Full Description

Boston Properties, Inc. is an integrated self-administered and self-managed real estate investment trust (REIT), and the owner and developer of office properties in the United States. The Company’s properties are concentrated in five markets: Boston, Washington, D.C., midtown Manhattan, San Francisco and Princeton, New Jersey. The Company conducts all of its business through its subsidiary, Boston Properties Limited Partnership (BPLP). As of December 31, 2008, the Company owned or had interests in 147 properties, totaling approximately 49.8 million net rentable square feet and structured parking for vehicles containing approximately 11.2 million square feet. The Company’s properties consisted of 143 office properties comprising 123 Class A office properties (including 10 properties under construction) and 20 office/technical properties, one hotel and three retail properties.

On June 9, 2008, the Company completed the acquisition of the General Motors Building in New York City. On August 12, 2008, it acquires 540 Madison Avenue and Two Grand Central Tower located in New York City, New York. On August 13, 2008, it completed the acquisition of 125 West 55th Street located in New York City, New York. On September 26, 2008, the Company acquired from National Public Radio (NPR) its headquarters building at 635 Massachusetts Avenue (the NPR Building) comprised of approximately 211,000 net rentable square feet located in Washington, DC. NPR Building site into a Class A office property comprised of approximately 450,000 net rentable square feet. As of December 31, 2008, it had eight projects under construction comprised of 10 buildings.

During the year ended December 31, 2008, the Company placed in-service the development properties, including 505 9th Street, a Class A office project with approximately 323,000 net rentable square feet located in Washington, DC (owned by a consolidated joint venture in which it has a 50% interest); 77 CityPoint, a Class A office project with approximately 210,000 net rentable square feet located in Waltham, Massachusetts; South of Market, comprised of three Class A office properties aggregating approximately 652,000 net rentable square feet located in Reston, Virginia; One Preserve Parkway, a Class A office project with approximately 183,000 net rentable square feet located in Rockville, Maryland (partially placed in-service), and Annapolis Junction, a Class A office project with approximately 118,000 net rentable square feet located in Annapolis, Maryland (owned by an unconsolidated joint venture in which it has a 50% interest).

Boston Properties, Inc. owns or controls undeveloped land totaling approximately 509.3 acres, which will support approximately 12 million square feet of development. In addition, the Company has a minority interest in the Boston Properties Office Value-Added Fund, L.P. (Value-Added Fund). As of December 31, 2008, the Value-Added Fund had investments in an office complex in San Carlos, California; an office property in Chelmsford, Massachusetts, and office/technical properties in Mountain View, California. The Company is a real estate company, with substantial resources in acquisitions, development, financing, capital markets, construction management, property management, marketing, leasing, accounting, tax and legal services. The Company is the sole general partner and, as of February 23, 2009, the owner of approximately 84.2% of the interests in BPLP.