X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOSTON-Tenant cautiousness, the shrinking footprint of office users and greater efficiencies have all taken a toll on commercial real estate throughout the country, but core markets – like New York, Boston, Washington, DC and San Francisco’s Silicon Valley – have all remained steady from a development and leasing standpoint, chief executives explained during Boston Properties’ third quarter earnings call on Wednesday morning.

The REIT reported FFO of $176.1 million in Q3, compared to $190.3 million in Q3 2011. While the decline was related to the impact of early extinguishment of debt, the company noted a robust development pipeline, totaling 2.7 million square feet of construction across the portfolio. Notably, BXP formed a joint venture with an affiliate of Hines to acquire a development site in San Francisco that could support a new 61-story, 1.4-million-square-foot skyscraper, which will be called Transbay Tower. In addition, the REIT also acquired a development project at 680 Folsom St. and 50 Hawthorne St. from Rockwood Capital and TMG Partners in San Fran, which when completed, will comprise approximately 522,000 net rentable square feet of office space and retail space.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.