GM bankruptcy could hurt Zuckerman

General Motors’ bankruptcy could have repercussions for Mort Zuckerman’s Boston Properties, which owns the GM Building. General Motors’ lease for 101,000 square feet at the GM Building expires in March 2010, and the company’s 120,000-square-foot lease at another Boston Properties building, 601 Lexington Avenue — the former Citigroup Center — began on Monday, and expires in May 2019. GM hasn’t begun construction on the new space, according to a source familiar with the building. According to a document Boston Properties filed with the SEC, GM’s bankruptcy gives it the right to reject the leases at any time, but Boston could, in turn, file a claim for damages, which would be subject to the limitations under the bankruptcy laws and availability of funds to pay creditors.