CBRE Names Co-CEOs For $150B Investment Management Arm
The world’s largest commercial real estate service firm has hired the Americas head of real estate at Singapore's sovereign wealth fund to co-lead its investment sales efforts.
CBRE announced Thursday that Adam Gallistel will become co-CEO and chief investment officer of CBRE Investment Management, working with Andy Glanzman, current CBRE IM president, who will also add the co-CEO title to his business card.
Gallistel is set to join CBRE on April 1, leaving his post as the current head of Americas real estate and Global Real Estate Credit for GIC, a position he has held since 2015. During his tenure at GIC, Gallistel focused the sovereign wealth fund’s investment on growth sectors, such as data centers, CBRE said in a press release.
Glanzman joined CBRE in 2010, then rose through the ranks, becoming chief operating officer of the investment division and then being promoted to president in 2022.
Glanzman and Gallistel will be the first permanent CEOs of CBRE IM, which was formerly called CBRE Global Investors, since Charles Leitner retired at the end of 2022. Since then, Danny Queenan, CEO of CBRE's real estate investments segment, has led both CBRE IM and Trammell Crow Co. until the firm found its new leaders.
Glanzman and Gallistel will report directly to CBRE CEO Bob Sulentic.
“Danny Queenan has done an outstanding job leading both CBRE IM and Trammell Crow Company over the past two-and-a-half years. He will now focus his full energies on continuing to drive the growth and investment performance of TCC, the largest commercial developer in the US, which has thrived under Danny's leadership,” Sulentic said in an email through a spokesperson.
Glanzman will manage the day-to-day operations of the investment division while Gallistel will oversee investment strategy and performance and investor engagement.
“The co-CEO structure is particularly well suited for CBRE IM because Andy and Adam have highly complementary skill sets and strong personal chemistry,” a CBRE spokesperson said in an email.
The moves come as CBRE saw its assets under management jump $5.8B from the second quarter to $148.3B, driven in large part by capital raising and higher asset values, according to its earnings release. Incentive fees and co-investment returns in the investment management division drove its operating profits up year-over-year in Q3 from $29M to $75M.
CORRECTION, DEC. 5, 5:30 P.M. ET: Adam Gallistel is the current head of both Americas real estate and global real estate credit for GIC. A previous version of the story misstated his title. This story has been updated.
