Boston Properties Inc is a Delaware corporation, organized in 1997. The Company is a fully integrated, self-administered and self-managed real estate investment trust, or (REIT), and the owners and developers of office properties in the United States. The Company owns and had interests in 168 commercial real estate properties, totaling approximately 46.5 million net rentable square feet, including eleven properties under construction/redevelopment totaling approximately 4.6 million net rentable square feet. Its properties include 158 office properties, including 127 Class A office properties (including nine properties under construction/redevelopment) and 31 Office/Technical properties; one hotel; five retail properties; and four residential properties (including two under construction). The Company is a full-service real estate company, with substantial in-house expertise and resources in acquisitions, development, financing, capital markets, construction management, property management, marketing, leasing, accounting, risk management, tax and legal services. BXP manages BPLP as its sole general partner. It owns and controls undeveloped land parcels totaling approximately 457.1 acres. The Company considers Class A office properties to be centrally located buildings that are professionally managed and maintained attract quality tenants and command upper-tier rental rates, and that is modern structures or has been modernized to compete with newer buildings. The Company considers Office/Technical properties to be properties that support office, research and development, laboratory and other technical uses. Its properties are concentrated in four markets-Boston, New York, San Francisco and Washington, DC. Segments by property type include: Class A Office, Office/Technical, Residential and Hotel. The Company competes in the leasing of office, retail and residential space with a considerable number of other real estate companies, some of which may have greater marketing and financial resources than are available. It also competes against condominiums and single-family homes that are for sale or rent.