Adam Gallistel will take on his new role 1 April (Image: CBRE IM)
CBRE has named new leadership for its fund management business with Adam Gallistel, a top executive with Singapore sovereign wealth fund GIC, joining as one of two co-CEO’s for the business as well as taking on the role of chief investment officer, according to an announcement late last week.
Currently head of both Americas real estate and global real estate credit for GIC, Gallistel will be joining company veteran Andy Glanzman at the helm of CBRE Investment Management on 1 April, reporting to CBRE chair and chief executive officer Bob Sulentic, the statement said.
“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,” Sulentic said.
The move comes as Danny Queenan, who formerly led both CBRE IM and Trammel Crow Company as part of his larger role as chief executive officer of CBRE’s real estate investments business, has transitioned to become chief executive of just CBRE’s Trammel Crow development business, according to his updated profile page on the company’s website.
Splitting Duties
In his roles as co-CEO and CIO Gallistel will take responsibility for investment strategy and performance at CBRE IM, with a strong focus on investor engagement, the company said. Glanzman will continue to serve as president, in addition to his new co-CEO role, and is expected lead development and execution of business strategy and oversee day-to-day operations.
Andy Glanzman has been with CBRE IM and its precursors since 2010
The two executives will co-chair CBRE Investment Management’s executive committee while reporting to Sulentic, per the statement. CBRE IM currently has over $148 billion in assets under management.
The new leadership takes over after Queenan had been named chief executive of CBRE IM in February of 2023, replacing Chuck Leitner, who retired from the company. Queenan had been named head of CBRE real estate investing in May 2022 after having previously been president of CBRE IM precursor CBRE Global Investors, after earlier leading CBRE’s Asia Pacific business while based in Hong Kong.
With Gallistel taking on the chief investment officer role, incumbent Kim Hourihan will be leaving the role from 31 March, and will stay with the company through 30 June, after 17 years with the firm. Glanzman has been with CBRE IM since 2010 and had been promoted from CIO to president in 2022.
Sovereign Streak
Under Gallistel’s leadership, GIC has been one of the most active overseas investors in US property assets, with the $769 billion sovereign fund having focused on logistics, data centres, student housing and other alternative sectors in recent years.
In October of this year the Singaporean giant teamed with the Canada Pension Plan Investment Board (CPPIB), and US-based data centre provider Equinix to set up a $15 billion joint venture to develop hyperscale data centres in the US, aiming to build 1.5 gigawatts of capacity.
That deal came after GIC in early 2023 teamed up with US private equity firm Centerbridge Partners to take NASDAQ-listed INDUS Realty Trust private in a deal that valued the American industrial REIT at $868 million.
A few months earlier, GIC joined with Canada’s Dream Industrial REIT to buy out Toronto-listed Summit Industrial Income REIT for C$5.9 billion (then $4.37 billion).
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