Owen Thomas, Douglas Linde and Hilary Spann

The nation’s largest office-focused real estate investment trust bolstered its portfolio throughout the past year.

BXP as of late April boasted a portfolio of 50.4 million square feet across 164 properties. The firm completed 68 leases during the first quarter of 2026 totaling more than 1.1 million square feet, including approximately 140,000 square feet of leases signed at 360 Park Avenue South in New York City and roughly 104,000 square feet of deals signed at 680 Folsom Street in San Francisco.

Plus, as of the start of April, BXP was in negotiations for another 1.7 million square feet of leases.

“The market for premier workspace in, call it the top 10 percent of buildings in the market, is quite competitive right now as there is not a lot of availability,” Hilary Spann said. “It is very challenging to get hold of great space in all of our markets right now, particularly in New York and Boston, and San Francisco is showing real strength again in that space, so I think that really does drive the performance over the last few quarters.”

New York has been a particular source of strength for BXP, with an operating portfolio that is more than 95 percent leased.

BXP is poised to further scale its Big Apple office portfolio with a 1.8 million-
square-foot project at 3 Hudson Boulevard and a 950,000-square-foot development in the works at 343 Madison Avenue. Spann said both buildings are generating strong leasing interest, with 343 Madison signing investment firm CV Starr to a 275,000-square-foot anchor lease in October. Meanwhile, 3 Hudson Boulevard in Hudson Yards is conducive for businesses seeking large headquarters space, she said.

Looking ahead, Spann is bullish on BXP’s future given the desirable locations of its Manhattan office assets — a position that the debuts of 343 Madison and 3 Hudson Yards will only strengthen.

“It is incredibly important to own the best real estate that you can own in the best location that you can own it, and to manage both the hardware and the software to an absolute premier standard,” Spann said. “Premier clients want to be in premier buildings.”