John Buck Company is to open its first East coast office in Philadelphia next year led by the firm’s fund investing head, Charles Beaver.
It comes as the Chicago-based fund manager and developer announced president and vice chairman John O’Donnell was planning to retire in April after more than 28 years with the company. He will continue to serve on the investment committee’s of JBC’s Funds II and III and remain active on several projects, the firm said in a statement.
Beaver, he added, would retain a lead role with the firm's fund division, however he will be joined by former Richard Ellis capital markets executive vice president Blake Johnson, who starts with JBC this month to oversee the firm's opportunity funds with Beaver. Prior to CBRE, Johnson spent 12 years with Eastdil Secured in New York.
JBC is currently targeting $500 million for its fourth and latest close-ended real estate vehicle, JBC Opportunity Fund IV. The opportunistic fund is focused on acquiring and developing office, mixed-use and residential properties. The firm has raised $538 million in its three previous funds, which closed between 2000 and 2006, and invested $325 million of equity between 1991 and 2000, the firm said on its website.
In July, JBC acquired a Class A office property in Washington DC for $59.7 million from CBRE Investors. The property, at 1501 M Street NW, was purchased on behalf of JBC Opportunity Fund III.