EXCLUSIVE: Four partners leave TA Realty

The departure of the longtime executives comes in the wake of The Rockefeller Group’s takeover of the Boston-based real estate fund manager.

TA Realty has lost four partners over the past several weeks, PERE has learned. Robert Provost and Dwight Angelini, who were part of the Boston-based real estate fund manager’s acquisitions group, and Reid Parker and Nilesh Bubna, who were part of the asset management group, all left the firm in late June or at the beginning of the month.

Bubna, who directly managed real estate assets in various East Coast markets and was responsible for the execution of multiple value-add and core strategies, had been with the firm since February 2009 and left in June, according to his LinkedIn profile. He also was a voting member of TA Realty’s finance, portfolio management and dispositions committees and a co-portfolio manager for one of the firm’s largest separate accounts. Meanwhile, Angelini, who was responsible for all commercial property investments in five major US markets, left earlier this month after more than a decade at the firm.

The departing partner with the longest tenure at TA Realty, however, was Reid Parker, who had logged 17 years at the real estate fund manager. Provost also had been with the firm for more than a decade, originally joining in April 2004. TA Realty had 22 partners as of January 2012, with Michael Ruane as the sole managing partner, according to a presentation from the Fresno County Employees’ Retirement Association.

The exits follows The Rockefeller Group’s acquisition of a majority stake in TA Realty, which was announced in October and closed at the end of last year. It is unclear whether or not the departures of Provost, Angelini, Parker and Bubna were associated with the takeover. TA Realty confirmed that the four partners had left and that their departures did not trigger a key man clause in any of the firm’s funds, but declined to comment further. However, a spokesman for the four executives said: “They are in the process of planning their next business move, the details of which will be made public in the coming months.”

Founded in 1982, TA Realty launched its first fund in 1987 and currently manages four active value-added commingled funds and multiple separate accounts. The firm also is raising its eleventh property fund, Realty Associates XI, according to a June filing with the US Securities and Exchange Commission. As of October 2014, the firm had more than $12 billion of assets under management, with a portfolio of more than 77.2 million square feet of commercial real estate and 14,600 residential units in 35 US markets.