CBRE Group, the world's largest commercial real estate brokerage, named two leaders to serve as co-chief executive officers overseeing its investment management business.
Adam Gallistel and Andrew Glanzman plan to join forces as co-CEOs of CBRE Investment Management, an entity with more than 30 offices in 20 countries, as CBRE plans to grow the business as real estate valuations have taken a hit.
They will be the first dedicated CEOs for CBRE Investment Management since Charles Leitner retired from the role in late 2022. CBRE Investment Management had $148.3 billion of assets under management as of Sept. 30, up about $4 billion from last year.
CBRE's New York City-based investment management arm is known for handling investments for many of the largest national and international investors, pension funds and sovereign wealth funds, investing in real estate, as well as securities and private infrastructure.
Gallistel, who starts his new role April 1, will also serve as chief investment officer for CBRE Investment Management. He will be in charge of investment strategy and performance with a strong focus on investor engagement, the firm said. He is joining CBRE from Singapore sovereign wealth fund GIC, where he has served as head of Americas real estate, head of global real estate credit and head of the firm's New York office.
Glanzman started his new role as co-CEO immediately, adding to his existing leadership position as president of CBRE Investment Management. He oversees the development and execution of the business strategy and day-to-day operations. Both executives will be based in New York City, CBRE told CoStar News.
Gallistel and Glanzman will co-chair the executive committee for CBRE Investment Management and report directly to CBRE chair and CEO Bob Sulentic, who is based in Dallas at the brokerage's global headquarters.
"Investing in and growing CBRE Investment Management is a core element of CBRE’s strategy," Sulentic said in the statement. Gallistel and Glanzman are "exceptional leaders with highly complementary skill sets that position them to seize significant opportunities."
Daniel Queenan had been leading CBRE Investment Management and Trammell Crow, CBRE's development arm, in his role as CEO of Real Estate Investments. With the hire of Gallistel and the promotion of Glanzman, Queenan will now focus on growing Trammell Crow as its CEO.
Sulentic, in a statement sent to CoStar News, said Queenan has done an "outstanding job" of leading both CBRE Investment Management and Trammell Crow over the past two-and-a-half years and can now "focus his full energies on continuing to drive the growth and investment performance" of Trammell Crow, the largest commercial developer in the U.S., Sulentic added.
Prior to Gallistel joining CBRE Investment Management, he spent more than two decades at GIC, where he assumed leadership of the Americas business in 2015. Since then, CBRE officials said he has become one of the most prominent real estate asset investors in the Americas, with a focus on next-generation growth sectors, including data centers and other sectors at the intersection of real estate and infrastructure.
During his tenure at GIC, Gallistel also served on the sovereign wealth fund's global investment committee overseeing all its real estate investments.
Glanzman has been president of CBRE Investment Management since January 2022, where he's done an "outstanding job" in helping the business navigate a recent market downturn and positioned it to deliver continued strong real assets solutions for clients, according to the statement. He joined CBRE Investment Management in 2010 and has taken on numerous positions within the business, including serving as its chief operating officer.
Updated Dec. 10 to correct CBRE Investment Management's assets under management.