SAN FRANCISCO, March 16, 2016 — Shorenstein, the San Francisco-based private real estate investment firm, has announced changes to its executive management team as part of a long-planned internal corporate realignment. Mike Rossi, who became Chairman of the firm in November 2015, confirmed the changes today.
Charlie Malet, currently Chief Investment Officer, Shorenstein Properties LLC, has been promoted to President of Shorenstein Properties and is now responsible for the day-to-day management of that company’s business, which is focused on the sponsorship of commingled real estate investment funds investing in large office properties nationwide. Mr. Malet, who joined Shorenstein in 1996, will continue as CIO.
He succeeds Glenn Shannon, President of Shorenstein Properties since 2001, who has been promoted to a newly created position as President of a new family office providing advice and support to the Shorenstein family on their investments and business interests. Mr. Shannon, who joined Shorenstein’s New York office in 1994 and moved to San Francisco in 2001, will remain Vice Chairman of Shorenstein Properties and will continue to be involved in the management and investment of the funds that it sponsors.
In addition, Brandon Shorenstein has been promoted to Executive Vice President of Shorenstein Properties LLC, and in that role will participate in the strategic direction and investment activity of that company. In addition, he currently plays a major role in overseeing all family enterprises and will continue to oversee the Shorenstein family’s multifamily residential investment program, which is led day-to-day by Managing Director Meg Spriggs. Mr. Shorenstein joined the company in 2012 after working in commercial real estate in New York City at both Goldman Sachs and Eastdil Secured.
About Shorenstein Properties LLC
Founded in 1924, Shorenstein Properties LLC is a privately-owned, real estate firm active nationally in the ownership and management of high-quality office properties, with offices in San Francisco and New York. Starting in 1992, Shorenstein has sponsored eleven closed-end investment funds with total equity commitments of $7.9 billion, of which Shorenstein committed $648.5 million. Shorenstein uses its integrated investment and operating capabilities to take advantage of those opportunities which, at the particular time in the investment cycle, offer the most attractive risk-adjusted returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. These funds have invested in properties totaling 60.6 million square feet in transactions with a gross investment value in excess of $14.3 billion.