Tom Carr, managing partner of Federal Capital Partners, will retire this summer, PERE has learned.
Carr, 60, will step down in June. The US office market specialist’s retirement has long been in the works, an FCP spokesman said, and he has played an active role in succession planning by readying three senior staff members for leadership positions.
Earlier this month, the Maryland-based firm promoted chief financial officer Garland Faist to chief operating officer; Steve Walsh to chief credit officer and Jason Bonderenko to head of multifamily income. All three have also been named principals. Collectively, they will help cover Carr’s wide-ranging responsibilities, which also include office investment, capital raising and general management. An official at the firm said Carr “spearheaded” the advancements.
FCP has made efforts to inform all its investors of the upcoming departure, the spokesman said. In recent years, Carr has stepped back from the transactional part of the business and focused more on business development.
The firm reached a first close for MH Legacy Fund II, a joint vehicle with Horizon Land Company, on $137 million last April. Its most recent solo fund, FCP Realty Fund IV, closed on $755 million last November, surpassing its $700 million target.
During his 36-year career, Carr engaged with the real estate space on several fronts, including development, operations, capital markets and investment. He joined FCP in 2007 as a managing partner, the title he held for the duration of his time with the firm.
Before joining the FCP, Carr served as chairman and chief executive of CarrAmerica Realty Corporation, which he sold to Blackstone for $5.6 billion in 2006. The REIT had interests in 285 office properties totaling more than 26 million square feet in a dozen US metro areas. The sale preceded Blackstone’s seminal acquisition of the Equity Office Properties Trust for $23 billion in 2007.