BXP INC BXP
COM · REIT · CUSIP 101121101 · ISIN US1011211018
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($31.0m this quarter). Holder counts are more reliable. Shares outstanding: 158.5m as of 2025-10-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $67.51. Options: 15 managers hold calls ($72.7m notional), 15 hold puts ($47.0m).
Trends to Q4 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 527 |
| Q4 2022 | 518 |
| Q1 2023 | 480 |
| Q2 2023 | 479 |
| Q3 2023 | 500 |
| Q4 2023 | 564 |
| Q1 2024 | 578 |
| Q2 2024 | 569 |
| Q3 2024 | 591 |
| Q4 2024 | 618 |
| Q1 2025 | 608 |
| Q2 2025 | 612 |
| Q3 2025 | 620 |
| Q4 2025 | 619 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2024 | 304 | 237 |
| Q2 2024 | 292 | 244 |
| Q3 2024 | 306 | 251 |
| Q4 2024 | 284 | 258 |
| Q1 2025 | 291 | 277 |
| Q2 2025 | 322 | 265 |
| Q3 2025 | 300 | 277 |
| Q4 2025 | 266 | 288 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $110.7m | $96.8m | 0.87 |
| Q2 2025 | $89.6m | $83.0m | 0.93 |
| Q3 2025 | $130.4m | $128.5m | 0.99 |
| Q4 2025 | $72.7m | $47.0m | 0.65 |
Biggest buyers
| COHEN & STEERS, INC. | Added | +4.5m |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | Added | +1.9m |
| Daiwa Securities Group Inc. | Added | +1.1m |
| HSBC HOLDINGS PLC | Added | +900.3k |
| CITADEL ADVISORS LLC | Added | +648.5k |
| BlackRock, Inc. | Added | +518.0k |
| Schonfeld Strategic Advisors LLC | New | +315.6k |
| MARSHALL WACE, LLP | Added | +299.1k |
| CITIGROUP INC | Added | +285.2k |
| H/2 CREDIT MANAGER LP | New | +268.1k |
Biggest sellers
| JPMORGAN CHASE & CO | Reduced | -2.5m |
| Allspring Global Investments Holdings, LLC | Reduced | -796.1k |
| MORGAN STANLEY | Reduced | -378.5k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | Reduced | -367.8k |
| BAMCO INC /NY/ | Reduced | -340.5k |
| Bank of New York Mellon Corp | Reduced | -301.7k |
| ROYAL BANK OF CANADA | Reduced | -293.3k |
| CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC | Reduced | -258.4k |
| Linden Advisors LP | Sold out | -251.9k |
| UBS Group AG | Reduced | -236.8k |
Biggest calls
| Walleye Trading LLC | Reduced | $12.5m184.5k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $12.4m184.0k shares |
| GROUP ONE TRADING LLC | Added | $10.7m158.9k shares |
| IMC-Chicago, LLC | Reduced | $9.5m140.2k shares |
| JANE STREET GROUP, LLC | Reduced | $6.5m96.5k shares |
| CITADEL ADVISORS LLC | Reduced | $5.1m75.4k shares |
| PEAK6 LLC | Reduced | $4.5m67.2k shares |
| Twin Tree Management, LP | Unchanged | $4.1m60.7k shares |
| SIMPLEX TRADING, LLC | Added | $2.9m42.9k shares |
| D. E. Shaw & Co., Inc. | New | $2.0m30.0k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $14.5m215.1k shares |
| CITADEL ADVISORS LLC | Reduced | $7.5m110.9k shares |
| PEAK6 LLC | Reduced | $3.5m52.6k shares |
| ROYAL BANK OF CANADA | Unchanged | $3.1m45.5k shares |
| Caption Management, LLC | Reduced | $3.0m45.0k shares |
| IMC-Chicago, LLC | Reduced | $3.0m44.6k shares |
| JANE STREET GROUP, LLC | Added | $2.6m37.9k shares |
| JPMORGAN CHASE & CO | New | $2.4m35.0k shares |
| MILLENNIUM MANAGEMENT LLC | Added | $2.1m31.3k shares |
| Crawford Fund Management, LLC | Reduced | $1.5m21.8k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| COHEN & STEERS, INC. 13G · institution +1.1 pts · filed 2026-08-14 | 14.3% |
| BlackRock, Inc. 13G · institution filed 2025-10-17 | 10.0% |
| VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 8.1% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 7.2% |
| STATE STREET CORP 13G · institution new · filed 2026-05-12 | 6.2% |
| First Eagle Investment Management, LLC 13G · institution new · filed 2026-05-13 | 6.0% |
Fell to 5% or below in the last year: NORGES BANK (4.1%, 2026-08-12), VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD PORTFOLIO MANAGEMENT LLC)
Insider purchases and sales in Q4 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q1 2024 | 0 | — | 1 | $889.1k | — |
| Q2 2024 | 0 | — | 0 | — | — |
| Q3 2024 | 0 | — | 2 | $2.0m | — |
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 0 | — | 2 | $1.0m | — |
| Q2 2025 | 0 | — | 0 | — | — |
| Q3 2025 | 0 | — | 0 | — | — |
| Q4 2025 | 0 | — | 4 | $5.1m | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-12-01 | RITCHEY RAYMOND A Senior EVP | Sold | $2.6m36.3k shares |
| 2025-11-25 | Otteni Peter V Executive Vice President | Sold | $300.5k4.1k shares |
| 2025-11-12 | Stroman John J Executive Vice President | Sold | $1.2m16.8k shares |
| 2025-11-07 | LABELLE MICHAEL E EVP and CFO | Sold | $970.9k13.4k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.02% of their portfolio | 24.0m $1.6bn | Reduced -106.9k |
| BlackRock, Inc. 0.02% of their portfolio | 18.3m $1.2bn | Added +518.0k |
| COHEN & STEERS, INC. 1.88% of their portfolio | 15.4m $1.0bn | Added +4.5m |
| STATE STREET CORP 0.03% of their portfolio | 11.3m $768.2m | Reduced -32.5k |
| NORGES BANK 0.07% of their portfolio | 10.2m $689.4m | Not comparable |
| APG Asset Management US Inc. 3.91% of their portfolio | 7.4m $499.5m | Unchanged |
| GEODE CAPITAL MANAGEMENT, LLC 0.02% of their portfolio | 4.3m $287.1m | Added +55.6k |
| Invesco Ltd. 0.03% of their portfolio | 4.1m $276.8m | Added +204.3k |
| Boston Partners 0.24% of their portfolio | 3.5m $234.4m | Reduced -65.0k |
| MORGAN STANLEY 0.01% of their portfolio | 3.4m $231.3m | Reduced -378.5k |
| JPMORGAN CHASE & CO 0.02% of their portfolio | 3.4m $231.0m | Reduced -2.5m |
| First Eagle Investment Management, LLC 0.41% of their portfolio | 3.4m $230.2m | Reduced -121.6k |
| NORTHERN TRUST CORP 0.03% of their portfolio | 3.3m $221.7m | Reduced -126.8k |
| Daiwa Securities Group Inc. 0.67% of their portfolio | 3.1m $206.9m | Added +1.1m |
| EARNEST PARTNERS LLC 0.76% of their portfolio | 2.6m $177.9m | Reduced -30.1k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 2.4m $165.0m | Added +122.5k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.03% of their portfolio | 2.4m $163.9m | Added +98.1k |
| GOLDMAN SACHS GROUP INC 0.02% of their portfolio | 2.3m $156.0m | Reduced -39.7k |
| DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio | 2.3m $154.7m | Added +35.7k |
| Allspring Global Investments Holdings, LLC 0.23% of their portfolio | 2.1m $140.3m | Reduced -796.1k |
| SEI INVESTMENTS CO 0.13% of their portfolio | 2.0m $132.6m | Added +167.9k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.03% of their portfolio | 1.9m $127.5m | Added +1.9m |
| CITADEL ADVISORS LLC 0.08% of their portfolio | 1.8m $118.2m | Added +648.5k |
| CENTERSQUARE INVESTMENT MANAGEMENT LLC 1.16% of their portfolio | 1.7m $117.1m | Reduced -87.6k |
| DEUTSCHE BANK AG\ 0.03% of their portfolio | 1.6m $107.4m | Reduced -71.8k |
| HSBC HOLDINGS PLC 0.03% of their portfolio | 1.6m $104.9m | Added +900.3k |
| Legal & General Group Plc 0.02% of their portfolio | 1.5m $104.5m | Added +47.8k |
| VOYA INVESTMENT MANAGEMENT LLC 0.10% of their portfolio | 1.5m $99.8m | Reduced -11.9k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.02% of their portfolio | 1.1m $76.5m | Reduced -367.8k |
| BARCLAYS PLC 0.03% of their portfolio | 1.1m $73.0m | Reduced -180.2k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 1.1m $72.2m | Reduced -301.7k |
| AMERIPRISE FINANCIAL INC 0.02% of their portfolio | 1.0m $66.6m | Reduced -45.3k |
| Nuveen, LLC 0.02% of their portfolio | 964.5k $65.1m | Reduced -37.3k |
| FRANKLIN RESOURCES INC 0.02% of their portfolio | 956.8k $64.6m | Added +14.1k |
| Russell Investments Group, Ltd. 0.07% of their portfolio | 903.7k $61.4m | Added +240.3k |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO 0.67% of their portfolio | 879.1k $59.3m | Added +50.2k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio | 808.7k $54.6m | Reduced -18.4k |
| UBS Group AG 0.01% of their portfolio | 727.2k $49.1m | Reduced -236.8k |
| Divco West Real Estate Services, LLC 49.23% of their portfolio | 680.5k $45.9m | Unchanged |
| PRINCIPAL FINANCIAL GROUP INC 0.02% of their portfolio | 673.0k $45.4m | Reduced -3.4k |
| Sumitomo Mitsui Trust Group, Inc. 0.03% of their portfolio | 659.3k $44.5m | Reduced -51.6k |
| STRS OHIO 0.16% of their portfolio | 644.2k $43.5m | Reduced -7.2k |
| CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC 0.62% of their portfolio | 622.8k $42.0m | Reduced -258.4k |
| Amundi 0.01% of their portfolio | 610.3k $41.2m | Added +21.5k |
| State of Tennessee, Department of Treasury 0.12% of their portfolio | 591.1k $38.2m | Added +42.8k |
| CITIGROUP INC 0.02% of their portfolio | 471.5k $31.8m | Added +285.2k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 468.4k $31.6m | Reduced -293.3k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.02% of their portfolio | 450.6k $30.6m | Added +38.6k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.04% of their portfolio | 440.0k $29.7m | Added +66.1k |
| MARSHALL WACE, LLP 0.03% of their portfolio | 419.1k $28.3m | Added +299.1k |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 409.8k $27.7m | Added +135.4k |
| Swiss National Bank 0.02% of their portfolio | 392.8k $26.5m | Reduced -40.8k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 382.7k $25.8m | Reduced -30.9k |
| CANADA LIFE ASSURANCE Co 0.04% of their portfolio | 351.7k $23.7m | Reduced -102.9k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.03% of their portfolio | 349.6k $23.6m | Added +232.0k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.04% of their portfolio | 344.1k $23.4m | Added +106.3k |
| BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio | 341.7k $23.1m | Added +10.7k |
| Analyst IMS Investment Management Services Ltd. 0.67% of their portfolio | 339.6k $22.9m | Reduced -55 |
| RHUMBLINE ADVISERS 0.02% of their portfolio | 328.5k $22.2m | Reduced -1.2k |
| Fisher Asset Management, LLC 0.01% of their portfolio | 327.3k $22.1m | Added +76.9k |
| Senvest Management, LLC 0.68% of their portfolio | 327.3k $22.1m | Reduced -218.5k |
| STOREBRAND ASSET MANAGEMENT AS 0.06% of their portfolio | 317.3k $21.4m | Reduced -12.2k |
| Schonfeld Strategic Advisors LLC 0.11% of their portfolio | 315.6k $21.3m | New |
| California Public Employees Retirement System 0.01% of their portfolio | 314.4k $21.2m | Reduced -2.2k |
| FIRST MANHATTAN CO. LLC. 0.06% of their portfolio | 311.3k $21.2m | Added +727 |
| WHITTIER TRUST CO 0.22% of their portfolio | 301.9k $20.6m | Added +8.6k |
| Woodbridge Co Ltd 0.05% of their portfolio | 300.1k $20.2m | Unchanged |
| Asset Management One Co., Ltd. 0.06% of their portfolio | 291.4k $20.1m | Reduced -8.3k |
| NOMURA ASSET MANAGEMENT CO LTD 0.05% of their portfolio | 273.2k $18.4m | Added +8.0k |
| CAUSEWAY CAPITAL MANAGEMENT LLC 0.25% of their portfolio | 272.0k $18.4m | Reduced -19.5k |
| H/2 CREDIT MANAGER LP 3.96% of their portfolio | 268.1k $18.1m | New |
| NATIXIS ADVISORS, LLC 0.03% of their portfolio | 263.9k $17.8m | Added +6.2k |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.05% of their portfolio | 253.7k $17.1m | Reduced -4.0k |
| ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio | 253.2k $17.1m | Reduced -216 |
| Pacific Heights Asset Management LLC 0.63% of their portfolio | 250.0k $16.9m | Added +75.0k |
| LASALLE INVESTMENT MANAGEMENT SECURITIES LLC 0.66% of their portfolio | 245.4k $16.6m | Reduced -23.5k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.02% of their portfolio | 235.0k $15.9m | Reduced -28.3k |
| Davis Selected Advisers 0.07% of their portfolio | 233.9k $15.8m | Reduced -5.8k |
| ALGEBRIS (UK) LTD 1.16% of their portfolio | 216.7k $14.6m | New |
| Robeco Institutional Asset Management B.V. 0.02% of their portfolio | 214.6k $14.5m | Added +8.1k |
| BAMCO INC /NY/ 0.04% of their portfolio | 203.0k $13.7m | Reduced -340.5k |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.03% of their portfolio | 198.0k $13.4m | Added +20.0k |
| PRUDENTIAL FINANCIAL INC 0.02% of their portfolio | 194.2k $13.1m | Reduced -3.7k |
| 1832 Asset Management L.P. 0.02% of their portfolio | 189.3k $12.8m | Reduced -41.2k |
| Balyasny Asset Management L.P. 0.02% of their portfolio | 188.2k $12.7m | New |
| MIZUHO MARKETS AMERICAS LLC 0.27% of their portfolio | 187.4k $12.6m | Added +162.3k |
| Uniplan Investment Counsel, Inc. 1.24% of their portfolio | 182.5k $12.3m | Reduced -3.2k |
| Cander Asset Management LP 2.16% of their portfolio | 173.2k $11.7m | First filing |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 164.6k $11.1m | Reduced -8.1k |
| BANK OF MONTREAL /CAN/ 0.00% of their portfolio | 162.6k $11.0m | Added +5.0k |
| AQR CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 160.7k $10.8m | Reduced -15.1k |
| Quantinno Capital Management LP 0.02% of their portfolio | 154.3k $10.4m | Added +48.1k |
| ZACKS INVESTMENT MANAGEMENT 0.08% of their portfolio | 153.5k $10.4m | Added +1.9k |
| Apollo Management Holdings, L.P. 0.10% of their portfolio | 152.6k $10.3m | New |
| Allianz Asset Management GmbH 0.01% of their portfolio | 150.7k $10.2m | Added +889 |
| Swedbank AB 0.01% of their portfolio | 146.7k $9.9m | Added +4.9k |
| AVIVA PLC 0.02% of their portfolio | 144.7k $9.8m | Added +8.1k |
| WHITTIER TRUST CO OF NEVADA INC 0.20% of their portfolio | 141.4k $9.6m | Added +1.7k |
| WORLDQUANT MILLENNIUM ADVISORS LLC 0.04% of their portfolio | 133.9k $9.0m | Reduced -91.6k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.02% of their portfolio | 132.3k $8.9m | Unchanged |