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PRESS RELEASE from provider: Business Wire
This content is a press release from our partner Business Wire. The AP newsroom and editorial departments were not involved in its creation.

Boston Properties Announces Long-Term Lease with Google for Kendall Square Redevelopment

February 14, 2019

BOSTON--(BUSINESS WIRE)--Feb 14, 2019--Boston Properties, Inc.(NYSE: BXP), one of the largest publicly-traded developers, owners and managers of Class A office properties in the United States, announced today that Google, LLC. has signed a 15-year lease agreement for the ground-up redevelopment of Boston Properties’ 325 Main Street building in Kendall Center, Cambridge, Massachusetts. Google will occupy 362,000 square feet of the building, which will serve as additional office space for Google’s growing Cambridge office. The lease agreement brings Google’s total leased space from Boston Properties to more than 800,000 square feet in Cambridge.

“We’re thrilled that Google continues to grow within our Kendall Center properties,” stated Bryan Koop, Executive Vice President, Boston Region for Boston Properties. “Their presence adds to the dynamic innovative spirit of the Kendall Square ecosystem and we look forward to building Google’s newest home.”

The new, 16-story building at 325 Main Street will be approximately 400,000 rentable square feet (including a retail component) and will replace the existing, four-story, approximately 115,000 square foot building currently on site. Construction is expected to commence later this year and be completed in 2022. As part of the redevelopment, Boston Properties will provide significant public realm enhancements including increased visibility and access to the Kendall Square Roof Garden, improved pedestrian experience along Main Street and on the adjacent Kendall Plaza, and increased programming at the Roof Garden and on the Plaza.

“Google opened its first office in Cambridge back in 2003 and fifteen years later, we’ve grown to over 1,500 employees, working on major projects like Search, Android, Cloud, YouTube, Google Play, Research, Ads and more,” said Google Cambridge Site Lead Brian Cusack. “This new space will provide room for future growth and further cements our commitment to the Cambridge community. We’re proud to call this city home and will continue to support its vibrant nonprofit and growing business community.”

Boston Properties has been active in the Cambridge community since the late 1970’s, when Boston Properties was designated the master developer of the Kendall Center redevelopment project (then known as Cambridge Center). Since that time, the Company has developed more than two million square feet of office, hotel, and residential properties and has created a vibrant public space programming plan throughout its properties in Kendall Square.

“Google’s election to expand within our Kendall Center property reflects our ability to develop and manage high-quality, creative and productive workspaces that meet the growing needs of the world’s most innovative companies. At the same time, we are enriching the local communities we serve by providing significant public realm and public programming enhancements,” said Owen Thomas, CEO of Boston Properties.

Boston Properties (NYSE: BXP) is one of the largest publicly-traded developers, owners and managers of Class A office properties in the United States, concentrated in five markets - Boston, Los Angeles, New York, San Francisco and Washington, DC. The Company 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. The Company’s portfolio totals 51.6 million square feet and 197 properties, including eleven properties under construction

View source version on businesswire.com:https://www.businesswire.com/news/home/20190214005906/en/

CONTACT: Laura Sesody

Boston Properties

lmarchisi@bostonproperties.com

617-236-3305

Sara Buda

Boston Properties Investor Relations

sbuda@bostonproperties.com

617-236-3429

KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS

INDUSTRY KEYWORD: REIT CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE

SOURCE: Boston Properties, Inc.

Copyright Business Wire 2019.

PUB: 02/14/2019 04:21 PM/DISC: 02/14/2019 04:22 PM

http://www.businesswire.com/news/home/20190214005906/en