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Boston Properties, Inc. is a self-managed
real estate investment trustA real estate investment trust or REIT is a tax designation for a corporate entity investing in real estate. The purpose of this designation is to reduce or eliminate corporate tax. In return, REITs are required to distribute 90% of their taxable income into the hands of investors...
(REIT) based in Boston, Massachusetts. Its primary focus is "Class A" office space which it acquires, develops, and manages in the major markets of Boston,
New York CityNew York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
,
Washington, D.C.Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
, and
San FranciscoSan Francisco , officially the City and County of San Francisco, is the financial, cultural, and transportation center of the San Francisco Bay Area, a region of 7.15 million people which includes San Jose and Oakland...
. The company has acquired several high-value properties in these markets, including the
General Motors BuildingThe General Motors Building is a 50-story, 705-foot office tower in Manhattan, New York City, facing Fifth Avenue at 59th Street . The building is one of the few structures in Manhattan that occupies a full city block...
in
New York CityNew York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
for $2.8 billion, the highest paid for an American office building. It also owns two hotel properties.
It was founded in 1970 by
Mortimer ZuckermanMortimer Benjamin "Mort" Zuckerman is a Canadian-born American business magnate with interests primarily in magazines, publishing, and real estate. He is now a naturalized citizen of the United States....
and Edward H. Linde, and became listed in June 1997.
In October 2010,Boston Properties bought the
John Hancock TowerThe John Hancock Tower, officially named Hancock Place and colloquially known as The Hancock, is a 60-story, 790-foot skyscraper in Boston. The tower was designed by Henry N. Cobb of the firm I. M. Pei & Partners and was completed in 1976...
and Garage from a partnership between Normandy Real Estate Partners & Five Mile Capital Partners for $930 million.