Next in Line
This is a busy week for the REIT sector as investors and executives gather in New York City for NAREIT’s REITWeek, an opportunity for REIT execs to be sequestered in their hotel suites for two days of around-the-clock meetings with investors, analysts, and research types to talk about their performance and the outlook for the year to come. Once upon a time, when I was a REIT CFO, I recall that investor conversations rarely addressed organizational planning and most importantly, succession planning for the company’s top executives. Let’s face facts – who is driving the ship, and the team around him or her, is central to the performance and long-term health of the company. Yesterday, one of the finest examples of succession planning played out with the announcement that AvalonBay Communities’ Bryce Blair will be stepping down as CEO at the end of 2011, and Tim Naughton, the current President, will step up and assume the reins. Bryce and Tim worked together at AvalonBay for 20 years and thus it will be a natural and seamless transition. Tim is a star, but with his own view of the world and approach, which will help guide the company into its next generation. Regrettably, we observe few companies that have succession planning as well thought out, or for that matter even seriously considered. The real estate industry has been chronically slow to make organization development a top priority. It’s about time, especially in these trying times.
Tony LoPinto is the Global Sector Leader of Korn/Ferry International's Real Estate Practice and founder of SelectLeaders. The views expressed in this article are the author’s own.
Job Opportunities <!--PALMER CAPITAL, INC.
Capital Markets Partner
(SACRAMENTO) The partner will be responsible for underwriting, marketing, structuring debt and equity, and the management of client relationships; among other duties.
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CB RICHARD ELLIS
Real Estate Manager
(SAN DIEGO) The position oversees and manages portfolios for one or more commercial real estate properties. Fiduciary responsibility includes assuring that all income due to the owner is collected in a timely manner and that expenses are controlled in line with owner objectives meeting or exceeding NOI goals.
BLACKROCK
Real Estate Development Manager
(SAN FRACISCO) The vice president for development management will be responsible for the overall development and project management of real estate projects located primarily in US west coast and Texas markets.
UNIVERSITY OF DELAWARE
Manager, Capital Project Accounting
(NEWARK, DE) The manager is responsible for all financial transactions, accounting and management reporting for new construction, major renovation, capital renewal and utility infrastructure projects.
INVESCO
Director of Global Properties
(ATLANTA) The director will proactively and strategically manage a 2.5-million-square-foot office portfolio and understand each business unit’s needs and develop and implement real estate strategies that support those needs, among other duties.
SELECTLEADERS
Acquisitions Manager
(NEW YORK CITY) The positions requires a minimum of ten years of real estate equity investment experience required with exposure to office, retail, industrial and multi-family asset classes.
PRUDENTIAL
Investment Vice President, Asset Management
(PARSIPPANY, NJ) The executive will provide asset management for a defined portfolio of commercial real estate properties including developing and maintaining relationships with partners, property managers, leasing agents, and consultants to review performance, establish property goals and execute property strategic plans, among other duties.
ARDEN REALTY
Director of Tenant Service
(LOS ANGELES) The director of tenant services assists the team, formulates, drives, and serves as one point of contact for the overall customer/tenant loyalty and retention strategies of the division. He or she also develops plans to improve the customer/tenant experience and enhance the opportunities for growth.
GID INVESTMENT ADVISORS
Divisional Manager
(DALLAS) Divisional managers are responsible for all aspects of a group of residential properties, including budgeting, personnel, recruitment, maintenance, data processing functions, management and marketing plans, policies procedures and possibly including acquisition analysis and due diligence.
No more than one submission per company will be considered per week.
Submissions with multiple names will be capped at three for coverage in Executive Watch.
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