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NorthStar Teams with Flaherty on Healthcare RE Platform

NEW YORK CITY-During a 10-year tenure with HCP, Flaherty grew the REIT's market cap tenfold to $20 billion as of 2013.

By Paul Bubny | Updated on January 23, 2014

NEW YORK CITY-NorthStar Realty Finance Corp. said Wednesday afternoon that it it had entered into a long-term partnership with James J. Flaherty III, former CEO of HCP Inc., to build its healthcare real estate business. GlobeSt.com reported this past October that HCP’s board terminated Flaherty as president and CEO after a 10-year tenure in those roles, and brought in Lauralee Martin, Americas CEO at Jones Lang LaSalle, to succeed him.

In his partnership with NorthStar, Flaherty will be responsible for growing NorthStar’s on-balance sheet healthcare real estate portfolio. He will also focus on raising institutional capital for funds to be managed by NorthStar Asset Management Group Inc. and become CEO of NorthStar’s healthcare non-traded REIT, NorthStar Healthcare Income Inc.

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