In November Jack Cuneo, the CEO of Chambers Street Properties, a real estate investment trust, announced he would retire as soon as a suitable replacement was found. Now the company has found one in Martin Reid, the former CFO, and Cuneo has retired to allow Reid to become interim CEO of the company.
Cuneo, 66, is also retiring from the board of directors. “It has been an honor to lead Chambers Street since its founding in 2004,” he said in a press release. “I am extremely proud of all we have accomplished in building this company into what it is today, and I am confident that Chambers Street is well positioned for continued success. Given the company’s excellent portfolio and strong financial position, this is the right time for me to hand over the reins to new leadership who will take this company to its next phase of growth and success.”
Cuneo founded Chambers Street Properties in 2004 and led it through a period of steady expansion. By the end of 2014, Chambers Street was listed on the New York Stock Exchange and had ownership interests in 128 industrial and office properties in the United States and Europe. Its holdings include the Hawthorne, California, headquarters of Elon Musk’s space exploration company, SpaceX. Chambers Street’s portfolio of 37.7 million rentable square feet was 98.3 percent leased, according to an SEC filing. By the time Cuneo retired, he was earning about $3 million a year in salary and bonuses.
In addition to founding Chambers Street, Cuneo was an executive managing director of CBRE Global Investors from 2008 to 2012, and was president of his own advisory and private equity firm, Cuneo Capital Group, from 2002 to 2003. Before that, he was an executive at Merrill Lynch for 26 years, including serving as CEO of Merrill Lynch Hubbard, a real estate investment subsidiary. He has a bachelor’s degree from City College in New York.
Reid, 58, has been on the company’s board since 2005 and took a management role in 2012 when he became CFO. He was previously an executive at Interstate Hotels & Resorts, a partner at Cheswold Real Estate Investment Management, a partner in Redstone Hotel Partners, and managing director at Thayer Lodging Group. He has a bachelor’s degree in accounting from SUNY Albany, and an MBA from Pace University.
Chambers Street Properties (CSG), 47 Hulfish Street, Suite 210, Princeton 08542; 609-683-4900; Martin Reid, interim CFO and president. www.cbreinvestors.com.