Boston Properties’ investments leave Zuckerman unfazed with uneven recovery

July 07, 2011 03:48PM

Mortimer Zuckerman, founder and chairman of Boston Properties and owner of the New York Daily News, appeared on CNBC this afternoon to discuss the media business, the debt ceiling and the commercial real estate market. When CNBC noted the bifurcated nature of the market, which is seeing growth in the best markets, but rent declines in other large cities, Zuckerman said that the dichotomy does not concern him. “We’ve limited our own activities to Washington and New York, Boston and San Francisco and these are the best markets to be in,” he said. “We’re in the best kind of real estate within those markets which are the highest quality trophy assets.” Zuckerman noted that the best commercial real estate markets are those which, for one reason or another, are in short supply. But the struggles in the remainder of the national market, he said, are reflective of the uneven recovery in the overall economy. “The economy is not doing that well,” he said, “but it’s better than it was.”