Owen D. Thomas Will Become Chief Executive Officer in April 2013
Mortimer B. Zuckerman Will Continue to Serve as Executive Chairman
BOSTON--(BUSINESS WIRE)--Mar. 11, 2013--
Boston Properties, Inc. (NYSE: BXP), — Boston Properties, Inc.
(NYSE:BXP), a real estate investment trust, today announced that Owen D.
Thomas will succeed Mortimer B. Zuckerman as Chief Executive Officer and
join the Board of Directors, effective April 2, 2013. Mr. Zuckerman will
remain as Executive Chairman and return to his original role in company
activities.
Mr. Thomas is a seasoned industry veteran with over 25 years of real
estate experience and an extensive financial and operational background.
He is currently the Chairman of the Board of Lehman Brothers Holdings
Inc., the successor company to Lehman Brothers. At Lehman Brothers
Holdings, Mr. Thomas has overseen the successful disposition of a range
of assets, including the sale of Archstone Enterprise LP to Equity
Residential (NYSE: EQR) and AvalonBay Communities, Inc. (NYSE: AVB) for
$15 billion. Mr. Thomas also held various senior positions at Morgan
Stanley for over 20 years, including serving as Head of Morgan Stanley
Real Estate and as Chief Executive Officer of Morgan Stanley Asia Ltd.
Said Mr. Zuckerman, “As part of our succession planning process with the
Board, 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.
I could not be more pleased that, after a very thorough process, Owen
Thomas will become our new CEO. He 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. Boston Properties
has tremendous momentum as we adhere to a disciplined strategy of
focusing on high-quality, iconic assets in attractive markets. Together
with Doug Linde, Ray Ritchey and our other talented colleagues, Owen
will build on that legacy and we look forward to his contributions.”
Douglas T. Linde, President of Boston Properties, added, “Owen is an
outstanding, seasoned executive with a long track record of success. We
have known each other for many years and I look forward to a strong
partnership with him as we drive the next phase of the Company’s growth.”
Mr. Thomas commented, “Boston Properties has been at the forefront of
real estate investing for over four decades, and the Company’s strong
reputation and track record of successful investing and development
speaks for itself. I’m honored to have the opportunity to join such an
accomplished company and also to work closely with Mort and the rest of
the outstanding leadership team.”
Biography of Owen D. Thomas
Owen D. Thomas, 51, has served as Chairman of the Board of Directors of
Lehman Brothers Holdings Inc. since March 2012. From 1987 until 2011,
Mr. Thomas held various positions at Morgan Stanley, including Chief
Executive Officer of Morgan Stanley Asia Ltd., President of Morgan
Stanley Investment Management, Head of Morgan Stanley Real Estate and
Managing Director. Mr. Thomas was also a member of Morgan Stanley’s
Management Committee from 2005 to 2011. He is a Director of the
University of Virginia Investment Management Company, a Trustee of the
Urban Land Institute and the former Chairman of the Pension Real Estate
Association. He received a B.A. in Mechanical Engineering from the
University of Virginia and an M.B.A. from Harvard Business School.
Boston Properties is a fully integrated, self-administered and
self-managed real estate investment trust that develops, redevelops,
acquires, manages, operates and owns a diverse portfolio of Class A
office space, one hotel, three residential properties and four retail
properties. The Company is one of the largest owners and developers of
Class A office properties in the United States, concentrated in five
markets – Boston, New York, Princeton, San Francisco and Washington, DC.
For more information visit the Company’s web site at http://www.bostonproperties.com.
Source: Boston Properties, Inc.
At the Company
Michael Walsh,
617-236-3410
Senior Vice President, Finance
or
Arista
Joyner, 617-236-3343
Investor Relations Manager