Hartford, Connecticut-based real estate investment manager Cornerstone Real Estate Advisers has appointed former Deutsche Asset and Wealth Management (AWM) portfolio manager Pamela Boneham to oversee one of the firm’s largest separate accounts, effective October 21. The firm did not disclose the separate account client or if Boneham will be replacing someone in this position.
A statement from Cornerstone explained that Boneham’s experience will help Cornerstone grow its real estate equity management. As a new portfolio manager, Boneham will report to managing director of portfolio management Tony Pierson and also will participate in Cornerstone’s business development activities.
“In an increasingly crowded and competitive marketplace, the addition of Pam to our portfolio team reflects our commitment to exceptional portfolio management and client service,” said Pierson in a statement. “Pam’s diverse real estate investing experience and proven ability to successfully manage multi-billion dollar portfolios will serve our firm and our clients well.”
Prior to joining Cornerstone, Boneham spent 16 years as a portfolio manager and managing director at Deutsche AWM (formerly RREEF), where she served as the lead portfolio manager for several public and corporate pension separate accounts. In this role, she managed more than $2.3 billion in assets, including the firm’s largest separate account. She also managed the firm’s first private real estate investment trust, RREEF America REIT, and other commingled funds during her tenure. Earlier in her career, she worked for Equity Office Properties and Jones Lang LaSalle.
Separately, Cornerstone announced the $110 million sale of 795 Folsom Street in San Francisco to ASB Real Estate Investments last week. Cornerstone originally acquired the 187,000-square-foot office building on behalf of its latest value-added vehicle, Cornerstone Real Estate Fund VIII, for $71 million in July 2011. The six-story office, which recently served as the headquarters of social networking site Twitter, today is fully leased to tenants that include AT&T, Kabam and Regus.