Scott D. Brown will become president of Cornerstone Real Estate Advisers, effective Feb. 3, according to a person familiar with the situation.
Mr. Brown will be taking over the role from David J. Reilly, who will continue to serve as Cornerstone’s CEO.
“After careful consideration and an extensive succession planning process, Cornerstone is delighted to have attracted a candidate of the caliber and experience of Scott to help us continue our growth, both domestically and globally, Mr. Reilly said in a news release.
Mr. Brown was managing director and head of the Americas at CBRE Global Investors’ global multimanager unit. Executives are in “advanced discussions” to hire a new senior head of transactions for the global multimanager unit in the Americas to lead the GMM investment activity in the U.S., said spokeswoman Pam Barnett, in an e-mail.
CBRE Global Investors’ global multimanager unit’s investment approach has changed from fund of funds to programmatic joint ventures, clubs and co-investments, Ms. Barnett added.