Marcus Partners, a Boston-based private equity real estate firm, has promoted two executives, including one to a newly-created president position, the firm said Tuesday.
Frank Wuest, formerly a principal, moved up to president. He joined the firm a year ago from Forest City Enterprises, where he was the president of the real estate investment trust’s Boston and science and technology divisions.
Paul Marcus set up the firm in June 2008 after he split from longtime business partner Jonathan Davis. The pair had run development company Davis Marcus for around 15 years. Marcus said Wuest’s new role is not part of succession planning.
“Frank’s going to take care of the company operations so I can get back to what I love, which is spending more time looking at assets and opportunities closer to real estate,” Marcus told PERE. “Frank has done a number of residential projects (at Forest City) and we’re working on broadening that part of the business out over the next decade.”
Marcus Partners also promoted Peter Cameron, formerly the firm’s senior vice president of asset management, to principal. Prior to joining Marcus Partners in 2008, Pete was a project director at property management company Corcoran Jennison.
Marcus Partners is currently investing its second value-added fund, which closed at its hard cap of $250 million in October 2014. Marcus said Marcus Capital Partners Fund II still has up to two and a half years in its investment period, and the firm is not seeking to raise its third vehicle yet.
“We’re looking at trying to find the few opportunities that are out there today, given where we are in the market cycle,” he said. “We’ve been fairly prudent and we’re not in a hurry in investing.”