CBRE shuffled the leadership team of three main business units including its high-profile real estate investment and advisory services groups.
The Dallas-based brokerage said Friday it named Danny Queenan as CEO of its real estate investments group that includes CBRE Investment Management, formerly known as CBRE Global Investors, and its Trammell Crow Co. development arm. Queenan, who previously served as CEO of CBRE's advisory services business, led the firm's REI segment in 2018 and 2019.
"One of CBRE’s key strategic objectives is to increase capital investment in its REI businesses and Mr. Queenan has a proven record of value creation as a developer/investor," the brokerage said in a statement.
As part of the reorganization, CBRE said Mike Lafitte, who had served as CEO of both REI and Trammell Crow, would focus on his leadership to help grow Trammell Crow. Lafitte has also assumed oversight of CBRE’s client care program that the firm said is centered on driving measurable, integrated results for the brokerage's largest investor and occupier clients.
"Under Mr. Lafitte’s leadership TCC has grown significantly in the U.S. and established a growing presence in the U.K. and continental Europe," CBRE said.
CBRE also said it moved around several other executives as it works to capitalize on business opportunities following a year of record results, with business bouncing back following the initial disruption caused by the pandemic. In February, CBRE reported it had set new annual and fourth-quarter milestones for revenue, net revenue and earnings in 2021.
“The new responsibilities we are announcing today play to each executive’s unique strengths and capitalize on their outstanding track records of driving growth and excellence," CBRE President and CEO Bob Sulentic said in a statement. "These changes will help us realize the full range of significant opportunities we foresee for our clients, people and shareholders.”
In the other changes CBRE revealed Friday, Jack Durburg was appointed as CEO of the firm's key advisory services business that includes traditional brokerage. Durburg previously served as chief executive of CBRE's global workplace solutions division.
Durburg also has filled other major roles at CBRE, serving as global chief operating officer in 2018 and 2019 and as CEO of the Americas, where he oversaw all business lines in the region.
"His prior leadership of these businesses led to significant market share gains for CBRE coming out of the last downturn," the firm said of Durburg.
Chandra Dhandapani has replaced Durburg as CEO of global workplace solutions. Dhandapani most recently served as chief operating officer of GWS and CBRE's chief transformation officer.
And Chris Kirk has been given additional responsibilities in his role as chief operating officer. CBRE said Kirk "now shares responsibility with Sulentic for driving excellence across the entire company and has dotted-line operational oversight of the three business segments," which are real estate investments, advisory services and global workplace solutions.
Kirk also has assumed direct oversight of project management, which remains part of the GWS segment. In that role, he is accountable to Dhandapani, CBRE said.