Zuckerman to step down as Boston Properties CEO

TRD 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
Boston Properties president Doug Linde and an Ann Taylor store (Getty)

Major retailers are squatting on prime real estate

Major retailers are squatting on prime real estate
Harry Macklowe and the GM Building at 767 Fifth Avenue (Getty, Michele Ursino via Flickr)

Harry Macklowe is behind on rent for HQ at GM Building: report

Harry Macklowe is behind on rent for HQ at GM Building: report
The Moinian Group's Joseph Moinian, 3 Hudson Boulevard and Boston Properties' Owen Thomas (Credit: The Moinian Group, FX Collaboratiive and Boston Properties)

Hudson Yards district’s newest office tower to cost $2.6B

Hudson Yards district’s newest office tower to cost $2.6B
Owen Thomas (Photo by Axel Dupeux)

The Closing: Owen Thomas

The Closing: Owen Thomas
WeWork's co-CEO Sebastian Gunningham speaks at the launch of Dock 72

What, We Worry? Execs remain confident in WeWork-anchored Brooklyn project

What, We Worry? Execs remain confident in WeWork-anchored Brooklyn project
Divco’s Stuart Shiff and Boston Properties’s Owen Thomas with 540 Madison Avenue

DivcoWest expands Big Apple footprint with Madison Ave office buy

DivcoWest expands Big Apple footprint with Madison Ave office buy
Owen Thomas (Photo by Axel Dupeux)

Will Boston Properties’ latest real estate bets withstand a downturn?

Will Boston Properties’ latest real estate bets withstand a downturn?
Owen Thomas (Photo by Axel Dupeux)

Will Boston Properties’ latest real estate bets withstand a downturn?

Will Boston Properties’ latest real estate bets withstand a downturn?
arrow_forward_ios

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

Loading...