Change in the Air as REITWeek Approaches

With NAREIT's investor's forum on tap, several firms are making major announcements -- including the departure of AvalonBay Communities Inc.'s Bryce Blair.

June 6, 2011
By Allison Landa, News Editor

Courtesy Flickr Creative Commons user morrissey

With NAREIT’s REITWeek 2011 Investor’s Forum on tap this week, member REITs are gearing up to announce changes. Two of the most significant announcements come from Brookfield Office Properties and AvalonBay Communities Inc., both of which are expected to discuss personnel changes.

Brookfield Office Properties has tapped Mitch Rudin as president & CEO of U.S. commercial operations. Rudin, who has been president & CEO of CB Richard Ellis’s New York tri-state region for the past seven years, will report to Brookfield CEO Ric Clark.

Other personnel changes at Brookfield include the promotions of Dennis Friedrich to president & global chief investment officer and Tom Farley to president & global chief operating officer. Jan Sucharda has also been promoted, taking the reins as president & CEO of Canadian commercial operations in Canada, Australia and the United Kingdom.

Over at AvalonBay, Bryce Blair will step down from his role as CEO at the end of this year. However, he will remain chairman of the board through 2012. According to Blair, his 10-year tenure as CEO has resulted in the assembly of a major multi-family portfolio in the country’s best markets, along with a strong development platform. He added that he felt the time was right personally and company-wise to initiate a transition.

AvalonBay president Timothy Naughton will assume the role of CEO. He has worked with Blair for 20 years.

Stay tuned as CPE brings you coverage of REITWeek.