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Investments in Unconsolidated Joint Ventures
 9 Months Ended
Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments In Unconsolidated Joint Ventures
5. Investments in Unconsolidated Joint Ventures
The investments in unconsolidated joint ventures consist of the following at September 30, 2025 and December 31, 2024:
 Carrying Value of Investment (1)
EntityPropertiesNominal % OwnershipSeptember 30, 2025December 31,
2024
(in thousands)
Square 407 Limited PartnershipMarket Square North50.00 %$(23,691)$(11,924)
WP Project Developer LLCWisconsin Place Land and Infrastructure33.33 %(2)29,209 29,775 
500 North Capitol Venture LLC500 North Capitol Street, NW30.00 %(12,435)(11,696)
501 K Street LLC1001 6th Street50.00 %45,772 45,903 
Podium Venture LLCThe Hub on Causeway - Podium50.00 %(3)55,231 42,310 
Residential Tower Developer LLCHub50House50.00 %33,654 42,493 
Hotel Tower Developer LLCThe Hub on Causeway - Hotel Air Rights50.00 %11,849 14,271 
Office Venture LLC100 Causeway Street50.00 %(3)48,833 55,810 
1265 Main Office JV LLC1265 Main Street50.00 %3,217 3,476 
BNY Tower Holdings LLCDock 72 50.00 %(4)(14,326)(9,889)
CA-Colorado Center, LLCColorado Center50.00 %69,015 65,000 
7750 Wisconsin Avenue LLC 7750 Wisconsin Avenue 50.00 %47,363 48,423 
BP-M 3HB Venture LLC3 Hudson Boulevard25.00 %110,581 112,771 
Platform 16 Holdings LPPlatform 1655.00 %58,076 56,265 
Gateway Portfolio Holdings LLCGateway Commons50.00 %(5)125,090 272,000 
Rosecrans-Sepulveda Partners 4, LLCBeach Cities Media Campus50.00 %(6)98 27,051 
Safeco Plaza REIT LLCSafeco Plaza33.67 %(7)121 — 
360 PAS Holdco LLC360 Park Avenue South71.11 %(8)93,988 74,592 
PR II/BXP Reston Gateway LLCSkymark - Reston Next Residential20.00 %14,702 14,844 
751 Gateway Holdings LLC751 Gateway 49.00 %118,509 99,701 
200 Fifth Avenue JV LLC200 Fifth Avenue26.69 %75,376 70,673 
ABXP Worldgate Investments LLC13100 and 13150 Worldgate Drive50.00 %19,855 18,225 
CAB 290 Coles Venture LLC290 Coles Street - Common Equity19.46 %(9)19,813 N/A
CAB 290 Coles Holdco LLC290 Coles Street - Preferred Equity— %(9)(10)12,014 N/A
17 Hartwell Avenue JV LLC 17 Hartwell Avenue20.00 %(9)7,398 N/A
$949,312 $1,060,074 
 _______________
(1)Investments with deficit balances aggregating approximately $50.5 million and $33.5 million at September 30, 2025 and December 31, 2024, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets.
(2)The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.33% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project.
(3)In conjunction with the execution of the mortgage loan signed on September 30, 2025 (described below), Podium Venture LLC and Office Venture LLC were created for structuring purposes and did not change any of the partner rights previously held by the partners of Podium Developer LLC or Office Tower Developer LLC, respectively.
(4)This investment includes net equity balances from the amenity joint venture.
(5)During the three months ended September 30, 2025, the Company recognized an other-than-temporary impairment loss on its investment.
(6)On September 17, 2025, the joint venture completed the sale of Beach Cities Media Campus, a land parcel, located in El Segundo, California.
(7)The Company’s ownership includes (1) a 33.0% direct interest in the joint venture, and (2) an additional 1.0% interest in each of the two entities through which each partner owns its interest in the joint venture.
(8)The Company’s ownership includes (1) a 35.79% direct interest in the joint venture, (2) an additional 35.02% indirect ownership in the joint venture, and (3) an additional 1.0% interest in the entity through which the partner owns its interest in the joint venture.
(9)This entity is a VIE (See Note 2).
(10)The Company agreed to fund up to $65.0 million of the required capital through its preferred equity investment. The Company’s preferred equity investment will earn and accrue a 13.0% internal rate of return (“IRR”) and is to be redeemed, in full, upon the earlier of two years after stabilization of the property or March 5, 2030.
Certain of the Company’s unconsolidated joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint venture. Under certain of the Company’s joint venture agreements, if certain return thresholds are achieved, one or more partners could be entitled to receive an additional promoted interest or payments.
The combined summarized balance sheets of the Company’s unconsolidated joint ventures are as follows: 
September 30, 2025December 31, 2024
 (in thousands)
ASSETS
Real estate and development in process, net (1)$5,781,519 $5,748,198 
Other assets (2)708,615 703,096 
Total assets$6,490,134 $6,451,294 
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY
Mortgage and notes payable, net$3,186,295 $3,206,723 
Other liabilities (3)252,689 292,125 
Members’/Partners’ equity3,051,150 2,952,446 
Total liabilities and members’/partners’ equity$6,490,134 $6,451,294 
Company’s share of equity$1,365,565 $1,344,543 
Basis differentials (4)(416,253)(284,469)
Carrying value of the Company’s investments in unconsolidated joint ventures (5)$949,312 $1,060,074 
_______________
(1)At September 30, 2025 and December 31, 2024, this amount included right of use assets - operating leases totaling approximately $18.1 million and $19.0 million, respectively.
(2)At September 30, 2025 and December 31, 2024, this amount included sales-type lease receivable, net totaling approximately $14.3 million and $14.1 million, respectively.
(3)At September 30, 2025 and December 31, 2024, this amount included lease liabilities - operating leases totaling approximately $30.5 million.
(4)This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials result from impairments of investments, acquisitions through joint ventures with no change in control and upon the transfer of assets that were previously owned by the Company into a joint venture. During the thee months ended September 30, 2025, the Company recognized an other-than-temporary impairment loss on its investment in Gateway Commons of approximately $145.1 million. During the year ended December 31, 2024, the Company recognized an other-than-temporary impairment loss on its investments in Colorado Center, Gateway Commons and Safeco Plaza of approximately $168.4 million, $126.1 million, and $46.8 million, respectively. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. The Company’s basis differences include:
September 30, 2025December 31, 2024
Property(in thousands)
Colorado Center$130,440 $127,632 
200 Fifth Avenue48,864 49,656 
Gateway Commons(216,170)(74,500)
Safeco Plaza(73,275)(75,576)
Dock 72(89,347)(92,054)
360 Park Avenue South(111,025)(113,265)
Platform 16(142,666)(142,698)
Other basis differentials36,926 36,336 
Total basis differentials $(416,253)$(284,469)
These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities.
(5)Investments with deficit balances aggregating approximately $50.5 million and $33.5 million at September 30, 2025 and December 31, 2024, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets.
The combined summarized statements of operations of the Company’s unconsolidated joint ventures are as follows: 
 Three months ended September 30,Nine months ended September 30,
 2025202420252024
 (in thousands)
Total revenue (1)$128,190 $128,435 $384,309 $378,981 
Expenses
Operating56,578 53,280 165,497 148,929 
Transaction costs2 53 173 61 
Depreciation and amortization45,409 41,082 131,940 118,901 
Total expenses101,989 94,415 297,610 267,891 
Other income (expense)
Loss from early extinguishment of debt— — (62)— 
Interest expense(47,202)(45,244)(136,738)(132,106)
Unrealized loss on derivative instruments(1,403)(19,172)(14,632)(8,212)
Gain on sale of real estate (2)4,762 — 4,762 — 
Net loss$(17,642)$(30,396)$(59,971)$(29,228)
Company’s share of net loss (2)$(6,613)$(9,319)$(20,099)$(9,105)
Gain on sale / consolidation (3)— — — 21,696 
Impairment loss on investment (4)(145,133)— (145,133)— 
Basis differential (2)(5)3,417 2,308 11,440 (6,215)
Income (loss) from unconsolidated joint ventures$(148,329)$(7,011)$(153,792)$6,376 
_______________ 
(1)Includes straight-line rent adjustments of approximately $3.7 million and $2.6 million for the three months ended September 30, 2025 and 2024, respectively, and approximately $12.4 million and $16.5 million for the nine months ended September 30, 2025 and 2024, respectively.
(2)During the three and nine months ended September 30, 2025, the joint venture recorded a gain on sale of real estate related to the Beach Cities Media Campus. As a result of the historical basis difference, the Company recognized a gain on sale of real estate totaling approximately $2.2 million, which consists of its share of the gain on sale reported by the joint venture as well as an adjustment for a basis differential.
(3)During the nine months ended September 30, 2024, the Company acquired its joint venture partner’s 50% economic interest in 901 New York Avenue.
(4)During the three and nine months ended September 30, 2025, the Company recognized an other-than-temporary impairment loss on its investment in Gateway Commons of approximately $145.1 million.
(5)Includes depreciation and amortization of approximately $(3.1) million and $3.9 million for the three months ended September 30, 2025 and 2024, respectively, and approximately $(7.4) million and $6.8 million for the nine months ended September 30, 2025 and 2024, respectively. Includes unrealized losses on derivative instruments of approximately $0.4 million and $5.1 million for the three months ended September 30, 2025 and 2024, respectively, and approximately $3.9 million and $4.9 million for the nine months ended September 30, 2025 and 2024, respectively.

On February 27, 2025, a joint venture in which the Company has a 50% ownership interest entered into a $252.0 million mortgage loan secured by 7750 Wisconsin Avenue in Bethesda, Maryland. The loan is scheduled to mature on March 1, 2035, bears interest at a fixed rate of 5.49% per annum, and requires monthly principal and interest payments. The proceeds from the loan were used to repay the existing $252.0 million construction loan collateralized by the property. The repayment resulted in the joint venture recognizing a loss from early extinguishment of debt of approximately $0.1 million related to unamortized finance costs during the nine months ended September 30, 2025. 7750 Wisconsin Avenue is an office property with approximately 736,000 net rentable square feet.
On March 5, 2025, the Company acquired a 19.46% ownership interest in a joint venture that is developing 290 Coles Street located in Jersey City, New Jersey for a gross purchase price of approximately $20.0 million. Additionally, the Company agreed to fund up to $65.0 million of the required capital through a preferred equity investment. The Company’s preferred equity investment will earn a 13.0% IRR and is to be redeemed, in full, upon the earlier of two years after stabilization of the property or March 5, 2030. As of September 30, 2025, the Company has funded approximately $11.9 million of the required capital through the preferred equity investment. On March 5, 2025, the joint venture entered into a $225.0 million construction loan, which will fund construction costs after the funding of all common and preferred equity investments required by the construction loan agreement. The loan bears interest at a variable rate equal to Term SOFR plus 2.50% per annum and is scheduled to mature on March 5, 2029 with an additional one-year extension option, subject to certain conditions. When completed, 290 Coles Street is expected to be a 670-unit residential property with retail space aggregating approximately 560,000 net rentable square feet.
On June 27, 2025, the Company entered into a joint venture to redevelop, own, and operate 17 Hartwell Avenue in Lexington, Massachusetts. The third-party partner contributed approximately $23.0 million of cash, which was used by the joint venture to purchase the land at 17 Hartwell Avenue from the Company for approximately $21.8 million in cash. The Company contributed development costs of approximately $5.6 million for its 20% ownership interest in the joint venture. Additionally, on June 27, 2025, the joint venture entered into a $98.7 million construction loan. The loan bears interest at a fixed rate of 6.75% per annum and is scheduled to mature on July 10, 2030. When completed, 17 Hartwell Avenue is expected to be a 312-unit residential property with garage and retail space (See Note 3).
On August 7, 2025, a joint venture in which the Company has a 71.11% ownership interest completed and fully placed in-service 360 Park Avenue South, a 20-story office building with ground floor retail located in New York City, New York, aggregating approximately 450,000 net rentable square feet.
On August 20, 2025, two joint ventures in which the Company has a 50% ownership interest, each extended the maturity dates of their respective construction loans which were secured by the 100 Causeway Street and Hub on Causeway - Podium properties, to October 20, 2025 and October 23, 2025, respectively. Subsequently, on September 30, 2025, they entered into a new $465.0 million mortgage loan secured by the two properties. The new loan is scheduled to mature on April 9, 2031, bears interest at a weighted average fixed rate of 5.733% per annum, and requires monthly interest only payments. The proceeds from the new loan and available cash were used to repay the existing $490.0 million construction loans secured by the properties. 100 Causeway Street and Hub on Causeway - Podium are office properties with approximately 634,000 and 383,000 net rentable square feet, respectively, located in Boston, Massachusetts.
On September 17, 2025, a joint venture in which the Company has a 50% ownership interest, completed the sale of Beach Cities Media Campus, a land parcel located in El Segundo, California, for a gross sale price of approximately $56.0 million. Net cash proceeds totaled approximately $53.1 million, of which BXP received approximately $26.6 million. The joint venture recognized a gain on sale of real estate totaling approximately $4.8 million of which the Company’s share was approximately $2.2 million.
Impairment
The Company’s investments in unconsolidated joint ventures are reviewed for indicators of impairment on a quarterly basis and the Company records impairment charges when events or circumstances indicate that a decline in the fair values below the carrying amounts has occurred and such decline is other-than-temporary. During the three months ended September 30, 2025, the Company evaluated key indicators related to certain investments in unconsolidated joint ventures, including strategic initiatives outlined in the Company’s September 8, 2025 Investor Day which include the sale of non-strategic assets, changes in cash flows, declining market conditions and leasing activities, continued actual and projected operating deficits and receipts and considerations of third-party joint venture property appraisals. Such evaluation of key impairment indicators resulted in the Company determining that the decline in value for the joint venture that owns Gateway Commons was other-than-temporary and therefore, the Company recorded an impairment charge of approximately $145.1 million during the three and nine months ended September 30, 2025. The Company determined the fair value of the investment was categorized within Level 3 of the fair value hierarchy as it utilized significant unobservable inputs in its assessment including broker opinions of value and discounted cash flows. The Company’s exit capitalization and discount rate ranges used to estimate fair value in its discounted cash flows models were 6.5% -7.5% and 10.0% - 11.0%, respectively.