6/20/2019 | By Nareit Staff
Owen Thomas, CEO at Boston Properties, Inc. (NYSE: BXP), joined Nareit in New York for a video interview at REITweek: 2019 Investor Conference.
Thomas discussed ways in which the office REIT is prepared for any possible downturn in the economy.
“We’re continuing to invest in new projects and to grow Boston Properties, but we’re doing it in a way that we think is resilient,” Thomas said.
While Boston Properties has a 15 million square foot land bank, the company is not launching new developments unless it has significant pre-leasing. At the same time, Boston Properties is keeping leverage low, and in some cases bringing financial partners into deals, Thomas said. “We’re set up for economic stability in a downturn.”
Turning to development, Thomas said the company has a pipeline of about $2.7 billion. Some of those projects include a nearly 1 million square foot build-to-suit tower in Reston, Virginia, next to a new metro stop, for Fannie Mae.
Boston Properties is also building a new headquarters for Akamai in Cambridge, Massachusetts, as well as Marriott’s new headquarters in Bethesda, Maryland. Other projects include The Hub on Causeway in Boston, and a new building at 2100 Pennsylvania Avenue in Washington, D.C.
“It’s a significant pipeline and it’s going to continue to grow,” he said.