WASHINGTON, DC–David Ritchey, a senior vice president at CBRE in the Washington DC office, will be joining the JBG Cos., soon to be called JBG SMITH, in January 2017 as executive vice president and director of commercial leasing.
When the expected merger of The JBG Cos. and Vornado/Charles E. Smith is finalized, Ritchey will be responsible for leading the combined commercial leasing team at the new, public company. During his tenure at CBRE, he led the company's Technology and Media Practice in the Washington Region.
Jim Creedon, currently executive vice president with Vornado/Charles E. Smith, will also be leading leasing at the new company, focusing specifically on Crystal City and Northern Virginia.
Last month when two companies announced the $8.4 billion merger they also provided an overview of how the corporate responsibilities would be divided up, but as some executives such as Matt Valentini and Paul Adkins leave JBG for new positions elsewhere and others, such as Ritchey join, it is clear this is a situation that will be in flux for some time.
To recap what has been announced about executive realignment: The new company will be led by JBG Managing Partner W. Matt Kelly with Vornado Realty CEO Steve Roth serving as the chairman. JBG Managing Partner Rob Stewart will be Executive Vice Chairman of the Board, which will also have seven independent trustees including Alan Forman of the Yale University Investments Office, JBG's largest investor.
Other board members will be JBG Managing Partner Michael Glosserman and Mitchell Schear, president of Vornado/Charles E. Smith.
JBG's David Paul will be president and COO, James Iker will be the chief investment officer, and Brian Coulter and Kai Reynolds will be co-chief development officers.
Vornado's Patrick Tyrrell will be chief administrative officer, Jim Creedon will be executive vice president responsible for Office Leasing, and Laurie Kramer, executive vice president, will be in charge of the integration.
Vornado and JBG are searching for CFO for the new company.
JBG and Vornado also reported that they expect to achieve $35 million in savings from the deal, which suggests some positions will be redundant and more talent will be leaving.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
