The company likely will sell-off some assets in San Jose, CA in the coming months, he said. “The downtown San Jose market hasn't experienced the level of activity we hoped for in the market, so we're rethinking our plans [there].” However he noted, “We're not exiting Silicon Valley all-together, we view the Palo Alto/Mountain view area as having great potential.”

Also in California, Boston Properties has started a spec project in San Francisco, at 535 Mission St. The building is slated to be delivered in 2014, with occupancy expected to come later that year, Linde stated. The 335,000-square-foot building features 13,000 floors, he said, making it well suited to technology and legal tenants. Boston Properties is working with Hines to possibly expedite the construction schedule, Linde noted.

Of course there's been other types of activity too. On the East Coast, Boston properties completed the acquisition of a parcel of land located in Reston, VA, for a purchase price of approximately $27.0 million. The land parcel is commercially zoned for 250,000 square feet of office space. Nearby in Washington D.C., a joint venture—in which the company has a 30% interest--completed and fully placed in-service 500 North Capitol Street, NW, a Class A office redevelopment project with approximately 232,000 net rentable square feet.

In New York, says Linde, “we signed five pre-builts during the quarter and 53,000 square feet of space at the General Motors building, and we secured a retailer for the ground floor. We have really good activity across our portfolio.”

Meanwhile, Boston and its surrounding suburbs are a hot bed of activity for the company. “We continue to see strong activity in Waltham, with 88,000 square feet,” said Linde, while “Cambridge has become a critical location for technology companies, putting office space at a premium.” The company has been designated the owner's representative by Harvard Planning and Project Management to provide development management services for the university's new Health and Life Sciences Facility,” Zuckerman said.

On the income side, funds from operations for the quarter were $160.6 million, or $1.06 per share basic and $1.06 per share diluted, according a written statement announcing earnings. This compares to FFO for Q1 2012 of $166.7 million, or $1.12 per share basic and $1.12 per share diluted. The Company's reported FFO included the following items, among others, $0.12 per share of greater than expected general and administrative expense due to the recently announced CEO succession and transition plan and a $0.05 per share impairment charge on a parcel of land in San Jose, offset by $0.03 per share of improvement in portfolio operations, the statement said. Net income available to common shareholders was $47.9 million for the quarter, compared to $48.5 million for last year's first quarter.

As of March 31, according to the statement, the company's portfolio consisted of 157 properties, comprised primarily of Class A office space, one hotel, three residential properties and four retail properties, spanning approximately 44.6 million square feet, including seven properties under construction totaling 2.5 million square feet. The overall percentage of leased space for the 147 properties in service—including several parking structures but excluding the two in-service residential properties and the hotel— as of March 31 was 91.7%.