filings.toolsItem 2. Properties.
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Item 2. Properties.
At December 31, 2025, we owned or had joint venture interests in 179 commercial real estate properties, aggregating approximately 52.6 million net rentable square feet of primarily premier workplaces, including eight properties under construction/redevelopment totaling approximately 3.5 million net rentable square feet. Our properties consisted of (1) 157 office and life sciences properties (including four properties under construction/redevelopment), (2) 14 retail properties (including one property under construction), (3) seven residential properties (including three properties under construction) and (4) one hotel. The table set forth below shows information relating to the properties we owned, or in which we had an ownership interest, at December 31, 2025, and it includes properties held by both consolidated and unconsolidated joint ventures.
| Properties | Location | % Occupied as of December 31, 2025 (1) | Number of Buildings | Net Rentable Square Feet | ||||||||||||||||||||||||||||||||||
| Office | ||||||||||||||||||||||||||||||||||||||
| 767 Fifth Avenue (The GM Building) (60% ownership) | New York, NY | 98.8 | % | 1 | 1,970,335 | |||||||||||||||||||||||||||||||||
| 200 Clarendon Street | Boston, MA | 99.9 | % | 1 | 1,700,914 | |||||||||||||||||||||||||||||||||
| 601 Lexington Avenue (55% ownership) | New York, NY | 99.9 | % | 1 | 1,671,682 | |||||||||||||||||||||||||||||||||
| 399 Park Avenue | New York, NY | 100.0 | % | 1 | 1,567,470 | |||||||||||||||||||||||||||||||||
| Salesforce Tower | San Francisco, CA | 98.0 | % | 1 | 1,420,682 | |||||||||||||||||||||||||||||||||
| 800 Boylston Street - The Prudential Center | Boston, MA | 95.7 | % | 1 | 1,274,213 | |||||||||||||||||||||||||||||||||
| 7 Times Square (55% ownership) | New York, NY | 80.2 | % | 1 | 1,238,724 | |||||||||||||||||||||||||||||||||
| 100 Federal Street (55% ownership) | Boston, MA | 92.5 | % | 1 | 1,233,943 | |||||||||||||||||||||||||||||||||
| Colorado Center (50% ownership) (2) | Santa Monica, CA | 89.6 | % | 6 | 1,130,066 | |||||||||||||||||||||||||||||||||
| Santa Monica Business Park | Santa Monica, CA | 83.4 | % | 14 | 1,104,377 | |||||||||||||||||||||||||||||||||
| 599 Lexington Avenue | New York, NY | 89.8 | % | 1 | 1,104,276 | |||||||||||||||||||||||||||||||||
| Reston Next | Reston, VA | 97.9 | % | 2 | 1,063,299 | |||||||||||||||||||||||||||||||||
| 250 West 55th Street | New York, NY | 98.3 | % | 1 | 966,976 | |||||||||||||||||||||||||||||||||
| Embarcadero Center Four | San Francisco, CA | 87.9 | % | 1 | 945,594 | |||||||||||||||||||||||||||||||||
| 111 Huntington Avenue - The Prudential Center | Boston, MA | 100.0 | % | 1 | 860,446 | |||||||||||||||||||||||||||||||||
| 200 Fifth Avenue (26.69% ownership) (2) | New York, NY | 59.0 | % | 1 | 846,506 | |||||||||||||||||||||||||||||||||
| Embarcadero Center One | San Francisco, CA | 70.1 | % | 1 | 838,051 | |||||||||||||||||||||||||||||||||
| Embarcadero Center Two | San Francisco, CA | 73.4 | % | 1 | 804,891 | |||||||||||||||||||||||||||||||||
| Atlantic Wharf Office (55% ownership) | Boston, MA | 100.0 | % | 1 | 793,024 | |||||||||||||||||||||||||||||||||
| Gateway Commons (50% Ownership) (2) (3) | South San Francisco, CA | 67.1 | % | 5 | 792,728 | |||||||||||||||||||||||||||||||||
| Embarcadero Center Three | San Francisco, CA | 75.6 | % | 1 | 786,411 | |||||||||||||||||||||||||||||||||
| Safeco Plaza (33.67% ownership) (2) | Seattle, WA | 77.5 | % | 1 | 762,541 | |||||||||||||||||||||||||||||||||
| Madison Centre | Seattle, WA | 82.1 | % | 1 | 754,011 | |||||||||||||||||||||||||||||||||
| 7750 Wisconsin Avenue (50% ownership) (2) | Bethesda, MD | 100.0 | % | 1 | 735,573 | |||||||||||||||||||||||||||||||||
| Dock 72 (50% ownership) (2) | Brooklyn, NY | 42.7 | % | 1 | 668,521 | |||||||||||||||||||||||||||||||||
| 100 Causeway Street (50% ownership) (2) | Boston, MA | 100.0 | % | 1 | 633,818 | |||||||||||||||||||||||||||||||||
| South of Market | Reston, VA | 100.0 | % | 3 | 624,387 | |||||||||||||||||||||||||||||||||
| Mountain View Research Park (4) | Mountain View, CA | 53.9 | % | 16 | 571,884 | |||||||||||||||||||||||||||||||||
| Fountain Square | Reston, VA | 95.0 | % | 2 | 524,113 |
| Properties | Location | % Occupied as of December 31, 2025 (1) | Number of Buildings | Net Rentable Square Feet | ||||||||||||||||||||||||||||||||||
| 901 New York Avenue | Washington, DC | 82.4 | % | 1 | 524,021 | |||||||||||||||||||||||||||||||||
| 680 Folsom Street | San Francisco, CA | 59.2 | % | 2 | 522,406 | |||||||||||||||||||||||||||||||||
| 101 Huntington Avenue - The Prudential Center | Boston, MA | 100.0 | % | 1 | 506,476 | |||||||||||||||||||||||||||||||||
| 145 Broadway | Cambridge, MA | 99.6 | % | 1 | 490,086 | |||||||||||||||||||||||||||||||||
| 2100 Pennsylvania Avenue | Washington, DC | 95.0 | % | 1 | 475,849 | |||||||||||||||||||||||||||||||||
| 2200 Pennsylvania Avenue | Washington, DC | 89.3 | % | 1 | 460,039 | |||||||||||||||||||||||||||||||||
| 360 Park Avenue South (71.11% ownership) (2) | New York, NY | 33.2 | % | 1 | 448,112 | |||||||||||||||||||||||||||||||||
| Bay Colony Corporate Center | Waltham, MA | 79.7 | % | 2 | 435,917 | |||||||||||||||||||||||||||||||||
| One Freedom Square | Reston, VA | 87.8 | % | 1 | 427,646 | |||||||||||||||||||||||||||||||||
| Two Freedom Square | Reston, VA | 100.0 | % | 1 | 423,222 | |||||||||||||||||||||||||||||||||
| 325 Main Street | Cambridge, MA | 96.5 | % | 1 | 406,824 | |||||||||||||||||||||||||||||||||
| The Hub on Causeway - Podium (50% ownership) (2) | Boston, MA | 94.8 | % | 1 | 382,988 | |||||||||||||||||||||||||||||||||
| 888 Boylston Street - The Prudential Center | Boston, MA | 96.2 | % | 1 | 377,574 | |||||||||||||||||||||||||||||||||
| One and Two Discovery Square | Reston, VA | 89.7 | % | 2 | 366,989 | |||||||||||||||||||||||||||||||||
| Weston Corporate Center | Weston, MA | 12.6 | % | 1 | 356,995 | |||||||||||||||||||||||||||||||||
| 510 Madison Avenue | New York, NY | 80.3 | % | 1 | 352,589 | |||||||||||||||||||||||||||||||||
| One Reston Overlook | Reston, VA | 100.0 | % | 1 | 319,519 | |||||||||||||||||||||||||||||||||
| 535 Mission Street | San Francisco, CA | 86.3 | % | 1 | 303,322 | |||||||||||||||||||||||||||||||||
| Waltham Weston Corporate Center | Waltham, MA | 73.0 | % | 1 | 301,611 | |||||||||||||||||||||||||||||||||
| 230 CityPoint | Waltham, MA | 97.0 | % | 1 | 299,304 | |||||||||||||||||||||||||||||||||
| Wisconsin Place Office | Chevy Chase, MD | 52.6 | % | 1 | 295,845 | |||||||||||||||||||||||||||||||||
| 17Fifty Presidents Street | Reston, VA | 100.0 | % | 1 | 275,809 | |||||||||||||||||||||||||||||||||
| Democracy Tower | Reston, VA | 99.3 | % | 1 | 259,441 | |||||||||||||||||||||||||||||||||
| 355 Main Street | Cambridge, MA | 100.0 | % | 1 | 256,966 | |||||||||||||||||||||||||||||||||
| 1330 Connecticut Avenue | Washington, DC | 95.9 | % | 1 | 253,375 | |||||||||||||||||||||||||||||||||
| 10 CityPoint | Waltham, MA | 98.6 | % | 1 | 236,570 | |||||||||||||||||||||||||||||||||
| 510 Carnegie Center | Princeton, NJ | 72.4 | % | 1 | 234,160 | |||||||||||||||||||||||||||||||||
| 500 North Capitol Street, N.W. (30% ownership) (2) | Washington, DC | 96.8 | % | 1 | 230,900 | |||||||||||||||||||||||||||||||||
| 90 Broadway | Cambridge, MA | 100.0 | % | 1 | 223,771 | |||||||||||||||||||||||||||||||||
| 255 Main Street | Cambridge, MA | 82.5 | % | 1 | 215,394 | |||||||||||||||||||||||||||||||||
| 20 CityPoint | Waltham, MA | 98.1 | % | 1 | 211,476 | |||||||||||||||||||||||||||||||||
| 77 CityPoint | Waltham, MA | 90.2 | % | 1 | 209,382 | |||||||||||||||||||||||||||||||||
| Sumner Square | Washington, DC | 92.9 | % | 1 | 208,797 | |||||||||||||||||||||||||||||||||
| University Place | Cambridge, MA | 100.0 | % | 1 | 195,282 | |||||||||||||||||||||||||||||||||
| North First Business Park (5) | San Jose, CA | 58.4 | % | 5 | 191,033 | |||||||||||||||||||||||||||||||||
| 890 Winter Street | Waltham, MA | 88.6 | % | 1 | 180,155 | |||||||||||||||||||||||||||||||||
| 150 Broadway | Cambridge, MA | 100.0 | % | 1 | 177,226 | |||||||||||||||||||||||||||||||||
| Capital Gallery | Washington, DC | 77.3 | % | 1 | 176,909 | |||||||||||||||||||||||||||||||||
| Reservoir Place (6) | Waltham, MA | 55.0 | % | 1 | 164,993 | |||||||||||||||||||||||||||||||||
| 206 Carnegie Center | Princeton, NJ | — | % | 1 | 161,763 | |||||||||||||||||||||||||||||||||
| 210 Carnegie Center | Princeton, NJ | 27.5 | % | 1 | 159,468 | |||||||||||||||||||||||||||||||||
| Kingstowne Two | Alexandria, VA | 53.5 | % | 1 | 157,163 | |||||||||||||||||||||||||||||||||
| 105 Broadway | Cambridge, MA | 100.0 | % | 1 | 152,664 |
| Properties | Location | % Occupied as of December 31, 2025 (1) | Number of Buildings | Net Rentable Square Feet | ||||||||||||||||||||||||||||||||||
| 212 Carnegie Center | Princeton, NJ | 69.9 | % | 1 | 148,942 | |||||||||||||||||||||||||||||||||
| 214 Carnegie Center | Princeton, NJ | 62.8 | % | 1 | 146,799 | |||||||||||||||||||||||||||||||||
| 2440 West El Camino Real | Mountain View, CA | 56.3 | % | 1 | 142,711 | |||||||||||||||||||||||||||||||||
| 506 Carnegie Center | Princeton, NJ | 95.1 | % | 1 | 139,050 | |||||||||||||||||||||||||||||||||
| 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 | 73.7 | % | 1 | 134,068 | |||||||||||||||||||||||||||||||||
| 804 Carnegie Center | Princeton, NJ | 100.0 | % | 1 | 130,000 | |||||||||||||||||||||||||||||||||
| 101 Carnegie Center | Princeton, NJ | 81.8 | % | 1 | 122,791 | |||||||||||||||||||||||||||||||||
| 504 Carnegie Center | Princeton, NJ | 100.0 | % | 1 | 121,990 | |||||||||||||||||||||||||||||||||
| 502 Carnegie Center | Princeton, NJ | 94.8 | % | 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 | |||||||||||||||||||||||||||||||||
| 153 Second Avenue | Waltham, MA | 100.0 | % | 1 | 104,278 | |||||||||||||||||||||||||||||||||
| 104 Carnegie Center | Princeton, NJ | 72.2 | % | 1 | 101,969 | |||||||||||||||||||||||||||||||||
| 103 Carnegie Center | Princeton, NJ | 69.1 | % | 1 | 96,322 | |||||||||||||||||||||||||||||||||
| Reston Next Office Phase II | Reston, VA | 6.0 | % | 1 | 86,629 | |||||||||||||||||||||||||||||||||
| Reservoir Place North | Waltham, MA | 100.0 | % | 1 | 73,258 | |||||||||||||||||||||||||||||||||
| 32 Hartwell Avenue | Lexington, MA | 100.0 | % | 1 | 69,154 | |||||||||||||||||||||||||||||||||
| 302 Carnegie Center | Princeton, NJ | 100.0 | % | 1 | 64,926 | |||||||||||||||||||||||||||||||||
| 211 Carnegie Center | Princeton, NJ | — | % | 1 | 47,025 | |||||||||||||||||||||||||||||||||
| 92 Hayden Avenue | Lexington, MA | 100.0 | % | 1 | 31,100 | |||||||||||||||||||||||||||||||||
| 690 Folsom Street | San Francisco, CA | 100.0 | % | 1 | 26,080 | |||||||||||||||||||||||||||||||||
| 201 Carnegie Center | Princeton, NJ | 100.0 | % | — | 6,500 | |||||||||||||||||||||||||||||||||
| Subtotal for Office Properties | 86.8 | % | 143 | 44,824,268 | ||||||||||||||||||||||||||||||||||
| Life Sciences | ||||||||||||||||||||||||||||||||||||||
| 180 CityPoint | Waltham, MA | 55.2 | % | 1 | 329,195 | |||||||||||||||||||||||||||||||||
| 200 West Street | Waltham, MA | 86.1 | % | 1 | 273,361 | |||||||||||||||||||||||||||||||||
| 125 Broadway | Cambridge, MA | 100.0 | % | 1 | 271,000 | |||||||||||||||||||||||||||||||||
| 880 Winter Street | Waltham, MA | 92.3 | % | 1 | 243,614 | |||||||||||||||||||||||||||||||||
| 300 Binney Street (55% ownership) | Cambridge, MA | 100.0 | % | 1 | 239,908 | |||||||||||||||||||||||||||||||||
| 103 CityPoint | Waltham, MA | — | % | 1 | 112,842 | |||||||||||||||||||||||||||||||||
| 33 Hayden Avenue | Lexington, MA | 100.0 | % | 1 | 80,872 | |||||||||||||||||||||||||||||||||
| 250 Binney Street | Cambridge, MA | 100.0 | % | 1 | 67,362 | |||||||||||||||||||||||||||||||||
| 100 Hayden Avenue | Lexington, MA | 100.0 | % | 1 | 55,924 | |||||||||||||||||||||||||||||||||
| 211 Second Avenue | Waltham, MA | 51.2 | % | 1 | 49,815 | |||||||||||||||||||||||||||||||||
| Subtotal for Life Sciences Properties | 80.2 | % | 10 | 1,723,893 | ||||||||||||||||||||||||||||||||||
| Retail | ||||||||||||||||||||||||||||||||||||||
| The Prudential Center (retail shops) | Boston, MA | 95.7 | % | 1 | 590,080 | |||||||||||||||||||||||||||||||||
| Fountain Square Retail | Reston, VA | 90.9 | % | 1 | 196,421 | |||||||||||||||||||||||||||||||||
| Kingstowne Retail | Alexandria, VA | 100.0 | % | 1 | 88,288 | |||||||||||||||||||||||||||||||||
| Santa Monica Business Park Retail | Santa Monica, CA | 86.8 | % | 7 | 73,006 | |||||||||||||||||||||||||||||||||
| Star Market at the Prudential Center | Boston, MA | 100.0 | % | 1 | 60,015 |
| Properties | Location | % Occupied as of December 31, 2025 (1) | Number of Buildings | Net Rentable Square Feet | ||||||||||||||||||||||||||||||||||
| Avant Retail | Reston, VA | 100.0 | % | 1 | 26,179 | |||||||||||||||||||||||||||||||||
| The Point | Waltham, MA | 100.0 | % | 1 | 16,300 | |||||||||||||||||||||||||||||||||
| Subtotal for Retail Properties | 95.0 | % | 13 | 1,050,289 | ||||||||||||||||||||||||||||||||||
| Residential | ||||||||||||||||||||||||||||||||||||||
| Skymark - Reston Next Residential (508 units) (20% ownership) (2) | Reston, VA | 93.5 | % | 1 | 417,036 | |||||||||||||||||||||||||||||||||
| The Skylyne (402 units) | Oakland, CA | 93.3 | % | 1 | 330,996 | |||||||||||||||||||||||||||||||||
| Hub50House (440 units) (50% ownership) (2) | Boston, MA | 93.2 | % | 1 | 320,444 | |||||||||||||||||||||||||||||||||
| The Lofts at Atlantic Wharf (86 units) (5) | Boston, MA | 91.9 | % | 1 | 87,096 | |||||||||||||||||||||||||||||||||
| Subtotal for Residential Properties | 93.3 | % | (7) | 4 | 1,155,572 | (8) | ||||||||||||||||||||||||||||||||
| Hotel | ||||||||||||||||||||||||||||||||||||||
| Boston Marriott Cambridge (437 rooms) | Cambridge, MA | 78.7 | % | (9) | 1 | 334,260 | (10) | |||||||||||||||||||||||||||||||
| Subtotal for Hotel Property | 78.7 | % | 1 | 334,260 | ||||||||||||||||||||||||||||||||||
| Subtotal for In-Service Properties | 86.7 | % | 171 | 49,088,282 | ||||||||||||||||||||||||||||||||||
| Properties Under Construction/Redevelopment (11) | ||||||||||||||||||||||||||||||||||||||
| Office | ||||||||||||||||||||||||||||||||||||||
| 725 12th Street (redevelopment) | Washington, DC | 87.0 | % | 1 | 320,000 | |||||||||||||||||||||||||||||||||
| 343 Madison Avenue | New York, NY | 29.0 | % | 1 | 930,000 | |||||||||||||||||||||||||||||||||
| Laboratory/Life Sciences | ||||||||||||||||||||||||||||||||||||||
| 290 Binney Street (55% ownership) | Cambridge, MA | 100.0 | % | 1 | 573,000 | |||||||||||||||||||||||||||||||||
| 651 Gateway (redevelopment) (50% ownership) (2) (12) | South San Francisco, CA | 21.0 | % | 1 | 327,000 | |||||||||||||||||||||||||||||||||
| Residential | ||||||||||||||||||||||||||||||||||||||
| 121 Broadway Street (439 units) | Cambridge, MA | — | % | 1 | 492,000 | |||||||||||||||||||||||||||||||||
| 17 Hartwell Avenue (312 Units) (20% ownership) (2) | Lexington, MA | — | % | 1 | 290,100 | |||||||||||||||||||||||||||||||||
| 290 Coles Street (670 Units) (19.46% ownership) (2) | Jersey City, NJ | — | % | 1 | 560,000 | |||||||||||||||||||||||||||||||||
| Retail | ||||||||||||||||||||||||||||||||||||||
| Reston Next Retail (13) | Reston, VA | 70.0 | % | 1 | 30,000 | |||||||||||||||||||||||||||||||||
| Subtotal for Properties Under Construction/Redevelopment | 61.2 | % | (14) | 8 | 3,522,100 | |||||||||||||||||||||||||||||||||
| Total Portfolio | 179 | 52,610,382 |
(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)Includes 681 Gateway, which is a laboratory/life sciences property. On January 2, 2026, we sold our interest in the joint venture that owns Gateway Commons (See Note 17 to the Consolidated Financial Statements).
(4)Includes 453 Ravendale Drive.
(5)The property was sold subsequent to December 31, 2025 (See Note 17 to the Consolidated Financial Statements).
(6)During the first quarter of 2025, approximately 361,000 net rentable square feet was taken out of service to be held for future redevelopment.
(7)Percentage occupied is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2025.
(8)Includes 22,442 square feet of retail space that is approximately 42.9% occupied as of December 31, 2025. This amount is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2025.
(9)Represents the weighted-average room occupancy for the year ended December 31, 2025. This amount is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2025.
(10)Includes 4,260 square feet of retail space that is 100% occupied as of December 31, 2025. This amount is not included in the calculation of the Total Portfolio occupancy rate for In-Service Properties as of December 31, 2025.
(11)Represents percentage leased as of February 20, 2026, including leases with future commencement dates. Percentage leased excludes 651 Gateway which was sold on January 2, 2026.
(12)The property was 27% placed in-service as of December 31, 2025. On January 2, 2026, we sold our interest in the joint venture that owns 651 Gateway (See Note 17 to the Consolidated Financial Statements).
(13)The property was fully placed in-service on January 16, 2026.
(14)Total percentage occupied excludes Residential and 651 Gateway which was sold on January 2, 2026.
Percentage Occupied and Average Annualized Revenue per Square Foot for In-Service Properties
The following table sets forth our percentage occupied and average annualized revenue per square foot on a historical basis for our In-Service Properties.
| December 31, | ||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||
| Percentage occupied (1) | 86.7 | % | 87.5 | % | 88.4 | % | 88.6 | % | 88.8 | % | ||||||||||||||||||||||
| Average annualized revenue per square foot (2) | $83.47 | $81.21 | $78.81 | $75.99 | $73.76 |
(1)Represents the quotient obtained by dividing (A) the aggregate number of square feet subject to signed leases, excluding hotel and residential properties, for which revenue recognition has commenced in accordance with GAAP by (B) the total number of square feet in our in-service portfolio.
(2)Represents the monthly contractual base rents and recoveries from clients under existing leases as of December 31, of each year presented, 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, 2025, 2024, 2023, 2022 and 2021 for the succeeding twelve-month period were $3.19, $2.14, $2.47, $1.56, and $2.15, respectively.
Top 20 Clients by Square Feet
Our 20 largest clients by square feet as of December 31, 2025 were as follows:
| Client | Square Feet (1) | % of In-Service Portfolio (1) | ||||||||||||||||||
| 1. | Salesforce | 891,231 | 2.13 | % | ||||||||||||||||
| 2. | 836,110 | 2.00 | % | |||||||||||||||||
| 3. | Fannie Mae | 710,121 | 1.70 | % | ||||||||||||||||
| 4. | Akamai Technologies | 658,578 | 1.58 | % | ||||||||||||||||
| 5. | Snap | 607,287 | 1.45 | % | ||||||||||||||||
| 6. | Microsoft | 599,200 | 1.43 | % | ||||||||||||||||
| 7. | Ropes & Gray | 522,173 | 1.25 | % | ||||||||||||||||
| 8. | Kirkland & Ellis | 511,174 | 1.22 | % | ||||||||||||||||
| 9. | Biogen | 423,664 | 1.01 | % | ||||||||||||||||
| 10. | Integrated Holding Group | 408,118 | 0.98 | % | ||||||||||||||||
| 11. | Bain Capital | 378,284 | 0.91 | % | ||||||||||||||||
| 12. | Marriott | 367,787 | 0.88 | % | ||||||||||||||||
| 13. | Allen Overy Shearman Sterling | 362,982 | 0.87 | % | ||||||||||||||||
| 14. | Leidos | 352,394 | 0.84 | % | ||||||||||||||||
| 15. | Blue Cross Blue Shield | 347,618 | 0.83 | % | ||||||||||||||||
| 16. | Arnold & Porter Kaye Scholer | 344,605 | 0.82 | % | ||||||||||||||||
| 17. | Bechtel Corporation | 340,857 | 0.82 | % | ||||||||||||||||
| 18. | WeWork | 337,457 | 0.81 | % | ||||||||||||||||
| 19. | Mass Financial Services | 313,584 | 0.75 | % | ||||||||||||||||
| 20. | Bank of America | 299,985 | 0.72 | % |
__________________
(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 Industry Diversification
Our client industry diversification by square feet as of December 31, 2025 was as follows:
| Sector | % of In-Service Portfolio (1) | ||||
| Technology & Media | 21.0% | ||||
| Legal Services | 17.1% | ||||
| Financial Services - all other | 14.4% | ||||
| Life Sciences | 8.9% | ||||
| Real Estate & Insurance | 8.8% | ||||
| Other Professional Services | 7.6% | ||||
| Retail | 6.2% | ||||
| Financial Services - commercial & investment banking | 5.7% | ||||
| Manufacturing | 4.7% | ||||
| 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)(3)
| Year of Lease Expiration | Rentable Square Feet Subject to Expiring Leases | Current Annualized Contractual Rent Under Expiring Leases Without Future Step-Ups (4) | Current Annualized Contractual Rent Under Expiring Leases Without Future Step-Ups p.s.f. (4) | Current Annualized Contractual Rent Under Expiring Leases With Future Step-Ups (5) | Current Annualized Contractual Rent Under Expiring Leases With Future Step-Ups p.s.f. (5) | Percentage of Total Square Feet | ||||||||||||||||||||||||||||||||
| 2026 | 1,226,593 | 103,023,260 | 83.99 | 105,487,118 | 86.00 | 2.58 | % | |||||||||||||||||||||||||||||||
| 2027 | 1,832,213 | 138,737,924 | 75.72 | 140,026,651 | 76.42 | 3.85 | % | |||||||||||||||||||||||||||||||
| 2028 | 2,958,476 | 255,254,975 | 86.28 | 268,533,265 | 90.77 | 6.22 | % | |||||||||||||||||||||||||||||||
| 2029 | 3,663,446 | 284,731,310 | 77.72 | 301,580,010 | 82.32 | 7.70 | % | |||||||||||||||||||||||||||||||
| 2030 | 2,631,335 | 210,016,985 | 79.81 | 221,813,826 | 84.30 | 5.53 | % | |||||||||||||||||||||||||||||||
| 2031 | 2,739,124 | 242,543,446 | 88.55 | 260,181,975 | 94.99 | 5.75 | % | |||||||||||||||||||||||||||||||
| 2032 | 2,753,264 | 213,979,655 | 77.72 | 249,842,156 | 90.74 | 5.78 | % | |||||||||||||||||||||||||||||||
| 2033 | 3,255,888 | 270,987,694 | 83.23 | 313,999,693 | 96.44 | 6.84 | % | |||||||||||||||||||||||||||||||
| 2034 | 3,553,045 | 348,737,490 | 98.15 | 389,967,585 | 109.76 | 7.46 | % | |||||||||||||||||||||||||||||||
| Thereafter | 15,495,476 | 1,309,674,185 | 84.52 | 1,567,654,819 | 101.17 | 32.55 | % |
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(1)Includes 100% of unconsolidated joint venture properties. Does not include residential units or the hotel.
(2)Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement 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)Lease expirations exclude Gateway Commons and North First Business Park. We sold our interest in the joint venture that owns Gateway Commons on January 2, 2026. North First Business Park was sold on January 14, 2026. See Note 17 to the Consolidated Financial Statements.
(4)Represents the monthly contractual base rent and recoveries from clients under existing leases as of December 31, 2025 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 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, 2025 multiplied by twelve. This amount reflects total rent before any rent abatements and includes expense reimbursements, which may be estimates as of such date.
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