BXP is a REIT that develops, owns, and manages office properties in six U.S. gateway markets: Boston, New York, Los Angeles, San Francisco, Seattle, and Washington, D.C. BXP focuses on what it calls "premier workplaces" — modern, well-located, amenity-rich buildings that command rents more than 50% above the broader office market. As of year-end 2025, BXP owned or had interests in 179 commercial properties totaling ~52.6M net rentable square feet, primarily office. BXP's tenants are large corporations in financial services, professional services, defense, and technology, typically signing 10–20 year leases. BXP manages development, leasing, construction, and property management in-house. Revenue is driven by occupancy, rental rates, and new development deliveries. BXP also develops life science/lab buildings, primarily in Boston's Cambridge market, as well as a small but growing residential portfolio, where BXP typically brings in financial partners to limit its own capital outlay. BXP's growth strategy centers on four pillars: leasing vacant space to drive occupancy from 86.7% toward ~89% by year-end 2026; executing a $1.9B asset sale program through 2028 to fund development and reduce debt; developing new office buildings at targeted cash-on-cost yields above 8%; and concentrating the portfolio in CBD premier workplaces by selling suburban and non-core assets.