Archstone-Smith says that the opening of the office underscores its commitment to Boston, which represents approximately 5% of its national portfolio, and a current investment of $590.6 million. The company formerly had offices in Lexington and Newton. Stephanie Wasser, vice president of development for Archstone-Smith says that those offices were dedicated to Archstone and Charles E. Smith, the company's two consumer-facing brands. "Boston is an important market for us," she notes. "As we expand our portfolio here, it's critical that we unify our investment and operations activities under the Archstone-Smith umbrella to maximize synergies -- and raise awareness of our presence in this market."

The company began construction in December 2003 on the Park Essex, a 28-story high-rise apartment community in the city's Chinatown neighborhood. The project is the city's first large residential high-rise to be developed in downtown Boston in 20 years.

In the Greater Boston area, Archstone-Smith owns and operates 11 high-rise and garden-style apartment communities representing 2,555 units in downtown Boston, Waltham, Burlington, Canton, Salem and Malden. The company currently owns or has an ownership position in 246 communities, representing 87,428 units, including units under construction.