Paramount Group’s chief investment officer Daniel Lauer is resigning after almost 30 years at the company, the real estate investment trust announced in a filing with the Securities and Exchange Commission Friday. David Zobel, currently the senior vice president of acquisitions and strategic relationships, will take over his role as head of acquisitions.
Lauer’s resignation will become effective on June 26, according to the filing. Lauer “will be leaving Paramount to spend more time with his family and pursue other career opportunities,” the company said in a press release.
According to the filing, Lauer first talked to the company’s management about resigning several months ago, and discussions about his departure had been ongoing since. He will receive a $350,000 bonus for 2018.
Lauer joined the company in 1989 after a four-year stint at Turner Construction and was promoted to vice president of acquisitions in 2002, according to Paramount’s website. He became CIO in 2014.
Paramount, headed by Albert Behler, raised $600 million for an investment fund dubbed Paramount Gateway Office Club earlier this year.