Boston Properties Announces Leadership Transition for New York Region

Rhea-AI Summary

Boston Properties (NYSE: BXP) announced Hilary Spann as the new Head of its New York office, effective January 1, 2022, succeeding John Powers, who is retiring after over eight years. Hilary Spann joins as Executive Vice President in September 2021, bringing over 20 years of real estate investment and development experience. Previously, she was Managing Director at CPP Investments, leading real estate strategies. Her extensive background includes completing 27 transactions worth $12 billion in Manhattan while at J.P. Morgan Asset Management.

Positive

• Hilary Spann brings over 20 years of real estate experience, enhancing leadership.
• Experience includes $12 billion in transactions, indicating strong market knowledge.
• New leadership expected to drive strategic growth in the New York Region.

Negative

• John Powers' retirement may create a continuity challenge in leadership.

Boston Properties, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of Class A office properties in the United States, today announced that Hilary Spann will succeed John Powers as Head of the Company’s New York office effective January 1, 2022. Mr. Powers has decided to retire from the Company in December 2021 after more than eight years of service. Hilary will join BXP as an Executive Vice President in September 2021.

“We are grateful to John for his many contributions to BXP over the years, first as a long-term trusted advisor to our founders and then as the leader of our New York office. He will be greatly missed,” stated Owen Thomas, CEO of BXP. “We are delighted to have Hilary join BXP’s executive leadership team. Hilary’s breadth of real estate experiences as an investor and an owner will be a tremendous asset to the Company, and I look forward to working with her as she leads the future strategic growth of our New York Region.”

“We are thrilled that Hilary will be joining BXP,” stated Doug Linde, President of BXP. “Hilary’s investment and management experience are complementary to our operating model and I am confident she will bring her talents and passion for real estate to her leadership of our New York team.”

Hilary brings to BXP more than 20 years of real estate investment and development experience, most recently as Managing Director, Head of Americas, Real Estate at CPP Investments, a position she has held since 2017. During her tenure as Head of Americas for Real Estate, Hilary was responsible for leading all aspects of the real estate business, including investment strategy, talent acquisition and management, and portfolio management. Prior to joining CPP Investments in 2016, Hilary held several executive roles in acquisitions and asset management at the Global Real Assets Group at J.P. Morgan Asset Management, including as Managing Director, Head of Northeast Acquisitions. During her tenure at J.P. Morgan from 2005 through 2015, Hilary was heavily focused on the office market in Manhattan, completing 27 transactions totaling $12 billion in gross asset value, with $3.5 billion of equity committed.

“It has been an honor to serve BXP throughout my career,” stated John Powers, EVP, New York Region, BXP. “Hilary is a proven leader and well-connected in the New York market. I am confident she will be an excellent addition to the BXP team.”

BXP was supported in the external search for candidates by Korn Ferry.

About Boston Properties

Boston Properties (NYSE: BXP) is the largest publicly held developer and owner of Class A office properties in the United States, concentrated in five markets - Boston, Los Angeles, New York, San Francisco and Washington, DC. The Company is a fully integrated real estate company, organized as a real estate investment trust (REIT), that develops, manages, operates, acquires, and owns a diverse portfolio of primarily Class A office space. The Company’s portfolio totals 51.6 million square feet and 196 properties, including nine properties under construction. For more information about BXP, please visit our website at www.bxp.com or follow us on LinkedIn or Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210707005218/en/

FAQ

Who is the new Head of the New York office for Boston Properties (BXP)?

Hilary Spann will succeed John Powers as the Head of the New York office effective January 1, 2022.

What experience does Hilary Spann bring to BXP?

Hilary Spann has over 20 years of experience in real estate investment and development, including her role as Managing Director at CPP Investments.

Why is John Powers retiring from BXP?

John Powers is retiring after over eight years of service, and his retirement is effective in December 2021.

What is expected from Hilary Spann as the new Head of New York office for BXP?

Hilary Spann is expected to provide fresh perspectives and lead the company’s strategic growth in the New York Region.