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Real Estate
 9 Months Ended
Sep. 30, 2025
Real Estate [Abstract]  
Real Estate
3. Real Estate
BXP
Real estate consisted of the following at September 30, 2025 and December 31, 2024 (in thousands):
September 30, 2025December 31, 2024
Land$5,309,234 $5,318,724 
Right of use assets - finance leases372,747 372,922 
Right of use assets - operating leases321,063 334,767 
Land held for future development (1)562,909 714,050 
Buildings and improvements17,312,118 17,149,702 
Tenant improvements4,042,562 3,866,371 
Furniture, fixtures and equipment60,353 57,136 
Construction in progress1,322,608 764,640 
Total29,303,594 28,578,312 
Less: Accumulated depreciation(8,008,908)(7,528,057)
$21,294,686 $21,050,255 
_______________
(1)Includes pre-development costs.
BPLP
Real estate consisted of the following at September 30, 2025 and December 31, 2024 (in thousands):
September 30, 2025December 31, 2024
Land$5,215,723 $5,224,015 
Right of use assets - finance leases372,747 372,922 
Right of use assets - operating leases321,063 334,767 
Land held for future development (1)562,909 714,050 
Buildings and improvements17,044,157 16,878,146 
Tenant improvements4,042,562 3,866,371 
Furniture, fixtures and equipment60,353 57,136 
Construction in progress1,322,608 764,640 
Total28,942,122 28,212,047 
Less: Accumulated depreciation(7,875,405)(7,397,882)
$21,066,717 $20,814,165 
_______________
(1)Includes pre-development costs.
Development
On January 16, 2025, the Company partially placed in-service Reston Next Retail, a retail project with approximately 30,000 net rentable square feet located in Reston, Virginia.
On March 31, 2025, the Company commenced the redevelopment of 1050 Winter Street, an approximately 162,000 net rentable square foot office property located in Waltham, Massachusetts. On July 1, 2025, the property was completed and fully placed in-service.
On July 17, 2025, the Company completed and fully placed in-service Reston Next Office Phase II, an approximately 87,000 net rentable square foot property comprised of office and retail space located in Reston, Virginia.
On July 31, 2025, the Company elected to commence vertical construction of 343 Madison Avenue (See Note 9). 343 Madison is an approximately 46-story, 930,000 rentable square feet office development located in New York City, New York with direct access to Grand Central Station.
Disposition
On June 27, 2025, the Company entered into a joint venture with a third-party to redevelop, own and operate 17 Hartwell Avenue in Lexington, Massachusetts. The Company sold the land at 17 Hartwell Avenue to the joint venture for approximately $21.8 million in cash. Upon formation of the joint venture, the Company ceased accounting for the property on a consolidated basis and began accounting for the joint venture on an unconsolidated basis using the equity method of accounting, as it does not have a controlling financial or operating interest in the joint venture (See Note 5). BXP and BPLP recognized gains upon sale of the real estate of approximately $18.4 million and $18.5 million, respectively, during the nine months ended September 30, 2025, within Gains on Sales of Real Estate on the respective Consolidated Statement of Operations, as the fair value of the real estate exceeded its carrying value. 17 Hartwell Avenue contributed approximately $0.3 million of net loss to the Company for the period from January 1, 2025 through June 26, 2025, and contributed approximately $(0.1) million and $0.2 million of net income (loss) to the Company for the three and nine months ended September 30, 2024, respectively. 17 Hartwell Avenue was an approximately 30,000 net rentable square feet office property that was taken out of service during the three months ended June 30, 2024, and was held for future redevelopment. The building has been demolished.
Impairments
During the three months ended September 30, 2025, in conjunction with the Company’s strategy to sell non-core assets, the Company evaluated its properties that were under negotiation for sale with third-parties (See Note 2).
BXP
BXP recognized impairment losses of approximately $68.9 million during the three and nine months ended September 30, 2025. The impairment losses consisted of the following (in thousands):
PropertyLocationProperty TypeAmount
Plaza at Almaden (1)
San Jose, CALand$25,515 
1330 Connecticut AvenueWashington, DCOffice20,358 
Shady Grove – Parcel 3Rockville, MDLand13,913 
North First Business ParkSan Jose, CAOffice9,115 
$68,901 
_______________
(1)See Note 14.
BPLP
BPLP recognized impairment losses of approximately $66.0 million during the three and nine months ended September 30, 2025. The impairment losses consisted of the following (in thousands):
PropertyLocationProperty TypeAmount
Plaza at Almaden (1)
San Jose, CALand$25,515 
1330 Connecticut AvenueWashington, DCOffice17,460 
Shady Grove – Parcel 3Rockville, MDLand13,913 
North First Business ParkSan Jose, CAOffice9,100 
$65,988 
_______________
(1)See Note 14.