But, the locally based REIT's president and COO Dennis H. Alberts is moving on as are John L. Zogg Jr., managing director of asset management and leasing, and Jane E. Mody, managing director and CFO. Market sources say Morgan Stanley had interviews with all personnel just prior to the merger's final signing and the final decision had the most significant impact on the former publicly traded REIT's board. A Morgan Stanley spokeswoman has confirmed Goff's retention, but declined further comment about other personnel changes for the new organizational chart.
Market sources say Michael S. Lewis, the REIT's former vice president of leasing and marketing, will lead marketing nationwide for the 23-million-sf portfolio of 54 office buildings. Others lined up to stay are Paul R. Smith, former managing director of investments who will oversee asset management; Suzanne M. Stevens, former senior vice president and chief accounting officer who will move into a CFO-kind of role; Thomas G. Miller, a Los Angeles-based managing director of investments who will now oversee development; and Joe D. Dobbs and James H. Wilson, both former senior vice presidents of property management who will jointly run the division.
Crescent underwent a series of personnel exits in the waning months before its merger. As of fourth quarter 2006, it had 761 employees under wing. Market sources say Morgan Stanley will keep practically all of its property management team, but downsize the leasing team and possibly outsource certain buildings or markets to other brokerage houses.
With Crescent in transition, market sources say the Dallas team for leasing and property management is escaping unscathed. However, the Houston team reportedly will end up with relocations of some key personnel and some hires to round out the plan.
The post-merger Crescent's office portfolio has concentrations in Denver, Miami and Las Vegas in addition to the Texas footprint. When the merger closed, Crescent still had its resort residential developments in Scottsdale, AZ, Vail Valley, CO and Lake Tahoe, CA plus the elite wellness lifestyle flag, Canyon Ranch. The merger's impact on the resort properties is yet another unknown.
Crescent will keep its headquarters in its 954,895-sf Carter Burgess Plaza at 777 Main St. in Fort Worth. Still undetermined, though, is just how much it will ultimately need of the 80,000 sf that it now occupies.
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