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.
Last fall, a group of lenders—including debt funds, insurance companies and international banks—competed for the $80 million assignment to refinance Lehman Brothers Holdings’ On The Ave Hotel on New York City’s Upper West Side.
Ultimately, the borrower tapped Singapore-based United Overseas Bank, which in the last two years has been behind several large office loans in New York and hotel loans on the West Coast, but which was essentially a newcomer to the city’s hotel lending scene. UOB inked the deal during the same late November week when Bank of China closed a $465.9 million loan on the iconic Plaza Hotel, after having refinanced the Mandarin Oriental Hotel for $170 million earlier in 2012.
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.
HFF has completed its marketing of the residential development site at 325 West Broadway in Soho. DDG Partners bought the site for $38.4 million in a deal that closed September 24, according to an HFF spokesperson.