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Real Estate
 6 Months Ended
Jun. 30, 2023
Real Estate [Abstract]  
Real Estate
3. Real Estate
BXP
Real estate consisted of the following at June 30, 2023 and December 31, 2022 (in thousands):
June 30, 2023December 31, 2022
Land$5,189,287 $5,189,811 
Right of use assets - finance leases237,526 237,510 
Right of use assets - operating leases166,421 167,351 
Land held for future development (1)637,191 721,501 
Buildings and improvements16,054,447 15,820,724 
Tenant improvements3,345,766 3,200,743 
Furniture, fixtures and equipment53,181 50,310 
Construction in progress482,850 406,574 
Total26,166,669 25,794,524 
Less: Accumulated depreciation(6,568,568)(6,298,082)
$19,598,101 $19,496,442 
_______________
(1)Includes pre-development costs.
BPLP
Real estate consisted of the following at June 30, 2023 and December 31, 2022 (in thousands):
June 30, 2023December 31, 2022
Land$5,094,578 $5,095,102 
Right of use assets - finance leases237,526 237,510 
Right of use assets - operating leases 166,421 167,351 
Land held for future development (1)637,191 721,501 
Buildings and improvements15,782,891 15,547,919 
Tenant improvements3,345,766 3,200,743 
Furniture, fixtures and equipment53,181 50,310 
Construction in progress482,850 406,574 
Total25,800,404 25,427,010 
Less: Accumulated depreciation(6,448,665)(6,180,474)
$19,351,739 $19,246,536 
_______________
(1)Includes pre-development costs.
Developments/Redevelopments
On January 5, 2023, the Company commenced the development of 290 Binney Street, an approximately 566,000 net rentable square foot laboratory/life sciences project in Cambridge, Massachusetts. Concurrent with the commencement of this project, the Kendall Center Blue Parking Garage was taken out of service and demolished to support the development of this project. 290 Binney Street is 100% pre-leased to AstraZeneca.
On January 30, 2023, the Company commenced the redevelopment of 300 Binney Street at Kendall Center in Cambridge, Massachusetts. 300 Binney Street consisted of an approximately 195,000 net rentable square foot premier workplace that is being redeveloped into approximately 236,000 net rentable square feet of laboratory/life sciences space. BXP and BPLP recognized approximately $11.0 million of depreciation expense during the six months ended June 30, 2023 associated with the acceleration of depreciation on the assets being removed from service and demolished as part of the redevelopment of the property. The project is 100% pre-leased to the Broad Institute.
On April 29, 2023, the Company completed and fully placed in-service 2100 Pennsylvania Avenue, a premier workplace project with approximately 476,000 net rentable square feet located in Washington, DC.
On June 1, 2023, the Company completed and fully placed in-service its View Boston Observatory at The Prudential Center, a redevelopment of the top three floors of 800 Boylston Street - The Prudential Center, located in Boston, Massachusetts. View Boston Observatory at The Prudential Center consists of approximately 63,000 net rentable square feet of retail, including food and beverage, and observation space.