CHICAGO-The John Buck Co., based here, has promoted Richard Lindsay to co-head of development along with Rafael Carreira. Lindsay replaces Lori Healey, who has taken the CEO position for former Mayor Richard M. Daley’s new investment firm, Tur Partners.
Healey was formerly an aide to Daley, and said in a Buck statement that she wants to bring both companies together for possible deals. “JBC is well positioned to excel in today’s real estate marketplace,” she said.
Lindsay formerly served as program director for John Buck International in Abu Dhabi, a former joint venture with the Abu Dhabi-owned fund Mubadala. John Buck had formed John Buck International with Mubadala four years ago, with Mubadala taking a 51% stake, but Mubadala took full control of the firm last year. Mubadala now owns almost 25% of the John Buck Co.
John Buck has known strong success in Chicago as the developer of office towers such as 155 N. Wacker, 111 S. Wacker, One N. Wacker and 515 N. State. He’s also the developer for multifamily projects here such as 505 N. State, River East Tower, Park Evanston and Plaza 440. His firm also dabbles in Pennsylvania, where his company is working on the 34-story apartment tower at 2116 Chestnut.
JBC’s four funds have raised more than $650 million of private equity for projects since 2000. The company recently signed a partnership deal with Stephen Smith of GlenArbor Partners to assist in fundraising for the firm’s fourth fund, which has a goal of $500 million. “We are encouraged by a pipeline of opportunities in the central business districts of 24/7 cities like Chicago, New York City and Washington, DC,” said Blake Johnson, principal of JBC Funds.
The company has made a number of moves to keep afloat during the recession. John Buck eliminated its tenant representation team this year to focus on the investment and fund business. Jack Buck, John’s son, recently headed a partnership with London-based hospitality chain Yotel to invest $250 million to acquire and develop more than $650 million in Yotel properties in North American during the next three-to-five years. Jack Buck will continue to focus on business development opportunities for the company, according to today’s statement.
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