BXP · 10-Q · 2026Q3 · Full report
Development Pipeline
BXP, Inc. · 2026-11-06 · Importance 56 · Surprise 24 · No source text
As of September 30, 2026, BXP had six properties under development or redevelopment, with its share of estimated investment totaling approximately $3.1 billion and approximately $773.0 million remaining to invest. Commercial space in the pipeline, excluding residential units, was approximately 70% pre-leased as of October 30, 2026. The project table reports total estimated investment of $2.935 billion and estimated future equity requirements of $748.2 million, representing BXP’s share. BXP entered into a $1.2 billion construction loan for 343 Madison Avenue and sold an approximately 10.55% interest for $50.7 million, reducing its future equity requirement for that project to approximately $250.2 million.
Key facts
- As of September 30, 2026, BXP had six properties under development or redevelopment, with its share of estimated total investment of approximately $3.1 billion and approximately $773.0 million remaining to be invested.
- BXP has the sole obligation to construct an underground electrical vault for 290 Binney Street at an estimated gross cost of $183.9 million; it contracted to sell the vault for $84.1 million upon completion, and the net $99.8 million investment will be included in its outside basis in 290 Binney Street.
- BXP entered into a $1.2 billion construction loan for 343 Madison Avenue during the third quarter of 2026.
- As of September 30, 2026, BXP’s share of estimated total investment for properties under construction or redevelopment was $2.9354 billion, with $748.157 million of estimated future equity requirement.
- For the nine months ended September 30, 2026, BXP used $574.016 million for construction in progress and $289.908 million for tenant improvements.
- The $1.2 billion construction loan reduced BXP’s remaining equity requirement to complete its development pipeline from approximately $1.7 billion to approximately $748.2 million at BXP’s share.
- The sale and financing reduced BXP’s share of the future equity requirement for 343 Madison Avenue to approximately $250.2 million.
- BXP’s share of estimated total investment in office properties under construction or redevelopment was $2.1866 billion, with an estimated future equity requirement of $546.132 million.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | -4.6% | The $1.2 billion construction loan reduced BXP’s remaining equity requirement to complete its development pipeline from approximately $1.7… |
| cash | negative | realized | -3.3% | For the nine months ended September 30, 2026, BXP used $574.016 million for construction in progress and $289.908 million for tenant… |
| cash | positive | committed | +3.1% | The $1.2 billion construction loan reduced BXP’s remaining equity requirement to complete its development pipeline from approximately $1.7… |
| cash | negative | probable | -1.4% | As of September 30, 2026, BXP’s share of estimated total investment for properties under construction or redevelopment was $2.9354… |
| cash | negative | committed | -0.6% | BXP has the sole obligation to construct an underground electrical vault for 290 Binney Street at an estimated gross cost of $183.9… |
| assets | positive | committed | +0.3% | BXP has the sole obligation to construct an underground electrical vault for 290 Binney Street at an estimated gross cost of $183.9… |
| cash | positive | committed | +0.3% | BXP has the sole obligation to construct an underground electrical vault for 290 Binney Street at an estimated gross cost of $183.9… |