BXP Closes Fourth Quarter 2024 with More than 2.3 Million Square Feet of Leases
BXP, the largest publicly traded developer and manager of premier workplaces in the US, reported strong leasing activity in Q4 2024 with approximately 2.3 million square feet of leases signed, featuring a weighted-average lease term of 10.3 years. This represents the company's strongest quarterly leasing performance since Q2 2019, approximately 130% above their historical 10-year Q4 average.
Notable Q4 leases included a 413,000 square foot renewal with Ropes & Gray at Prudential Tower in Boston, a 246,000 square foot renewal and expansion with KnitWell Group at 7 Times Square in NYC, and approximately 560,000 square feet of leases across California regions. For full-year 2024, BXP executed 291 leases totaling 5.6 million square feet with a weighted-average lease term of 9.8 years.
BXP, il più grande sviluppatore e gestore di luoghi di lavoro di alta qualità negli Stati Uniti, ha riportato una forte attività di locazione nel quarto trimestre del 2024, con circa 2,3 milioni di piedi quadrati di contratti firmati, caratterizzati da una durata media ponderata di locazione di 10,3 anni. Questo rappresenta la performance di locazione trimestrale più forte dell'azienda dal secondo trimestre del 2019, superiore di circa il 130% rispetto alla loro media storica di 10 anni per il quarto trimestre.
Le locazioni notevoli del quarto trimestre includono un rinnovo di 413.000 piedi quadrati con Ropes & Gray presso il Prudential Tower a Boston, un rinnovo e un'espansione di 246.000 piedi quadrati con KnitWell Group a 7 Times Square a New York, e circa 560.000 piedi quadrati di contratti in diverse regioni della California. Per l'intero anno 2024, BXP ha eseguito 291 contratti per un totale di 5,6 milioni di piedi quadrati con una durata media ponderata di locazione di 9,8 anni.
BXP, el desarrollador y gestor de espacios de trabajo de primer nivel más grande cotizado públicamente en EE. UU., reportó una fuerte actividad de arrendamiento en el cuarto trimestre de 2024, con aproximadamente 2.3 millones de pies cuadrados de contratos firmados, con un plazo medio ponderado de arrendamiento de 10.3 años. Esto representa el mejor rendimiento trimestral de arrendamiento de la empresa desde el segundo trimestre de 2019, aproximadamente un 130% por encima de su promedio histórico de 10 años para el cuarto trimestre.
Los arrendamientos destacados del cuarto trimestre incluyeron una renovación de 413,000 pies cuadrados con Ropes & Gray en la Prudential Tower en Boston, una renovación y expansión de 246,000 pies cuadrados con KnitWell Group en 7 Times Square en Nueva York, y aproximadamente 560,000 pies cuadrados de contratos en regiones de California. Para el año completo 2024, BXP ejecutó 291 contratos que totalizaron 5.6 millones de pies cuadrados con un plazo medio ponderado de arrendamiento de 9.8 años.
BXP는 미국에서 최고급 업무 공간의 최대 상장 개발 및 관리 회사로, 2024년 4분기 동안 약 230만 평방피트의 임대 계약을 체결하며 강력한 임대 활동을 보고했습니다. 여기에는 평균 임대 기간이 10.3년인 가중 평균이 포함됩니다. 이는 2019년 2분기 이후 회사의 가장 강력한 분기 임대 성과를 나타내며, 역사적인 10년 4분기 평균보다 약 130% 높은 수치입니다.
특기할 만한 4분기 임대 계약에는 보스턴의 프루덴셜 타워에서 Ropes & Gray와의 413,000 평방피트 갱신, 뉴욕 7 Times Square에서 KnitWell Group과의 246,000 평방피트 갱신 및 확장, 그리고 캘리포니아 지역에서의 약 560,000 평방피트의 임대 계약이 포함됩니다. 2024년 전체 연도 동안 BXP는 총 560만 평방피트에 달하는 291개의 임대를 체결했으며, 평균 임대 기간은 9.8년이었습니다.
BXP, le plus grand développeur et gestionnaire d'espaces de travail premium cotés en bourse aux États-Unis, a rapporté une forte activité de location au quatrième trimestre 2024 avec environ 2,3 millions de pieds carrés de baux signés, avec une durée moyenne pondérée de bail de 10,3 ans. Cela représente la performance locative trimestrielle la plus forte de l'entreprise depuis le deuxième trimestre 2019, soit environ 130 % au-dessus de leur moyenne historique de 10 ans au quatrième trimestre.
Parmi les baux notables du quatrième trimestre figurent un renouvellement de 413 000 pieds carrés avec Ropes & Gray au Prudential Tower à Boston, un renouvellement et une expansion de 246 000 pieds carrés avec KnitWell Group au 7 Times Square à New York, et environ 560 000 pieds carrés de baux dans diverses régions de Californie. Pour l'année complète 2024, BXP a réalisé 291 baux totalisant 5,6 millions de pieds carrés avec une durée moyenne pondérée de bail de 9,8 ans.
BXP, der größte börsennotierte Entwickler und Verwalter erstklassiger Arbeitsplatzlösungen in den USA, meldete im 4. Quartal 2024 eine starke Vermietungsaktivität mit etwa 2,3 Millionen Quadratfuß unterzeichneten Mietverträgen, die eine gewichtete durchschnittliche Mietdauer von 10,3 Jahren aufweisen. Dies stellt die stärkste vierteljährliche Vermietungsleistung des Unternehmens seit dem 2. Quartal 2019 dar und liegt etwa 130 % über dem historischen 10-Jahres-Durchschnitt für das 4. Quartal.
Zu den bemerkenswerten Mietverträgen im 4. Quartal gehörte eine 413.000 Quadratfuß große Erneuerung mit Ropes & Gray im Prudential Tower in Boston, eine 246.000 Quadratfuß große Erneuerung und Erweiterung mit KnitWell Group in 7 Times Square in NYC sowie etwa 560.000 Quadratfuß an Mietverträgen in verschiedenen Regionen Kaliforniens. Für das gesamte Jahr 2024 führte BXP 291 Mietverträge mit einer Gesamtfläche von 5,6 Millionen Quadratfuß und einer gewichteten durchschnittlichen Mietdauer von 9,8 Jahren aus.
- Record Q4 leasing volume of 2.3M sq ft, 130% above 10-year average
- Strong weighted-average lease term of 10.3 years, above long-term averages
- Significant lease renewals and expansions with major tenants
- Total 2024 leasing volume reached 5.6M sq ft across 291 leases
- None.
Insights
BXP's exceptional Q4 2024 leasing performance signals a compelling narrative in the premium office sector. The 2.3 million square feet of new leases, marking the strongest quarter since Q2 2019, demonstrates remarkable momentum in top-tier office spaces. The weighted-average lease term of 10.3 years is particularly noteworthy, as longer lease terms typically indicate tenant confidence and stable future cash flows.
The tenant mix deserves careful attention. The renewal of Ropes & Gray, a prestigious global law firm and KnitWell Group's expansion in prime locations reinforces BXP's ability to retain and grow relationships with high-credit tenants. This tenant quality provides strong cash flow visibility and reduces default risk.
The geographical distribution of leases, particularly the 560,000 square feet across California markets, showcases BXP's strategic positioning in dynamic gateway markets. The robust activity in Los Angeles and San Francisco suggests resilience in these key markets despite broader concerns about office demand.
Most compelling is the leasing volume at 130% of the 10-year Q4 average. This outperformance, combined with a portfolio focused on premier properties in gateway markets, indicates that high-quality office spaces continue to attract substantial tenant interest. The total 2024 leasing of 5.6 million square feet across 291 leases demonstrates consistent demand throughout the year, suggesting a flight to quality in the office sector.
2024 Total Leasing Exceeds 5.6 Million Square Feet
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 , and -
A combined approximately 560,000 square feet of leases across our
California regions ofLos Angeles andSan Francisco .
“Premier workplaces continue to command an outsize portion of the leasing demand throughout our regions,” said Owen Thomas, Chairman and CEO, BXP. “BXP has capitalized on client preferences to locate in 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.
About BXP
BXP, Inc. (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in
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BXP Contacts
Laura Sesody
Senior Vice President, Corporate Marketing & Communications
lsesody@bxp.com
Helen Han
Vice President, Investor Relations
hhan@bxp.com
Source: BXP
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