Prolific Chicago developer Sterling Bay will set up shop in California with two experienced investment management executives in a West Coast expansion.
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Rodney Richerson and Clint Copulos have left KBS Realty Advisors to come on as managing principal and principal, respectively, for Sterling Bay West, a new Newport Beach, California, office of the longtime Chicago investment and development company.
"This is an exciting time for Sterling Bay as we expand our brand into new markets with a respected team that's focused solely on the Western Region," Sterling Bay CEO Andy Gloor said in a statement. "We are confident Rodney and Clint's experience and industry acumen are exactly what Sterling Bay needs as we continue to diversify our portfolio in asset class and geography."
From Sterling Bay's first office outside of Chicago, the new team will look for value-add office, multifamily and life sciences conversion opportunities in a variety of new markets for Sterling Bay, including Southern California, San Francisco, Denver, Phoenix and Seattle. Richerson and Copulos will oversee acquisitions, asset management, property management and dispositions at the new office.
Richerson spent about a decade as the West Coast regional president at KBS, while Copulos finished as senior vice president of acquisitions and asset management. Both were based in the company's headquarters city of Newport Beach.
Sterling Bay's work includes a handful of properties in Chicago's Fulton Market District, where it has developed large offices for companies like Google, McDonald's and Dyson. Its portfolio and pipeline also include projects in Miami and Dallas, as well as Portland, Oregon, where it converted the city's historic Meier & Frank building into new creative office and retail space.
Overall, it touts a portfolio worth over $5B and a development pipeline valued at more than $9B.
"Clint and I are excited to take the company's wide-ranging capabilities to some of the most active markets in the country and to continue pushing the industry forward with the power of Sterling Bay behind us," Richerson said in a statement.
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