Edgar Filing: BOSTON PROPERTIES INC

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

JOHNSTON PETER D

2. Issuer Name and Ticker or Trading Symbol
BOSTON PROPERTIES INC [BXP]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
Senior Vice President

(Last)

(First)

(Middle)

C/O BOSTON PROPERTIES, 901 NEW YORK AVENUE, NW

3. Date of Earliest Transaction (Month/Day/Year)
02/05/2007

(Street)

WASHINGTON, DC 20001

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $.01	02/05/2007		M		9,298	A	$ 37.45 ⁽¹⁾	40,105.9712	D
Common Stock, par value $.01	02/05/2007		M		5,052	A	$ 34.65 ⁽²⁾	45,157.9712	D
Common Stock, par value $.01	02/05/2007		S		300	D	$ 127.09	44,857.9712	D
Common Stock, par value $.01	02/05/2007		S		100	D	$ 127.08	44,757.9712	D
Common Stock, par value $.01	02/05/2007		S		200	D	$ 127.07	44,557.9712	D
Common Stock, par value $.01	02/05/2007		S		100	D	$ 127.04	44,457.9712	D
Common Stock, par value $.01	02/05/2007		S		900	D	$ 127.03	43,557.9712	D
Common Stock, par value $.01	02/05/2007		S		300	D	$ 127.02	43,257.9712	D
Common Stock, par value $.01	02/05/2007		S		300	D	$ 127.01	42,957.9712	D
Common Stock, par value $.01	02/05/2007		S		800	D	$ 127	42,157.9712	D
Common Stock, par value $.01	02/05/2007		S		210	D	$ 126.99	41,947.9712	D
Common Stock, par value $.01	02/05/2007		S		2,600	D	$ 126.98	39,347.9712	D
Common Stock, par value $.01	02/05/2007		S		400	D	$ 126.96	38,947.9712	D
Common Stock, par value $.01	02/05/2007		S		600	D	$ 126.95	38,347.9712	D
Common Stock, par value $.01	02/05/2007		S		600	D	$ 126.94	37,747.9712	D
Common Stock, par value $.01	02/05/2007		S		600	D	$ 126.93	37,147.9712	D
Common Stock, par value $.01	02/05/2007		S		625	D	$ 126.92	36,522.9712	D
Common Stock, par value $.01	02/05/2007		S		1,900	D	$ 126.91	34,622.9712	D
Common Stock, par value $.01	02/05/2007		S		150	D	$ 126.9	34,472.9712	D
Common Stock, par value $.01	02/05/2007		S		3,100	D	$ 126.89	31,372.9712	D
Common Stock, par value $.01	02/05/2007		S		500	D	$ 126.88	30,872.9712	D
Common Stock, par value $.01	02/05/2007		S		300	D	$ 126.87	30,572.9712	D
Common Stock, par value $.01	02/05/2007		S		800	D	$ 126.86	29,772.9712	D
Common Stock, par value $.01	02/05/2007		S		300	D	$ 126.85	29,472.9712	D
Common Stock, par value $.01	02/05/2007		S		200	D	$ 126.84	29,272.9712	D
Common Stock, par value $.01	02/05/2007		S		400	D	$ 126.83	28,872.9712	D
Common Stock, par value $.01	02/05/2007		S		200	D	$ 126.82	28,672.9712	D
Common Stock, par value $.01	02/05/2007		S		300	D	$ 126.8	28,372.9712	D
Common Stock, par value $.01	02/05/2007		S		24	D	$ 126.79	28,348.9712	D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Employee Stock Option (right to buy)

$ 37.45 ⁽¹⁾

02/05/2007

9,298

⁽³⁾

01/18/2011

Common Stock

9,298

$ 0

0 ⁽¹⁾

Employee Stock Option (right to buy)

$ 34.65 ⁽²⁾

02/05/2007

5,052

⁽⁴⁾

01/17/2012

Common Stock

5,052

$ 0

20,000 ⁽²⁾

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
JOHNSTON PETER D C/O BOSTON PROPERTIES 901 NEW YORK AVENUE, NW WASHINGTON, DC 20001			Senior Vice President

Signatures

/s/ Kelli A. DiLuglio, as Attorney-in-Fact		02/07/2007
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	In January 2007, the issuer paid a special dividend of $5.40 per share of common stock to all stockholders of record as of the close of business on December 29, 2006. In connection with this special dividend, the issuer's Board of Directors adjusted all options that were awarded, but not exercised, prior to the ex-dividend date for the special dividend to account for the effect of the special dividend. The number of shares subject to each such option was increased and the exercise price correspondingly decreased such that each option had the same fair value to the holder before and after giving effect to the payment of the special dividend. Pursuant to this adjustment the number of shares underlying Mr. Johnston's options increased by 444 from 8,854 to 9,289 and the per share exercise price was correspondingly decreased.
(2)	Pursuant to the adjustment described in Footnote 1, the number of shares underlying the options increased by 1,198 from 23,854 to 25,052 and the per share exercise price was correspondingly decreased.
(3)	The options vested in three equal annual installments beginning on January 18, 2002.
(4)	The options vested in three equal annual installments beginning on January 17, 2003.
Remarks: This is the first of two Form 4's filed by the Reporting Person on February 7, 2007.

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