A former managing principal at Parmenter Realty Partners has left the Miami-based real estate investment firm to join WP Carey & Co as managing director and chief financial officer.
According to a statement by WP Carey, Catherine Rice will join the New York-based sale-leaseback specialist as managing director on 7 January 2013. She subsequently will be appointed CFO in March after Mark DeCesaris steps down from the position. The firm announced DeCesaris' intention to resign as CFO in July.
WP Carey’s president and chief executive officer Trevor Bond said in a statement: “The depth and breadth of [Rice’s] background and industry knowledge make her an ideal CFO for us, given our recent conversion to a REIT.”
Prior to joining WP Carey, Rice served as a managing principal at Parmenter, which closed its latest value-added fund, Parmenter Realty Fund IV, on $253 million in equity over the summer. At press time, it could not be determined how her departure would affect the newly raised fund, although a spokeswoman for Parmenter told PERE that Rice would remain on the firm's advisory committee.
From 2002 to 2009, Rice served as CFO of iStar Financial, a public REIT focused on real estate finance. Before joining iStar, she held senior positions in the real estate investment banking groups at Banc of America Securities, Lehman Brothers and Merrill Lynch.