filings.toolsItem 2. Properties.
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Item 2. Properties.
At December 31, 2021, we owned or had joint venture interests in 201 commercial real estate properties, aggregating approximately 52.8 million net rentable square feet of primarily Class A office properties, including nine properties under construction/redevelopment totaling approximately 3.4 million net rentable square feet. Our properties consisted of (1) 182 office properties (including nine 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, 2021, and it includes properties held by both consolidated and unconsolidated joint ventures.
| Properties | Location | % Leased as of December 31, 2021 (1) | Number of Buildings | Net Rentable Square Feet | ||||||||||||||||||||||||||||||||||
| Office | ||||||||||||||||||||||||||||||||||||||
| 767 Fifth Avenue (The GM Building) (60% ownership) | New York, NY | 90.3 | % | 1 | 1,959,046 | |||||||||||||||||||||||||||||||||
| 200 Clarendon Street | Boston, MA | 97.3 | % | 1 | 1,768,799 | |||||||||||||||||||||||||||||||||
| 601 Lexington Avenue (55% ownership) | New York, NY | 95.7 | % | 1 | 1,671,749 | |||||||||||||||||||||||||||||||||
| 399 Park Avenue | New York, NY | 96.8 | % | 1 | 1,577,544 | |||||||||||||||||||||||||||||||||
| Salesforce Tower | San Francisco, CA | 100.0 | % | 1 | 1,420,682 | |||||||||||||||||||||||||||||||||
| 100 Federal Street (55% ownership) | Boston, MA | 97.9 | % | 1 | 1,238,461 | |||||||||||||||||||||||||||||||||
| Times Square Tower (55% ownership) | New York, NY | 85.3 | % | 1 | 1,225,448 | |||||||||||||||||||||||||||||||||
| 800 Boylston Street - The Prudential Center | Boston, MA | 90.1 | % | 1 | 1,197,745 | |||||||||||||||||||||||||||||||||
| Colorado Center (50% ownership) (2) | Santa Monica, CA | 87.8 | % | 6 | 1,130,605 | |||||||||||||||||||||||||||||||||
| Santa Monica Business Park (55% ownership) (2) | Santa Monica, CA | 89.7 | % | 14 | 1,102,592 | |||||||||||||||||||||||||||||||||
| Gateway Commons (50% Ownership) (2) (3) | South San Francisco, CA | 71.1 | % | 6 | 1,080,722 | |||||||||||||||||||||||||||||||||
| 599 Lexington Avenue | New York, NY | 99.4 | % | 1 | 1,062,708 | |||||||||||||||||||||||||||||||||
| Bay Colony Corporate Center | Waltham, MA | 73.4 | % | 4 | 993,110 | |||||||||||||||||||||||||||||||||
| 250 West 55th Street | New York, NY | 99.3 | % | 1 | 966,979 | |||||||||||||||||||||||||||||||||
| Embarcadero Center Four | San Francisco, CA | 92.9 | % | 1 | 941,228 | |||||||||||||||||||||||||||||||||
| 111 Huntington Avenue - The Prudential Center | Boston, MA | 93.4 | % | 1 | 860,456 | |||||||||||||||||||||||||||||||||
| Embarcadero Center One | San Francisco, CA | 84.4 | % | 1 | 831,603 | |||||||||||||||||||||||||||||||||
| Embarcadero Center Two | San Francisco, CA | 87.0 | % | 1 | 801,378 | |||||||||||||||||||||||||||||||||
| Atlantic Wharf Office (55% ownership) | Boston, MA | 99.8 | % | 1 | 793,823 | |||||||||||||||||||||||||||||||||
| Embarcadero Center Three | San Francisco, CA | 86.7 | % | 1 | 786,864 | |||||||||||||||||||||||||||||||||
| Safeco Plaza (33.67% ownership) (2) | Seattle, WA | 90.9 | % | 1 | 764,866 | |||||||||||||||||||||||||||||||||
| 7750 Wisconsin Avenue (50% ownership) (2) | Bethesda, MD | 100.0 | % | 1 | 733,483 | |||||||||||||||||||||||||||||||||
| Dock 72 (50% ownership) (2) | Brooklyn, NY | 33.1 | % | 1 | 668,625 | |||||||||||||||||||||||||||||||||
| Metropolitan Square (20% ownership) (2) | Washington, DC | 65.6 | % | 1 | 657,481 | |||||||||||||||||||||||||||||||||
| 100 Causeway Street (50% ownership) (2) | Boston, MA | 89.3 | % | 1 | 633,819 |
| Properties | Location | % Leased as of December 31, 2021 (1) | Number of Buildings | Net Rentable Square Feet | ||||||||||||||||||||||||||||||||||
| South of Market | Reston, VA | 99.0 | % | 3 | 623,250 | |||||||||||||||||||||||||||||||||
| Mountain View Research Park | Mountain View, CA | 82.0 | % | 15 | 542,264 | |||||||||||||||||||||||||||||||||
| 901 New York Avenue (25% ownership) (2) | Washington, DC | 74.4 | % | 1 | 541,743 | |||||||||||||||||||||||||||||||||
| Reservoir Place | Waltham, MA | 80.4 | % | 1 | 527,029 | |||||||||||||||||||||||||||||||||
| 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 | 76.5 | % | 2 | 505,232 | |||||||||||||||||||||||||||||||||
| 145 Broadway | Cambridge, MA | 99.1 | % | 1 | 490,086 | |||||||||||||||||||||||||||||||||
| 601 Massachusetts Avenue | Washington, DC | 98.7 | % | 1 | 478,667 | |||||||||||||||||||||||||||||||||
| 2200 Pennsylvania Avenue | Washington, DC | 97.3 | % | 1 | 459,667 | |||||||||||||||||||||||||||||||||
| One Freedom Square | Reston, VA | 84.7 | % | 1 | 429,541 | |||||||||||||||||||||||||||||||||
| Two Freedom Square | Reston, VA | 100.0 | % | 1 | 423,222 | |||||||||||||||||||||||||||||||||
| Market Square North (50% ownership) (2) | Washington, DC | 77.9 | % | 1 | 417,989 | |||||||||||||||||||||||||||||||||
| The Hub on Causeway - Podium (50% ownership) (2) | Boston, MA | 80.3 | % | 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 | 99.0 | % | 1 | 353,800 | |||||||||||||||||||||||||||||||||
| One Reston Overlook | Reston, VA | 100.0 | % | 1 | 319,519 | |||||||||||||||||||||||||||||||||
| 535 Mission Street | San Francisco, CA | 88.8 | % | 1 | 307,235 | |||||||||||||||||||||||||||||||||
| Waltham Weston Corporate Center | Waltham, MA | 88.2 | % | 1 | 301,611 | |||||||||||||||||||||||||||||||||
| Wisconsin Place Office | Chevy Chase, MD | 85.6 | % | 1 | 299,248 | |||||||||||||||||||||||||||||||||
| 230 CityPoint | Waltham, MA | 93.8 | % | 1 | 296,720 | |||||||||||||||||||||||||||||||||
| 17Fifty Presidents Street | Reston, VA | 100.0 | % | 1 | 275,809 | |||||||||||||||||||||||||||||||||
| 200 West Street (4) | Waltham, MA | 33.4 | % | 1 | 273,365 | |||||||||||||||||||||||||||||||||
| Reston Corporate Center | Reston, VA | 100.0 | % | 2 | 261,046 | |||||||||||||||||||||||||||||||||
| 355 Main Street | Cambridge, MA | 99.3 | % | 1 | 259,640 | |||||||||||||||||||||||||||||||||
| Democracy Tower | Reston, VA | 97.7 | % | 1 | 259,441 | |||||||||||||||||||||||||||||||||
| 1330 Connecticut Avenue | Washington, DC | 89.9 | % | 1 | 253,941 | |||||||||||||||||||||||||||||||||
| 10 CityPoint | Waltham, MA | 98.1 | % | 1 | 241,203 | |||||||||||||||||||||||||||||||||
| 510 Carnegie Center | Princeton, NJ | 10.2 | % | 1 | 234,160 | |||||||||||||||||||||||||||||||||
| Shady Grove Innovation District | Rockville, MD | 64.4 | % | 4 | 233,452 | |||||||||||||||||||||||||||||||||
| 500 North Capitol Street, N.W. (30% ownership) (2) | Washington, DC | 98.5 | % | 1 | 230,900 | |||||||||||||||||||||||||||||||||
| 90 Broadway | Cambridge, MA | 100.0 | % | 1 | 223,771 | |||||||||||||||||||||||||||||||||
| 255 Main Street | Cambridge, MA | 97.5 | % | 1 | 215,394 | |||||||||||||||||||||||||||||||||
| 20 CityPoint | Waltham, MA | 98.9 | % | 1 | 211,476 | |||||||||||||||||||||||||||||||||
| 77 CityPoint | Waltham, MA | 100.0 | % | 1 | 209,711 | |||||||||||||||||||||||||||||||||
| Sumner Square | Washington, DC | 94.6 | % | 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 | 42.5 | % | 5 | 190,636 |
| Properties | Location | % Leased as of December 31, 2021 (1) | Number of Buildings | Net Rentable Square Feet | ||||||||||||||||||||||||||||||||||
| 890 Winter Street | Waltham, MA | 58.2 | % | 1 | 177,417 | |||||||||||||||||||||||||||||||||
| 150 Broadway | Cambridge, MA | 100.0 | % | 1 | 177,226 | |||||||||||||||||||||||||||||||||
| Capital Gallery | Washington, DC | 97.1 | % | 1 | 176,809 | |||||||||||||||||||||||||||||||||
| Lexington Office Park (5) | Lexington, MA | 55.2 | % | 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 | 87.2 | % | 1 | 155,995 | |||||||||||||||||||||||||||||||||
| Kingstowne One | Alexandria, VA | 53.5 | % | 1 | 153,401 | |||||||||||||||||||||||||||||||||
| 105 Broadway | Cambridge, MA | 100.0 | % | 1 | 152,664 | |||||||||||||||||||||||||||||||||
| 212 Carnegie Center | Princeton, NJ | 74.9 | % | 1 | 151,355 | |||||||||||||||||||||||||||||||||
| 214 Carnegie Center | Princeton, NJ | 60.1 | % | 1 | 146,799 | |||||||||||||||||||||||||||||||||
| 2440 West El Camino Real | Mountain View, CA | 100.0 | % | 1 | 142,789 | |||||||||||||||||||||||||||||||||
| 506 Carnegie Center | Princeton, NJ | 82.1 | % | 1 | 138,616 | |||||||||||||||||||||||||||||||||
| 153 & 211 Second Avenue | Waltham, MA | 100.0 | % | 2 | 136,882 | |||||||||||||||||||||||||||||||||
| Two Reston Overlook | Reston, VA | 100.0 | % | 1 | 134,615 | |||||||||||||||||||||||||||||||||
| 508 Carnegie Center | Princeton, NJ | 100.0 | % | 1 | 134,433 | |||||||||||||||||||||||||||||||||
| 202 Carnegie Center | Princeton, NJ | 88.5 | % | 1 | 134,068 | |||||||||||||||||||||||||||||||||
| 804 Carnegie Center | Princeton, NJ | 100.0 | % | 1 | 130,000 | |||||||||||||||||||||||||||||||||
| 504 Carnegie Center | Princeton, NJ | 100.0 | % | 1 | 121,990 | |||||||||||||||||||||||||||||||||
| 101 Carnegie Center | Princeton, NJ | 97.5 | % | 1 | 121,620 | |||||||||||||||||||||||||||||||||
| 502 Carnegie Center | Princeton, NJ | 96.2 | % | 1 | 121,460 | |||||||||||||||||||||||||||||||||
| 701 Carnegie Center | Princeton, NJ | 100.0 | % | 1 | 120,000 | |||||||||||||||||||||||||||||||||
| 1265 Main Street (50% ownership) (2) | Waltham, MA | 100.0 | % | 1 | 114,969 | |||||||||||||||||||||||||||||||||
| 7601 Boston Boulevard | Springfield, VA | 100.0 | % | 1 | 108,286 | |||||||||||||||||||||||||||||||||
| 7435 Boston Boulevard | Springfield, VA | 43.7 | % | 1 | 103,557 | |||||||||||||||||||||||||||||||||
| 104 Carnegie Center | Princeton, NJ | 63.6 | % | 1 | 102,930 | |||||||||||||||||||||||||||||||||
| 103 Carnegie Center | Princeton, NJ | 62.1 | % | 1 | 96,331 | |||||||||||||||||||||||||||||||||
| 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 | — | % | 1 | 75,756 | |||||||||||||||||||||||||||||||||
| Reservoir Place North | Waltham, MA | 100.0 | % | 1 | 73,258 | |||||||||||||||||||||||||||||||||
| 105 Carnegie Center | Princeton, NJ | 50.2 | % | 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 | 100.0 | % | 1 | 64,926 | |||||||||||||||||||||||||||||||||
| 195 West Street | Waltham, MA | 100.0 | % | 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 | |||||||||||||||||||||||||||||||||
| 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 | 65.3 | % | 1 | 45,949 | |||||||||||||||||||||||||||||||||
| 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 |
| Properties | Location | % Leased as of December 31, 2021 (1) | Number of Buildings | Net Rentable Square Feet | ||||||||||||||||||||||||||||||||||
| 453 Ravendale Drive | Mountain View, CA | 75.0 | % | 1 | 29,620 | |||||||||||||||||||||||||||||||||
| 7375 Boston Boulevard | Springfield, VA | 31.5 | % | 1 | 26,865 | |||||||||||||||||||||||||||||||||
| 690 Folsom Street | San Francisco, CA | 100.0 | % | 1 | 26,080 | |||||||||||||||||||||||||||||||||
| 201 Carnegie Center | Princeton, NJ | 100.0 | % | — | 6,500 | |||||||||||||||||||||||||||||||||
| Subtotal for Office Properties | 88.9 | % | 173 | 46,221,754 | ||||||||||||||||||||||||||||||||||
| Retail | ||||||||||||||||||||||||||||||||||||||
| Prudential Center (retail shops) | Boston, MA | 76.4 | % | 1 | 597,522 | |||||||||||||||||||||||||||||||||
| Fountain Square Retail | Reston, VA | 80.6 | % | 1 | 216,591 | |||||||||||||||||||||||||||||||||
| Kingstowne Retail | Alexandria, VA | 96.9 | % | 1 | 88,228 | |||||||||||||||||||||||||||||||||
| Santa Monica Business Park Retail (55% ownership) (2) | 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 | 81.3 | % | 12 | 1,050,281 | ||||||||||||||||||||||||||||||||||
| Residential | ||||||||||||||||||||||||||||||||||||||
| Signature at Reston (508 units) | Reston, VA | 93.5 | % | 1 | 517,783 | |||||||||||||||||||||||||||||||||
| The Avant at Reston Town Center (359 units) | Reston, VA | 93.3 | % | 1 | 355,374 | |||||||||||||||||||||||||||||||||
| The Skylyne (402 units) | Oakland, CA | 63.2 | % | (6) | 1 | 330,996 | ||||||||||||||||||||||||||||||||
| Hub50House (440 units) (50% ownership) (2) | Boston, MA | 93.2 | % | 1 | 320,444 | |||||||||||||||||||||||||||||||||
| Proto Kendall Square (280 units) | Cambridge, MA | 95.4 | % | 1 | 166,717 | |||||||||||||||||||||||||||||||||
| The Lofts at Atlantic Wharf (86 units) | Boston, MA | 97.7 | % | 1 | 87,097 | |||||||||||||||||||||||||||||||||
| Subtotal for Residential Properties | 88.0 | % | (7) | 6 | 1,778,411 | (8) | ||||||||||||||||||||||||||||||||
| Hotel | ||||||||||||||||||||||||||||||||||||||
| Boston Marriott Cambridge (437 rooms) | Cambridge, MA | 33.5 | % | (9) | 1 | 334,260 | (10) | |||||||||||||||||||||||||||||||
| Subtotal for Hotel Property | 33.5 | % | 1 | 334,260 | ||||||||||||||||||||||||||||||||||
| Subtotal for In-Service Properties | 88.8 | % | 192 | 49,384,706 | ||||||||||||||||||||||||||||||||||
| Properties Under Construction (11) | ||||||||||||||||||||||||||||||||||||||
| Office | ||||||||||||||||||||||||||||||||||||||
| 325 Main Street | Cambridge, MA | 90.0 | % | 1 | 420,000 | |||||||||||||||||||||||||||||||||
| Reston Next (12) | Reston, VA | 86.0 | % | 2 | 1,062,000 | |||||||||||||||||||||||||||||||||
| 2100 Pennsylvania Avenue | Washington, DC | 58.0 | % | 1 | 480,000 | |||||||||||||||||||||||||||||||||
| 360 Park Avenue South (redevelopment) (42% ownership) (2) | New York, NY | — | % | 1 | 450,000 | |||||||||||||||||||||||||||||||||
| Lab/Life Sciences | ||||||||||||||||||||||||||||||||||||||
| 880 Winter Street (redevelopment) | Waltham, MA | 74.0 | % | 1 | 224,000 | |||||||||||||||||||||||||||||||||
| 751 Gateway (49% ownership) (2) | South San Francisco, CA | 100.0 | % | 1 | 230,592 | |||||||||||||||||||||||||||||||||
| 103 CityPoint | Waltham, MA | — | % | 1 | 113,000 | |||||||||||||||||||||||||||||||||
| 180 CityPoint | Waltham, MA | — | % | 1 | 329,000 | |||||||||||||||||||||||||||||||||
| Other | ||||||||||||||||||||||||||||||||||||||
| View Boston Observatory at The Prudential Center (redevelopment) | Boston, MA | N/A | — | 59,000 |
| Properties | Location | % Leased as of December 31, 2021 (1) | Number of Buildings | Net Rentable Square Feet | ||||||||||||||||||||||||||||||||||
| Subtotal for Properties Under Construction | 59.0 | % | (13) | 9 | 3,367,592 | |||||||||||||||||||||||||||||||||
| Total Portfolio | 201 | 52,752,298 |
(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)Property is an unconsolidated joint venture.
(3)On January 18, 2022, 651 Gateway was taken out of service and placed in redevelopment. 651 Gateway is 292,967 net rentable square feet.
(4)Includes 138,444 square feet of redevelopment that was fully placed in-service in December 2021.
(5)Property is held for redevelopment.
(6)This property was completed and fully placed in-service on August 15, 2020, it is in its initial lease-up period.
(7)Percentage leased is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2021.
(8)Includes 87,690 square feet of retail space that is approximately 59.9% leased as of December 31, 2021. This amount is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2021.
(9)Represents the weighted-average room occupancy for the year ended December 31, 2021. This amount is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2021. The hotel continues to operate at a diminished occupancy due to the continued impact of COVID-19 on business and leisure travel.
(10)Includes 4,260 square feet of retail space which is 100% leased as of December 31, 2021. This amount is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2021.
(11)Represents percentage leased as of February 14, 2022, including leases with future commencement dates.
(12)The property was 28% placed in-service as of December 31, 2021.
(13)Total percentage leased excludes Other.
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, | ||||||||||||||||||||||||||||||||
| 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||
| Percentage leased (1) | 88.8 | % | 90.1 | % | 93.0 | % | 91.4 | % | 90.7 | % | ||||||||||||||||||||||
| Average annualized revenue per square foot (2) | $73.76 | $72.67 | $69.72 | $66.63 | $63.66 |
(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, 2021, 2020, 2019, 2018 and 2017 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, 2021, 2020, 2019, 2018 and 2017 for the succeeding twelve-month period were $2.15, $1.73, $1.70, $0.97 and $1.67, respectively.
Top 20 Tenants by Square Feet
Our 20 largest tenants by square feet as of December 31, 2021 were as follows:
| Tenant | Square Feet (1) | % of In-Service Portfolio (1) | ||||||||||||||||||
| 1. | salesforce.com | 905,742 | 2.23 | % | ||||||||||||||||
| 2. | Biogen | 772,212 | 1.90 | % | ||||||||||||||||
| 3. | Arnold & Porter Kaye Scholer | 764,136 | 1.88 | % | ||||||||||||||||
| 4. | Microsoft | 676,013 | 1.67 | % | ||||||||||||||||
| 5. | Akamai Technologies | 658,578 | 1.62 | % | ||||||||||||||||
| 6. | US Government | 567,810 | 1.40 | % | ||||||||||||||||
| 7. | Ropes & Gray | 539,467 | 1.33 | % | ||||||||||||||||
| 8. | Shearman & Sterling | 500,109 | 1.23 | % | ||||||||||||||||
| 9. | 457,077 | 1.13 | % | |||||||||||||||||
| 10. | WeWork | 439,463 | 1.08 | % | ||||||||||||||||
| 11. | Kirkland & Ellis | 409,828 | 1.01 | % | ||||||||||||||||
| 12. | Fannie Mae | 370,986 | 0.91 | % | ||||||||||||||||
| 13. | Marriott | 366,742 | 0.90 | % | ||||||||||||||||
| 14. | Wellington Management | 350,102 | 0.86 | % | ||||||||||||||||
| 15. | Blue Cross Blue Shield | 347,618 | 0.86 | % | ||||||||||||||||
| 16. | Bank of America | 335,099 | 0.83 | % | ||||||||||||||||
| 17. | Integrated Holding Group | 333,926 | 0.82 | % | ||||||||||||||||
| 18. | Snap | 331,522 | 0.82 | % | ||||||||||||||||
| 19. | Mass Financial Services | 313,584 | 0.77 | % | ||||||||||||||||
| 20. | Leidos | 280,799 | 0.69 | % |
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(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, 2021 was as follows:
| Sector | % of In-Service Portfolio | ||||
| Technology & Media | 21.3% | ||||
| Legal Services | 18.4% | ||||
| Financial Services - all other | 13.3% | ||||
| Real Estate & Insurance | 9.7% | ||||
| Life Sciences | 8.2% | ||||
| Other Professional Services | 8.0% | ||||
| Financial Services - commercial & investment banking | 6.4% | ||||
| Retail | 4.8% | ||||
| Manufacturing | 4.3% | ||||
| Government / Public Administration | 2.9% | ||||
| Other | 2.7% |
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 | ||||||||||||||||||||||||||||||||
| 2021 (5) | 244,699 | $14,617,803 | $59.74 | $14,685,404 | $60.01 | 0.52 | % | |||||||||||||||||||||||||||||||
| 2022 | 2,787,775 | 175,147,670 | 62.83 | 176,538,385 | 63.33 | 5.89 | % | |||||||||||||||||||||||||||||||
| 2023 | 2,434,647 | 169,069,964 | 69.44 | 174,056,858 | 71.49 | 5.14 | % | |||||||||||||||||||||||||||||||
| 2024 | 3,927,071 | 259,879,238 | 66.18 | 265,700,333 | 67.66 | 8.29 | % | |||||||||||||||||||||||||||||||
| 2025 | 2,736,195 | 185,703,876 | 67.87 | 192,870,066 | 70.49 | 5.78 | % | |||||||||||||||||||||||||||||||
| 2026 | 3,391,588 | 269,216,577 | 79.38 | 289,519,256 | 85.36 | 7.16 | % | |||||||||||||||||||||||||||||||
| 2027 | 2,217,848 | 166,248,546 | 74.96 | 179,106,851 | 80.76 | 4.68 | % | |||||||||||||||||||||||||||||||
| 2028 | 2,922,951 | 206,481,212 | 70.64 | 233,287,136 | 79.81 | 6.17 | % | |||||||||||||||||||||||||||||||
| 2029 | 2,930,792 | 209,061,281 | 71.33 | 241,016,920 | 82.24 | 6.19 | % | |||||||||||||||||||||||||||||||
| 2030 | 2,562,213 | 189,856,332 | 74.10 | 212,479,967 | 82.93 | 5.41 | % | |||||||||||||||||||||||||||||||
| Thereafter | 15,665,204 | 1,236,856,289 | 78.96 | 1,534,542,494 | 97.96 | 33.07 | % |
(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, 2021 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, 2021 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, 2021.
Previous: Item 1B. Unresolved Staff Comments. · Next: Item 3. Legal Proceedings.