Wagman's AGC Realty Advisors will focus on quality mixed-use properties, according to an announcement on his mid-February departure from the REIT. Meanwhile, EVP Michael Escalante oversees the remainder of the retail portfolio.
While Trizec Properties is sharpening its focus to office properties in its core markets, Wagman drew praise from his latest boss for upgrading and selling properties, including a 1999 sale of 19 regional malls for $2.5 billion. "Lee has been a leader in the U.S. retail real estate investment industry for many years," says president and CEO Tim Callahan. "We greatly appreciate his leadership and commitment in helping to complete the Company's recent reorganization."
The sale of the 565,000-sf retail center in Pasadena, CA, which opened in September 2001, leaves Trizec Properties with the 640,000-sf Hollywood & Highland in Hollywood, CA and 475,000-sf Desert Passage in Las Vegas.
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