Adam Gallistel and Andrew Glanzman were named co-CEOs of real estate manager CBRE Investment Management, and its global CIO, Kim Hourihan, is departing, a spokesperson said.
Gallistel and Glanzman replace Charles “Chuck” Leitner, who retired as CEO at the end of 2022. Since that time, Danny Queenan, CEO of CBRE's Real Estate Investments business segment, has been overseeing the investment management unit.
Gallistel, who is joining the company on April 1, will also replace Hourihan with the additional title of CIO. Hourihan is departing the company on March 31 and will be available as needed through June 30 as she pursues opportunities outside the firm, the spokesperson said.
“Kim has made a lasting impact over her 17 years with our firm, most notably as the architect of our top-performing U.S. Core Partners Fund and the 'ODCE 2.0' investing strategy,” the spokesperson said. “We thank Kim for everything she has done for CBRE IM and wish her all the success in her next chapter.”
Gallistel currently serves as head of both Americas Real Estate and Global Real Estate Credit at GIC, Singapore, the sovereign wealth fund which has an estimated $770 billion in assets.
Glanzman will retain his current title as president. Both will co-chair CBRE Investment Management’s executive committee and report to Bob Sulentic, CBRE’s chair and CEO.
“Investing in and growing CBRE Investment Management is a core element of CBRE’s strategy. Adam and Andy are exceptional leaders with highly complementary skill sets that position them to seize the significant opportunities available to CBRE Investment Management and our clients,” said Sulentic in a Dec. 5 news release.
CBRE Investment Management has $148.3 billion in assets under management.
