filings.toolsItem 2. Properties.
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Item 2. Properties.
At December 31, 2020, we owned or had joint venture interests in 196 commercial real estate properties, aggregating approximately 51.2 million net rentable square feet of primarily Class A office properties, including six properties under construction/redevelopment totaling approximately 3.7 million net rentable square feet. Our properties consisted of (1) 177 office properties (including six properties under construction/redevelopment), (2) 12 retail properties, (3) six residential properties 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, 2020, and it includes properties held by both consolidated and unconsolidated joint ventures.
| Properties | Location | % Leased as of December 31, 2020 (1) | Number of Buildings | Net Rentable Square Feet | ||||||||||||||||||||||||||||||||||
| Office | ||||||||||||||||||||||||||||||||||||||
| 767 Fifth Avenue (The GM Building) (60% ownership) | New York, NY | 89.3 | % | 1 | 1,957,768 | |||||||||||||||||||||||||||||||||
| 200 Clarendon Street | Boston, MA | 98.0 | % | 1 | 1,768,163 | |||||||||||||||||||||||||||||||||
| 399 Park Avenue | New York, NY | 90.4 | % | 1 | 1,576,437 | |||||||||||||||||||||||||||||||||
| 601 Lexington Avenue (55% ownership) (2) | New York, NY | 97.6 | % | 1 | 1,445,155 | |||||||||||||||||||||||||||||||||
| Salesforce Tower | San Francisco, CA | 100.0 | % | 1 | 1,420,682 | |||||||||||||||||||||||||||||||||
| Times Square Tower (55% ownership) | New York, NY | 94.7 | % | 1 | 1,241,443 | |||||||||||||||||||||||||||||||||
| 100 Federal Street (55% ownership) | Boston, MA | 98.2 | % | 1 | 1,238,461 | |||||||||||||||||||||||||||||||||
| 800 Boylston Street - The Prudential Center | Boston, MA | 93.0 | % | 1 | 1,235,538 | |||||||||||||||||||||||||||||||||
| Colorado Center (50% ownership) (3) | Santa Monica, CA | 93.6 | % | 6 | 1,128,600 | |||||||||||||||||||||||||||||||||
| Santa Monica Business Park (55% ownership) (3) | Santa Monica, CA | 93.7 | % | 14 | 1,102,722 | |||||||||||||||||||||||||||||||||
| Gateway Commons (50% Ownership) (3) (4) | South San Francisco, CA | 82.0 | % | 6 | 1,070,388 | |||||||||||||||||||||||||||||||||
| 599 Lexington Avenue | New York, NY | 99.3 | % | 1 | 1,062,708 | |||||||||||||||||||||||||||||||||
| Bay Colony Corporate Center | Waltham, MA | 81.0 | % | 4 | 1,001,136 | |||||||||||||||||||||||||||||||||
| 250 West 55th Street | New York, NY | 99.4 | % | 1 | 966,979 | |||||||||||||||||||||||||||||||||
| Embarcadero Center Four | San Francisco, CA | 96.2 | % | 1 | 941,138 | |||||||||||||||||||||||||||||||||
| 111 Huntington Avenue - The Prudential Center | Boston, MA | 100.0 | % | 1 | 860,455 | |||||||||||||||||||||||||||||||||
| Embarcadero Center One | San Francisco, CA | 89.4 | % | 1 | 822,264 | |||||||||||||||||||||||||||||||||
| Embarcadero Center Two | San Francisco, CA | 90.7 | % | 1 | 799,366 | |||||||||||||||||||||||||||||||||
| Atlantic Wharf Office (55% ownership) | Boston, MA | 99.8 | % | 1 | 793,823 | |||||||||||||||||||||||||||||||||
| Embarcadero Center Three | San Francisco, CA | 91.5 | % | 1 | 786,078 | |||||||||||||||||||||||||||||||||
| Dock 72 (50% ownership) (3) | Brooklyn, NY | 33.1 | % | 1 | 668,625 | |||||||||||||||||||||||||||||||||
| Metropolitan Square (20% ownership) (3) | Washington, DC | 62.2 | % | 1 | 654,145 | |||||||||||||||||||||||||||||||||
| South of Market | Reston, VA | 76.5 | % | 3 | 623,250 | |||||||||||||||||||||||||||||||||
| Mountain View Research Park | Mountain View, CA | 76.3 | % | 15 | 542,264 | |||||||||||||||||||||||||||||||||
| 901 New York Avenue (25% ownership) (3) | Washington, DC | 74.6 | % | 1 | 541,990 | |||||||||||||||||||||||||||||||||
| Reservoir Place | Waltham, MA | 90.1 | % | 1 | 526,985 | |||||||||||||||||||||||||||||||||
| 680 Folsom Street | San Francisco, CA | 99.1 | % | 2 | 524,793 | |||||||||||||||||||||||||||||||||
| 101 Huntington Avenue - The Prudential Center | Boston, MA | 100.0 | % | 1 | 506,476 | |||||||||||||||||||||||||||||||||
| Fountain Square | Reston, VA | 80.7 | % | 2 | 505,458 | |||||||||||||||||||||||||||||||||
| 145 Broadway | Cambridge, MA | 98.5 | % | 1 | 488,862 |
| Properties | Location | % Leased as of December 31, 2020 (1) | Number of Buildings | Net Rentable Square Feet | ||||||||||||||||||||||||||||||||||
| 601 Massachusetts Avenue | Washington, DC | 97.3 | % | 1 | 478,818 | |||||||||||||||||||||||||||||||||
| 2200 Pennsylvania Avenue | Washington, DC | 97.8 | % | 1 | 458,831 | |||||||||||||||||||||||||||||||||
| One Freedom Square | Reston, VA | 64.1 | % | 1 | 430,640 | |||||||||||||||||||||||||||||||||
| Two Freedom Square | Reston, VA | 100.0 | % | 1 | 421,865 | |||||||||||||||||||||||||||||||||
| Market Square North (50% ownership) (3) | Washington, DC | 78.8 | % | 1 | 417,979 | |||||||||||||||||||||||||||||||||
| 880 & 890 Winter Street | Waltham, MA | 78.5 | % | 2 | 392,576 | |||||||||||||||||||||||||||||||||
| The Hub on Causeway - Podium (50% ownership) (3) | Boston, MA | 98.3 | % | 1 | 382,497 | |||||||||||||||||||||||||||||||||
| 140 Kendrick Street | Needham, MA | 99.4 | % | 3 | 380,991 | |||||||||||||||||||||||||||||||||
| One and Two Discovery Square | Reston, VA | 100.0 | % | 2 | 366,989 | |||||||||||||||||||||||||||||||||
| 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 | 98.4 | % | 1 | 355,083 | |||||||||||||||||||||||||||||||||
| One Reston Overlook | Reston, VA | 100.0 | % | 1 | 319,519 | |||||||||||||||||||||||||||||||||
| 535 Mission Street | San Francisco, CA | 95.7 | % | 1 | 307,235 | |||||||||||||||||||||||||||||||||
| Waltham Weston Corporate Center | Waltham, MA | 92.7 | % | 1 | 301,611 | |||||||||||||||||||||||||||||||||
| Wisconsin Place Office | Chevy Chase, MD | 82.3 | % | 1 | 299,217 | |||||||||||||||||||||||||||||||||
| 230 CityPoint | Waltham, MA | 93.9 | % | 1 | 296,212 | |||||||||||||||||||||||||||||||||
| 17Fifty Presidents Street | Reston, VA | 100.0 | % | 1 | 275,809 | |||||||||||||||||||||||||||||||||
| Reston Corporate Center | Reston, VA | 100.0 | % | 2 | 261,046 | |||||||||||||||||||||||||||||||||
| 355 Main Street | Cambridge, MA | 99.0 | % | 1 | 259,640 | |||||||||||||||||||||||||||||||||
| Democracy Tower | Reston, VA | 98.4 | % | 1 | 259,441 | |||||||||||||||||||||||||||||||||
| 1330 Connecticut Avenue | Washington, DC | 89.4 | % | 1 | 253,941 | |||||||||||||||||||||||||||||||||
| 10 CityPoint | Waltham, MA | 98.1 | % | 1 | 241,203 | |||||||||||||||||||||||||||||||||
| 510 Carnegie Center | Princeton, NJ | — | % | 1 | 234,160 | |||||||||||||||||||||||||||||||||
| 500 North Capitol Street, N.W. (30% ownership) (3) | Washington, DC | 98.5 | % | 1 | 230,900 | |||||||||||||||||||||||||||||||||
| 90 Broadway | Cambridge, MA | 100.0 | % | 1 | 223,771 | |||||||||||||||||||||||||||||||||
| 3625-3635 Peterson Way (5) | Santa Clara, CA | 100.0 | % | 1 | 218,366 | |||||||||||||||||||||||||||||||||
| 255 Main Street | Cambridge, MA | 92.9 | % | 1 | 215,394 | |||||||||||||||||||||||||||||||||
| 20 CityPoint | Waltham, MA | 62.4 | % | 1 | 211,476 | |||||||||||||||||||||||||||||||||
| 77 CityPoint | Waltham, MA | 95.4 | % | 1 | 209,712 | |||||||||||||||||||||||||||||||||
| Sumner Square | Washington, DC | 97.0 | % | 1 | 209,556 | |||||||||||||||||||||||||||||||||
| University Place | Cambridge, MA | 100.0 | % | 1 | 195,282 | |||||||||||||||||||||||||||||||||
| 300 Binney Street | Cambridge, MA | 100.0 | % | 1 | 195,191 | |||||||||||||||||||||||||||||||||
| North First Business Park (5) | San Jose, CA | 61.9 | % | 5 | 190,636 | |||||||||||||||||||||||||||||||||
| 150 Broadway | Cambridge, MA | 100.0 | % | 1 | 177,226 | |||||||||||||||||||||||||||||||||
| Capital Gallery | Washington, DC | 86.7 | % | 1 | 176,078 | |||||||||||||||||||||||||||||||||
| 191 Spring Street | Lexington, MA | 100.0 | % | 1 | 170,997 | |||||||||||||||||||||||||||||||||
| Lexington Office Park | Lexington, MA | 67.4 | % | 2 | 166,779 | |||||||||||||||||||||||||||||||||
| 206 Carnegie Center | Princeton, NJ | 100.0 | % | 1 | 161,763 | |||||||||||||||||||||||||||||||||
| 210 Carnegie Center | Princeton, NJ | 79.2 | % | 1 | 159,468 | |||||||||||||||||||||||||||||||||
| Kingstowne Two | Alexandria, VA | 70.2 | % | 1 | 155,995 | |||||||||||||||||||||||||||||||||
| 105 Broadway | Cambridge, MA | 100.0 | % | 1 | 152,664 | |||||||||||||||||||||||||||||||||
| 212 Carnegie Center | Princeton, NJ | 76.6 | % | 1 | 151,355 |
| Properties | Location | % Leased as of December 31, 2020 (1) | Number of Buildings | Net Rentable Square Feet | ||||||||||||||||||||||||||||||||||
| Kingstowne One | Alexandria, VA | 93.0 | % | 1 | 150,957 | |||||||||||||||||||||||||||||||||
| 214 Carnegie Center | Princeton, NJ | 43.2 | % | 1 | 146,979 | |||||||||||||||||||||||||||||||||
| 2440 West El Camino Real | Mountain View, CA | 87.2 | % | 1 | 141,392 | |||||||||||||||||||||||||||||||||
| 506 Carnegie Center | Princeton, NJ | 80.5 | % | 1 | 138,616 | |||||||||||||||||||||||||||||||||
| 200 West Street (6) | Waltham, MA | 100.0 | % | 1 | 134,921 | |||||||||||||||||||||||||||||||||
| Two Reston Overlook | Reston, VA | — | % | 1 | 134,615 | |||||||||||||||||||||||||||||||||
| 508 Carnegie Center | Princeton, NJ | 100.0 | % | 1 | 134,433 | |||||||||||||||||||||||||||||||||
| 202 Carnegie Center | Princeton, NJ | 91.2 | % | 1 | 134,068 | |||||||||||||||||||||||||||||||||
| 804 Carnegie Center | Princeton, NJ | 100.0 | % | 1 | 130,000 | |||||||||||||||||||||||||||||||||
| Annapolis Junction Building Seven (50% ownership) (3) | Annapolis, MD | 100.0 | % | 1 | 127,229 | |||||||||||||||||||||||||||||||||
| 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 | 100.0 | % | 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 | 108,286 | |||||||||||||||||||||||||||||||||
| 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 | 63.6 | % | 1 | 102,930 | |||||||||||||||||||||||||||||||||
| 103 Carnegie Center | Princeton, NJ | 68.5 | % | 1 | 96,332 | |||||||||||||||||||||||||||||||||
| 8000 Grainger Court | Springfield, VA | — | % | 1 | 88,775 | |||||||||||||||||||||||||||||||||
| 33 Hayden Avenue | Lexington, MA | 100.0 | % | 1 | 80,876 | |||||||||||||||||||||||||||||||||
| 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 | 60.8 | % | 1 | 29,620 | |||||||||||||||||||||||||||||||||
| 7375 Boston Boulevard | Springfield, VA | 100.0 | % | 1 | 26,865 | |||||||||||||||||||||||||||||||||
| 690 Folsom Street | San Francisco, CA | 100.0 | % | 1 | 26,080 |
| Properties | Location | % Leased as of December 31, 2020 (1) | Number of Buildings | Net Rentable Square Feet | ||||||||||||||||||||||||||||||||||
| 201 Carnegie Center | Princeton, NJ | 100.0 | % | — | 6,500 | |||||||||||||||||||||||||||||||||
| Subtotal for Office Properties | 90.0 | % | 171 | 44,392,689 | ||||||||||||||||||||||||||||||||||
| Retail | ||||||||||||||||||||||||||||||||||||||
| Prudential Center (retail shops) | Boston, MA | 97.3 | % | 1 | 594,771 | |||||||||||||||||||||||||||||||||
| Fountain Square Retail | Reston, VA | 86.0 | % | 1 | 216,591 | |||||||||||||||||||||||||||||||||
| Kingstowne Retail | Alexandria, VA | 94.3 | % | 1 | 88,288 | |||||||||||||||||||||||||||||||||
| Santa Monica Business Park Retail (55% ownership) (3) | Santa Monica, CA | 90.1 | % | 7 | 74,404 | |||||||||||||||||||||||||||||||||
| Star Market at the Prudential Center | Boston, MA | 100.0 | % | 1 | 57,236 | |||||||||||||||||||||||||||||||||
| The Point | Waltham, MA | 84.7 | % | 1 | 16,300 | |||||||||||||||||||||||||||||||||
| Subtotal for Retail Properties | 94.2 | % | 12 | 1,047,590 | ||||||||||||||||||||||||||||||||||
| Residential | ||||||||||||||||||||||||||||||||||||||
| Signature at Reston (508 units) | Reston, VA | 78.7 | % | (7) | 1 | 517,783 | ||||||||||||||||||||||||||||||||
| The Avant at Reston Town Center (359 units) | Reston, VA | 90.0 | % | (7) | 1 | 355,374 | ||||||||||||||||||||||||||||||||
| The Skylyne (402 units) (8) | Oakland, CA | 8.0 | % | (9) | 1 | 330,996 | ||||||||||||||||||||||||||||||||
| Hub50House (440 units) (50% ownership) (3) | Boston, MA | 51.4 | % | (10) | 1 | 320,444 | ||||||||||||||||||||||||||||||||
| Proto Kendall Square (280 units) | Cambridge, MA | 90.4 | % | (7) | 1 | 166,717 | ||||||||||||||||||||||||||||||||
| The Lofts at Atlantic Wharf (86 units) | Boston, MA | 88.4 | % | (7) | 1 | 87,097 | ||||||||||||||||||||||||||||||||
| Subtotal for Residential Properties | 63.1 | % | 6 | 1,778,411 | (11) | |||||||||||||||||||||||||||||||||
| Hotel | ||||||||||||||||||||||||||||||||||||||
| Boston Marriott Cambridge (437 rooms) | Cambridge, MA | 16.4 | % | (12) | 1 | 334,260 | (13) | |||||||||||||||||||||||||||||||
| Subtotal for Hotel Property | 16.4 | % | 1 | 334,260 | ||||||||||||||||||||||||||||||||||
| Subtotal for In-Service Properties | 90.1 | % | 190 | 47,552,950 | ||||||||||||||||||||||||||||||||||
| Properties Under Construction/Redevelopment (14) | ||||||||||||||||||||||||||||||||||||||
| Office | ||||||||||||||||||||||||||||||||||||||
| 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 Next (formerly Reston Gateway) | Reston, VA | 85.0 | % | 2 | 1,062,000 | |||||||||||||||||||||||||||||||||
| 2100 Pennsylvania Avenue | Washington, DC | 56.0 | % | 1 | 480,000 | |||||||||||||||||||||||||||||||||
| Redevelopment | ||||||||||||||||||||||||||||||||||||||
| One Five Nine East 53rd Street (55% ownership) (15) | New York, NY | 96.0 | % | — | 220,000 | |||||||||||||||||||||||||||||||||
| 200 West Street (16) | Waltham, MA | 100.0 | % | — | 138,000 | |||||||||||||||||||||||||||||||||
| Subtotal for Properties Under Construction/Redevelopment | 87.0 | % | 6 | 3,686,000 | ||||||||||||||||||||||||||||||||||
| Total Portfolio | 196 | 51,238,950 |
(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)As a result of the partner’s deferred contribution, we own an approximately 55% interest in the joint venture at December 31, 2020. Future development projects will be owned 49% by us and 51% by our partner.
(5)Property is held for redevelopment.
(6)Excludes the portion that was removed from the in-service portfolio during the third quarter of 2019 as part of a planned redevelopment.
(7)Percentage leased is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2020.
(8)This property is subject to a 99-year ground lease (including extension options) with an option to purchase in the future.
(9)This property was completed and fully placed in-service on August 15, 2020 and is 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, 2020.
(10)This property was completed and fully placed in-service on July 24, 2020 and is 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, 2020.
(11)Includes 87,690 square feet of retail space which is approximately 57.4% leased as of December 31, 2020. Note that this amount is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2020.
(12)Represents the weighted-average room occupancy for the year ended December 31, 2020. Note that this amount is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2020. As a result of COVID-19, the Boston Marriott Cambridge was closed in March 2020 and did not re-open until October 2, 2020 with limited occupancy.
(13)Includes 4,260 square feet of retail space which is 100% leased as of December 31, 2020. Note that this amount is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2020.
(14)Represents percentage leased as of February 22, 2021, including leases with future commencement dates.
(15)The low-rise portion of 601 Lexington Avenue.
(16)Represents a portion of the property under redevelopment for conversion to life sciences space.
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, | ||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||
| Percentage leased (1) | 90.1 | % | 93.0 | % | 91.4 | % | 90.7 | % | 90.2 | % | ||||||||||||||||||||||
| Average annualized revenue per square foot (2) | $72.67 | $69.72 | $66.63 | $63.66 | $62.54 |
(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, 2020, 2019, 2018, 2017 and 2016 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, 2020, 2019, 2018, 2017 and 2016 for the succeeding twelve-month period were $1.73, $1.70, $0.97, $1.67 and $1.18, respectively.
Top 20 Tenants by Square Feet
Our 20 largest tenants by square feet as of December 31, 2020 were as follows:
| Tenant | Square Feet (1) | % of In-Service Portfolio (1) | ||||||||||||||||||
| 1. | salesforce.com | 905,742 | 2.30 | % | ||||||||||||||||
| 2. | Arnold & Porter Kaye Scholer | 813,679 | 2.07 | % | ||||||||||||||||
| 3. | U.S. Government | 810,511 | 2.06 | % | ||||||||||||||||
| 4. | Biogen | 772,212 | 1.96 | % | ||||||||||||||||
| 5. | Akamai Technologies | 658,578 | 1.67 | % | ||||||||||||||||
| 6. | Ropes & Gray | 539,467 | 1.37 | % | ||||||||||||||||
| 7. | Microsoft | 520,814 | 1.32 | % | ||||||||||||||||
| 8. | 501,336 | 1.27 | % | |||||||||||||||||
| 9. | Shearman & Sterling | 500,109 | 1.27 | % | ||||||||||||||||
| 10. | WeWork | 442,517 | 1.12 | % | ||||||||||||||||
| 11. | Kirkland & Ellis | 399,538 | 1.01 | % | ||||||||||||||||
| 12. | Wellington Management | 350,102 | 0.89 | % | ||||||||||||||||
| 13. | Blue Cross Blue Shield | 347,618 | 0.88 | % | ||||||||||||||||
| 14. | Bank of America | 333,885 | 0.85 | % | ||||||||||||||||
| 15. | Mass Financial Services | 313,584 | 0.80 | % | ||||||||||||||||
| 16. | Leidos | 304,979 | 0.77 | % | ||||||||||||||||
| 17. | Weil Gotshal & Manges | 272,593 | 0.69 | % | ||||||||||||||||
| 18. | Bain Capital | 268,913 | 0.68 | % | ||||||||||||||||
| 19. | Bechtel Corporation | 268,828 | 0.68 | % | ||||||||||||||||
| 20. | SAIC | 260,780 | 0.66 | % |
__________________
(1)Amounts are calculated based on our consolidated portfolio square feet, plus our share of the square feet from the unconsolidated joint ventures properties (calculated based on our ownership percentage), minus our partners’ share of square feet from our consolidated joint venture properties (calculated based upon the partners’ percentage ownership interests).
Tenant Diversification
Our tenant diversification by square feet as of December 31, 2020 was as follows:
| Sector | % of In-Service Portfolio | ||||
| Technology, Media and Life Sciences | 30% | ||||
| Legal Services | 19% | ||||
| Financial Services - all other | 13% | ||||
| Other Professional Services | 9% | ||||
| Financial Services - commercial and investment banking | 7% | ||||
| Real Estate & Insurance | 7% | ||||
| Retail | 6% | ||||
| Manufacturing | 4% | ||||
| Government / Public Administration | 3% | ||||
| Other | 2% |
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 | ||||||||||||||||||||||||||||||||
| 2020 (5) | 467,288 | $26,645,483 | $57.02 | $26,645,483 | $57.02 | 1.03 | % | |||||||||||||||||||||||||||||||
| 2021 | 3,231,092 | 181,992,737 | 56.33 | 183,314,717 | 56.73 | 7.10 | % | |||||||||||||||||||||||||||||||
| 2022 | 2,810,834 | 180,036,563 | 64.05 | 177,956,865 | 63.31 | 6.17 | % | |||||||||||||||||||||||||||||||
| 2023 | 2,295,877 | 161,451,754 | 70.32 | 173,362,217 | 75.51 | 5.04 | % | |||||||||||||||||||||||||||||||
| 2024 | 3,769,171 | 248,606,447 | 65.96 | 259,372,010 | 68.81 | 8.28 | % | |||||||||||||||||||||||||||||||
| 2025 | 2,860,586 | 184,320,258 | 64.43 | 196,043,305 | 68.53 | 6.28 | % | |||||||||||||||||||||||||||||||
| 2026 | 3,676,130 | 297,198,209 | 80.85 | 324,783,712 | 88.35 | 8.07 | % | |||||||||||||||||||||||||||||||
| 2027 | 2,220,883 | 157,823,302 | 71.06 | 174,295,528 | 78.48 | 4.88 | % | |||||||||||||||||||||||||||||||
| 2028 | 2,460,447 | 176,441,733 | 71.71 | 201,169,416 | 81.76 | 5.40 | % | |||||||||||||||||||||||||||||||
| 2029 | 2,397,528 | 169,990,187 | 70.90 | 197,213,941 | 82.26 | 5.27 | % | |||||||||||||||||||||||||||||||
| Thereafter | 14,360,818 | 1,165,966,958 | 81.19 | 1,437,602,146 | 100.11 | 31.54 | % |
(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, 2020 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, 2020 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, 2020.
Previous: Item 1B. Unresolved Staff Comments. · Next: Item 3. Legal Proceedings.