GE Real Estate Names New President, Plans Expansion of Arden Realty
- Aug 05, 2008
Just a day after Michael Rowan took the helm as president of GE Real Estate Americas’ equity business unit, he announced today that Arden Realty Inc. will expand its role from working on just the West Coast into a national office platform. Rowan (pictured) will lead all GE Real Estate equity investing operations, which include venture investments, direct investments, the Arden and InterPark operating platforms, its Canadian and Mexican equity investment portfolios and emerging markets equity investing in South America. GE Real Estate and Arden merged in May 2006. Over the past two years, Arden closed approximately $6 billion in office transactions, refining its portfolio through a capital recycling program that focuses on value-add investments in strategic West Coast markets, according to company information. “The timing of our national expansion couldn’t be better for Arden. The commercial real estate industry is still in a period of adjustment, and many opportunities exist for us in a transitional market because we know how to create value and successfully manage assets relative to any given point in the real estate cycle,” Joaquin de Monet, president & CEO of Arden, told CPN. “Right now is the time to selectively look at deals, refine our national infrastructure and position all of our investments for the turnaround. The height of the market doesn’t allow for that luxury. We are active, but we’re taking our time to invest in the right value-add opportunities.” he said. Arden plans to seek expansion in areas of high growth and high barriers to entry with assets that can create value. The main focus for now will be the East and West Coasts and key interior markets such a Chicago, Texas, and Denver. The firm has already grown from being solely a Southern California-based office landlord by moving into Northern California, Seattle, Portland, Phoenix and Salt Lake City. Following a value-add operating model, Arden has also produced turnkey design and implementation of more than 200 energy and sustainability projects in its portfolio. The firm has earned EPA recognition as the landlord with the largest amount of Energy Star-related office buildings in a single portfolio in the United States. GE Real Estate Americas’ equity group sources and manages single property and portfolio acquisitions in office, multi-family, industrial, retail and parking asset classes. GE Real Estate is a commercial real estate company with more than $87 billion in assets and a presence in 31 markets throughout North America, Europe, Asia, and Australia/New Zealand. Arden Realty is a real estate company and landlord in the Western United States. The firm has a portfolio of 220 buildings including more than 13.3 million square feet in major markets throughout Southern California, Northern California, Portland, Seattle, Phoenix and Salt Lake City.