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Andrea Olshan leaves family firm for CEO post at Seritage

She will become board chair at Olshan

CEO of Olshan Properties, Andrea Olshan, is stepping down from her role. Zachary Bornstein has been named president and Michael Odell will become executive managing director. (Olshan, Andrea Olshan by Michael McWeeney)
Andrea Olshan is stepping down as Olshan Properties CEO. Zachary Bornstein has been named president and Michael Odell will become executive managing director. (Olshan, Andrea Olshan by Michael McWeeney)

 

UPDATED Feb. 9, 2021, 10:15 pm: Andrea Olshan, the CEO of the private real estate firm Olshan Properties, is stepping down from that role and on Tuesday was named to the same post at Seritage Growth Properties, a Manhattan-based real estate investment trust.

She will join Seritage on or before March 16 and will also become Olshan Properties’s board chairperson.

Olshan joined Olshan — founded by her father, Morton Olshan, in 1967 — 17 years ago. She has been CEO for nine years, managing the firm’s approximately 23 million-square-foot portfolio that includes hotel, retail, office and multifamily properties in various U.S. markets.

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Her departure comes with a larger reorganization of the firm’s executive team.

Zachary Bornstein, who previously served as senior managing director of capital markets and asset management for the firm, has been named the company’s president. He will be the highest-ranking executive at the firm.

And Michael Odell, who has also served as senior managing director of capital markets, will become executive managing director, head of investments and capital markets.

“I know I leave the company in extremely strong hands,” Olshan said in a statement. “Our family and the board have total confidence in Zach, Michael and the entire executive team, and we know that under their day-to-day leadership, the company will continue to grow and prosper.”

Seritage, headquartered at 500 Fifth Avenue, has 158 wholly-owned properties and 25 unconsolidated properties totaling about 28.5 million square feet across 44 states and Puerto Rico. It was formed with the acquisition of a retail portfolio from Sears in 2015.

Editor’s note: This article has been updated to reflect Andrea Olshan’s new position at Seritage Growth Properties.

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