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Alexandria Real Estate names co-CEOs; Forest City to revamp board


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Alexandria Real Estate names co-CEOs; Forest City to revamp board

This feature presents a weekly rundown of recent significant management and board changes and personnel moves in the North American real estate industry, including U.S. real estate investment trusts and real estate operating companies, homebuilders and gaming operators.

C-suite changes

* Urban office-focused real estate investment trust Alexandria Real Estate Equities Inc. promoted Chairman, CEO and founder Joel Marcus to full-time executive chairman, and tapped COO Stephen Richardson and Chief Investment Officer Peter Moglia to serve as co-CEOs of the company, effective April 23.

* Healthcare REIT Ventas Inc. tapped Peter Bulgarelli to serve as executive vice president of office and president and CEO of its medical office building and university-based life science portfolio Lillibridge Healthcare Services, Inc., effective April 9.

* Geoffrey Jervis, CFO and COO of ground-lease REIT Safety Income & Growth Inc. and its manager, diversified REIT iStar Inc., will step down March 31 to explore other opportunities. The companies named Andrew Richardson interim CFO.

* Property developer ROI Land Investments Ltd. removed Stephané Boivin as COO of the company and from directorship positions in the company's ROI DEV Canada Inc., ROI Securitisation SA and ROI Land Investments FZ units. Boivin had resigned from the board of the company in February.

Board shuffle

* Forest City Realty Trust Inc. moved to reconstitute its board upon the conclusion of a strategic review. Nine of the current directors will resign, while Michelle Felman, trustee of Choice Properties Real Estate Investment Trust, will join the board, along with Carlyle Group LP Managing Director and Head of International Real Estate Adam Metz, Four Corners Property Trust director Marran Ogilvie, immediate past chairman of MedStar Health William Roberts and Houlihan Lokey director Robert Schriesheim, as independent directors. James Ratner will become interim board chairman.

* John Popeo, president and COO of Industrial Logistics Properties Trust, filled a vacancy on the company's board by becoming a managing trustee.

* Shopping center-focused REIT Saul Centers Inc. added Earl Powell III, chairman of the U.S. Commission of Fine Arts, to its board, effective March 23.

* Canadian Apartment Properties Real Estate Investment Trust added Jamie Schwartz to its board.

* Marlene Holmes and Enrique Lorente, board proprietary members of Mexico's Vesta Industrial Real Estate Fund, will be succeeded by Thomas McDonald, managing partner of Jaguar Growth Partners LLC, and Craig Wieland, president of The Wieland Corp., in nonindependent and independent capacities, respectively. The company tapped Douglas Arthur, president and CEO of SENTRE, to serve as a new alternate board member.

* Elliot Sussman resigned as a class III trustee of Universal Health Realty Income Trust after his election to the board of Universal Health Services Inc.

* Managing director, CFO and treasurer of diversified REIT Black Creek Diversified Property Fund Inc., Michael Scott, resigned March 19. Scott will be succeeded by Lainie Minnick on April 30.

Other news

* Christoper DeLorenzo is joining Jones Lang LaSalle Inc. as an executive vice president for New Jersey brokerage operations, NJBIZ reported.

* Investors Real Estate Trust promoted Justin Hammer and appointed Shawnee Tharp to the newly created positions of vice presidents of operations.

* Liberty Property Trust promoted Megan Creecy-Herman to vice president and market leader to run the company's industrial portfolio in Arizona, succeeding John DiVall.