BXP Achieves Strongest Third Quarter Leasing Performance Since 2019, Signing Over 1.5 Million Square Feet Across Key U.S. Markets
Boston Properties, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, announced a significant milestone in its third quarter 2025 performance. The company reported the execution of more than 1.5 million square feet of leases during the quarter, marking its strongest third quarter of leasing since 2019. This achievement reflects a 38% increase in leasing volume compared to the same period in 2024 and underscores the resilience and continued appeal of BXP’s high-quality real estate portfolio.
As of the end of the third quarter, total leasing activity for the first nine months of 2025 reached approximately 3.8 million square feet, further reinforcing the company’s strong market position and its ability to attract and retain top-tier clients across diverse industries.
Resilient Demand Across Premier Markets
BXP’s leasing momentum in Q3 2025 demonstrates the company’s strategic focus on urban core markets and vibrant mixed-use communities that combine accessibility, amenities, and sustainability. The company continues to capitalize on tenant demand for flexible, efficient, and amenity-rich office environments that support long-term business growth and employee engagement.
The third quarter’s activity was broad-based, with notable transactions in Boston, New York City, and Reston, Virginia, highlighting the company’s balanced presence across key economic centers in the United States.
Boston: Urban Edge Market Strengthens with Over 200,000 Square Feet of Leasing
In Boston, one of BXP’s most established and dynamic markets, the company successfully executed over 200,000 square feet of new leases, all within existing vacancies. This performance demonstrates the enduring demand for high-quality workspace in Boston’s Urban Edge market—a submarket that continues to attract innovation-driven tenants and corporate users seeking proximity to world-class universities, research institutions, and a vibrant talent pool.
The company’s strategic positioning in the Boston market has long been a pillar of its portfolio strength. With assets located in areas such as the Seaport District, Back Bay, and Cambridge, BXP’s properties continue to draw interest from tenants in technology, life sciences, and professional services. The third-quarter leasing success builds upon this foundation, highlighting the city’s ongoing recovery and long-term potential as a hub for knowledge-based industries.
New York: Nearly Half a Million Square Feet of Leases in Midtown and Midtown South
BXP’s New York portfolio saw robust leasing activity, with over 475,000 square feet of leases executed during the third quarter. The majority of this leasing took place in Midtown Manhattan, where several major financial services firms renewed and extended their commitments to BXP’s properties—underscoring continued tenant confidence in the firm’s premier office offerings.
The largest renewal occurred at 399 Park Avenue, one of BXP’s flagship properties and an address synonymous with prestige and performance in the city’s financial corridor. This renewal reflects the enduring importance of physical office presence for major financial institutions, particularly those that value collaboration, brand visibility, and proximity to clients and partners.
In addition to renewals, BXP executed two full-floor leases at 360 Park Avenue South, totaling approximately 46,000 square feet. Located in Midtown South, this building appeals to a growing mix of creative, technology, and professional services tenants seeking modern workspace in a vibrant neighborhood environment. These leases represent the continued diversification of BXP’s tenant base within New York City and highlight its ability to cater to evolving occupier needs across sectors.
BXP’s New York leadership emphasized that leasing velocity in Manhattan continues to improve as companies embrace long-term occupancy decisions. The company’s portfolio, with its mix of modernized Class A properties and reimagined historical assets, is well-positioned to capture demand from tenants seeking sustainable and well-connected workplaces.
Reston Town Center: Technology Sector Drives Leasing Momentum
In Reston, Virginia, one of BXP’s most successful suburban-urban communities, the company signed a 50,000 square foot lease with a technology client, further cementing Reston Town Center’s reputation as a hub for innovation and enterprise. This transaction brought the office component of Reston Town Center to an impressive 98% leased, demonstrating exceptional occupancy levels and validating the appeal of BXP’s integrated live-work-play environments.
Reston Town Center remains a cornerstone of BXP’s Washington, D.C. metro area portfolio. The property’s strategic location, combined with a rich mix of amenities, retail, dining, and residential offerings, creates a compelling environment for employers and employees alike. As the technology and professional services sectors continue to expand in Northern Virginia, BXP’s well-located assets are positioned to capture ongoing demand from companies looking for high-quality, flexible, and transit-accessible workspace.
Commitment to Quality, Sustainability, and Client Success
BXP’s Chairman and Chief Executive Officer, Owen Thomas, highlighted the company’s continued strength in capturing tenant demand and securing long-term commitments across its markets.
BXP continues to see strong demand and to secure additional market share with our premier workplace portfolio,” said Thomas. “Clients value our well-located, high-quality, highly amenitized properties and continue to make long-term commitments to occupy our properties to support business success.
Thomas emphasized that BXP’s strategy focuses not only on maintaining occupancy but also on enhancing the long-term performance of its assets through strategic investments in sustainability, wellness, and design innovation. This approach aligns with modern workplace trends, where tenants prioritize health, flexibility, and environmental responsibility alongside location and quality.
BXP has been a leader in green building and energy efficiency initiatives, with a portfolio that includes numerous LEED-certified and WELL-certified buildings. The company’s ongoing efforts to integrate low-carbon technologies, renewable energy, and smart building systems have positioned it at the forefront of sustainable real estate development in the U.S.
Leasing Growth Reflects Broader Market Recovery
The leasing momentum recorded in the third quarter of 2025 aligns with broader industry trends pointing to stabilization and gradual recovery in the U.S. office sector. While remote and hybrid work models continue to shape demand patterns, leading landlords like BXP are seeing increased leasing activity driven by tenants’ flight to quality.
Companies are seeking environments that support collaboration, culture, and employee well-being—criteria that BXP’s portfolio consistently meets. The company’s leasing performance underscores the ongoing shift in corporate real estate strategy, where tenants are consolidating into fewer but higher-quality spaces to drive productivity and employee engagement.
Analysts note that BXP’s focus on premier markets—including Boston, New York, San Francisco, Los Angeles, and Washington, D.C.—positions it advantageously to benefit from this demand trend. These cities continue to attract investment and talent, sustaining long-term demand for best-in-class office and mixed-use environments.
A Strong Foundation for Future Growth
Looking ahead, BXP remains confident in its strategic direction and market fundamentals. The company’s success in 2025 demonstrates its ability to execute effectively across cycles, leveraging deep local expertise, strong client relationships, and a diverse portfolio of premier assets.
BXP’s development and repositioning pipeline, coupled with disciplined capital management, positions the company to continue generating long-term shareholder value. With leasing volumes strengthening and tenant confidence returning, BXP enters the final quarter of 2025 with strong momentum and a positive outlook for 2026.
As the office sector continues to evolve, BXP’s commitment to innovation, sustainability, and partnership with tenants ensures that its workplaces remain the preferred choice for leading organizations across the country.
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