LOS ANGELES-CBRE Group, Inc. has named Patrick J. McRoskey as managing director. He will be leading CBRE leasing, property and project management on a regional portfolio of class-A office properties.
As the leader of the CBRE team servicing the portfolio, he will work closely with J.P. Morgan Asset Management – Global Real Assets, the advisors for the institutional investors which own the portfolio properties.
Among the buildings McRoskey will oversee are 2000 Avenue of the Stars and Century Plaza Towers in Century City, as well as the Water Garden in Santa Monica. All are part of the JP Morgan portfolio. He will start on May 15.
“Patrick is a well-respected industry leader with outstanding working relationships with the brokerage and tenant community,” says Lewis C. Horne, the executive managing director for CBRE. “His leadership and leasing skills have allowed Patrick to achieve superior results for the owners of his real estate portfolios.”
Brad Cox, the senior managing director with Trammell Crow Co. who currently oversees the CBRE team on the property portfolio, will transition full time to his role as Trammell Crow Co.'s development and investment group leader for greater Los Angeles at the end of the year.
McRoskey spent the last 16 years as VP of leasing for MPG Office Trust, where he was responsible for all brokerage and leasing transactions within the company's downtown L.A. portfolio. Prior to that, he was director of leasing for Hines in Los Angeles.
The new job at CBRE marks a homecoming for McRoskey, who began his career in 1985 at the firm, arriving straight from USC for his first job. “To walk in an office with 90 brokers was pretty overwhelming,” McRoskey tells GlobeSt.com. “It was a building right on the freeway in downtown, the ninth floor of the building, with the executives on the 10th floor.” McRoskey says he's “excited to be back.”
McRoskey will be handling what he terms some “iconic buildings” in Southern California. “I think the whole west side is going through some interesting times,” he says. “You have the technology boom in the Santa Monica marketplace. The vacancy rates are very low. Then you move into Century City, the vacancy has been on the higher side over the last year and a half, but that's more of a function of the economy. If you look at what's in the pipeline, this is such a dynamic market and great amenities surrounding it. It's coming back strong. There are some very good signs that this market is coming back with a vengeance.”
McRoskey's philosophy of leasing is simple: “You have to take care of your tenants. I've been fortunate in that I came from a brokerage standpoint, and the last 19 years, I've come from an ownership standpoint. There's a real different in that. In the projects with Hines and McGuire, I look at (the projects) as “It's mine.” That's what I hope to bring here. Because I truly believe that. If you treat your tenants with respect and treat the brokerage community with service – those are the keys to success of asset management.”
The CBRE portfolio's leasing team will continue to include Patti Gilbert, senior VP, Amanda Calof, senior associate and Anthony Kendryna, client services coordinator. The CBRE management team includes Renee Watkinson, senior VP/director, Jan Church, senior real estate manager for Century Plaza Towers, Stephanie Singletary, senior real estate manager for 2000 Avenue of the Stars, and Cindy Hochbrueckner, senior real estate manager for the Water Garden.
GlobeSt.com also reported that MPG Trust has been selling assets, including a recent deal where it divested the U.S. Bank Tower for $367.5 million.
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