filings.toolsItem 2. Properties.
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Item 2. Properties.
At December 31, 2022, we owned or had joint venture interests in 194 commercial real estate properties, aggregating approximately 54.1 million net rentable square feet of primarily premier workplaces, including 13 properties under construction/redevelopment totaling approximately 3.2 million net rentable square feet. Our properties consisted of (1) 173 office and life sciences properties (including 10 properties under construction/redevelopment), (2) 14 retail properties (including two properties under construction/redevelopment), (3) six residential properties (including one property 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, 2022, and it includes properties held by both consolidated and unconsolidated joint ventures.
| Properties | Location | % Leased as of December 31, 2022 (1) | Number of Buildings | Net Rentable Square Feet | ||||||||||||||||||||||||||||||||||
| Office and Life Sciences | ||||||||||||||||||||||||||||||||||||||
| 767 Fifth Avenue (The GM Building) (60% ownership) | New York, NY | 86.6 | % | 1 | 1,965,003 | |||||||||||||||||||||||||||||||||
| 200 Clarendon Street | Boston, MA | 95.0 | % | 1 | 1,769,077 | |||||||||||||||||||||||||||||||||
| 601 Lexington Avenue (55% ownership) | New York, NY | 98.9 | % | 1 | 1,670,790 | |||||||||||||||||||||||||||||||||
| 399 Park Avenue | New York, NY | 99.2 | % | 1 | 1,577,544 | |||||||||||||||||||||||||||||||||
| Salesforce Tower | San Francisco, CA | 100.0 | % | 1 | 1,420,682 | |||||||||||||||||||||||||||||||||
| 100 Federal Street (55% ownership) | Boston, MA | 89.8 | % | 1 | 1,238,821 | |||||||||||||||||||||||||||||||||
| Times Square Tower (55% ownership) | New York, NY | 84.8 | % | 1 | 1,225,472 | |||||||||||||||||||||||||||||||||
| 800 Boylston Street - The Prudential Center | Boston, MA | 91.7 | % | 1 | 1,197,798 | |||||||||||||||||||||||||||||||||
| Colorado Center (50% ownership) (2) | Santa Monica, CA | 89.5 | % | 6 | 1,131,511 | |||||||||||||||||||||||||||||||||
| Santa Monica Business Park (55% ownership) (2) | Santa Monica, CA | 87.1 | % | 14 | 1,106,399 | |||||||||||||||||||||||||||||||||
| 599 Lexington Avenue | New York, NY | 85.4 | % | 1 | 1,106,351 | |||||||||||||||||||||||||||||||||
| Reston Next | Reston, VA | 69.4 | % | 2 | 1,063,236 | |||||||||||||||||||||||||||||||||
| Bay Colony Corporate Center | Waltham, MA | 62.8 | % | 4 | 989,548 | |||||||||||||||||||||||||||||||||
| 250 West 55th Street | New York, NY | 99.4 | % | 1 | 966,979 | |||||||||||||||||||||||||||||||||
| Embarcadero Center Four | San Francisco, CA | 93.7 | % | 1 | 941,205 |
| Properties | Location | % Leased as of December 31, 2022 (1) | Number of Buildings | Net Rentable Square Feet | ||||||||||||||||||||||||||||||||||
| 111 Huntington Avenue - The Prudential Center | Boston, MA | 95.2 | % | 1 | 860,446 | |||||||||||||||||||||||||||||||||
| 200 Fifth Avenue (26.69% ownership) (2) | New York, NY | 92.5 | % | 1 | 854,737 | |||||||||||||||||||||||||||||||||
| Embarcadero Center One | San Francisco, CA | 68.4 | % | 1 | 837,309 | |||||||||||||||||||||||||||||||||
| Embarcadero Center Two | San Francisco, CA | 86.3 | % | 1 | 802,472 | |||||||||||||||||||||||||||||||||
| Atlantic Wharf Office (55% ownership) | Boston, MA | 99.8 | % | 1 | 793,769 | |||||||||||||||||||||||||||||||||
| Gateway Commons (50% Ownership) (2) | South San Francisco, CA | 89.7 | % | 5 | 787,846 | |||||||||||||||||||||||||||||||||
| Embarcadero Center Three | San Francisco, CA | 82.5 | % | 1 | 787,377 | |||||||||||||||||||||||||||||||||
| Safeco Plaza (33.67% ownership) (2) | Seattle, WA | 83.6 | % | 1 | 778,116 | |||||||||||||||||||||||||||||||||
| Madison Centre | Seattle, WA | 93.1 | % | 1 | 754,988 | |||||||||||||||||||||||||||||||||
| 7750 Wisconsin Avenue (50% ownership) (2) | Bethesda, MD | 100.0 | % | 1 | 735,573 | |||||||||||||||||||||||||||||||||
| Dock 72 (50% ownership) (2) | Brooklyn, NY | 25.5 | % | 1 | 668,625 | |||||||||||||||||||||||||||||||||
| Metropolitan Square (20% ownership) (2) | Washington, DC | 85.7 | % | 1 | 657,580 | |||||||||||||||||||||||||||||||||
| 100 Causeway Street (50% ownership) (2) | Boston, MA | 94.6 | % | 1 | 633,819 | |||||||||||||||||||||||||||||||||
| South of Market | Reston, VA | 99.6 | % | 3 | 623,250 | |||||||||||||||||||||||||||||||||
| 901 New York Avenue (25% ownership) (2) | Washington, DC | 83.1 | % | 1 | 544,256 | |||||||||||||||||||||||||||||||||
| Mountain View Research Park | Mountain View, CA | 79.2 | % | 15 | 542,264 | |||||||||||||||||||||||||||||||||
| Reservoir Place | Waltham, MA | 58.0 | % | 1 | 527,029 | |||||||||||||||||||||||||||||||||
| 680 Folsom Street | San Francisco, CA | 98.7 | % | 2 | 524,793 | |||||||||||||||||||||||||||||||||
| Fountain Square | Reston, VA | 89.7 | % | 2 | 524,785 | |||||||||||||||||||||||||||||||||
| 101 Huntington Avenue - The Prudential Center | Boston, MA | 99.2 | % | 1 | 506,476 | |||||||||||||||||||||||||||||||||
| 145 Broadway | Cambridge, MA | 99.6 | % | 1 | 490,086 | |||||||||||||||||||||||||||||||||
| 2200 Pennsylvania Avenue | Washington, DC | 93.6 | % | 1 | 459,745 | |||||||||||||||||||||||||||||||||
| One Freedom Square | Reston, VA | 85.0 | % | 1 | 427,956 | |||||||||||||||||||||||||||||||||
| Two Freedom Square | Reston, VA | 100.0 | % | 1 | 423,222 | |||||||||||||||||||||||||||||||||
| Market Square North (50% ownership) (2) | Washington, DC | 75.3 | % | 1 | 418,539 | |||||||||||||||||||||||||||||||||
| 325 Main Street | Cambridge, MA | 91.6 | % | 1 | 414,008 | |||||||||||||||||||||||||||||||||
| The Hub on Causeway - Podium (50% ownership) (2) | Boston, MA | 75.3 | % | 1 | 382,497 | |||||||||||||||||||||||||||||||||
| One and Two Discovery Square | Reston, VA | 99.0 | % | 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 | 97.1 | % | 1 | 355,089 | |||||||||||||||||||||||||||||||||
| One Reston Overlook | Reston, VA | 89.0 | % | 1 | 319,519 | |||||||||||||||||||||||||||||||||
| 535 Mission Street | San Francisco, CA | 87.6 | % | 1 | 307,235 | |||||||||||||||||||||||||||||||||
| 140 Kendrick Street (3) | Needham, MA | 85.9 | % | 2 | 306,323 | |||||||||||||||||||||||||||||||||
| Waltham Weston Corporate Center | Waltham, MA | 97.1 | % | 1 | 301,611 | |||||||||||||||||||||||||||||||||
| Wisconsin Place Office | Chevy Chase, MD | 88.9 | % | 1 | 299,428 | |||||||||||||||||||||||||||||||||
| 230 CityPoint | Waltham, MA | 97.4 | % | 1 | 296,720 | |||||||||||||||||||||||||||||||||
| 17Fifty Presidents Street | Reston, VA | 100.0 | % | 1 | 275,809 |
| Properties | Location | % Leased as of December 31, 2022 (1) | Number of Buildings | Net Rentable Square Feet | ||||||||||||||||||||||||||||||||||
| 200 West Street | Waltham, MA | 83.9 | % | 1 | 273,365 | |||||||||||||||||||||||||||||||||
| 125 Broadway | Cambridge, MA | 100.0 | % | 1 | 271,000 | |||||||||||||||||||||||||||||||||
| Reston Corporate Center | Reston, VA | 100.0 | % | 2 | 261,046 | |||||||||||||||||||||||||||||||||
| 355 Main Street | Cambridge, MA | 99.3 | % | 1 | 259,640 | |||||||||||||||||||||||||||||||||
| Democracy Tower | Reston, VA | 99.3 | % | 1 | 259,441 | |||||||||||||||||||||||||||||||||
| 1330 Connecticut Avenue | Washington, DC | 94.6 | % | 1 | 253,579 | |||||||||||||||||||||||||||||||||
| 880 Winter Street | Waltham, MA | 85.4 | % | 1 | 243,618 | |||||||||||||||||||||||||||||||||
| 10 CityPoint | Waltham, MA | 95.8 | % | 1 | 236,570 | |||||||||||||||||||||||||||||||||
| 510 Carnegie Center | Princeton, NJ | 33.5 | % | 1 | 234,160 | |||||||||||||||||||||||||||||||||
| 500 North Capitol Street, N.W. (30% ownership) (2) | Washington, DC | 98.5 | % | 1 | 230,900 | |||||||||||||||||||||||||||||||||
| 90 Broadway | Cambridge, MA | 98.1 | % | 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 | 98.3 | % | 1 | 209,711 | |||||||||||||||||||||||||||||||||
| Sumner Square | Washington, DC | 98.1 | % | 1 | 209,556 | |||||||||||||||||||||||||||||||||
| University Place | Cambridge, MA | 100.0 | % | 1 | 195,282 | |||||||||||||||||||||||||||||||||
| 300 Binney Street (4) | Cambridge, MA | 64.2 | % | 1 | 195,191 | |||||||||||||||||||||||||||||||||
| North First Business Park (5) | San Jose, CA | 87.6 | % | 5 | 190,636 | |||||||||||||||||||||||||||||||||
| Shady Grove Innovation District (6) | Rockville, MD | 75.1 | % | 3 | 182,290 | |||||||||||||||||||||||||||||||||
| 890 Winter Street | Waltham, MA | 54.0 | % | 1 | 179,312 | |||||||||||||||||||||||||||||||||
| 150 Broadway | Cambridge, MA | 100.0 | % | 1 | 177,226 | |||||||||||||||||||||||||||||||||
| Capital Gallery | Washington, DC | 97.1 | % | 1 | 176,809 | |||||||||||||||||||||||||||||||||
| Lexington Office Park (5) | Lexington, MA | 43.0 | % | 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 | 83.7 | % | 1 | 156,005 | |||||||||||||||||||||||||||||||||
| Kingstowne One | Alexandria, VA | 36.9 | % | 1 | 153,401 | |||||||||||||||||||||||||||||||||
| 105 Broadway | Cambridge, MA | 100.0 | % | 1 | 152,664 | |||||||||||||||||||||||||||||||||
| 212 Carnegie Center | Princeton, NJ | 40.1 | % | 1 | 147,530 | |||||||||||||||||||||||||||||||||
| 214 Carnegie Center | Princeton, NJ | 65.9 | % | 1 | 146,799 | |||||||||||||||||||||||||||||||||
| 2440 West El Camino Real | Mountain View, CA | 100.0 | % | 1 | 142,789 | |||||||||||||||||||||||||||||||||
| 506 Carnegie Center | Princeton, NJ | 68.2 | % | 1 | 139,050 | |||||||||||||||||||||||||||||||||
| 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 | 87.0 | % | 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 | 95.3 | % | 1 | 121,619 | |||||||||||||||||||||||||||||||||
| 502 Carnegie Center | Princeton, NJ | 96.2 | % | 1 | 121,460 | |||||||||||||||||||||||||||||||||
| 1265 Main Street (50% ownership) (2) | Waltham, MA | 100.0 | % | 1 | 120,681 | |||||||||||||||||||||||||||||||||
| 701 Carnegie Center | Princeton, NJ | 100.0 | % | 1 | 120,000 | |||||||||||||||||||||||||||||||||
| 104 Carnegie Center | Princeton, NJ | 75.2 | % | 1 | 102,930 | |||||||||||||||||||||||||||||||||
| 103 Carnegie Center | Princeton, NJ | 78.6 | % | 1 | 96,331 | |||||||||||||||||||||||||||||||||
| 33 Hayden Avenue | Lexington, MA | 100.0 | % | 1 | 80,876 |
| Properties | Location | % Leased as of December 31, 2022 (1) | Number of Buildings | Net Rentable Square Feet | ||||||||||||||||||||||||||||||||||
| Reservoir Place North | Waltham, MA | 100.0 | % | 1 | 73,258 | |||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||
| 100 Hayden Avenue | Lexington, MA | 100.0 | % | 1 | 55,924 | |||||||||||||||||||||||||||||||||
| 211 Carnegie Center | Princeton, NJ | 100.0 | % | 1 | 47,025 | |||||||||||||||||||||||||||||||||
| 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 | 75.0 | % | 1 | 29,620 | |||||||||||||||||||||||||||||||||
| 690 Folsom Street | San Francisco, CA | 100.0 | % | 1 | 26,080 | |||||||||||||||||||||||||||||||||
| 201 Carnegie Center | Princeton, NJ | 100.0 | % | — | 6,500 | |||||||||||||||||||||||||||||||||
| Subtotal for Office and Life Sciences Properties | 88.5 | % | 163 | 48,154,072 | ||||||||||||||||||||||||||||||||||
| Retail | ||||||||||||||||||||||||||||||||||||||
| Prudential Center (retail shops) (3) | Boston, MA | 95.9 | % | — | 475,899 | |||||||||||||||||||||||||||||||||
| Fountain Square Retail | Reston, VA | 83.2 | % | 1 | 198,158 | |||||||||||||||||||||||||||||||||
| Kingstowne Retail | Alexandria, VA | 96.8 | % | 1 | 88,288 | |||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||
| Avant Retail | Reston, VA | 100.0 | % | 1 | 26,179 | |||||||||||||||||||||||||||||||||
| The Point | Waltham, MA | 100.0 | % | 1 | 16,300 | |||||||||||||||||||||||||||||||||
| Subtotal for Retail Properties | 93.3 | % | 12 | 936,464 | ||||||||||||||||||||||||||||||||||
| Residential | ||||||||||||||||||||||||||||||||||||||
| Signature at Reston (508 units) | Reston, VA | 93.7 | % | 1 | 517,783 | |||||||||||||||||||||||||||||||||
| The Skylyne (402 units) | Oakland, CA | 90.3 | % | 1 | 330,996 | |||||||||||||||||||||||||||||||||
| Hub50House (440 units) (50% ownership) (2) | Boston, MA | 94.6 | % | 1 | 320,444 | |||||||||||||||||||||||||||||||||
| Proto Kendall Square (280 units) | Cambridge, MA | 94.6 | % | 1 | 166,717 | |||||||||||||||||||||||||||||||||
| The Lofts at Atlantic Wharf (86 units) | Boston, MA | 97.7 | % | 1 | 87,096 | |||||||||||||||||||||||||||||||||
| Subtotal for Residential Properties | 93.5 | % | (7) | 5 | 1,423,036 | (8) | ||||||||||||||||||||||||||||||||
| Hotel | ||||||||||||||||||||||||||||||||||||||
| Boston Marriott Cambridge (437 rooms) | Cambridge, MA | 64.6 | % | (9) | 1 | 334,260 | (10) | |||||||||||||||||||||||||||||||
| Subtotal for Hotel Property | 64.6 | % | 1 | 334,260 | ||||||||||||||||||||||||||||||||||
| Subtotal for In-Service Properties | 88.6 | % | 181 | 50,847,832 | ||||||||||||||||||||||||||||||||||
| Properties Under Construction/Redevelopment (11) | ||||||||||||||||||||||||||||||||||||||
| Office | ||||||||||||||||||||||||||||||||||||||
| 140 Kendrick Street - Building A | Needham, MA | 100.0 | % | 1 | 104,000 | |||||||||||||||||||||||||||||||||
| 2100 Pennsylvania Avenue | Washington, DC | 84.0 | % | 1 | 480,000 | (12) | ||||||||||||||||||||||||||||||||
| 360 Park Avenue South (redevelopment) (42.21% ownership) (2) | New York, NY | — | % | 1 | 450,000 | |||||||||||||||||||||||||||||||||
| Reston Next Office Phase II | Reston, VA | — | % | 1 | 90,000 | |||||||||||||||||||||||||||||||||
| Platform16 Building A (55% ownership) (2) | San Jose, CA | — | % | 1 | 389,500 |
| Properties | Location | % Leased as of December 31, 2022 (1) | Number of Buildings | Net Rentable Square Feet | ||||||||||||||||||||||||||||||||||
| Laboratory/Life Sciences | ||||||||||||||||||||||||||||||||||||||
| 751 Gateway (49% ownership) (2) | South San Francisco, CA | 100.0 | % | 1 | 231,000 | |||||||||||||||||||||||||||||||||
| 103 CityPoint | Waltham, MA | — | % | 1 | 113,000 | |||||||||||||||||||||||||||||||||
| 190 CityPoint (formerly 180 CityPoint) | Waltham, MA | 43.0 | % | 1 | 329,000 | |||||||||||||||||||||||||||||||||
| 105 Carnegie Center | Princeton, NJ | — | % | 1 | 73,000 | |||||||||||||||||||||||||||||||||
| 651 Gateway (50% ownership) (Redevelopment) (2) | South San Francisco, CA | 7.0 | % | 1 | 327,000 | |||||||||||||||||||||||||||||||||
| Residential | ||||||||||||||||||||||||||||||||||||||
| Reston Next Residential (508 units) (20% ownership) (2) | Reston, VA | — | % | 1 | 417,000 | |||||||||||||||||||||||||||||||||
| Retail | ||||||||||||||||||||||||||||||||||||||
| 760 Boylston Street (Redevelopment) | Boston, MA | 100.0 | % | 1 | 118,000 | |||||||||||||||||||||||||||||||||
| Reston Next Retail | Reston, VA | — | % | 1 | 33,000 | |||||||||||||||||||||||||||||||||
| Other | ||||||||||||||||||||||||||||||||||||||
| View Boston Observatory at The Prudential Center (Redevelopment) | Boston, MA | N/A | — | 59,000 | ||||||||||||||||||||||||||||||||||
| Subtotal for Properties Under Construction/Redevelopment | 37.0 | % | (13) | 13 | 3,213,500 | |||||||||||||||||||||||||||||||||
| Total Portfolio | 194 | 54,061,332 |
(1)Represents signed leases for in-service properties for 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)Excludes a portion of the property that was placed in redevelopment during the year for 760 Boylston Street, the stand-alone building consisting of approximately 118,000 square feet at the Prudential Center (retail shops), and for 140 Kendrick Street one building consisting of approximately 90,000 square feet.
(4)This property is held for redevelopment (see Note 16 to the Consolidated Financial Statements).
(5)Property is held for redevelopment.
(6)Excludes 2096 Gaither Road, which was taken out of service following the expiration of the last leases on November 30, 2022. 2096 Gaither Road consisted of approximately 50,000 net rentable square feet of office space. The property is held for future redevelopment.
(7)Percentage leased is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2022.
(8)Includes 61,511 square feet of retail space that is approximately 46.7% leased as of December 31, 2022. This amount is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2022.
(9)Represents the weighted-average room occupancy for the year ended December 31, 2022. This amount is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2022.
(10)Includes 4,260 square feet of retail space that is 100% leased as of December 31, 2022. This amount is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2022.
(11)Represents percentage leased as of February 21, 2023, including leases with future commencement dates.
(12)The property was 64% placed in-service as of December 31, 2022.
(13)Total percentage leased excludes Residential and 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, | ||||||||||||||||||||||||||||||||
| 2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||
| Percentage leased (1) | 88.6 | % | 88.8 | % | 90.1 | % | 93.0 | % | 91.4 | % | ||||||||||||||||||||||
| Average annualized revenue per square foot (2) | $75.99 | $73.76 | $72.67 | $69.72 | $66.63 |
(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 clients under existing leases as of December 31, 2022, 2021, 2020, 2019 and 2018 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, 2022, 2021, 2020, 2019 and 2018 for the succeeding twelve-month period were $1.56, $2.15, $1.73, $1.70 and $0.97, respectively.
Top 20 Clients by Square Feet
Our 20 largest clients by square feet as of December 31, 2022 were as follows:
| Client | Square Feet (1) | % of In-Service Portfolio (1) | ||||||||||||||||||
| 1. | salesforce.com | 905,742 | 2.18 | % | ||||||||||||||||
| 2. | Biogen | 848,021 | 2.04 | % | ||||||||||||||||
| 3. | 836,110 | 2.02 | % | |||||||||||||||||
| 4. | Fannie Mae | 706,196 | 1.70 | % | ||||||||||||||||
| 5. | Microsoft | 676,013 | 1.63 | % | ||||||||||||||||
| 6. | Akamai Technologies | 658,578 | 1.59 | % | ||||||||||||||||
| 7. | Ropes & Gray | 539,467 | 1.30 | % | ||||||||||||||||
| 8. | WeWork | 499,584 | 1.20 | % | ||||||||||||||||
| 9. | Kirkland & Ellis | 409,828 | 0.99 | % | ||||||||||||||||
| 10. | Shearman & Sterling | 384,813 | 0.93 | % | ||||||||||||||||
| 11. | Integrated Holding Group | 373,007 | 0.90 | % | ||||||||||||||||
| 12. | Arnold & Porter Kaye Scholer | 367,878 | 0.89 | % | ||||||||||||||||
| 13. | Marriott | 367,787 | 0.89 | % | ||||||||||||||||
| 14. | Leidos | 352,394 | 0.85 | % | ||||||||||||||||
| 15. | Blue Cross Blue Shield | 347,618 | 0.84 | % | ||||||||||||||||
| 16. | Snap | 334,008 | 0.81 | % | ||||||||||||||||
| 17. | Wellington Management | 329,284 | 0.79 | % | ||||||||||||||||
| 18. | Bank of America | 327,965 | 0.79 | % | ||||||||||||||||
| 19. | US Government | 319,359 | 0.77 | % | ||||||||||||||||
| 20. | Mass Financial Services | 313,584 | 0.76 | % |
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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).
Client Diversification
Our client diversification by square feet as of December 31, 2022 was as follows:
| Sector | % of In-Service Portfolio | ||||
| Technology & Media | 22.3% | ||||
| Legal Services | 17.2% | ||||
| Financial Services - all other | 13.3% | ||||
| Real Estate & Insurance | 9.6% | ||||
| Life Sciences | 8.6% | ||||
| Other Professional Services | 7.9% | ||||
| Financial Services - commercial & investment banking | 5.8% | ||||
| Retail | 5.5% | ||||
| Manufacturing | 4.2% | ||||
| 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 | ||||||||||||||||||||||||||||||||
| 2022 (5) | 142,247 | $8,743,332 | $61.47 | $8,743,332 | $61.47 | 0.29 | % | |||||||||||||||||||||||||||||||
| 2023 | 2,365,271 | 152,468,240 | 64.46 | 154,165,416 | 65.18 | 4.81 | % | |||||||||||||||||||||||||||||||
| 2024 | 3,484,836 | 226,746,710 | 65.07 | 229,909,224 | 65.97 | 7.09 | % | |||||||||||||||||||||||||||||||
| 2025 | 3,153,702 | 223,623,625 | 70.91 | 229,978,559 | 72.92 | 6.42 | % | |||||||||||||||||||||||||||||||
| 2026 | 3,426,819 | 282,354,792 | 82.40 | 300,195,296 | 87.60 | 6.97 | % | |||||||||||||||||||||||||||||||
| 2027 | 2,536,189 | 189,932,694 | 74.89 | 206,165,952 | 81.29 | 5.16 | % | |||||||||||||||||||||||||||||||
| 2028 | 3,613,441 | 284,362,730 | 78.70 | 313,274,083 | 86.70 | 7.35 | % | |||||||||||||||||||||||||||||||
| 2029 | 3,277,617 | 244,843,567 | 74.70 | 280,496,001 | 85.58 | 6.67 | % | |||||||||||||||||||||||||||||||
| 2030 | 2,942,040 | 221,302,292 | 75.22 | 244,517,304 | 83.11 | 5.99 | % | |||||||||||||||||||||||||||||||
| 2031 | 2,050,808 | 162,883,453 | 79.42 | 183,351,730 | 89.40 | 4.17 | % | |||||||||||||||||||||||||||||||
| Thereafter | 16,199,507 | 1,311,792,619 | 80.98 | 1,606,093,642 | 99.14 | 32.96 | % |
(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 clients with future commencement dates. In those cases, the data is included in the year in which the future lease with the replacement client expires.
(3)Represents the monthly contractual base rent and recoveries from clients under existing leases as of December 31, 2022 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 clients under existing leases as of December 31, 2022 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, 2022.
Previous: Item 1B. Unresolved Staff Comments. · Next: Item 3. Legal Proceedings.