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Boston Properties Announces CEO Succession Plan

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.”

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