BXP Closes Fourth Quarter 2024 with More than 2.3 Million Square Feet of Leases

BXP, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, announced today that it signed approximately 2.3 million square feet of leases in the fourth quarter of 2024. This strong leasing activity represents the highest quarterly leasing volume since the second quarter of 2019 and is approximately 130% of BXP's historical 10-year average for the fourth quarter. The weighted-average lease term for these leases was 10.3 years, indicating that clients are making long-term investments in high-quality spaces.

Notable leases executed during the fourth quarter include:

* A 413,000 square foot renewal with global law firm Ropes & Gray at Prudential Tower in Boston, Massachusetts.
* A 246,000 square foot renewal and expansion with KnitWell Group at 7 Times Square in New York City, New York.
* A combined approximately 560,000 square feet of leases across BXP's California regions of Los Angeles and San Francisco.

These leases reflect BXP's continued focus on premier workplaces, which command an outsize portion of leasing demand throughout its regions. The company has capitalized on client preferences for accessible, high-quality, and highly amenitized properties to secure significant leasing in the fourth quarter and throughout 2024.

BXP's leasing activity through year-end 2024 included 291 leases totaling approximately 5.6 million square feet with a weighted-average lease term of 9.8 years. The weighted-average lease term remains higher than long-term averages, indicating clients making long-term investments in high-quality spaces.

BXP's leasing activity in Q4 2024 demonstrates the company's ability to adapt to market conditions and capitalize on trends in the office leasing market. The strong leasing performance highlights BXP's effective leasing strategies, commitment to maintaining high standards in property management and development, and strategic positioning in gateway markets.




In conclusion, BXP's strong leasing activity in the fourth quarter of 2024 reflects the company's ability to capitalize on market trends and maintain a competitive edge in the office leasing market. The company's focus on premier workplaces, effective leasing strategies, and commitment to high-quality properties have contributed to its success in securing significant leases and maintaining high occupancy rates. As BXP continues to navigate the evolving commercial real estate landscape, its strong leasing performance and strategic positioning in gateway markets position the company well for future growth and success.