Blackstone Group has hired a CEO for its EQ Office unit, which owns 20 million square feet of offices including Chicago’s Willis Tower.
Alex Vouvalides, a former top executive at Hudson Pacific Properties, will take over as EQ Office’s CEO effective June 6, New York-based Blackstone said Thursday. He replaces Lisa Picard, who resigned from the position in February.
A longtime colleague of Vouvalides, Josh Hatfield next month will become chief operating officer for Chicago-based EQ Office.
The two new EQ Office executives have worked together since 2014, mostly at Los Angeles-based Hudson Pacific Properties, an investor in office buildings and film studios. Vouvalides was COO and chief investment officer before leaving the firm last year. Hatfield was executive vice president of operations, overseeing more than 250 employees and a 20 million-square-foot portfolio across five regions, according to Blackstone’s statement.
They come to EQ Office from Eagle Point Capital Partners, a real estate investment and development firm they founded last year, with offices in Nashville, Tennessee, and Los Angeles, California.
Vouvalides and Hatfield will take over the roles of Frank Campbell, the COO who is retiring. Campbell also has served as interim CEO during the search for Picard’s replacement. Picard has not publicly disclosed her next plans.
Campbell will stay with the company for three months to assure a smooth leadership transition, the company said in a statement.
Vouvalides and Hatfield come to EQ Office more than two years into the COVID-19 pandemic, which has led to remote-work trends that now leave big office landlords with unused space to fill.
One high-profile example of those challenges is Willis Tower, where United Airlines has given back 150,000 square feet of its massive headquarters space. Late last year, United announced it was moving 900 jobs to a suburban building, with plans to leave 2,500 workers and the corporate headquarters designation in Willis Tower.
“At a time when the borders between work and life are blurring, EQ’s commitment to enhancing the entire tenant experience at its properties stands out,” Vouvalides said in the statement. “I am excited about the opportunity to build on EQ’s momentum as a client-focused real estate investor and operator with a mission to help companies attract, retain, and inspire talent, and I am thrilled to grow the platform alongside my longtime colleague and friend. Josh and I share a team-first mentality and entrepreneurial spirit that I am confident will resonate well with the EQ team and enable us to deliver for our clients and the communities we serve.”
EQ Office’s leadership announcement comes two days after EQ Office held a ceremony marking the recent completion of a $500 million expansion of Willis Tower, a project that added 300,000 square feet of restaurants and other space on lower floors of the 110-story skyscraper. The added space, which also includes a rooftop public park, is called Catalog.
Blackstone bought the former Sears Tower, once the world’s tallest skyscraper, for $1.3 billion in 2015.
EQ Office’s portfolio also includes the tallest building in Chicago’s suburbs, the 31-story Oakbrook Terrace Tower west of the city. EQ Office owns properties in 12 markets nationally, including U.S. Bank Center in Seattle, Market Square in Washington, D.C., the Playa District complex in Los Angeles and Fifth Third Center in Nashville.
“Today is an exciting day for both EQ Office and Blackstone as we welcome two exceptional leaders who possess the experience and acumen needed to lead the next chapter of EQ,” Rob Harper, Blackstone’s head of real estate asset management Americas, said in the statement. “We are confident in the future demand for high-quality offices, and Alex and Josh are the ideal leaders to drive the evolution of EQ’s customer-focused approach. I also want to thank Frank for his outstanding contributions over his 26-year career at EQ. He has made a lasting impact on the people and culture at EQ and has been an invaluable partner to Blackstone.”