(Save the date: RealShare Chicago comes to the Union League Club of Chicago October 23.)
CHICAGO-Growth has pushed Paul Zeller, president and founder of locally based Zeller Realty Group, to restructure the firm into four divisions. The company now has more than $1 billion of assets under management, mostly in Chicago, Minneapolis, Indianapolis and Milwaukee.
Zeller has named James Gearen as president of the acquisitions arm Zeller Realty Corp., Robert Six as president of Zeller Management Corp. and Janice Goldsmith as president of Zeller Development Corp. He also hired Frank Forelle, a former managing director and head of commercial real estate in the Asia Pacific region for Deutsche Bank, as president of Zeller Investment Corp. Finally, Ari Glass was promoted to EVP.
Gearen most recently led the company’s team in the joint venture purchase of the $110.7 million purchase of Fifth Street Towers in Minneapolis with Invesco Ltd. and WL Ross & Co. LLC. Goldsmith is working on the redevelopment of the Wrigley Building here. Forelle just recently completed a $19.3 million purchase of 4700 N. Marine Dr., a medical office building in Chicago, in conjunction with CarVal Investors.
Zeller tells GlobeSt.com he felt it was a time for a change as the company moves forward. “I’m trying to empower people,” he says. “We’re looking to expand. We’ve even been bidding in markets such as Denver and Seattle, those are two of our targets.”
He says he sees the Midwest as exhibiting a correction with positive absorption and discussion of new development. “New York City, Washington, DC and Los Angeles may spike quicker, but they drop quicker too,” Zeller says. “Here in the Midwest its slow and steady, and the barrier to entry is a little higher.”
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