By Debbie Cai
Boston Properties Inc. (BXP) has named Owen D. Thomas to replace
Mortimer B. Zuckerman as chief executive of the real-estate
investment trust, effective April 2.
Mr. Thomas, who will also join the REIT's board, is currently
chairman at Lehman Brothers Holdings Inc., the successor company to
Lehman Brothers, where he oversaw the disposition of a range of
assets, including the sale of Archstone Enterprise LP to Equity
Residential (EQR). He also held various senior positions at Morgan
Stanley (MS) for over 20 years, including head of real estate.
Mr. Zuckerman, who took over as CEO about three years ago after
co-founder Ed Linde passed away, will remain as chairman at Boston
Properties.
The real-estate investment trust, which also manages and
develops hotel and industrial properties, has recorded sustained
revenue growth in recent quarters, though earnings have been
affected by charges and expenses. Its properties are concentrated
in the Boston, midtown Manhattan and Washington markets, where
rents remained high through the recession, and as the housing
market recovers.
In January, the office landlord reported that its fourth-quarter
profit fell 36% as expenses rose, masking higher rental
revenue.
Shares closed at $102.89 Friday and were inactive premarket.
Write to Debbie Cai at debbie.cai@dowjones.com
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