July – Briefs/People

JLL Taps Duke’s Kelly as New CFO; Vornado Names New Chief Administrative Officer, CFO; FelCor Appoints Hughes as CFO; Winn Becomes First CEO at Fortus; Sullivan Named President at Passco; Ares CRE Appoints Schuster as Co-CEO; Flynn Appointed COO at Kimco; Camden Property Trust Names Jessett CFO.

JLL Taps Duke’s Kelly as New CFO

Jones Lang LaSalle Inc. has a new CFO come July 1. The commercial real estate services firm has tapped Christie Kelly to replace Lauralee Martin, who has maintained the CFO role since becoming the CEO for the Americas business earlier this year.

Kelly comes to Jones Lang LaSalle Inc. from Duke Realty Corp., where she has served as executive vice president & CFO for the past four years. Duke Realty Corp. promoted Mark Denien to succeed Kelly as CFO. In her new role at Jones Lang LaSalle, Kelly will provide leadership to drive growth, supervise financial and business planning, and direct investor and banking relations. She will report to president & CEO Colin Dyer and join Jones Lang LaSalle’s Global Executive Committee.

Vornado Names New Chief Administrative Officer, CFO

Joseph Macnow has been appointed as the chief administrative officer at Vornado Realty Trust. He has served as Vornado’s CFO since 1985, and will continue to maintain his responsibilities as executive vice president, finance. Stephen Theriot has filled the CFO spot. Prior to joining Vornado, Theriot had been a partner of Deloitte & Touche L.L.P., and was with the firm since 1986. He most recently served as the managing partner of Deloitte’s Northeast real estate practice.

FelCor Appoints Hughes as CFO

FelCor Lodging Trust Inc. has appointed Michael Hughes as senior vice president, CFO & treasurer. He succeeds Andrew Welch, who is leaving the company after 15 years of service. Before undertaking his new role, Hughes served as FelCor’s senior vice president of finance & treasurer. He joined the company in 2006 as vice president of finance. Hughes has more than 15 years of experience in finance, and has served as the vice president of corporate finance for Wyndham International Inc. and as a business consultant with Maverick Management L.L.C.

Winn Becomes First CEO at Fortus

Fortus Property Group gets its first CEO with the selection of William Winn to take on the title as well as that of president. Winn, formerly the president at commercial real estate firm Passco Cos., joins Fortus approximately one year after the vertically integrated retail investment and operating company was introduced as the new incarnation of the real estate investment firm Diversified Equity Investment Corp. The timing for a change at the top was right. Fortus founder David Lee decided to hand over the reins in order to refocus his efforts in a broader way. With Winn at the helm of Fortus, Lee will be free to delve further into his role as chairman of ValueRock Investment Partners, an entity with a diverse platform of both real estate properties and operating companies.

Sullivan Named President at Passco

Larry Sullivan has been appointed president of Passco Cos. The news follows the resignation of former president William Winn. Sullivan has more than 30 years of experience directing real estate and syndication activities for institutional and private investors. He has served as CFO & COO of Passco for nearly 10 years, and is tasked with attracting new capital and expanding the firm’s portfolio of 10,000 multi-family units and approximately 5 million square feet of commercial space.

Ares CRE Appoints Schuster as Co-CEO

Ares Commercial Real Estate Corp. has named Todd Schuster as a new co-CEO. The news was part of a series of big changes announced by Ares in mid-May, including the acquisition of both AREA Property Partners and Alliant Capital L.L.C. Schuster, who is also on the company’s board of directors, joins John Bartling, who serves as co-CEO and global head of Ares Real Estate Group. Schuster has also been named a senior partner in the real estate group of Ares Management L.L.C. Previously, Schuster was the founder, CEO and a member of the board of directors of CW Financial Services.

Flynn Appointed COO at Kimco      

Conor Flynn has been named executive vice president & COO of Kimco Realty Corp. He was previously president of the company’s Western region. Flynn will relocate into Kimco’s headquarters in New Hyde Park, N.Y. He has been with Kimco for the past 10 years, holding various operating roles and having led a team of 110 associates and successfully managed Kimco’s largest region, with a portfolio of 191 properties totaling 31.6 million square feet. Flynn succeeds Michael Pappagallo, who is leaving the company to become president & CFO of Brixmor Property Group.

Camden Property Trust Names Jessett CFO

Alexander Jessett has been appointed CFO of Camden Property Trust. He succeeds Dennis Steen, who retired after serving as Camden’s CFO since 2003. Jessett joined Camden’s finance department in 1999 and has served as senior vice president & treasurer since 2009. He has been in the real estate industry since 1997, working at Comerica Bank of Texas in the real estate lending department before joining Camden, where he has completed debt and equity issuances exceeding $10 billion.