By Kate Snyder
BXP has announced the reorganization of its west coast operations that would put the San Francisco, Los Angeles and Seattle regions under one management structure. Additionally, Bob Pester has elected to retire from his position as executive vice president in early 2024 after 25 years leading the San Francisco region for BXP.
Rod Diehl, currently senior vice president of leasing for the San Francisco region, will succeed Pester upon the latter’s retirement. Pester and Diehl will jointly lead west coast operations with Pester transitioning duties to Diehl in the coming months. BXP will continue to maintain its regional presence in Los Angeles and Seattle.
These announcements were made as part of BXP’s quarterly earnings release. The reorganization process will take effect immediately.
Another action that took effect at the end of July was that BXP’s independent directors appointed Joel I. Klein to serve as the lead independent director, replacing Kelly A. Ayotte. Ayotte served as BXP’s lead independent director since May 2022 and will remain on BXP’s board of directors. Klein previously served as BXP’s lead independent director from May 2016 to May 2019 and as its independent chairman from May 2019 to May 2022.
Other news that was highlighted in the release included that the firm’s revenue increased 5.6 percent to $817.2 million for the second quarter of 2023, compared to $773.9 million for the same time period last year. The company also executed approximately 938,000 square feet of leases with a weighted-average lease term of eight years.
Formerly known as Boston Properties, Inc., BXP is a fully integrated real estate company, organized as a real estate investment trust, according to information from the company. Including properties owned by unconsolidated joint ventures, BXP’s portfolio totals 54.1 million square feet and 191 properties, including 13 properties under construction or redevelopment. In operation for more than 50 years, the firm is primarily concentrated in six markets, includingBoston, Los Angeles, New York, San Francisco, Seattle and Washington, D.C.
