filings.toolsItem 2. Properties.
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Item 2. Properties.
At December 31, 2023, we owned or had joint venture interests in 188 commercial real estate properties, aggregating approximately 53.3 million net rentable square feet of primarily premier workplaces, including 10 properties under construction/redevelopment totaling approximately 2.7 million net rentable square feet. Our properties consisted of (1) 167 office and life sciences properties (including seven 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, 2023, and it includes properties held by both consolidated and unconsolidated joint ventures.
| Properties | Location | % Occupied as of December 31, 2023 (1) | Number of Buildings | Net Rentable Square Feet | ||||||||||||||||||||||||||||||||||
| Office and Life Sciences | ||||||||||||||||||||||||||||||||||||||
| 767 Fifth Avenue (The GM Building) (60% ownership) | New York, NY | 91.6 | % | 1 | 1,966,490 | |||||||||||||||||||||||||||||||||
| 200 Clarendon Street | Boston, MA | 96.8 | % | 1 | 1,734,949 | |||||||||||||||||||||||||||||||||
| 601 Lexington Avenue (55% ownership) | New York, NY | 95.9 | % | 1 | 1,670,790 | |||||||||||||||||||||||||||||||||
| 399 Park Avenue | New York, NY | 98.4 | % | 1 | 1,577,544 | |||||||||||||||||||||||||||||||||
| Salesforce Tower | San Francisco, CA | 99.0 | % | 1 | 1,420,682 | |||||||||||||||||||||||||||||||||
| 800 Boylston Street - The Prudential Center | Boston, MA | 91.2 | % | 1 | 1,275,253 | |||||||||||||||||||||||||||||||||
| Times Square Tower (55% ownership) | New York, NY | 95.6 | % | 1 | 1,238,461 | |||||||||||||||||||||||||||||||||
| 100 Federal Street (55% ownership) | Boston, MA | 90.6 | % | 1 | 1,233,537 | |||||||||||||||||||||||||||||||||
| Colorado Center (50% ownership) (2) | Santa Monica, CA | 87.8 | % | 6 | 1,131,511 | |||||||||||||||||||||||||||||||||
| Santa Monica Business Park | Santa Monica, CA | 83.8 | % | 14 | 1,108,201 | |||||||||||||||||||||||||||||||||
| 599 Lexington Avenue | New York, NY | 92.4 | % | 1 | 1,106,313 | |||||||||||||||||||||||||||||||||
| Reston Next | Reston, VA | 88.4 | % | 2 | 1,063,296 | |||||||||||||||||||||||||||||||||
| Bay Colony Corporate Center | Waltham, MA | 53.6 | % | 4 | 1,001,068 | |||||||||||||||||||||||||||||||||
| 250 West 55th Street | New York, NY | 100.0 | % | 1 | 966,976 | |||||||||||||||||||||||||||||||||
| Embarcadero Center Four | San Francisco, CA | 93.9 | % | 1 | 942,084 | |||||||||||||||||||||||||||||||||
| 111 Huntington Avenue - The Prudential Center | Boston, MA | 100.0 | % | 1 | 860,446 | |||||||||||||||||||||||||||||||||
| 200 Fifth Avenue (26.69% ownership) (2) | New York, NY | 92.5 | % | 1 | 855,059 | |||||||||||||||||||||||||||||||||
| Embarcadero Center One | San Francisco, CA | 72.8 | % | 1 | 837,386 | |||||||||||||||||||||||||||||||||
| Embarcadero Center Two | San Francisco, CA | 84.5 | % | 1 | 801,840 | |||||||||||||||||||||||||||||||||
| Atlantic Wharf Office (55% ownership) | Boston, MA | 99.8 | % | 1 | 790,165 | |||||||||||||||||||||||||||||||||
| Gateway Commons (50% Ownership) (2) | South San Francisco, CA | 79.7 | % | 5 | 788,148 | |||||||||||||||||||||||||||||||||
| Embarcadero Center Three | San Francisco, CA | 77.1 | % | 1 | 787,642 | |||||||||||||||||||||||||||||||||
| Safeco Plaza (33.67% ownership) (2) | Seattle, WA | 85.3 | % | 1 | 779,776 | |||||||||||||||||||||||||||||||||
| Madison Centre | Seattle, WA | 78.2 | % | 1 | 754,988 | |||||||||||||||||||||||||||||||||
| 7750 Wisconsin Avenue (50% ownership) (2) | Bethesda, MD | 100.0 | % | 1 | 735,573 | |||||||||||||||||||||||||||||||||
| Dock 72 (50% ownership) (2) | Brooklyn, NY | 42.4 | % | 1 | 668,521 | |||||||||||||||||||||||||||||||||
| 100 Causeway Street (50% ownership) (2) | Boston, MA | 94.5 | % | 1 | 634,535 | |||||||||||||||||||||||||||||||||
| South of Market | Reston, VA | 98.7 | % | 3 | 623,250 |
| Properties | Location | % Occupied as of December 31, 2023 (1) | Number of Buildings | Net Rentable Square Feet | ||||||||||||||||||||||||||||||||||
| 901 New York Avenue (25% ownership) (2) (3) | Washington, DC | 83.2 | % | 1 | 548,425 | |||||||||||||||||||||||||||||||||
| Mountain View Research Park | Mountain View, CA | 60.7 | % | 15 | 542,264 | |||||||||||||||||||||||||||||||||
| Reservoir Place | Waltham, MA | 43.8 | % | 1 | 527,029 | |||||||||||||||||||||||||||||||||
| 680 Folsom Street | San Francisco, CA | 98.7 | % | 2 | 524,793 | |||||||||||||||||||||||||||||||||
| Fountain Square | Reston, VA | 87.0 | % | 2 | 524,638 | |||||||||||||||||||||||||||||||||
| 101 Huntington Avenue - The Prudential Center | Boston, MA | 98.7 | % | 1 | 506,476 | |||||||||||||||||||||||||||||||||
| 145 Broadway | Cambridge, MA | 99.6 | % | 1 | 490,086 | |||||||||||||||||||||||||||||||||
| 2100 Pennsylvania Avenue | Washington, DC | 65.3 | % | 1 | 475,849 | |||||||||||||||||||||||||||||||||
| 2200 Pennsylvania Avenue | Washington, DC | 94.9 | % | 1 | 459,811 | |||||||||||||||||||||||||||||||||
| One Freedom Square | Reston, VA | 82.8 | % | 1 | 427,956 | |||||||||||||||||||||||||||||||||
| Two Freedom Square | Reston, VA | 100.0 | % | 1 | 423,222 | |||||||||||||||||||||||||||||||||
| 140 Kendrick Street (4) | Needham, MA | 84.4 | % | 3 | 418,600 | |||||||||||||||||||||||||||||||||
| Market Square North (50% ownership) (2) | Washington, DC | 77.0 | % | 1 | 418,549 | |||||||||||||||||||||||||||||||||
| 325 Main Street | Cambridge, MA | 91.4 | % | 1 | 414,565 | |||||||||||||||||||||||||||||||||
| The Hub on Causeway - Podium (50% ownership) (2) | Boston, MA | 93.8 | % | 1 | 382,988 | |||||||||||||||||||||||||||||||||
| One and Two Discovery Square | Reston, VA | 89.7 | % | 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 | 98.7 | % | 1 | 355,089 | |||||||||||||||||||||||||||||||||
| One Reston Overlook | Reston, VA | 89.7 | % | 1 | 319,519 | |||||||||||||||||||||||||||||||||
| 535 Mission Street | San Francisco, CA | 67.9 | % | 1 | 307,235 | |||||||||||||||||||||||||||||||||
| Wisconsin Place Office | Chevy Chase, MD | 64.2 | % | 1 | 302,858 | |||||||||||||||||||||||||||||||||
| Waltham Weston Corporate Center | Waltham, MA | 82.4 | % | 1 | 301,611 | |||||||||||||||||||||||||||||||||
| 230 CityPoint | Waltham, MA | 94.6 | % | 1 | 296,720 | |||||||||||||||||||||||||||||||||
| 17Fifty Presidents Street | Reston, VA | 100.0 | % | 1 | 275,809 | |||||||||||||||||||||||||||||||||
| 200 West Street | Waltham, MA | 94.5 | % | 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 | 87.4 | % | 1 | 253,579 | |||||||||||||||||||||||||||||||||
| 880 Winter Street | Waltham, MA | 98.5 | % | 1 | 243,618 | |||||||||||||||||||||||||||||||||
| 10 CityPoint | Waltham, MA | 100.0 | % | 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 | |||||||||||||||||||||||||||||||||
| 751 Gateway (49% ownership) (2) | South San Francisco, CA | 100.0 | % | 1 | 230,592 | |||||||||||||||||||||||||||||||||
| 90 Broadway | Cambridge, MA | 98.1 | % | 1 | 223,771 | |||||||||||||||||||||||||||||||||
| Sumner Square | Washington, DC | 90.7 | % | 1 | 219,412 | |||||||||||||||||||||||||||||||||
| 255 Main Street | Cambridge, MA | 87.9 | % | 1 | 215,394 | |||||||||||||||||||||||||||||||||
| 20 CityPoint | Waltham, MA | 98.1 | % | 1 | 211,476 | |||||||||||||||||||||||||||||||||
| 77 CityPoint | Waltham, MA | 97.8 | % | 1 | 209,711 |
| Properties | Location | % Occupied as of December 31, 2023 (1) | Number of Buildings | Net Rentable Square Feet | ||||||||||||||||||||||||||||||||||
| University Place | Cambridge, MA | 100.0 | % | 1 | 195,282 | |||||||||||||||||||||||||||||||||
| North First Business Park (5) | San Jose, CA | 87.6 | % | 5 | 190,636 | |||||||||||||||||||||||||||||||||
| 890 Winter Street | Waltham, MA | 56.6 | % | 1 | 179,312 | |||||||||||||||||||||||||||||||||
| 150 Broadway | Cambridge, MA | 100.0 | % | 1 | 177,226 | |||||||||||||||||||||||||||||||||
| Capital Gallery | Washington, DC | 80.8 | % | 1 | 176,809 | |||||||||||||||||||||||||||||||||
| 206 Carnegie Center | Princeton, NJ | 100.0 | % | 1 | 161,763 | |||||||||||||||||||||||||||||||||
| 210 Carnegie Center | Princeton, NJ | 79.2 | % | 1 | 159,468 | |||||||||||||||||||||||||||||||||
| Kingstowne Two | Alexandria, VA | 77.4 | % | 1 | 156,005 | |||||||||||||||||||||||||||||||||
| Kingstowne One | Alexandria, VA | 34.2 | % | 1 | 153,601 | |||||||||||||||||||||||||||||||||
| 105 Broadway | Cambridge, MA | 100.0 | % | 1 | 152,664 | |||||||||||||||||||||||||||||||||
| 212 Carnegie Center | Princeton, NJ | 69.2 | % | 1 | 148,942 | |||||||||||||||||||||||||||||||||
| 214 Carnegie Center | Princeton, NJ | 65.9 | % | 1 | 146,799 | |||||||||||||||||||||||||||||||||
| 2440 West El Camino Real | Mountain View, CA | 71.5 | % | 1 | 142,789 | |||||||||||||||||||||||||||||||||
| 506 Carnegie Center | Princeton, NJ | 82.1 | % | 1 | 139,050 | |||||||||||||||||||||||||||||||||
| 153 & 211 Second Avenue | Waltham, MA | — | % | 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 | 84.9 | % | 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 | 100.0 | % | 1 | 121,619 | |||||||||||||||||||||||||||||||||
| 502 Carnegie Center | Princeton, NJ | 94.4 | % | 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 | 63.8 | % | 1 | 102,930 | |||||||||||||||||||||||||||||||||
| 103 Carnegie Center | Princeton, NJ | 73.5 | % | 1 | 96,331 | |||||||||||||||||||||||||||||||||
| 33 Hayden Avenue | Lexington, MA | 100.0 | % | 1 | 80,876 | |||||||||||||||||||||||||||||||||
| Shady Grove Innovation District (6) | Rockville, MD | 75.9 | % | 1 | 78,915 | |||||||||||||||||||||||||||||||||
| 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 | 100.0 | % | 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 | 88.3 | % | 160 | 47,935,650 | ||||||||||||||||||||||||||||||||||
| Retail | ||||||||||||||||||||||||||||||||||||||
| The Prudential Center (retail shops) (7) | Boston, MA | 95.5 | % | — | 485,211 | |||||||||||||||||||||||||||||||||
| Fountain Square Retail | Reston, VA | 87.6 | % | 1 | 198,225 | |||||||||||||||||||||||||||||||||
| Kingstowne Retail | Alexandria, VA | 100.0 | % | 1 | 88,288 |
| Properties | Location | % Occupied as of December 31, 2023 (1) | Number of Buildings | Net Rentable Square Feet | ||||||||||||||||||||||||||||||||||
| Santa Monica Business Park Retail | Santa Monica, CA | 88.4 | % | 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 | 94.2 | % | 12 | 945,843 | ||||||||||||||||||||||||||||||||||
| Residential | ||||||||||||||||||||||||||||||||||||||
| Signature at Reston (508 units) | Reston, VA | 96.5 | % | 1 | 517,783 | |||||||||||||||||||||||||||||||||
| The Skylyne (402 units) | Oakland, CA | 86.1 | % | 1 | 330,996 | |||||||||||||||||||||||||||||||||
| Hub50House (440 units) (50% ownership) (2) | Boston, MA | 95.0 | % | 1 | 320,444 | |||||||||||||||||||||||||||||||||
| Proto Kendall Square (280 units) | Cambridge, MA | 96.1 | % | 1 | 166,717 | |||||||||||||||||||||||||||||||||
| The Lofts at Atlantic Wharf (86 units) | Boston, MA | 93.0 | % | 1 | 87,096 | |||||||||||||||||||||||||||||||||
| Subtotal for Residential Properties | 93.4 | % | (8) | 5 | 1,423,036 | (9) | ||||||||||||||||||||||||||||||||
| Hotel | ||||||||||||||||||||||||||||||||||||||
| Boston Marriott Cambridge (437 rooms) | Cambridge, MA | 72.8 | % | (10) | 1 | 334,260 | (11) | |||||||||||||||||||||||||||||||
| Subtotal for Hotel Property | 72.8 | % | 1 | 334,260 | ||||||||||||||||||||||||||||||||||
| Subtotal for In-Service Properties | 88.4 | % | 178 | 50,638,789 | ||||||||||||||||||||||||||||||||||
| Properties Under Construction/Redevelopment (12) | ||||||||||||||||||||||||||||||||||||||
| Office | ||||||||||||||||||||||||||||||||||||||
| 360 Park Avenue South (redevelopment) (71% ownership) (2) (13) | New York, NY | 18.0 | % | 1 | 450,000 | |||||||||||||||||||||||||||||||||
| Reston Next Office Phase II | Reston, VA | 4.3 | % | 1 | 90,000 | |||||||||||||||||||||||||||||||||
| Laboratory/Life Sciences | ||||||||||||||||||||||||||||||||||||||
| 103 CityPoint | Waltham, MA | — | % | 1 | 113,000 | (14) | ||||||||||||||||||||||||||||||||
| 180 CityPoint | Waltham, MA | 43.0 | % | 1 | 329,000 | (15) | ||||||||||||||||||||||||||||||||
| 300 Binney Street (redevelopment) (55% ownership) | Cambridge, MA | 100.0 | % | 1 | 236,000 | |||||||||||||||||||||||||||||||||
| 651 Gateway (redevelopment) (50% ownership) (2) | South San Francisco, CA | 21.0 | % | 1 | 327,000 | |||||||||||||||||||||||||||||||||
| 290 Binney Street | Cambridge, MA | 100.0 | % | 1 | 566,000 | |||||||||||||||||||||||||||||||||
| Residential | ||||||||||||||||||||||||||||||||||||||
| Skymark - 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 | |||||||||||||||||||||||||||||||||
| Subtotal for Properties Under Construction/Redevelopment | 53.5 | % | (16) | 10 | 2,679,000 | |||||||||||||||||||||||||||||||||
| Total Portfolio | 188 | 53,317,789 |
(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)Our economic ownership has increased based on the achievement of certain return thresholds. At December 31, 2023, our economic ownership was approximately 50%. On January 8, 2024, our joint venture partner in 901 New York
Avenue transferred all of its ownership interest in the joint venture to us for a gross purchase price of $10.0 million (See Note 17 to the Consolidated Financial Statements).
(4)On July 20, 2023, we completed and fully placed in-service 140 Kendrick Street - Building A, a redevelopment project with approximately 104,000 net rentable square feet in Needham, Massachusetts.
(5)Property is held for redevelopment.
(6)Property is held for redevelopment. Shady Grove Innovation District consists of 15825 Shady Grove Road. 2092 Gaither Road and 2098 Gaither Road were removed from in-service portfolio during 2023 and aggregated approximately 103,375 square feet.
(7)Excludes 760 Boylston Street, the stand-alone building consisting of approximately 118,000 square feet at The Prudential Center (retail shops) that was placed in redevelopment during the year ended December 31, 2022.
(8)Percentage leased is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2023.
(9)Includes 61,511 square feet of retail space that is approximately 79.2% leased as of December 31, 2023. This amount is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2023.
(10)Represents the weighted-average room occupancy for the year ended December 31, 2023. This amount is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2023.
(11)Includes 4,260 square feet of retail space that is 100% leased as of December 31, 2023. This amount is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2023.
(12)Represents percentage leased as of February 20, 2024, including leases with future commencement dates.
(13)On December 14, 2023, we acquired an additional 29% ownership interest in the property, which has increased our total ownership to approximately 71% (See Note 6 to the Consolidated Financial Statements).
(14)The property was 4% placed in-service as of December 31, 2023.
(15)The property was 46% placed in-service as of December 31, 2023.
(16)Total percentage leased excludes Residential.
Percentage Occupied 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, | ||||||||||||||||||||||||||||||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||
| Percentage occupied (1) | 88.4 | % | 88.6 | % | 88.8 | % | 90.1 | % | 93.0 | % | ||||||||||||||||||||||
| Average annualized revenue per square foot (2) | $78.81 | $75.99 | $73.76 | $72.67 | $69.72 |
(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, 2023, 2022, 2021, 2020 and 2019 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, 2023, 2022, 2021, 2020 and 2019 for the succeeding twelve-month period were $2.47, $1.56, $2.15, $1.73 and $1.70, respectively.
Top 20 Clients by Square Feet
Our 20 largest clients by square feet as of December 31, 2023 were as follows:
| Client | Square Feet (1) | % of In-Service Portfolio (1) | ||||||||||||||||||
| 1. | salesforce.com | 891,231 | 2.10 | % | ||||||||||||||||
| 2. | Biogen | 848,021 | 2.00 | % | ||||||||||||||||
| 3. | 836,110 | 1.97 | % | |||||||||||||||||
| 4. | Fannie Mae | 710,121 | 1.68 | % | ||||||||||||||||
| 5. | Akamai Technologies | 658,578 | 1.55 | % | ||||||||||||||||
| 6. | Snap | 607,287 | 1.43 | % | ||||||||||||||||
| 7. | Microsoft | 599,200 | 1.41 | % | ||||||||||||||||
| 8. | Ropes & Gray | 539,467 | 1.27 | % | ||||||||||||||||
| 9. | Kirkland & Ellis | 428,187 | 1.01 | % | ||||||||||||||||
| 10. | Wellington Management | 401,665 | 0.95 | % | ||||||||||||||||
| 11. | Shearman & Sterling | 384,813 | 0.91 | % | ||||||||||||||||
| 12. | Integrated Holding Group (aka Millennium Management) | 373,007 | 0.88 | % | ||||||||||||||||
| 13. | Arnold & Porter Kaye Scholer | 367,878 | 0.87 | % | ||||||||||||||||
| 14. | Marriott | 367,787 | 0.87 | % | ||||||||||||||||
| 15. | WeWork | 367,338 | 0.87 | % | ||||||||||||||||
| 16. | Leidos | 352,394 | 0.83 | % | ||||||||||||||||
| 17. | Blue Cross Blue Shield | 347,618 | 0.82 | % | ||||||||||||||||
| 18. | Bank of America | 330,350 | 0.78 | % | ||||||||||||||||
| 19. | US Government | 319,359 | 0.75 | % | ||||||||||||||||
| 20. | Bain Capital | 315,833 | 0.75 | % |
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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, 2023 was as follows:
| Sector | % of In-Service Portfolio (1) | ||||
| Technology & Media | 21.3% | ||||
| Legal Services | 17.5% | ||||
| Financial Services - all other | 13.5% | ||||
| Real Estate & Insurance | 9.0% | ||||
| Life Sciences | 9.1% | ||||
| Other Professional Services | 7.8% | ||||
| Financial Services - commercial & investment banking | 5.8% | ||||
| Retail | 5.8% | ||||
| Manufacturing | 4.6% | ||||
| Government / Public Administration | 3.0% | ||||
| Other | 2.6% |
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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).
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 | ||||||||||||||||||||||||||||||||
| 2023 (5) | 160,589 | $9,802,660 | $61.04 | $9,802,660 | $61.04 | 0.33 | % | |||||||||||||||||||||||||||||||
| 2024 | 2,676,191 | 175,925,225 | 65.74 | 177,083,389 | 66.17 | 5.47 | % | |||||||||||||||||||||||||||||||
| 2025 | 3,150,406 | 240,715,108 | 76.41 | 244,631,629 | 77.65 | 6.44 | % | |||||||||||||||||||||||||||||||
| 2026 | 2,682,236 | 231,970,206 | 86.48 | 236,502,157 | 88.17 | 5.48 | % | |||||||||||||||||||||||||||||||
| 2027 | 2,445,283 | 193,144,607 | 78.99 | 205,179,627 | 83.91 | 5.00 | % | |||||||||||||||||||||||||||||||
| 2028 | 3,417,177 | 279,177,909 | 81.70 | 301,397,445 | 88.20 | 6.98 | % | |||||||||||||||||||||||||||||||
| 2029 | 3,818,976 | 282,099,562 | 83.87 | 318,387,006 | 83.37 | 7.80 | % | |||||||||||||||||||||||||||||||
| 2030 | 2,925,267 | 227,515,075 | 77.78 | 249,994,406 | 85.46 | 5.98 | % | |||||||||||||||||||||||||||||||
| 2031 | 2,313,899 | 194,176,879 | 83.92 | 216,462,874 | 93.55 | 4.73 | % | |||||||||||||||||||||||||||||||
| 2032 | 2,290,559 | 179,323,608 | 78.29 | 209,859,249 | 91.62 | 4.68 | % | |||||||||||||||||||||||||||||||
| Thereafter | 16,898,552 | 1,387,847,687 | 82.13 | 1,714,163,976 | 101.44 | 34.52 | % |
(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, 2023 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, 2023 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, 2023.
Previous: Item 1C. Cybersecurity. · Next: Item 3. Legal Proceedings.