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The Real Deal Los Angeles

Movers & Shakers: Public Storage gets new CEO, longtime CBRE retail expert moves up

Also, Urban Commons hires a new president and CFO
By Dennis Lynch | December 28, 2018 03:00PM

Salvatore Takoushian and Philip Voorhees

Glendale real estate investment trust Public Storage has promoted Joe Russell and Tom Boyle to CEO and CFO, respectively. They’ll start at their new positions in the new year, according to the Los Angeles Business Journal. Russell has been president at Public Storage since 2016, while Boyle has been CFO of operations since 2016. The company’s current chief executive, Ron Havner, will remain chairman of the board. He’s been CEO since 2002.

CBRE has promoted longtime retail agent Philip Voorhees to a Vice Chairman, the highest position at the firm for a producer. Voorhees is now head of the National Retail Partners West team, which was formed in 2007 from the merger with Todd Goodman’s team. Voorhees joined CBRE in 2001 and is based in the firm’s Newport Beach office. He was previously an executive vice president.

L.A.-based Urban Commons hired Salvatore Takoushian as President and CFO. The hire was only announced this month but made ahead of the investment and development firm’s $147 million acquisition of Wagner at the Battery hotel in New York. He was previously a managing director at Jefferies Financial Group. Takoushian will oversee strategy, company operations, financial partnerships, and acquisitions.