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Colony Northstar Partners Amend Governance Plan

NEW YORK CITY and LOS ANGELES—The changes to the new REIT’s governance structure, including a reduction in the number of directors, come after NorthStar Asset Management shareholder Jonathan Litt expressed his dissatisfaction with the proposed merger.

399 Park Ave. in New York Cty 399 Park Ave., headquarters of both NorthStar companies, which will merge with Colony Capital.

NEW YORK CITY and LOS ANGELES—The would-be merger partners in what will be called Colony Northstar Inc. said Monday they had amended their agreement to incorporate changes to the governance structure. The move by NorthStar Asset Management Group Inc., Colony Capital Inc. and NorthStar Realty Finance Corp. follows calls for changes by activist investor Jonathan Litt, who has threatened to vote against the tripartite merger.

As part of the amended agreement, the new REIT’s board will be reduced from the 13 directors originally proposed to 10. It will include two new independent directors, Jon A. Fosheim and Douglas Crocker II, among five jointly selected by NSAM and NRF. Colony Capital will also select five directors.

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Paul Bubny

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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