HQ Global Workplaces Eyes Expansion Plan

Stephen A. McNeely, who will be relocating from Los Angeles to Dallas, tells GlobeSt.com that the board's direction is "to aggressively seek opportunistic deals" that could take the business center provider into suburbs like Plano. But, he stresses, the centers won't "be on all four corners as before."

McNeely says the suburban push targets the nation's Top 50 markets. As a result of the restructuring, HQ Global Workplaces now operates an 80%-occupied portfolio of more than 200 business centers representing five million sf in 40 of the Top 50 markets.

McNeely intends to tour 100 business centers as part of the plan to see which markets are primed for expansion. In some cities, the business centers are 90% or more filled. Centers run 20,000 sf or more, with the largest facility, 60,000 sf, in New York City. He's not saying where the expansion spotlight is pointed so as not to tip off the competition, but he did concede that it's likely to surface first on the East and West coasts.

McNeely, experienced in turnarounds, previously was CEO for PSM Partners, Aegis Communications Group, Globecast Communications, Patrick Media Group, GE Capital Auto Retail Services and Tenneco Automotive Retail.

HQ Global Workplaces' board also hired Jeffrey McCall as CFO. He previously was a principal at Casas, Benjamin & White LLC in Chicago. The restructured operating committee also includes Peter Harris, COO; Joe Wallace, executive vice president of business development; and Lawrence Schiller, executive vice president of sales and marketing.

"With these talented and capable executives leading the HQ team, we are poised to establish HQ as the preeminent industry leader," Edward R. Casas, chairman of the new board of directors, said in a press release. "The financial resources and team are in place to actively build and expand HQ's brand.