Cerberus Capital Management LP co-head of North American real estate Ronald Kravit will resign at the end of December, PERE News reported.

Following his resignation, Kravit will serve in an advisory role for the New York-based alternative investment manager's real estate business and the family office of the firm's founder, Stephen Feinberg.

Thomas Wagner, Cerberus' other co-head of North American real estate, will become the sole head of the team, according to the report.