Lincoln Property Company, one of the titans of Texas real estate, has new leadership in co-CEOs David Binswanger and Clay Duvall.
The firm also announced a “major investment” in its commercial development arm from Stone Point Capital, the Austin Business Journal reported. Financial details of the investment were not revealed, but it is likely to be a massive amount as Lincoln is one of the largest real estate companies in the world and has invested over $22 billion in commercial projects in just the past five years.
The pair of CEOs will succeed Lincoln founder and Chairman Mack Pogue and President Bill Duvall, who are stepping down but will retain ownership stakes in the company.
Lincoln will use Stone Point Capital’s funding to invest in infrastructure and grow its property portfolio in the industrial, mixed-use, office and retail sectors, while expanding its real estate investment management services, the ABJ reported.
Lincoln is responsible for a number of significant developments across Texas including the Star in Frisco, and is co-developing what will be the tallest tower in Austin, Sixth and Guadalupe, along with the ambitious mixed-use Waterline skyscraper coming to Rainey Street.
The Dallas-based firm, in operation since 1965, was ranked No. 2 on the Austin Business Journal’s list of the busiest commercial real estate developers and reported 2.4 million square feet under development or delivered in 2022.
—Erick Pirayesh
Read more
Development
Austin
Down by the river: How Rainey Street became Austin’s fastest-growing neighborhood
Commercial
Dallas
Jerry Jones co. sells 178k-sq-ft warehouse in Frisco
Commercial
South Florida
Lincoln Property pays $194M for newly built Boca apartments