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Real Estate
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Real Estate
3. Real Estate
Real estate consisted of the following at December 31, 2025 and December 31, 2024 (in thousands):
BXPBPLP
December 31, 2025December 31, 2024December 31, 2025December 31, 2024
Land$5,243,760 $5,318,724 $5,151,246 $5,224,015 
Right of use assets - finance leases372,470 372,922 372,470 372,922 
Right of use assets - operating leases325,841 334,767 325,841 334,767 
Land held for future development (1)518,492 714,050 518,492 714,050 
Buildings and improvements16,908,060 17,149,702 16,643,092 16,878,146 
Tenant improvements4,042,150 3,866,371 4,042,150 3,866,371 
Furniture, fixtures and equipment54,160 57,136 54,160 57,136 
Construction in progress1,475,257 764,640 1,475,257 764,640 
Total28,940,190 28,578,312 28,582,708 28,212,047 
Less: Accumulated depreciation(8,040,311)(7,528,057)(7,906,629)(7,397,882)
$20,899,879 $21,050,255 $20,676,079 $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 10). 343 Madison Avenue 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.
Acquisition
On December 15, 2025, the Company completed the acquisition of 2100 M Street, located in Washington, D.C., for a purchase price, including transaction costs, of approximately $55.9 million. The acquisition was completed with available cash and the purchase price was allocated entirely to land. 2100 M Street is a vacant office building situated on approximately 1.0 acre of land. The Company intends to redevelop 2100 M Street into an approximately 320,000 rentable square feet office building, including approximately 10,000 rentable square feet of retail space.
Dispositions
During the years ended December 31, 2025, 2024 and 2023, BXP recognized gains on sales of real estate of approximately $176.7 million, $0.6 million and $0.5 million, respectively, and BPLP recognized gains on sales of real estate of approximately $179.3 million, $0.6 million and $0.5 million, respectively.
The following table represents the assets that were sold during the year ended December 31, 2025 (dollars in thousands):
 Gross Sales PriceNet Cash ProceedsGain on Sale (1)
PropertyLocationDate DisposedSquare FeetBXPBPLP
Land:
17 Hartwell Avenue (2)
Lexington, MAJune 27, 202530,000 $21,840 $21,840 $18,390 $18,489 
Land Parcels at New Dominion Technology ParkFairfax County, VAOctober 15, 2025N/A250 248 248 248 
Almaden BoulevardSan Jose, CAOctober 17, 2025N/A13,500 12,659 124 124 
Land Parcels at Broad RunLoudoun County, VADecember 1, 2025N/A37,500 36,613 35,418 35,418 
3625 Peterson WaySan Jose, CADecember 11, 2025N/A90,000 78,908 10,662 10,662 
30,000 163,090 150,268 64,842 64,941 
Residential:
Proto Kendall SquareCambridge, MADecember 18, 2025166,700 171,500 169,413 53,276 53,276 
Signature at Reston Town CenterReston, VADecember 19, 2025517,800 236,000 234,327 49,584 49,584 
684,500 407,500 403,740 102,860 102,860 
Office:
140 Kendrick Street Needham, MADecember 17, 2025409,200 132,000 128,506 7,306 9,796 
409,200 132,000 128,506 7,306 9,796 
Total Dispositions1,123,700 $702,590 $682,514 $175,008 $177,597 
_______________
(1)Excludes approximately $1.7 million of gains for each of BXP and BPLP, which are primarily related to sales that occurred in prior periods. With the exception of Almaden Boulevard, the fair value of the real estate disposed exceeded the carrying value (see “Impairments” below).
(2)The Company entered into a joint venture with a third-party to redevelop, own and operate this property. The Company sold the land 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 6). The building has been demolished.
Impairments
During the year ended December 31, 2025, in conjunction with the Company’s strategy to sell non-core assets, the Company evaluated the properties that had been approved by BXP’s Board of Directors, or a committee thereof, for sale to third-parties (See Note 2). As a result, BXP and BPLP recognized impairment losses of approximately $85.8 million and $82.9 million, respectively, during the year ended December 31, 2025. The impairment losses consisted of the following (in thousands):
PropertyLocationProperty TypeBXPBPLP
Almaden BoulevardSan Jose, CALand$25,515 $25,515 
1330 Connecticut AvenueWashington, DCOffice20,358 17,461 
North First Business Park (1)San Jose, CAOffice14,971 14,955 
Shady Grove – Parcel 3Rockville, MDLand13,913 13,913 
Springfield Metro CenterSpringfield, VALand11,046 11,046 
$85,803 $82,890 
______________
(1)See Note 17.
During the year ended December 31, 2024, BXP and BPLP recognized impairment losses of approximately $13.6 million. There were no impairment losses that occurred during the year ended December 31, 2023.