Brookfield Asset Management has named a new leader of its real estate investment business that manages more than a quarter of a trillion dollars in assets.

Lowell Baron is replacing Brian Kingston as CEO of Brookfield Asset Management's real estate arm, the company announced in an internal memo to staff Tuesday that was obtained by Bisnow and first reported by PERE.

Kingston had been in the CEO role since 2015.

Baron joined Brookfield in 2005 and has been the chief investment officer and president of BAM’s real estate arm for a decade. He came into the CIO role when Kingston became CEO in 2015.

Even as Baron becomes CEO, he will remain CIO of real estate, according to the memo. Ankur Gupta, who heads the company's Asia Pacific and Middle East real estate business, will step into a deputy CIO role to provide him with support.

The position of president will be taken over by two co-presidents: Ben Brown and Brad Hyler, who will remain heads of real estate for the Americas and Europe, respectively.

Kingston, who has been with Brookfield since 2001, will transition to an executive chair position, according to the memo, while “remaining actively involved in the business.”

“In particular, his focus will be on the real estate assets owned on [Brookfield Corp.'s] balance sheet, although Brian will also remain on all Real Estate Investment Committees,” the memo said.

BAM’s real estate business has $272B in assets under management and $100B in fee-bearing capital, according to its first-quarter supplemental report. It is invested across many property types, including housing, hospitality, logistics and storage, office, retail and sciences and innovation.

The company raised $6B during Q1 for its real estate flagship strategy, which totals $16B and is set to be BAM’s largest-ever real estate fund it said in its earnings report.

Baron’s promotion isn’t the only leadership shuffle occurring under Brookfield’s corporate umbrella.

Brookfield Properties’ North American office business is shifting from geography-based leadership roles to a function-driven approach, Bisnow first reported last week. Six executives are now leading its North American operations, and at least six positions have been removed as part of the transition.