Centennial, a national retail real estate owner and operator, has named a new president at a critical time in which it is investing millions in redeveloping large U.S. malls.
The Dallas-based real estate firm has named Paul Kurzawa to the role of president, filling a vacancy left by longtime president Whitney Livingston, who recently left the firm to become the chief operating officer of the International Council of Shopping Centers. Livingston will succeed retiring Chief Operating Officer Valerie Richardson in March 2025, the industry group said this month.
Kurzawa began his new role earlier this month, bringing more than 25 years of experience at firms including The Blackstone Group, Equity Office Properties and DreamWorks Animation to the leadership position.
Centennial founder and CEO Steven Levin cited Kurzawa's deep operations experience, including for malls and open-air retail centers, as the landlord expands its mall and mixed-use portfolio.
"While Whitney will be sorely missed, we know she will be a wonderful asset to ICSC," Levin said in a statement. "We look forward to Paul’s tremendous new leadership at the helm of Centennial and to the many ways he will use his own unique vision and experience to propel Centennial forward as one of the most notable rising stars in this industry.”
In speaking with CoStar News, Kurzawa said he and Livingston have known each other for two decades in different capacities and roles. Likewise, he said, "Centennial isn't a new organization for me," with the executive working in the same industry for decades.
"When the opportunity came up with Whitney transitioning from the role, we began a dialogue and here we are today," Kurzawa told CoStar News, who has an Australian accent hinting to his heritage and education at The Australian National University, where he earned a bachelor's degree in arts, economics and public policy.
In this new role, he said he plans to help Centennial on its path of reinvigorating regional malls and mixed-use projects as it expands its portfolio.
"We want to make these dynamic destinations," Kurzawa told CoStar News, adding that it's not only about best-in-class real estate opportunities, but also incorporating entertainment and placemaking into the real estate. "People are seeking a much-more elevated experience, and they want to connect with a place as they go and shop and dine. They want to be entertained."
Kurzawa began his career as a marketing executive at a 1 million-square-foot regional mall in Sydney, Australia, nearly three decades ago, with stops along the career path at Equity Office Properties, Unibail-Rodamco-Westfield and CenterCal Properties. He said he plans to draw on his decades of experience to "step into Whitney's shoes and build on the foundation that she and Steven have created in the last decade to take it to the next level."
Kurzawa said he's looking forward to curating emerging new-to-market brands and concepts, which go hand-in-hand with creating these sought-after environments at retail centers. He declined to disclose additional brand details until the partnerships have been secured.
Meanwhile, he said he believes there's additional opportunities in the United States for Centennial and its growing platform, with the firm recently teaming up with Lincoln Property, as CoStar News has previously reported, to transform large shopping hubs. Moving into 2025, he said there's optimism in the industry, with the softening interest rates providing further opportunities for new investment that hasn't been seen in the last two years.
"There's a lot of opportunity in finding regional centers across the country that have reached a point where they need a new story," Kurzawa added. "Folks that have the right skills and the right teams and the patience to be able to create a new story, with access to capital. That's where the opportunities lie."