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Boston Properties Announces CEO Succession Plan



  Boston Properties Announces CEO Succession Plan

       Owen D. Thomas Will Become Chief Executive Officer in April 2013

      Mortimer B. Zuckerman Will Continue to Serve as Executive Chairman

Business Wire

BOSTON -- March 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.

Contact:

At the Company
Michael Walsh, 617-236-3410
Senior Vice President, Finance
or
Arista Joyner, 617-236-3343
Investor Relations Manager
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