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Real Estate
 9 Months Ended
Sep. 30, 2023
Real Estate [Abstract]  
Real Estate
3. Real Estate
BXP
Real estate consisted of the following at September 30, 2023 and December 31, 2022 (in thousands):
September 30, 2023December 31, 2022
Land$5,200,195 $5,189,811 
Right of use assets - finance leases237,532 237,510 
Right of use assets - operating leases (1)322,790 167,351 
Land held for future development (2)670,691 721,501 
Buildings and improvements16,112,969 15,820,724 
Tenant improvements3,442,669 3,200,743 
Furniture, fixtures and equipment53,536 50,310 
Construction in progress551,330 406,574 
Total26,591,712 25,794,524 
Less: Accumulated depreciation(6,723,616)(6,298,082)
$19,868,096 $19,496,442 
_______________
(1)See Note 4.
(2)Includes pre-development costs.
BPLP
Real estate consisted of the following at September 30, 2023 and December 31, 2022 (in thousands):
September 30, 2023December 31, 2022
Land$5,105,486 $5,095,102 
Right of use assets - finance leases237,532 237,510 
Right of use assets - operating leases (1)322,790 167,351 
Land held for future development (2)670,691 721,501 
Buildings and improvements15,841,413 15,547,919 
Tenant improvements3,442,669 3,200,743 
Furniture, fixtures and equipment53,536 50,310 
Construction in progress551,330 406,574 
Total26,225,447 25,427,010 
Less: Accumulated depreciation(6,601,957)(6,180,474)
$19,623,490 $19,246,536 
_______________
(1)See Note 4.
(2)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. There can be no assurance that the Company will complete development of the project on the terms and schedule currently contemplated or at all.
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 nine months ended September 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.
On July 20, 2023, the Company completed and fully placed in-service 140 Kendrick Street - Building A, a premier workplace redevelopment project with approximately 104,000 net rentable square feet located in Needham, Massachusetts. The property is the first Net Zero, Carbon Neutral office repositioning of its scale in Massachusetts.
On September 26, 2023, the Company partially placed in-service 180 CityPoint, an approximately 329,000 net rentable square feet laboratory/life sciences project located in Waltham, Massachusetts.