10/19/2023 | by

This case study was published in the 2023 REIT Industry ESG Report, which details the REIT and publicly traded real estate industry's environmental, social, and governance (ESG) performance and features 20 case studies showcasing REIT leadership and ESG innovation from a variety of sectors. The report serves as a practical tool for shareholders and stakeholders to assess the scale and impact of the REIT industry's ESG commitments and initiatives. Applicable footnotes and/or citations for this case study are available in the full report.

140 Kendrick Street: Left – Building A, Right – Building C, Needham, MA. Photo courtesy of BXP.

BXP is partnering with clients to improve the sustainability of the built environment through green leasing, aligning with stakeholders on goals to conserve resources and take action on climate. Client partnerships have positively impacted energy and carbon performance, and BXP’s green leasing strategy now supports net zero redevelopment.

BXP’s sustainability strategy is multifaceted, focusing on climate action, resilience, and social good. As part of its climate action strategy, the company has been a leader in developing green buildings and sustainable operations. In 2021, BXP partnered with Wellington Management, a large investment management firm, to develop the firm’s new 104,000-square-foot headquarters in Needham, Massachusetts. The deal included a commitment from both parties to design and operate the space to be net zero, and the project is currently on track to receive a LEED Zero Carbon certification, making it the largest green leasing project of this scale in Massachusetts .

The current landlord-client partnership follows the success of a previous joint venture, where the firms developed “Boston’s First Green Skyscraper,” which earned LEED BD+C: Core and Shell Platinum certification in 2012. Raising the bar, the two firms are converting an existing office building to a net zero premier workplace. Achieving the project’s decarbonization goals requires a holistic approach to conservation, electrification, and onsite renewable energy – integrating base building design with interior improvements.

BXP promotes sustainability from the start of its client relationships– about half of the REIT’s active leases include language related to green leasing. Last year, BXP received the Platinum designation as a Green Lease Leader by the Institute for Market Transformation and Department of Energy, given to landlords that integrate high-performance leasing and social equity practices into building operations.

BXP is the largest publicly traded developer, owner, and manager of premier workplaces in the U.S., concentrated in six dynamic gateway markets–Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, D.C. BXP has delivered places that power progress for its clients and communities for more than 50 years. BXP is a fully integrated real estate company, organized as a REIT. As of March 31, 2023, including properties owned by unconsolidated joint ventures, BXP’s portfolio totaled 54.5 million square feet and 192 properties, including 15 properties under construction/redevelopment.

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