The Carlyle Group has elevated seven of its real estate professionals to senior-level positions. The promotions were part of a larger wave of 59 advancements across the company’s four investment businesses: corporate private equity; real assets; global market strategies and solutions; and investor relations.
The highest-level real estate promotion went to Andrew Chung, who was named partner. Chung previously had served as a managing director focused on US real estate acquisition opportunities since 2011 and has been involved with the acquisition, financing, management and disposition of more than $8 billion of US property investments, including the development of Orion, a 60-story residential building in New York; Riverside Center, a residential complex in Manhattan’s Upper West Side; and 650 Madison Avenue, an office and retail tower in New York. Based in New York, he joined Carlyle in 2000 as an associate.
Meanwhile, David Kingery has been elevated to managing director of US real estate, focusing on office, R&D, hotel and multifamily investments on the West Coast. He will primarily focus on the San Francisco Bay Area and Pacific Northwest. Based in Orinda, California, Kingery has led the firm’s investments in its Bay Area hotel portfolio, and also served as team leader on Carlyle’s Oak Creek and Coronado Stender properties before they were transferred to CoreSite Realty.
Also, Sarah Schwarzschild, who leads the real estate secondary efforts for Metropolitan Real Estate, Caryle’s real estate multimanager subsidiary, has been promoted from vice president to principal after less than a year at the firm. Schwarzschild joined Metropolitan from Partners Group in March. The other real estate advancements included the advancement of Jamie Williams to managing director in Washington DC; Tim Bruning to principal in Los Angeles; Adam Buchwald to principal in Washington, DC and Gregory MacDonald to principal in San Francisco.
Carlyle promoted a larger number of professionals this year compared with 2014, which saw 48 promotions across the firm and five in real estate. However, no property executives advanced outside of the US, this year. By contrast, three of the five promotions last year were in the US and two in Asia.