NEW YORK—Tamir Kazaz, who until recently served as CEO of Africa Israel USA (AFI USA), is launching Clal US, a wholly-owned subsidiary of Clal Insurance.

As CEO of this newly created division, Kazaz will develop a strategy for identifying and acquiring premier properties in leading U.S. markets.

With broad expertise in real estate financing, investment, development, asset management and leasing, Kazaz will focus on building and managing the company's portfolio of U.S. assets. Clal US – which has allocated more than $1 billion in funding for its initial acquisition phase – has already made its first push into the U.S. 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 am delighted to join this highly respected and professional organization,” said Kazaz, who will work out of the company's new U.S. headquarters at 295 Madison Avenue, New York. “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.”

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

Under Kazaz's leadership, AFI USA maintained stable operations throughout the recent financial crisis.

CLAL Insurance is one of Israel's largest financial institutions, which, through its investment arm – Canaf – manages $40 billion in assets.