Chambers Appoints Interim President & CEO

Four months after announcing the impending resignation of president, CEO & founder Jack Cuneo, Chambers Street Properties has appointed an interim president & CEO.
Marty Reid Chambers Street

Martin Reid, Chambers Street

Four months after announcing the impending resignation of president, CEO & founder  Jack Cuneo, Chambers Street Properties has appointed Martin Reid, CFO, as interim president & CEO.

Cuneo, whose retirement was effective immediately upon Reid’s being named as his temporary replacement, founded the company in 2004 and had served as its CEO since 2012, after having held the same titles at CBRE Advisors, Chambers Street’s former investment advisor.

In November 2014, when Chambers Street announced Cuneo’s plans to retire, Cuneo explained his decision to exit the company. “Given the company’s excellent portfolio and strong financial position, this is the right time for me to hand over the reins to new leadership who will take this company to its next phase of growth and success,” he said.

Now, Reid, who became Chambers Street’s CFO & executive vice president in 2012, and then its treasury and secretary later that year, will handle the responsibilities of president and CEO while the REIT’s Nominating and Corporate Governance Committee continues its hunt for someone to take on the leadership positions permanently. In the meantime, the company has a highly qualified individual to steer the ship.

Reid has more than 35 years of experience in the real estate industry and brings to the position expertise in real estate investment, capital markets and finance. Before being named CFO at Chambers Street, where he has been a member of the board since 2005, he operated in the role of vice president of development and acquisitions at Interstate Hotels & Resorts. He has also held high-ranking positions at Cheswold Real Estate Investment Management, Redstone Hotel Partners and Thayer Lodging Group.

 

As Cuneo noted last fall, Chambers Street was in a good place–and it’s still in a good place. “Solid fourth quarter results contributed to a strong finish to the year for Chambers Street, which included a quarterly Core FFO per share increase of 6.3% year-over-year, robust leasing volume of almost one million square feet, increased portfolio occupancy, and healthy acquisition and disposition activity,” Cuneo said during Chambers Street’s fourth quarter earnings call on February 25.

 

Chambers Street’s $3.4 billion portfolio, as of the close of 2014, consisted of 127 owned or majority owned office and industrial properties totaling approximately 37.7 million square feet of rentable space in 19 U.S. states, France, Germany and the U.K. Recent transactions include the $106 million acquisition of a 1.6 million square-foot industrial portfolio in Northeast Pennsylvania, and the signing of a new tenant to 159,000 square feet at the company’s office tower at 90 Hudson St. in Jersey City, N.J. The lease brought the 420,000-square-foot building’s occupancy up to 100 percent.

 

 

LINKS:

Chambers Street Acquires Industrial Portfolio in NE Pennsylvania

http://www.cpexecutive.com/regions/mid-atlantic/chambers-street-acquires-industrial-portfolio-in-ne-pennsylvania/1004107933.html

 

Chambers Street Signs 159 KSF Office Lease at Jersey City’s 90 Hudson

http://www.cpexecutive.com/regions/mid-atlantic/chambers-street-signs-159-ksf-office-lease-at-jersey-citys-90-hudson/1004108635.html

 

 

 

 

Four months after announcing the impending resignation of president, CEO and founder Jack A. Cuneo, Chambers Street Properties has appointed Martin A. Reid, CFO, as interim president and CEO.

 

Cuneo, whose retirement was effective immediately upon Reid’s being named as his temporary replacement, founded the company in 2004 and had served as its CEO since 2012, after having held the same titles at CBRE Advisors, Chambers Street’s former investment advisor.

 

In November 2014, when Chambers Street announced Cuneo’s plans to retire, Cuneo explained his decision to exit the company. “Given the company’s excellent portfolio and strong financial position, this is the right time for me to hand over the reins to new leadership who will take this company to its next phase of growth and success,” he said.

 

Now, Reid, who became Chambers Street’s CFO and executive vice president in 2012, and then its treasury and secretary later that year, will handle the responsibilities of president and CEO while the REIT’s Nominating and Corporate Governance Committee continues its hunt for someone to take on the leadership positions permanently. In the meantime, the company has a highly qualified individual to steer the ship.

 

Reid has more than 35 years of experience in the real estate industry and brings to the position expertise in real estate investment, capital markets and finance. Before being named CFO at Chambers Street, where he has been a member of the board since 2005, he operated in the role of vice president of development and acquisitions at Interstate Hotels & Resorts. He has also held high-ranking positions at Cheswold Real Estate Investment Management, Redstone Hotel Partners and Thayer Lodging Group.

 

As Cuneo noted last fall, Chambers Street was in a good place–and it’s still in a good place. “Solid fourth quarter results contributed to a strong finish to the year for Chambers Street, which included a quarterly Core FFO per share increase of 6.3% year-over-year, robust leasing volume of almost one million square feet, increased portfolio occupancy, and healthy acquisition and disposition activity,” Cuneo said during Chambers Street’s fourth quarter earnings call on February 25.

 

Chambers Street’s $3.4 billion portfolio, as of the close of 2014, consisted of 127 owned or majority owned office and industrial properties totaling approximately 37.7 million square feet of rentable space in 19 U.S. states, France, Germany and the U.K. Recent transactions include the $106 million acquisition of a 1.6 million square-foot industrial portfolio in Northeast Pennsylvania, and the signing of a new tenant to 159,000 square feet at the company’s office tower at 90 Hudson St. in Jersey City, N.J. The lease brought the 420,000-square-foot building’s occupancy up to 100 percent.

 

 

LINKS:

Chambers Street Acquires Industrial Portfolio in NE Pennsylvania

http://www.cpexecutive.com/regions/mid-atlantic/chambers-street-acquires-industrial-portfolio-in-ne-pennsylvania/1004107933.html

 

Chambers Street Signs 159 KSF Office Lease at Jersey City’s 90 Hudson

http://www.cpexecutive.com/regions/mid-atlantic/chambers-street-signs-159-ksf-office-lease-at-jersey-citys-90-hudson/1004108635.html