ARC NYRR Appoints Prez, CFO/COO
- Mar 19, 2014
American Realty Capital New York Recovery REIT, Inc., which is scheduled to go public later this year, has promoted Michael Happel to president and appointed Gregory Sullivan as its new CFO and COO.
“We have repeatedly underscored the importance of identifying the right intellectual capital to lead each of our investment strategies so as to maximize value to our shareholders,” Nick Schorsch, the company’s CEO, said in a company statement. “By elevating Michael’s role to that of president, and attracting a strong chief financial officer of the caliber of Greg Sullivan, we have placed New York Recovery in able hands as it secures listed status.”
Since the company’s formation in 2009, Happel has served as its executive vice president and CIO. He has more than 20 years of experience successfully investing in real estate, including office, retail, multi-family, industrial, and hotel properties, as well as real estate companies.
Previously, Happel worked at Morgan Stanley & Co., specializing in real estate and was co-head of acquisitions for the Morgan Stanley Real Estate Funds. While at MSREF, he was involved in acquiring more than $10 billion of real estate and related assets in MSREF I and MSREF II.
Happel received a B.A. in economics from Duke University and a J.D. from Harvard Law School.
Sullivan will come on board the company on April 21. He comes to NYRR from STAG Industrial, Inc., where he served as its CFO since its initial public offering in April 2011. Prior to STAG’s formation, Sullivan served seven years on the board of managers of STAG Capital Partners, L.L.C. and STAG Capital Partners III, L.L.C.
“I am truly excited to become part of the New York Recovery REIT, and I look forward to contributing to the continuing successful construction and expansion of the business for the benefit of its investors,” Sullivan said in the statement.
Additionally, Sullivan served as executive vice president for corporate development for New England Development L.L.C. from 2002 to 2011, where he expanded and diversified NED’s real estate and non-real estate private equity activities. He’s also held positions at TrizecHahn Corporation, AEW Capital Management, M/A-COM, Inc., and Smith Barney in New York.
Sullivan received his Bachelor of Science degree from the University of Vermont and his Master of Business Administration degree from The Wharton School of the University of Pennsylvania.
“As New York Recovery REIT continues to assess the various strategic initiatives which the company may utilize to harvest shareholder value, following its successful closing of its $1.5 billion initial public offering, an executive with Greg’s talent, leadership skills and experience will be invaluable,” Happel said in the statement. “Along with the company’s board of directors, I have tremendous confidence in his ability to advance our vision of building the world’s premier New York City-focused REIT.”
At the end of last year, NYRR acquired a $528.6 million fee simple interest in 1440 Broadway, a 25-story office building in the Times Square South submarket of Manhattan, bringing its total assets north of $2.1 billion.