Owen Thomas will succeed Mortimer Zuckerman as chief executive of real estate investment trust Boston Properties on April 2, it was announced today. Mr. Thomas will also join the firm’s board of directors, while Mr. Zuckerman will remain in his role as executive chairman.
Mr. Thomas is a 25-year real estate industry veteran and has been serving as chairman of Lehman Brothers Holdings since March 2012. Mr. Thomas has presided over a number of transactions while with Lehman, including the $15 billion sale of Archstone Enterprise LP to Equity Residential and AvalonBay Communities. Prior to Lehman Brothers Holdings, Mr. Thomas served in a number of roles during a 20-year career at Morgan Stanley, including head of real estate and chief executive officer of Morgan Stanley Asia Ltd.
Khim’s Millennium Market – until now a fixture only in Williamsburg – has signed on to occupy the ground floor retail space at the base of Brooklyn’s tallest residential building, The Brooklyner at 111 Lawrence Street, The Commercial Observer has learned.
The organic grocery inked the deal for the roughly 7,000 square feet of space and roughly 70 feet of frontage with Equity Residential following an intensive polling and vetting process by the building manager to find the right tenant, brokers involved with the deal said.
Lehman Brothers Holdings Inc. struck a deal last week to purchase a 26.5 percent stake in apartment company Archstone for $1.58 billion, as was first reported last week by The Wall Street Journal.
Lehman will buy the stake from Bank of America Corp. PLC, which in 2007 teamed up with Lehman to purchase Archstone through Read More
the lead indicator
The American drug retail company, CVS, will be opening a new retail location in Chelsea.
The company will take a 10,000 square foot unit at 500 West 23rd Street on the corner of 10th Avenue.
Ross Kaplan, a senior managing director at Newmark Grubb Knight Frank and broker for the tenant, noted that the “expanding Read More
When Chicagoans Speak
The potential for disruptions to global financial stability increased heading into last weekend. In Europe, both Germany and the European Central Bank rejected calls to expand the bailout to include large-scale bond purchases, insisting instead that the latter’s credibility depends upon its prioritization of price stability.
At a gathering of the Frankfurt Banking Conference, German Bundesbank president and European Central Bank Governing Council member Jens Weidmann said on Friday that “the economic costs of any form of monetary financing of public debts and deficits outweigh its benefits so clearly that it will not help to stabilize the current situation.”
We talked to Sam Zell, the grave dancer himself, this afternoon. It was short and sweet, and mostly about a profile The Observer‘s working on. But, Mr. Zell, whose Equity Residential recently bought three apartment buildings in Manhattan, did have this to say about the New York real estate market:
“I think Read More