Real estate investment trust Douglas Emmett elected Andy Cohen to its board of directors. Cohen is the global co-chair of Gensler and was co-CEO for about two decades before stepping back from the day-to-day.
The move came in connection with director Leslie Bider’s choice to retire. The Santa Monica company helmed by Jordan Kaplan — a member of the real estate donor crew backing gubernatorial hopeful Matt Mahan — said it was not the result of any disagreement with its management or board, in a Securities and Exchange Commission filing.
Douglas Emmett paid Gensler around $2 million for its services last year, it disclosed. The company said it does not believe that impairs Cohen’s ability to exercise independent judgment.
As of now, Cohen will receive an annual retainer of long term incentive plan units with a face value of $220,000, per financial filings — if approved by shareholders at the annual meeting (his compensation would be prorated, too). His board committee assignment will be determined at a later time, which may lead to more cash eventually.
Here’s what else is shaking in SoCal’s commercial real estate world.
- Lincoln Property Company made two Southern California moves in the last couple of months. It tapped Cubby Sporrong, based in Los Angeles, as a managing director within the company’s investment management unit — and Sean Perrier as vice president of industrial acquisitions in SoCal.
Sporrong left TPG Angelo Gordon, where she was on the real estate private equity team. She co-led acquisitions and asset management initiatives across the West Coast there. Sporrong got her start in investment sales at Eastdil Secured.
Perrier, in his new gig, focuses on industrial acquisitions. He’s been in the commercial real estate business for a decade and specializes in logistics center transactions and development. Perrier came from CT Realty, and began his career at CBRE.
- CBRE promoted Justin Schultz to vice chair. Schultz leads an advisory services team that counts global organizations with complex real estate portfolios, mostly retail, as clients. He has more than 25 years of commercial real estate experience.
- Colliers added Brad Fox to its Orange County and Inland Empire brokerage. He has more than a decade of experience in investment sales, leasing and development. He has done around $380 million in real estate transactions, having represented owner-users, private investors and institutional clients.
- Richie Dinets joined a Los Angeles-based real estate private equity firm, Stockdale Capital Partners, as managing director and general counsel. He handles legal, regulatory and compliance functions.
Dinets has over 15 years of private equity experience, seven of which were at Tishman Speyer, where he was a general counsel. He oversaw legal for acquisitions, development, joint ventures, financing, leasing and asset management across major West Coast markets totaling $9 billion in assets under management. He’s worked in real estate divisions at Gibson, Dunn & Crutcher LLP, Morrison & Foerster and Allen Matkins representing institutional and non institutional investors, developers, operators, lenders and borrowers. - Affordable housing nonprofit Century Housing, based in Culver City, announced a new CEO: Jacqueline Waggoner. She is an L.A. native and, most recently, she was president of Enterprise Community Partners’ solutions division. Waggoner oversaw housing, capital and policy initiatives and helped execute more than $1 billion in investments and grants.
- A New York City-based investment firm expanded to the West Coast with its Larry Grantham hire. Grantham leads G4 Capital Partners’ capital formation and West Coast expansion as senior managing director. He has decades of experience in commercial real estate lending and investment management. He co-founded Calmwater Capital, where during his tenure, he oversaw $4 billion in commercial real estate credit investments. Prior to that, he held senior investment roles at a Fortress credit joint venture and a family office. He is based in Los Angeles, where G4’s first West Coast office is located.
Some more movers and shakers, in case you missed it.
- Rexford promoted John Nahas to chief operating officer — a move that came hand in hand with Laura Clark’s previously reported elevation to CEO.
- Kilroy reshuffled its board of directors, and that involved Gary Stevenson, Edward Brennan and Jolie Hunt.
- Barker Pacific Group shook things up. Mark Handin became managing principal — and, more recently, co-CEOs and co-founders of Lion Real Estate Group Mory Barak and Jeff Weller became board members. (Barak is executive chairman)
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