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MarketScreener Homepage  >  Equities  >  Nyse  >  Boston Properties, Inc.    BXP

BOSTON PROPERTIES, INC.

(BXP)
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Boston Properties : Announces 138,000 Square Foot, 10-Year Lease With Translate Bio in Waltham, Massachusetts

11/10/2020 | 07:31am EST

Boston Properties, Inc. (NYSE: BXP), the largest publicly-traded developer, owner and manager of Class A office properties in the United States, announced a 138,000 square-foot, 10-year lease with Translate Bio, a clinical-stage messenger RNA (mRNA) therapeutics company, at 200 West Street in Waltham, Massachusetts. BXP is currently redeveloping 200 West Street into lab space with expected completion in 2021. With this lease, the property is 100% leased.

“We are thrilled that 200 West Street will be home to Translate Bio’s team of passionate professionals,” said David Provost, SVP of Development, co-head of BXP Life Sciences. “Translate Bio’s selection underscores our commitment to providing biotech customers the most flexible, modern and creative work environments to discover and develop therapies that increase wellness and improve lives. Their move to Waltham will facilitate the recruitment and retention of the best and brightest talent in this growing hub for life science.”

200 West Street features a full service café, on-site fitness and conference facilities, and easy access to the highly skilled workforce in Waltham and surrounding towns, as well as the ability for future expansion by approximately 130,000 square feet of additional developable life science space. The redevelopment features a variety of modern lab spaces, including cold rooms and pilot labs, as well as chemistry and biology labs. Located in Waltham, Massachusetts, a popular submarket of Boston for leading and emerging companies in the life sciences, biotechnology and technology sectors, the 200 West Street conversion to lab space builds on Boston Properties’ 4.3 million square feet of Class A commercial space in Boston’s largest urban edge submarket.

BXP Life Sciences develops, manages and operates commercial properties for the life sciences sector. As part of Boston Properties, BXP Life Sciences has developed and managed millions of square feet of office and lab properties for the life sciences sector for more than forty years, primarily in the leading innovation markets of Boston-Cambridge and suburban Massachusetts and San Francisco and Los Angeles, California. Focused on the specific needs of the life sciences industry, today BXP Life Sciences consists of an existing portfolio of 3.3 million square feet of properties leased by established and emerging biotechnology, healthcare and medical device companies, and approximately six million square feet of redevelopment and future development opportunities.

About Boston Properties

Boston Properties (NYSE: BXP) is a fully integrated real estate company, organized as a real estate investment trust (REIT), that develops, manages, operates, acquires and owns a diverse portfolio of primarily Class A office space in five markets -Boston, Los Angeles, New York, San Francisco and Washington, DC. The Company’s portfolio totals 51.2 million square feet and 196 properties, including seven properties under construction. For more information about Boston Properties, please visit our website at www.bxp.com or follow us on LinkedIn or Instagram.

This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of the words “will,” “expects,” “intends” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Boston Properties’ control and could materially affect actual results, performance or achievements. These factors include, without limitation, Boston Properties’ ability to complete the redevelopment described above on time or at all and other risks and uncertainties detailed from time to time in Boston Properties’ filings with the SEC. Boston Properties does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.


© Business Wire 2020
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Financials (USD)
Sales 2020 2 818 M - -
Net income 2020 947 M - -
Net Debt 2020 11 570 M - -
P/E ratio 2020 16,0x
Yield 2020 4,12%
Capitalization 14 811 M 14 811 M -
EV / Sales 2020 9,36x
EV / Sales 2021 9,37x
Nbr of Employees 760
Free-Float 99,8%
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 100,55 $
Last Close Price 95,15 $
Spread / Highest target 52,4%
Spread / Average Target 5,68%
Spread / Lowest Target -21,2%
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Managers and Directors
NameTitle
Owen D. Thomas Chief Executive Officer & Director
Douglas T. Linde President & Director
Joel Irwin Klein Independent Non-Executive Chairman
Michael E. LaBelle Chief Financial Officer, Treasurer & Executive VP
James J. Whalen Chief Information Officer & Senior Vice President
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