We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Boston Properties (BXP) Inks Lease at Renovated Met Square
Read MoreHide Full Article
Boston Properties, Inc. (BXP - Free Report) has inked a long-term lease for 98,000 square feet of space at Metropolitan Square in Washington, DC. The tenant, Boston Consulting Group, has leased the space for 12 years.
The lease comes as part of the tenant’s efforts to expand the footprint as part of its planned growth. Moreover, Boston Consulting will relocate its DC regional offices from Bethesda, MD.
Notably, the iconic property was recently revamped in 2020, with $60 million of renovations. This has likely attracted the tenant. In fact, the renovation program included new common areas and private event spaces, a penthouse rooftop terrace, an amenity zone spanning 15,000 square foot offering an atrium lounge, conference facility and numerous collaboration zones, and tenant concierge services.
In fact, per management, “The reimagined and collaborative spaces are the perfect environment for a firm like BCG whose model is built on collaboration and connection. The lease demonstrates the momentum we are experiencing at Met Square.”
The lease is anticipated to increase occupancy at the company’s property and provide revenue growth from rental income.
Understandably, with further reopening of the economy and vaccine distribution at a faster pace, there has been an uptick in office jobs from their pandemic lows. Amid this, Boston Properties’ portfolio of modern, class A office buildings has been well-poised to benefit from the flight-to-quality preference of office tenants.
Despite a lackluster office market scenario, the REIT has seen a recent uptick in leasing activity and signed long-term leases with media, technology and consulting companies. Moreover, the company signed roughly 592,000 square feet of leases, with a weighted-average lease term of 7.6 years in the first quarter. Notably, this marks a leasing volume of 84% of the total square feet of leases executed in the prior-year quarter.
Also, as of Mar 31, 2021, Boston Properties’ portfolio comprised 196 properties, covering 51.6 million square feet of space. This included nine under-construction/redevelopment properties.
Iron Mountain Incorporated’s (IRM - Free Report) funds from operations ("FFO") per share estimate for the current year has moved up 1.9% to $2.71 in the past week. The company currently carries a Zacks Rank of 2 (Buy).
Postal Realty Trust, Inc.’s (PSTL - Free Report) Zacks Consensus Estimate for 2021 FFO per share has moved 3.6% north to $1.14 over the past week. The company currently carries a Zacks Rank of 2.
One Liberty Properties, Inc. (OLP - Free Report) has a Zacks Rank of 2 at present. The Zacks Consensus Estimate for the ongoing year’s FFO per share has been revised 8.4% upward to $1.80 in a week’s time.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Zacks Top 10 Stocks for 2021
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?
Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
Image: Bigstock
Boston Properties (BXP) Inks Lease at Renovated Met Square
Boston Properties, Inc. (BXP - Free Report) has inked a long-term lease for 98,000 square feet of space at Metropolitan Square in Washington, DC. The tenant, Boston Consulting Group, has leased the space for 12 years.
The lease comes as part of the tenant’s efforts to expand the footprint as part of its planned growth. Moreover, Boston Consulting will relocate its DC regional offices from Bethesda, MD.
Notably, the iconic property was recently revamped in 2020, with $60 million of renovations. This has likely attracted the tenant. In fact, the renovation program included new common areas and private event spaces, a penthouse rooftop terrace, an amenity zone spanning 15,000 square foot offering an atrium lounge, conference facility and numerous collaboration zones, and tenant concierge services.
In fact, per management, “The reimagined and collaborative spaces are the perfect environment for a firm like BCG whose model is built on collaboration and connection. The lease demonstrates the momentum we are experiencing at Met Square.”
The lease is anticipated to increase occupancy at the company’s property and provide revenue growth from rental income.
Understandably, with further reopening of the economy and vaccine distribution at a faster pace, there has been an uptick in office jobs from their pandemic lows. Amid this, Boston Properties’ portfolio of modern, class A office buildings has been well-poised to benefit from the flight-to-quality preference of office tenants.
Despite a lackluster office market scenario, the REIT has seen a recent uptick in leasing activity and signed long-term leases with media, technology and consulting companies. Moreover, the company signed roughly 592,000 square feet of leases, with a weighted-average lease term of 7.6 years in the first quarter. Notably, this marks a leasing volume of 84% of the total square feet of leases executed in the prior-year quarter.
Also, as of Mar 31, 2021, Boston Properties’ portfolio comprised 196 properties, covering 51.6 million square feet of space. This included nine under-construction/redevelopment properties.
Shares of this Zacks Rank #3 (Hold) company have gained 28.9% over the past year, outperforming the industry's rally of 26.7%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to Consider
Iron Mountain Incorporated’s (IRM - Free Report) funds from operations ("FFO") per share estimate for the current year has moved up 1.9% to $2.71 in the past week. The company currently carries a Zacks Rank of 2 (Buy).
Postal Realty Trust, Inc.’s (PSTL - Free Report) Zacks Consensus Estimate for 2021 FFO per share has moved 3.6% north to $1.14 over the past week. The company currently carries a Zacks Rank of 2.
One Liberty Properties, Inc. (OLP - Free Report) has a Zacks Rank of 2 at present. The Zacks Consensus Estimate for the ongoing year’s FFO per share has been revised 8.4% upward to $1.80 in a week’s time.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Zacks Top 10 Stocks for 2021
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?
Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
Access Zacks Top 10 Stocks for 2021 today >>