Griffin Cogorno
Industrial asset management company Unire Real Estate Group has named Griffin Cogorno president. The company has experience rapid growth, building a portfolio of 50 million square feet and $10 billion under management. The new leadership signals continued growth for the firm.
"The change in leadership should be a great extension of what Mark Harryman built over the last 20 years," Cogorno tells GlobeSt.com. "Since I came on board six years ago, the company has grown, not only with our clients but with our square footage and our tenant count. Our global growth has seen some real positive trends. Nothing really has changed on the day-to-day, because I have been working hand-in-hand with Mark, but for the company to hit 50 million square feet under management and to continue to grow into one of the best regional asset services companies on the West Coast."
The firm's strategy has focused on growing alongside current clients, and its growth plans for the next year are congruent with that strategy. "Our next 12 months grow goals are to continue to grow strategically with our current client base," says Cogorno. "We are really hands on with our clients, and we want to remain a company that grows with our clients organically and align our strengths with our clients' strengths. We really see ourselves as partners with our clients, even though we don't have ownership."
The industrial asset class is in high demand, spurring new entrants into the market. However, Unire has historically served institutional clients and hasn't seen a massive shift as a result. "In 2018, industrial became the darling asset class," says Cogorno. "However, our clients have primarily been institutional investors in industrial since day one. We have always remained a 95% industrial company, and we have stuck to that niche."
In fact, the majority of Unire's growth has come from existing clients' portfolio growth. "I'd say that we grow 5% from new clients per year, but primarily, our recipe has been to grow with a select number of institutional and private clients," says Cogorno. "Our client list has remained with large institutional clients, and we have seen some private clients come into our portfolio, but they have both been long-term players and holders in the industrial space."
It is too early to tell how the recent economic disruption will impact the industrial market or Unire's growth plans this year. "I think it is too early to tell for the industrial outlook," says Cogorno. "Our clients have remained calm, and everyone is trying to take a look and see how the next 30 days shake out. I think the companies that have been well positioned to sever a region are going to thrive in this environment without a doubt. Our clients are well diversified across 20 to 150 buildings, and as long as that pool is well diversified, they are going to weather the store and potentially some will create opportunity."
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Kelsi Maree Borland
