BXP · 10-Q · 2026Q2 · Full report

Development Pipeline

BXP, Inc. · 2026-08-06 · Importance 64 · Surprise 42 · No source text

BXP had six properties under development or redevelopment as of June 30, 2026, representing its $3.3 billion share of estimated total investment and approximately $900 million of remaining investment after the July 28, 2026 construction loan for 343 Madison Avenue. The detailed pipeline represented $3.156 billion of estimated total investment, $985.3 million invested through June 30, 2026, and $2.099 billion of estimated future equity requirements. The office pipeline included 725 12th Street, 343 Madison Avenue, and Reservoir Place, with estimated total investment of $2.408 billion and estimated future equity requirements of $1.856 billion before the 343 Madison Avenue financing. The $1.2 billion construction loan for 343 Madison Avenue reduced BXP’s future equity spend for that project to approximately $341 million. BXP also had $94.7 million of unpaid but accrued construction costs and leasing commissions across the projects.

Key facts

• As of June 30, 2026, six properties under development or redevelopment with our share of the estimated total investment approx $3.3 billion, of which approx $900 million remained to be invested after closing a $1.2 billion construction loan secured by 343 Madison Avenue on July 28, 2026. source
• Total properties under construction/redevelopment (our share) as of June 30, 2026: estimated square feet 3,506,650; investment to date $985,309 thousand; estimated total investment $3,156,400 thousand; total available financing $89,808 thousand; outstanding at June 30, 2026 $16,027 thousand; estimated future equity requirement $2,099,418 thousand. source
• Reservoir Place is approximately 528,000 square feet of which approximately 165,000 square feet remains in-service and redevelopment commenced during the three months ended June 30, 2026 with estimated stabilization date Q2 2027 and estimated square feet 363,000 shown in the construction table. source
• 121 Broadway Street (439 units) project: estimated square feet 490,000, investment to date $371,098 thousand, estimated total investment $597,800 thousand, estimated future equity requirement $226,702 thousand, estimated stabilization date Q2 2029. source
• 17 Hartwell Avenue residential project (312 units, 20% ownership) estimated square feet 347,000, estimated total investment $35,900 thousand, investment to date $18,773 thousand, total available financing $19,747 thousand, estimated stabilization date Q2 2028. source
• In connection with development of 290 Binney Street, company has sole obligation to construct underground electrical vault estimated gross cost $183.9 million, contract to sell the vault to third-party for fixed price $84.1 million upon completion, net investment $99.8 million will be included in outside basis; invested $147.1 million for the vault as of June 30, 2026. source
• 290 Coles Street (670 units) (19.46% ownership) estimated square feet 693,000, investment to date $39,873 thousand, estimated total investment $88,700 thousand, total available financing $56,422 thousand, outstanding at June 30, 2026 $15,515 thousand and estimated future equity requirement $7,920 thousand, estimated stabilization date Q3 2029. source
• Worldgate Drive (359 units) (20% ownership) estimated square feet 347,000, investment to date $4,435 thousand, estimated total investment $26,400 thousand, total available financing $13,639 thousand, estimated stabilization date Q2 2030. source

Impact estimates