Prologis Names Trio to Executive Committee in Succession Plan, JLL Grabs Multifamily Team From CBRE, Fannie Mae President To Retire Next Year
Prologis, the largest owner of industrial real estate, added three people to its executive committee. They are Carter Andrus, who has been appointed as chief operating officer, Joseph Ghazal who has been named as chief investment officer and Susan Uthayakumar, the company’s current chief energy and sustainability officer, effective Jan. 1 as part of the company’s long-term succession planning. Prologis also said current COO Gary Anderson will move to a new role as senior adviser effective Jan. 1 and retire on June 30. In this new role as COO, Andrus, who joined Prologis in 2008 and has held a number of leadership roles, will lead the real estate investment trust’s global property organization. He most recently served as global head of operations.
In his role as chief investment officer, Ghazal will oversee the Prologis global capital deployment strategy and execution as well as the investment committee, the company said. The company’s global construction operation will also report to Ghazal, who has worked at Prologis for more than 20 years.
As for Uthayakumar, Prologis said she will continue in her role as chief energy and sustainability officer. She joined Prologis in January 2022 and led the development of the company’s net zero strategy. She previously served as president of Schneider Electric’s sustainability business division. All three will report to Prologis Global President Dan Letter.
JLL has recruited a six-person team from CBRE led by managing directors Cliff Taylor and Joe Ayers, who joined JLL’s Jacksonville, Florida, office to lead its multifamily investment sales efforts across North Florida and South Georgia. Taylor and Ayers, who combined have 40 years of industry experience, will be a part of the firm’s unified North-Central Florida multi-housing investment sales advisory team. Directors Ryan Hixon and Tucker Brooks, Associate Mike Scott and Production Associate Elizbeth Pippin also moved to JLL capital markets’ Jacksonville multi-housing team from CBRE with Taylor and Ayres. In his new role at JLL, Hixon also will focus on multifamily investment sales in North Florida and South Georgia, and Brooks will concentrate on land sales within the apartment sector throughout North and Central Florida.
Taylor and Ayers will work alongside directors Ted Taylor and Kyle Butler, their Florida counterparts in Orlando, and managing director Zach Nolan and director Drew Jennewein in Tampa, Florida. JLL said Taylor and Ayers will report to senior managing directors Melissa Quinn and Lee Weaver, who lead capital markets in JLL’s north-central Florida region.
Fannie Mae President David Benson, who worked for the company for 21 years and has served as interim CEO, chief financial officer and other executive positions, will retire in early to mid-2024, the government agency said. In addition, the company said Chief Administrative Officer Jeffery Hayward plans to retire on Dec. 31 after 36 years with Fannie Mae. During his time at Fannie Mac, Hayward also led the company’s multifamily business and its National Servicing Organization. “As they depart, we are implementing our succession plans and streamlining our leadership structure to continue advancing our strategy and our mission to serve homeowners, renters, and the housing market as a whole,” Fannie Mae Chair Michael Heid said in a statement.
When Benson leaves, Fannie Mae CEO Priscilla Almodovar, who joined the company last year, is set to add the title of president. In her expanded role, Almodovar will directly manage the company’s single-family unit led by Executive Vice President Malloy Evans, and the multifamily unit led by Executive Vice President Michele Evans, Fannie Mae said.
Fannie Mae said its current general counsel, Terry Theologides, will succeed Hayward as chief administrative officer. The company also said Danielle McCoy, currently a senior vice president, deputy general counsel and deputy corporate secretary, will become its new general counsel.
Savills, which earlier this month recruited the team of Shane Poppen, Craig Knox and Zach Millrood to bolster the brokerage’s presence in San Diego, last week added industry veteran Preston Lynn as a senior managing director to its office in the Southern California city. Lynn previously served as first vice president at CBRE in Dallas, where he represented local and national clients. He also was responsible for spearheading new business development in Texas. At Savills, Lynn will help to expand the firm’s consulting services offerings across the West region, the company said. During his more than 10 years in commercial real estate, Lynn has worked on several high-profile transactions including Salesforce’s Dallas office lease for 104,870 square feet, National Life Group’s 115,000-square-foot office expansion deal in Dallas and Alkami Technology’s headquarters lease for 125,000 square feet in Plano, Texas, according to Savills.
Multifamily-focused real estate firm Grubb Properties hired Gavin Morgan, who recently served as chief operating officer to JLL’s Hong Kong and China offices, as managing director of investments. In his new role in Grubb’s Charlotte, North Carolina, headquarters, Morgan will work on expanding the company’s capital formation efforts, with a focus on institutional and international investors, Grubb said. Morgan has more than 30 years of real estate experience and has held positions in New York and London in addition to Hong Kong. As the managing director and COO JLL’s Hong Kong and China office, he oversaw a 900-person business and was responsible for strategic planning and driving revenue growth.
Grubb Chief Investment Officer Todd Williams said Morgan’s global experience and institutional connections will enable the company to further expand its Link Apartments brand. “Grubb Properties’ primary goal is to mitigate the housing crisis in the U.S. while generating competitive returns for our investors,” Williams said in a statement. For his part, Morgan said Grubb is faring well despite reduced property demand by focusing on the essential housing segment and strategically selecting resilient markets across the country.” Morgan hosts the PropNX podcast, on which he interviews commercial real estate pros across the globe. ,
Hilco Real Estate, or HRE, hired Alan Shaw, who spent the past two years at Simon Property Group, as executive vice president and co-CEO of its real estate asset management division. The HRE division helps clients determine where, when and how assets should be acquired, repositioned, redeveloped, leased and sold for the best opportunity to achieve desired financial results. Shaw joins real estate asset management division co-CEO Larry Finger.
Shaw, who has more than 25 years of industry experience, previously served as senior vice president of development at Simon Property, the world’s largest owner of shopping malls and retail outlet centers. At Simon, he was responsible for anchor and department stores and redevelopment initiatives that included the real estate investment trust developing different uses in its retail centers’ parking lots. Before he worked at Simon, Shaw served as vice president of Real Estate at Sears Holdings, where he oversaw the leasing, development and disposition of a 269 million-square-foot portfolio. Hilco Real Estate CEO Neil Aaronson said in a statement that Shaw’s industry experience “will play a pivotal role in our continued growth and success.”