Munk noted that the US office business would be transformed into a REIT over the next year. Beginning in the first quarter of 2001, the unit will be made "identifiable as a separate business," he said. The reorganization will make it easier to sell the properties to shareholders or an investor. Earlier this year, the firm announced plans to sell about a third of its assets to develop its global technology center business in conjunction with Global Switch International. TrizecHahn has a two-thirds stake in the British-based company.
Mackenzie had been a partner of Clayton, Dublier & Rice, a private equity partnership, and prior to that served as CEO and president of GE Capital Europe. He will succeed Munk as CEO effective Jan. 1; Munk will retain his post as chairman.
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