Property services and investment firm CBRE has promoted four executives in its investment management business amid a larger reorganization at the company.
On Friday, the Los Angeles-based firm said that, effective January 1, it will organize its operations around three global businesses: real estate investments, which includes CBRE Global Investors and Trammell Crow Company; advisory services; and global workplace solutions. Until year-end, the firm will manage the platforms within its existing geographic businesses, Americas; Europe, Middle East and Africa; and Asia Pacific.
The new configuration represents “a reiterated strategic emphasis on real estate investments,” CBRE GI’s CEO, Ritson Ferguson, told PERE.
As part of the reorganization, CBRE GI president Danny Queenan has moved up to the newly created role of global chief executive of CBRE’s real estate investments business, where he reports to CBRE CEO Bob Sulentic.
“This is all consistent with natural progression and succession,” Ferguson said. “This is something very good for our global investors because Danny will be in a great position to be an advocate for CBRE Global Investors and Trammell Crow as CBRE potentially allocates more capital to the strategic businesses.”
Ferguson said the firm could add more business lines to the real estate investments group but declined to elaborate.
Queenan joined CBRE in March 2011 as chief executive of Trammell Crow, a position he held through March 2016. He was also the CEO of CBRE’s Asia Pacific region from July 2013 through August 2015, when he became chief operating officer of CBRE GI. Queenan moved up to the role of CBRE GI president in December 2016, PERE previously reported. Prior to his time at the firm, he was the president and CEO of US developer Opus North.
Ferguson is maintaining his role but will now oversee direct reports in the investment businesses from Europe, the US and Asia Pacific that were previously Queenan’s responsibility, Ferguson told PERE. He reports to Queenan under the new leadership structure.
Andy Glanzman, CBRE GI’s newly-named global chief operating officer, will now manage non-investment-related direct reports that were formerly overseen by Queenan, including digital and technology staff. He previously was the COO for the Americas business.
Meanwhile, Jeremy Plummer, currently both the CEO of CBRE GI’s EMEA region and global head of separate accounts, was promoted to global chief investment officer of CBRE GI, a role Ferguson previously held. Plummer will maintain oversight of separate accounts, a responsibility he took on at the end of 2017, Ferguson said.
“There are lots of things I’ve been working on the investment side of the business that needed extra resources,” Ferguson said. “As I take on those regional business direct reports, I asked Jeremy to step up for global CIO so I could hand off some of what I was doing in that global CIO role.”
Sophie van Oosterom, previously the CIO for EMEA, moved up to replace Plummer as CEO of EMEA, which is CBRE GI’s largest regional business.
Matt Khourie, the CEO of Trammell Crow, will stay in his role. He previously was CEO of CBRE GI and handed the reins to Ferguson in March 2016, PERE previously reported.
CBRE GI oversees $101.7 billion in assets, according to its website.