Bank of America Reiterates Buy Rating on Boston Properties after CEO Announcement

In a report published Monday, Bank of America reiterated its Buy rating and $117.00 price target on Boston Properties BXP. Bank of America noted, “Current Executive Chairman and CEO Mort Zuckerman will remain Executive Chairman. Doug Linde will remain President. The initial term of the employment agreement is three years starting 4/2/13 with automatic one-year renewals on the 3rd and 4th anniversary date. Since March 2012, Owen D. Thomas, 51, has been Chairman of Lehman Brothers Holdings, the successor company to Lehman Brothers. In this role, Thomas oversaw the disposition of numerous real estate portfolios, including the sale of Archstone to AVB and EQR. Prior to Lehman, Thomas worked at Morgan Stanley (MS) from 1987 until 2011. At MS, his roles included CEO of Morgan Stanley Asia, President of Morgan Stanley Investment Management and Head of Morgan Stanley Real Estate. When asked about their relationship with Thomas, BXP management said he was a key advisor while at MS working closely with Mort Zuckerman and Doug Linde for many years.” Boston Properties closed on Friday at $103.01.