The head of Tishman Speyer’s vast 99 million-square-foot global portfolio, Michael Norton, is stepping down tomorrow, and will be replaced by Thomas Madden, who is the head of asset management of Rockefeller Center.
The change was announced in an internal company email signed by Jerry and Rob Speyer, the father and son team that leads the company.
“Mike has been with us for over 17 years and has been responsible for our first class property management platform,” the email sent yesterday said. “Leading our global efforts, he has reinforced policies and procedures to ensure consistency of high quality management striving for operational excellence.”
Norton, a managing director, has been with the company since 1997 and works out of the firm’s Manhattan headquarters, information from his company bio page shows.
The change is a bit of a full-circle for Madden, who before 2000 was the head of global property management at Tishman, before taking the lead of asset management at Rockefeller Center. He will continue to serve in that capacity.
It was not known what Norton would do next. The email from the Speyers did not elaborate, saying, “We thank Mike for all he has done for Tishman Speyer and wish him much success in the next phase of his career.”
Calls to the individuals were referred to an outside spokesperson, who did not immediately respond to requests for comment.
Tishman Speyer’s properties include about 20 million square feet in Manhattan, among 49 million square feet in North America, according to the firm’s website. In addition, the firm has 18 million square feet in China, 12 million in India, 10 million in Brazil and 9 million in Europe.
Property management is a low-profile portion of the real estate industry, but impacts billions of dollars globally through vendor contracts and relationships with employees and unions.