Cornerstone taps Zammitti for CIO

Cornerstone Real Estate Advisers promoted Mike Zammitti to replace Drew Williams, who is retiring this month.

Cornerstone Real Estate Advisers has named Mike Zammitti chief investment officer, the firm said Monday.

Zammitti is moving up from his role as CIO of US equities effective March 1. He succeeds Drew Williams in the role, who is retiring at the end of the month after 22 years at the Hartford, Connecticut-based real estate investment manager.

“Mike has shown exceptional commitment to the company and we are confident in his ability to expand Cornerstone’s US commercial real estate portfolios,” said Scott Brown, Cornerstone’s chief executive officer, in a statement. “I would also like to thank Drew for his dedication and two decades of service to Cornerstone.”

Zammitti joined Cornerstone in 1996 as a vice president of asset management. After various roles, he was promoted to CIO of US equities in June, co-leading the team with Williams. Before Cornerstone, he was a real estate investment officer at Connecticut Mutual Life Insurance Company.

Cornerstone managed $49.6 billion in assets as of December 31. The firm’s most recent public acquisition was a 78,000 square foot warehouse in Bishops Stortford, England, located about 40 miles north of London. Cornerstone bought the fully-occupied building last month for $10.5 million, according to real estate data provider Real Capital Analytics.