Mack-Cali Realty Corporation tapped former top Brookfield executive Mitch Rudin as its new CEO, the real estate investment trust announced today.
Rudin, who was the CEO and president of Brookfield Office Properties’ U.S. commercial operations until last June, will succeed Mitchell Hersh, who ran the company for 16 years. Meanwhile, former Lehman Brothers and Vornado Realty Trust executive Michael DeMarco was named Mack-Cali’s new president and COO.
“Following an extensive process undertaken by Mack-Cali’s board of directors, in consultation with a leading executive search firm, we are excited to have attracted senior leaders with such a broad and complementary range of skills and experience to lead the Company forward,” William Mack, chairman of the company’s board, said in a statement.
Rudin joined Brookfield Office Properties in 2011 after a stint as CBRE’s tri-state CEO. Under his tenure, the Canadian firm redeveloped Brookfield Place, formerly the World Financial Center, in Lower Manhattan, and began work on the mixed-use megaproject Manhattan West. In 2013, the firm’s parent, Brookfield Property Partners, took Brookfield Office Properties private and set off a reshuffle that eventually led to Rudin’s departure in 2014. According to sources cited by Crain’s at the time, the decision to leave was mutual. In a statement at the time, the firm said Rudin’s “capabilities would not be fully utilized going forward.”
At Mack-Cali, Rudin will oversee a somewhat different portfolio. While Brookfield is a big player in Manhattan, Mack-Cali focuses on suburban office properties in the Northeast. The REIT is the largest office owner in New Jersey.