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Real Estate | 6 Months Ended
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Jun. 30, 2023
Real Estate [Abstract] |
Real Estate | 3. Real Estate BXP Real estate consisted of the following at June 30, 2023 and December 31, 2022 (in thousands):
|  | June 30, 2023 |  | December 31, 2022
Land |  | $ | 5,189,287 |  |  | $ | 5,189,811 |
Right of use assets - finance leases |  | 237,526 |  |  | 237,510 |
Right of use assets - operating leases |  | 166,421 |  |  | 167,351 |
Land held for future development (1) |  | 637,191 |  |  | 721,501 |
Buildings and improvements |  | 16,054,447 |  |  | 15,820,724 |
Tenant improvements |  | 3,345,766 |  |  | 3,200,743 |
Furniture, fixtures and equipment |  | 53,181 |  |  | 50,310 |
Construction in progress |  | 482,850 |  |  | 406,574 |
Total |  | 26,166,669 |  |  | 25,794,524 |
Less: Accumulated depreciation |  | (6,568,568) |  |  | (6,298,082) |
|  | $ | 19,598,101 |  |  | $ | 19,496,442 |
_______________ (1)Includes pre-development costs. BPLP Real estate consisted of the following at June 30, 2023 and December 31, 2022 (in thousands):
|  | June 30, 2023 |  | December 31, 2022
Land |  | $ | 5,094,578 |  |  | $ | 5,095,102 |
Right of use assets - finance leases |  | 237,526 |  |  | 237,510 |
Right of use assets - operating leases |  | 166,421 |  |  | 167,351 |
Land held for future development (1) |  | 637,191 |  |  | 721,501 |
Buildings and improvements |  | 15,782,891 |  |  | 15,547,919 |
Tenant improvements |  | 3,345,766 |  |  | 3,200,743 |
Furniture, fixtures and equipment |  | 53,181 |  |  | 50,310 |
Construction in progress |  | 482,850 |  |  | 406,574 |
Total |  | 25,800,404 |  |  | 25,427,010 |
Less: Accumulated depreciation |  | (6,448,665) |  |  | (6,180,474) |
|  | $ | 19,351,739 |  |  | $ | 19,246,536 |
_______________ (1)Includes pre-development costs. Developments/Redevelopments On January 5, 2023, the Company commenced the development of 290 Binney Street, an approximately 566,000 net rentable square foot laboratory/life sciences project in Cambridge, Massachusetts. Concurrent with the commencement of this project, the Kendall Center Blue Parking Garage was taken out of service and demolished to support the development of this project. 290 Binney Street is 100% pre-leased to AstraZeneca. On January 30, 2023, the Company commenced the redevelopment of 300 Binney Street at Kendall Center in Cambridge, Massachusetts. 300 Binney Street consisted of an approximately 195,000 net rentable square foot premier workplace that is being redeveloped into approximately 236,000 net rentable square feet of laboratory/life sciences space. BXP and BPLP recognized approximately $11.0 million of depreciation expense during the six months ended June 30, 2023 associated with the acceleration of depreciation on the assets being removed from service and demolished as part of the redevelopment of the property. The project is 100% pre-leased to the Broad Institute. On April 29, 2023, the Company completed and fully placed in-service 2100 Pennsylvania Avenue, a premier workplace project with approximately 476,000 net rentable square feet located in Washington, DC. On June 1, 2023, the Company completed and fully placed in-service its View Boston Observatory at The Prudential Center, a redevelopment of the top three floors of 800 Boylston Street - The Prudential Center, located in Boston, Massachusetts. View Boston Observatory at The Prudential Center consists of approximately 63,000 net rentable square feet of retail, including food and beverage, and observation space.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI https://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI https://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI https://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI https://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI https://asc.fasb.org/topic&trid=2134617 + Details
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