JLL’s Martin Named New CEO of HCP
- Oct 03, 2013
Dubbed as the highest-ranking female in commercial real estate, Lauralee Martin did not hold her CEO post at commercial real estate services firm Jones Lang LaSalle for long.
HCP, the largest U.S. healthcare REIT has tapped Martin as its president & CEO, who will be replacing James Flaherty who was terminated as chairman, president and CEO, but will remain on the board of directors, according to an HCP release this morning.
Martin was promoted to the position of CEO at JLL’s Americas division in January, where she had spent 11 years of her career. Prior to that, she had served as chief financial officer and chief operating officer at the company. Martin has been on HCP’s board of directors for five years. HCP is also a JLL client.
“The board believes Lauralee is the best choice to provide new leadership for the company and to execute its strategies to enhance long-term value for shareholders,” said Michael McKee, the board’s non-executive chairman in a news release. “Martin is a respected, seasoned, successful real estate executive who understands HCP’s business, its executive talent and its potential growth. And she has a track record of delivering value to shareholders.”
JLL President & CEO Colin Dyer will take over the Americas region responsibilities, following Martin’s departure, according to JLL’s release. HCP, on the other hand, has decided to separate its chairman and CEO roles “in a move to enhance the governance strength” of its company, accord to its release.
“This is a time of tremendous opportunity given the strengths of HCP, which I believe is the country’s premier healthcare REIT,” said Martin in a prepared statement.
Healthcare continues to be the most profitable REIT, delivering high annualized total returns of 19.9%, on average, and this sector is only bound to benefit from the imminent implementation of Obamacare. HCP has a $14B enterprise value.
In a cover-story interview with CPE earlier this year, Martin mentioned eyeing healthcare-related opportunities for the company while at JLL.
“I think a lot of people are afraid to change careers,” Martin told CPE in April. “It reinvigorates you, and I think it makes you a better strategist and it makes you a better executer of that strategy.”