NEW YORK, March 27, 2018 /PRNewswire/ -- iStar (NYSE: STAR) announced today that it has hired Andrew C. Richardson to lead a focused portfolio of longer-term land and development assets as part of its ongoing efforts to monetize and efficiently manage the Company's land and operating property portfolio.
"We have made great progress in working through our legacy asset portfolio, with significant liquidity and profits generated over the past several years," stated iStar Chairman and CEO Jay Sugarman. "We are now ready to accelerate our progress by bringing to market significant numbers of assets while also developing a focused strategy for a group of longer lived assets in our land portfolio."
"We are delighted to be able to bring in someone with Andy's experience and talent in the land development world to lead our teams working on these assets and help them optimize the execution of their business plans."
"I couldn't be happier to rejoin my colleagues at iStar," said Richardson. "My experience helping oversee the business at Howard Hughes will enable me to bring a unique and valuable perspective to iStar as it charts a new course forward for its land assets under development and I am excited to help the talented teams already in place deliver outstanding results."
The Company also announced that Geoff Jervis will step down as CFO to pursue other opportunities and Mr. Richardson will take on the additional role of interim CFO of both iStar and Safety, Income and Growth (NYSE: SAFE) while a search is undertaken for a permanent CFO. Mr. Jervis will remain an advisor to the Company during the transition.
"Geoff has been instrumental in helping us set an exciting path for the future," said Sugarman. "We are sorry to see him leave. We are fortunate that Andy will be able to step in and provide a significant leadership role for our finance and accounting teams as we begin to implement these new strategies."
Mr. Richardson has significant public company experience in the real estate finance and land development sectors. He most recently served as CFO of The Howard Hughes Corporation (NYSE: HHC), one of the largest land development companies in the United States, and previously served as CFO of Northstar Realty Finance Corp., an NYSE-listed real estate finance company. Prior to Northstar, Mr. Richardson served as an executive vice president and head of capital markets at iStar.
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iStar (NYSE: STAR) finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform. Building on over two decades of experience and more than $35 billion of transactions, iStar brings uncommon capabilities and new ways of thinking to commercial real estate and adapts its investment strategy to changing market conditions. The Company is structured as a real estate investment trust ("REIT"), with a diversified portfolio focused on larger assets located in major metropolitan markets. Additional information on iStar is available on its website at www.istar.com.