The Real Deal New York

Mort Zuckerman stepping down as Boston Properties chair

78-year-old billionaire won't seek reelection to office REIT's board next month

April 01, 2016 03:50PM

Mort Zuckerman

Mort Zuckerman

Billionaire real estate investor and media mogul Mort Zuckerman is stepping down as chair of Boston Properties, the commercial real estate investment trust he co-founded in 1970.

The 78-year-old Zuckerman will not seek reelection to the Boston-based REIT’s board of trustees at its annual meeting next month, according to a Securities and Exchange Commission filing Friday.

Zuckerman has served as chair of the U.S.’s largest office REIT since 1997. Despite stepping down from the position, he will be named chairman emeritus of Boston Properties and will still be able to attend board meetings, the company said.

Bloomberg first reported the news.

Zuckerman co-founded Boston PropertiesTRData LogoTINY with the late Ed Linde – the father of current company president Doug Linde – and helped grow the REIT into a commercial real estate giant with assets including the GM BuildingTRData LogoTINY, at 767 Fifth Avenue, and the former Citigroup Center, now known as 601 Lexington Avenue.

Zuckerman’s media interests include current ownership of the New York Daily News and U.S. News and World Report. He once owned the Atlantic Monthly magazine.

Boston Properties holds a portfolio spanning nearly 47 million rentable square feet across 168 commercial properties, according to its annual report released Friday.

In addition to announcing Zuckerman’s departure, the REIT’s board also nominated two new members, Karen Dykstra and Bruce Duncan, and said Ivan Seidenberg also will not seek reelection at the annual meeting May 17.

CEO Owen Thomas and lead independent director Joel Klein will assume leadership responsibilities for the board in wake of Zuckerman’s stepping down. [Bloomberg]Rey Mashayekhi