LNR Property hires two to split CEO responsibilities
LNR Property announced the addition of two senior executives to share the role of chief executive officer Tuesday. The company also announced the launch of a new $200 fund as part of its new Investment Management Platform. Justin Kennedy will be responsible for strategic direction, current investment activities and the new IMP platform. Tobin Cobb will be responsible for oversight and management of existing LNR Property businesses. LNR, a real estate, investment, finance and management company, includes many sectors, including its large special servicer and asset management platform. The company is a special servicer to financial institutions such as Vornado Realty Trust, iStar Financial Inc., Cerberus Capital Management, and Oaktree Capital Management. The CEOs of Vornado Realty Trust and iStar Financial applauded the decision. “As two of the most experienced commercial real estate professionals in the industry, we are confident that Toby and Justin will be able to leverage their extensive experience and relationships to strengthen the Company’s unique special servicing capabilities and create differentiated investment opportunities in an evolving real estate marketplace,” said Jay Sugarman, chairman and chief executive officer of iStar Financial. The Co-CEOs have more than 20 years experience on Wall Street and were senior executives at Deutsche Bank (DB). Most recently, Cobb served as managing director on special assignment to the Office of the CEO of DB Americas, focusing on the Emergency Economic Stabilization Act of 2008. Kennedy was a managing director and Global Head of Real Estate Capital Markets for Deutsche. LNR also announced the launch of their new IMP fund. It will focus on areas of the company's core competences within the commercial real estate debt space. Sarah Mueller is an editorial assistant for Housing Wire. The author holds no relevant investments.