Reilly will work from AMB's Boston office starting this week. AMB's chairman/CEO Hamid Moghadam says Reilly will lead the firm's effort to ramp up development of "High Throughput Distribution" facilities, the company's name for industrial properties located near airports, seaports and ground transportation systems in hub and gateway distribution markets.
"This is what I love to do and in the industrial sector I can't imagine a better place to be," Reilly tells GlobeSt.com. "They are making a major commitment to build an outstanding development organization."
Reilly joined National Development Company in Boston in 1985 as a project manager and rose to become its SVP of development. Reilly left the company in 1992 to be Cabot Partners' director of leasing. In 1997, he founded Cabot Industrial Trust's development group and, following the sale of the company, was a founding partner of Cabot Properties, where he most recently served as chief investment officer and held a seat on the firm's investment committee and board of directors.
Publicly traded AMB is one of the nation's largest owners of industrial real estate. As of June 30, 2003, the company owned and managed 96.5 million sf in 1,005 buildings in 30 markets, and has approximately three million sf of industrial space under development or renovation.
Earlier this week, AMB said its third quarter results would be lower than expected. The company cut earnings per share expectations after charges to $0.26 from its previous estimate of between $0.29 cents and $0.31 per share. The company's share price in afternoon trading Tuesday stood at $30.54, off $0.41 from Monday, when the company's stock traded at a 52-week high of $31.15 before closing at $30.95.
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