Marino has been involved in the development, finance, investment and management of property mostly in the Bay Area for more than 14 years. He was a member of the Board of Directors, President and Chief Executive Officer at Pacific Gateway Properties from 1996 to 2000. He also held the positions of Chief Financial Officer and Chief Operating officer of Pacific Gateway from 1992 through 1995. He spent the first four years of his career with Coopers & Lybrand in San Francisco.
Carl E. Berg will remain CEO and chairman. Berg tells GlobeSt.com Marino will handle the day-to-day operations of the company, allowing him to spend more time on investor relations and land development.
"We have goals for the company and that includes developing and completing projects on time and under budget" says Berg. "Adding Ray as COO gives us a chance to do that and still get the 15% return we traditionally get on our development projects."
Berg says it's not likely that the company will go on a buying or selling spree. "Traditionally we get a 15% to 18% return on our investments and right now with the current market conditions, I don't believe we can get more than 11% so it's not likely we'll go out and buy," says Berg. "But if there is a unique reason to sell a particular we do it if and when we can exchange for future land."
Berg also says that the chief operating officer position was created out of need. "Industry analysts were concerned that if I were to leave the company there would be no one in the firm that could take over operations," says Berg. "Ray's impressive experience in the real estate industry and in depth knowledge of the local real estate market are invaluable assets to Mission West's leadership and future growth prospects in the Silicon Valley real estate market and so I believe he can and will do that and help us meet our goals."
Mission West Properties, Inc. operates as a self-managed and administered REIT for the leasing, marketing, development and acquisition of commercial research and development property mainly in Silicon Valley. The company manages 90 properties now totaling about 6.2 million sf.
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