Former AFI USA chief launches new real estate venture

The former chief executive officer of Africa Israel USA has launched an asset management company with the aim of building a $1 billion U.S. real estate portfolio, according to a press release.

Tamir Kazaz will head Clal US, a wholly owned subsidiary of Israeli company Clal Insurance which manages $40 billion in assets. Clal US has allocated over $1 billion for its initial acquisition phase, and has already picked up a 49 percent stake in One South Tower, a 40-story, 1.2-million-square-foot commercial skyscraper in Chicago. 

“I look forward to working closely with the Clal team to identify and acquire high-profile, commercial, retail, multi-family and mixed-use assets in top-tier metropolitan markets nationwide,” Kazaz said. His team will work out of the company’s new country headquarters at 295 Madison Avenue.

At AFI USA, Kazaz was responsible for a $3 billion portfolio that included the former New York Times headquarters, 88 Leonard Street, the Apthorp, and a number of high-profile buildings in Miami and San Francisco.