David Binswanger and Clay Duvall

Binswanger and Duvall were appointed co-CEOs as part of a succession plan put into place in 2023. They stepped into leadership roles long held by founder and chairman Mack Pogue, who died in 2024, and Bill Duvall, father of Clay Duvall and a veteran executive who preceded them in the CEO post. The duo now shares responsibilities for an operation that extends across the U.S., UK and Europe from headquarters in Dallas. 

Binswanger previously served as the top executive for the company’s U.S. West division, where he opened its first office in L.A. in 2006. Duvall has nearly three decades at Lincoln, and came to his current role from the capital markets division, where he built relationships with debt and equity partners that will no doubt come in handy as the office sector continues to sort itself out in the wake of the pandemic. 

The company has plenty to sort for itself, with office distress in the wake of the pandemic leading to defaults on loans tied to a Newport Beach office property and a suburban Chicago office. A plunge in the value of a Houston office building led to the appointment of a receiver. There have been highs, too — literally. Lincoln Property Company is currently developing Texas’ tallest tower in Austin. The 75-story, 1.5 million-square-foot Waterline will feature 700,000 square feet of office space, a 251-key hotel and 33 floors of luxury residential. It is expected to open in 2026. 

— Rachel Stone