He added that the company is in active lease discussions on 100% of its recently permitted commercial density, which he adds will likely involve terminating some leases and potentially taking down some existing buildings to accommodate the growth. Late last year Boston Properties secured 940,000 square feet of additional entitlements at its Kendall Center development in Cambridge, MA. The office component of those entitlements totals approximately 540,000 square feet.

“We expect to make our site specific applications this year with a potential construction commencement in early 2017,” Linde said. Part of that new development there will include high-rise residential, he noted.

He described the Boston CBD as very steady, but while there are some technology tenants expanding in the region, most of the activity is based on lease expirations. Boston Properties completed more than 520,000 square feet in leases in the Boston CBD, including approximately 400,000 square feet at 100 Federal St. in the first quarter. Putnam Investments inked a 250,000-square-foot lease at the property in January. Boston Properties also leased 28,000 square feet at the top of 200 Clarendon St. and 50,000 square feet at the Prudential Center in the first quarter.

BOSTON—The emergence of the Boston-Cambridge market as a major life science /technology market is not lost with Boston Properties. In the company's conference call last week, executives pointed to the significant activity this sector brings to its existing inventory and will likely generate for new developments in its pipeline here.

“The Boston region continues to be a magnet for the life science industry and established tech companies, as well as for startup technology and maker organizations,” Boston Properties president Doug Linde said. “This has led to a continual improvement and leasing momentum in the greater Boston market this quarter.”

He added that leasing velocity among life science and tech firms in the Waltham/Lexington submarket has accelerated. He noted that most of that demand comes from organic growth from firms doing business in those sectors.

Linde noted that when Boston Properties purchased the four-building Bay Colony office park in Waltham, MA (for $185 million) in 2011, technology and life sciences companies accounted for approximately 50,000 square feet of space at the more than 1-million-square-foot complex. Today, life science and tech firms occupy more than 500,000 square feet of space at Bay Colony. Linde noted that in the first quarter, Boston Properties inked 179,000 square feet in its suburban portfolio and has responded recently to more than 500,000 square feet of additional proposals.

He added that the company is in active lease discussions on 100% of its recently permitted commercial density, which he adds will likely involve terminating some leases and potentially taking down some existing buildings to accommodate the growth. Late last year Boston Properties secured 940,000 square feet of additional entitlements at its Kendall Center development in Cambridge, MA. The office component of those entitlements totals approximately 540,000 square feet.

“We expect to make our site specific applications this year with a potential construction commencement in early 2017,” Linde said. Part of that new development there will include high-rise residential, he noted.

He described the Boston CBD as very steady, but while there are some technology tenants expanding in the region, most of the activity is based on lease expirations. Boston Properties completed more than 520,000 square feet in leases in the Boston CBD, including approximately 400,000 square feet at 100 Federal St. in the first quarter. Putnam Investments inked a 250,000-square-foot lease at the property in January. Boston Properties also leased 28,000 square feet at the top of 200 Clarendon St. and 50,000 square feet at the Prudential Center in the first quarter.