Zuckerman to step down as Boston Properties CEO

New York /
Mar.March 11, 2013 01:00 PM

Real estate and media mogul Mort Zuckerman is stepping down as head of Boston Properties, the biggest U.S. office real estate investment trust. His replacement will be Owen Thomas of Lehman Brothers Holdings, Bloomberg reported.

Zuckerman, 75, plans to stay on as executive chairman. Thomas, 51, oversaw the liquidation of Lehman’s real estate assets, including the $6.5 billion sale of apartment operator Archstone to Samuel Zell’s Equity Residential and AvalonBay Communities.

Thomas signed a three-year agreement to serve both as CEO and sit on Boston Properties board. His annual base salary will be $750,000.

“We have been focused on identifying the right person to take over as CEO of the company -– a role I inherited in 2010 after my long-time business partner and Boston Properties co- founder Ed Linde passed away,” Zuckerman, who co-founded the REIT in 1970, said today in a statement.

Thomas “is an accomplished executive and well known throughout our industry, and he is the right person to lead the company for the future and to build on our success,” Zuckerman, who also owns the New York Daily News, said.  [Bloomberg] —Christopher Cameron


Related Articles

arrow_forward_ios
Vice Media CEO Nancy Dubuc, Rudin Management's Bill Rudin and Dock 72 (Getty)
Vice plans move to Rudin’s Dock 72
Vice plans move to Rudin’s Dock 72
Boston Properties CEO Owen Thomas (Thomas by Axel Dupeux, iStock)
Work-from-home threat “overstated,” Boston Properties CEO says
Work-from-home threat “overstated,” Boston Properties CEO says
Gotham Organization Chairman Joel Picket with the proposed development at 130 Felix Street. (Getty, 130 Felix)
These projects just beat the rezoning deadline
These projects just beat the rezoning deadline
Boston Properties CEO Owen Thomas and 360 Park Ave South (Thomas by Axel Dupeux, 360 Park Ave South via CBRE)
Boston Properties to acquire 360 Park Ave South ground lease
Boston Properties to acquire 360 Park Ave South ground lease
Boston Properties CEO Owen Thomas (iStock, Thomas by Axel Dupeux)
Boston Properties to launch $2B joint venture
Boston Properties to launch $2B joint venture
An aerial of 341-347 Madison Avenue and Boston Properties CEO Owen D. Thomas (Google Maps, Real Estate Roundtable)
Boston Properties moves forward with teardown of ex-MTA HQ
Boston Properties moves forward with teardown of ex-MTA HQ
Under Armour CEO Patrik Frisk and the GM Building (Getty, Google Maps, Cushman & Wakefield)
Under Armour to sublease planned Fifth Avenue flagship
Under Armour to sublease planned Fifth Avenue flagship
 Boston Properties president Doug Linde with Dock 72. (Beth Israel Lahey, Dock 72)
Boston Properties gives dim outlook on co-working
Boston Properties gives dim outlook on co-working
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...