NEW YORK CITY-Tamir Kazaz, who most recently served as CEO of Africa Israel USA, has announced his departure from the company in order to start a US, wholly-owned subsidiary—focused on real estate investment—of Clal Insurance.

Through it's investment arm, Canaf, Clal US manages $40 billion in assets, according to the announcement. As CEO, Kazaz will develop a strategy for identifying and acquiring properties in leading American markets, the announcement says.

With expertise in real estate financing, investment, development, asset management and leasing, Kazaz will focus on building and managing the company's portfolio of US assets, according to the announcement. Clal US—which has allocated more than $1 billion in funding for its initial acquisition phase—has already made its first push into the US market with the purchase of 49% of One South Wacker, a 40-story commercial skyscraper in Chicago with 1.2-million square feet of office space.

“I look forward to working closely with the Clal team to identify and acquire high-profile, commercial, retail, multi-family and mixed-use assets in top-tier metropolitan markets nationwide,” says Kazaz in the release. He will work out of the company's new US headquarters, at 295 Madison Avenue, the announcement states.

In his previous position, Kazaz managed AFI USA's vast real estate portfolio, which, at its peak, reached $3 billion and includes properties such as the former New York Times headquarters; 88 Leonard; the Clocktower Building; 20 Pine: The Collection; and District, 111 Fulton Street; and the Apthorp in New York; Marquis Residences and 1101 Brickell in Miami and the Rialto Building in San Francisco, among others.