AmTrust Realty Corp. has someone new at the helm to lead plans to invest more than $100 million to redevelop several of its high-profile properties in Chicago.
New York City-based AmTrust has hired Patrick Kearney as managing director for the Chicago portfolio of AmTrust Realty, or AmTrust RE.
In his new role, Kearney oversees development, acquisition and operations for AmTrust’s Chicago properties, including the planned redevelopment of several of its buildings including Illinois Center, One East Wacker, 30 North LaSalle and 33 West Monroe.
In late November, AmTrust RE announced its plans to spend the $100 million-plus to upgrade its Chicago office properties that contain a total of approximately 6 million square feet of space in the Central and East Loop areas of the city’s business district.
“As AmTrust begins a monumental transformation of our Chicago portfolio, it is crucial that we have top-tier talent leading these initiatives," AmTrust RE President Jonathan Bennett said in a statement. "As companies continue to return to the office and seek increased activation from their spaces and buildings, we look forward to leveraging Patrick’s real estate prowess to unlock the latent potential of our well-located portfolio.”
Kearney's track record of properties redeveloped under his watch include CME Center, a 40-story office tower at 30 S. Wacker Drive, and The Franklin, a large office complex in Chicago's West Loop market. He oversaw those projects during the nearly 14 years he led the Midwest region for international commercial property firm Tishman Speyer.
After he left Tishman Speyer in 2019, Kearney served as a principal at GlenStar Properties, where he oversaw the firm's acquisition and development activities. He also was a managing principal of private equity firm Evarit Capital, where he led its residential and commercial investments in urban markets across the U.S.