfolio
Media & Technology	29%
Legal Services	18%
Financial Services - all other	13%
Other Professional Services	9%
Financial Services - commercial and investment banking	7%
Real Estate & Insurance	6%
Retail	6%
Government / Public Administration	4%
Manufacturing	4%
Other	4%

Lease Expirations (1)(2)

Year of Lease Expiration		Rentable Square Feet Subject to Expiring Leases			Current Annualized Contractual Rent Under Expiring Leases Without Future Step-Ups (3)				Current Annualized Contractual Rent Under Expiring Leases Without Future Step-Ups p.s.f. (3)				Current Annualized Contractual Rent Under Expiring Leases With Future Step-Ups (4)				Current Annualized Contractual Rent Under Expiring Leases With Future Step-Ups p.s.f. (4)				Percentage of Total Square Feet
2019 (5)		68,540				$3,453,938				$50.39				$3,453,938				$50.39			0.15	%
2020		2,995,401			166,021,728				55.43				168,815,044				56.36				6.64	%
2021		3,250,457			184,136,598				56.65				188,866,373				58.10				7.20	%
2022		3,000,032			198,857,226				66.29				201,635,554				67.21				6.65	%
2023		2,185,651			150,167,410				68.71				161,262,374				73.78				4.84	%
2024		3,638,013			229,171,879				62.99				240,776,440				66.18				8.06	%
2025		2,611,465			168,851,778				64.66				186,914,235				71.57				5.79	%
2026		3,296,431			266,086,676				80.72				289,154,142				87.72				7.31	%
2027		2,118,228			146,581,523				69.20				166,426,392				78.57				4.69	%
2028		2,679,079			183,296,314				68.42				210,390,846				78.53				5.94	%
Thereafter		16,124,682			1,216,366,302				75.44				1,517,817,212				94.13				35.74	%

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(1)	Includes 100% of unconsolidated joint venture properties. Does not include residential units or the hotel.

(2)	Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease with the replacement tenant expires.

(3)	Represents the monthly contractual base rent and recoveries from tenants under existing leases as of December 31, 2019 multiplied by twelve. This amount reflects total rent before any rent abatements and includes expense reimbursements, which may be estimates as of such date.

(4)	Represents the monthly contractual base rent under expiring leases with future contractual increases upon expiration and recoveries from tenants under existing leases as of December 31, 2019 multiplied by twelve. This amount reflects total rent before any rent abatements and includes expense reimbursements, which may be estimates as of such date.

(5)	Represents leases that expired on December 31, 2019.