Cornerstone Real Estate Advisers, the Hartford, Connecticut-based real estate investment platform of Massachusetts Mutual Life Insurance, has named Scott Brown
as the firm’s new president to lead a global growth initiative. Brown, who previously served as head of Americas at CBRE Global Multi Manager (GMM), will be taking over the role of president from David Reilly, who will remain at Cornerstone as chief executive officer. Brown will start in his new role on February 3.
“After careful consideration and an extensive succession planning process, Cornerstone is delighted to have attracted a candidate of the caliber and experience of Scott to help us continue our growth, both domestically and globally,” said Reilly in a statement. “Scott has a sterling reputation in the industry, and I personally look forward to working closely with him as Cornerstone enters its next phase of growth.” That next phase includes expanding Cornerstone’s activity in Europe as well as Asia, according to a source familiar with the situation.
At CBRE GMM, Brown served on the investment committee, on the board of directors and on the Americas operating board of CBRE Global Investors. He also was an advisory board member for a large number of CBRE investment vehicles in the US, Mexico and Brazil. Prior to joining CBRE in 2008, Brown was head of global real estate at Ennis Knupp & Associates (now Hewitt EnnisKnupp), where he established the global real estate practice and chaired the global investment committee.
“I greatly admire what Dave and the rest of the team have been able to accomplish in recent years, positioning Cornerstone as one of the preeminent global real estate investment managers,” Brown said in a statement. “I am thrilled to be joining Cornerstone at such an exciting time.”
Brown’s appointment is the second instance of Cornerstone poaching an industry veteran from a top firm in the past four months. In October, PERE reported on Cornerstone’s hire of Pamela Boneham to oversee one of the firm’s largest separate accounts. Boneham previously had spent 16 years as a portfolio manager and managing director at Deutsche Asset & Wealth Management (formerly RREEF Real Estate).