Analyst Alexander D. Goldfarb of Sandler O’Neill + Partners says Boston Properties, Inc. (BXP) is his firm’s top pick this year. While the stock had a challenging last year, Goldfarb sees improvement in the company’s core leasing areas and other opportunities on the horizon.
“We saw a lot of the things that weighed on the stock last year, meaning management transitions and still-weak New York and D.C. markets as subsiding. Additionally, there was a lot of concern around the Transbay Tower in San Francisco — which they’ve since named Salesforce Tower with that tenant — and toward the end of last year it appeared that San Francisco was still very strong, and thus the prospects for signing an anchor tenant were far better,” Goldfarb said.
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Goldfarb adds that the leasing environment in New York has improved in Boston Properties’ core Midtown area. He is confident in the company’s management and the value it has created for Boston Properties.
“They’ve been delivering, as one would expect given a strong management team. Most recently they’re now taking a look at their street retail presence, which has never been a focus for them, but is growing in importance among other REITs,” Goldfarb said. “That’s another catalyst for the stock. So those are all reasons why we are favorable on Boston, and certainly it’s a management team that over time has created a lot of value.”
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