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CBRE hires former Ciena Capital exec

Frank Scavone has joined the Los Angeles-based real estate investment firm to develop new investment programs for the firm. The appointment follows a recent string of real estate appointments in the firm’s US and European operations.

Richard Ellis has hired Frank Scavone to join the firm as a senior managing director. Scavone will be based in New York and will work with CBRE executive managing director Ethan Penner to develop new investment programs.

Scavone was previously executive vice president of product, portfolio and capital markets for Ciena Capital developing debt and preferred equity products. He has also worked as chief operating officer for Cohen Financial, and was founder and chief executive officer of Precept as well as being a founding member of the Nomura platform and director of operations for Capital America.

Los Angeles-based CBRE Investors has been busy expanding its global investment team in recent months. In April, the firm hired former Berkshire Property Advisors partners Stephen Zaleski to lead its expansion into the US multifamily market. Zaleski joined as managing director at the firm. In Europe, CBRE appointed a new head of European strategy in May, hiring former IPD chief economist Sabina Kalyan to take on the newly created position at the firm. Kalyan is based in London.

Last month, the firm also added David Sullivan and Steven Yeh as directors in its investors services group. The pair will be based in the firm’s New York office. Sullivan was previously director of institutional marketing for a New York-based real estate investment advisory firm as well as director of marketing for Bank of America’s alternative investment group. Yeh was previously vice president of BlackRock’s account management group for real estate and also worked for Prudential Real Estate Investors, Prudential Securities and Deutsche Banc Mortgage Capital.