Craig H. Solomon, formerly managing principal at real estate money management firm Square Mile Capital Management on July 1 will become CEO, spokesman Rick Matthews said in an email. It is a new position.
At the same time, Jeffrey B. Citrin, formerly also managing principal, will become senior adviser to the firm and vice chairman of the board. Messrs. Solomon and Citrin founded Square Mile in 2006.
Mr. Solomon will be responsible for managing all aspects of the firm's business and investment activities with oversight by the board of directors.
Len O'Donnell, president and CEO of USAA Real Estate Co. and a Square Mile board member since 2012, will become non-executive board chairman. USAA Real Estate Co. acquired a minority stake in Square Mile Capital, then an opportunistic real estate manager, in 2012. Since then, the firm has expanded its strategies to include real estate credit and preferred equity.