HARTFORD, Conn., Jan. 15, 2015 /PRNewswire/ -- Cornerstone Real Estate Advisers, one of the largest global real estate investment managers, today announced that President Scott D. Brown has assumed the additional title of Global Chief Executive Officer. He replaces CEO David J. Reilly, who has transitioned to Vice Chairman of the Board. The appointments were effective January 1, 2015.
Mr. Reilly will formally retire from the firm on April 30, 2015, however, in his new role as Vice Chairman, will continue to provide counsel to Mr. Brown and his leadership team on strategic issues and special assignments. Mr. Reilly was appointed CEO in 2006 and has been with the firm for 20 years.
"Over the past year that Scott has been with the firm, he has demonstrated sound business judgment and a leadership style that marries well with Cornerstone's culture," said Mr. Reilly. "I look forward to working alongside him in my new role, and have every confidence in his ability to lead Cornerstone in its next phase of growth."
Mr. Brown, 51, joined Cornerstone in February 2014, succeeding Mr. Reilly as President of the firm. His career in the real estate industry spans 28 years, during which he has served as an investor, consultant and advisor. Prior to joining Cornerstone, Mr. Brown served as Head of the Americas at CBRE Global Investment Partners (GIP) (f/k/a Global Multi-Manager (GMM)). There, he was also member of the Global Investment Committee, the CBRE GIP Board of Directors, and the CBRE Global Investors Americas Operating Board. He also served as an Advisory Board member for a large number of investment vehicles, structures, and property sectors in the U.S., Mexico and Brazil.
"My first year at Cornerstone has been an exciting one; we have seen meaningful expansion across sectors and geographies and I will continue to focus on strong execution of our strategy in my new role," said Mr. Brown. "Dave's knowledge of the firm and the industry is unparalleled and our ability to retain him as a resource will further bolster the seamless transition that has occurred, to the benefit of our clients, employees and other stakeholders."
Over Mr. Reilly's career in real estate of more than 40 years, he has gained extensive experience in asset and portfolio management, acquisitions and dispositions, and operations across all institutional property types. As President and CEO of Cornerstone, he played an integral role in defining and driving the vision for the company, supporting its growth from $7 billion in real estate assets under management in 2006 to over $45 billion today.
Cornerstone expanded its European presence through the acquisition of German real estate money manager, Pamera Asset Management, and plans to continue its growth on the continent in 2015 by opening offices in Paris, Milan and Madrid. Under Mr. Brown's leadership, Cornerstone will also look to establish an investment management platform in the fast-growing Asia-Pacific region in the next year.
Mr. Brown further commented: "Cornerstone is extremely well-placed to partner with long-term institutional investors. We are committed to aligned and shared interests, and are distinctly able to surface new investment opportunities in all four quadrants – equity or debt, public or private – globally."
About Cornerstone Real Estate Advisers LLC
Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. For more information, visit www.cornerstoneadvisers.com.
SOURCE Cornerstone Real Estate Advisers LLC