Boston Properties Announces 98,000 Square Foot, 12-Year Lease With Boston Consulting Group

Rhea-AI Summary

Boston Properties (NYSE: BXP) has signed a 12-year lease for 98,000 square feet with Boston Consulting Group at Metropolitan Square, Washington, DC. BCG is relocating from Bethesda, MD, to accommodate growth in the DC metro area.

The $60 million renovation of Met Square, completed in 2020, includes modern amenities and collaborative spaces, enhancing the building's appeal. This lease reflects the strong demand for quality office spaces post-renovation, reinforcing BXP's position in the market.

Positive

• Secured a significant 12-year lease with BCG, enhancing occupancy.
• The $60 million renovations completed in 2020 improve property value and appeal.
• The lease indicates strong demand for office space in a competitive market.

Negative

• None.

Boston Properties, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of Class A office properties in the United States, announced today it has signed a 98,000 square foot, 12-year lease with Boston Consulting Group (BCG) at Metropolitan Square in Washington, DC. BCG, a pioneer in business strategy and one of the largest management consulting firms in the world, is relocating their DC regional offices from Bethesda, MD and expanding their footprint at Met Square to accommodate planned growth.

“BCG has had a robust presence in the Washington, DC metro region for many years,” said Justin Dean, Washington, DC Managing Director & Partner, BCG. “The move to Met Square only strengthens our commitment to the community. As leaders in consulting and partners to leading businesses, non-profits, and public sector agencies in the area, we believe being in the heart of the city enables us to serve clients ever more directly.”

“We are so pleased that BCG selected the recently renovated Met Square for their new offices in Washington, DC,” said Jake Stroman, Senior Vice President, Leasing, BXP. “The reimagined and collaborative spaces are the perfect environment for a firm like BCG whose model is built on collaboration and connection. The lease demonstrates the momentum we are experiencing at Met Square.”

The iconic Met Square underwent $60 million of renovations that were completed in 2020. The extensive renovation program included new atrium finishes and glass, new common areas and private event spaces, and a penthouse rooftop terrace with sweeping views of Washington’s landmarks. A new 15,000 square foot amenity zone provides a variety of offerings for office customers including an atrium lounge, conference facility and multiple collaboration zones, and tenant concierge services. The building is LEED EB-Gold Certified.

The BXP team was represented by Ed Clark, Brendan Owen, Kate Kaltenborn, and Max Planning with Newmark, and BCG was represented by Mark Richardson and Malcolm Marshall with Cushman & Wakefield.

About Boston Properties

Boston Properties (NYSE: BXP) is the largest publicly traded developer, owner, and manager of Class A office properties in the United States, concentrated in five markets - Boston, Los Angeles, New York, San Francisco and Washington, DC. The Company is a fully integrated real estate company, organized as a real estate investment trust (REIT), that develops, manages, operates, acquires, and owns a diverse portfolio of primarily Class A office space. The Company’s portfolio totals 51.6 million square feet and 196 properties, including nine properties under construction/redevelopment. For more information about BXP, please visit our website at www.bxp.com or follow us on LinkedIn or Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210506006239/en/

FAQ

What is the significance of the lease signed by Boston Properties with BCG?

The lease represents a long-term commitment from Boston Consulting Group, indicating strong demand for office space in Washington, DC.

How much square footage did BCG lease from Boston Properties?

BCG leased 98,000 square feet at Metropolitan Square.

What renovations were made at Metropolitan Square?

Metropolitan Square underwent $60 million in renovations, enhancing amenities and collaborative spaces.

What is Boston Properties' stock symbol?

The stock symbol for Boston Properties is BXP.

Where is BCG relocating their offices?

BCG is relocating their offices from Bethesda, MD, to Metropolitan Square in Washington, DC.