Zuckerman to step down as Boston Properties CEO

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. [more]