Faris Lee Names Rick Chichester COO

IRVINE, CA-Retail investment sales specialist Faris Lee Investments has expanded its management ranks with the naming of industry veteran Rick Chichester to the newly created position of chief operating officer. His appointment is part of the firm’s national expansion into major markets, according to Faris Lee president Rich Walter, who will focus on growing the firm’s transactional capabilities and capital markets platform while Chichester oversees day-to-day operations.

Chichester is a 29-year industry veteran who "brings years of experience working with real estate firms during rapid expansion and critical turnaround," according to the announcement regarding his appointment, which cites current economic and real estate conditions as "an opportune time to move into major markets." He most recently was COO of First Team Real Estate, one of the largest independent residential service companies in California and ninth largest in the USA. First Team has 1,800 agents, as well as a mortgage company, two escrow companies and a title company.

Chichester was a founding principal of Attentus Advisors, a business consulting firm, specializing in real estate. In addition, he was president, North America, for Colliers International, where he was involved in the turnaround and stabilization of the firm from 2002 to 2004 and completed the re-capitalization of the firm in 2004 as well as expanding the firm’s platform into a top-four global real estate company. During this time he managed 47 offices and 2,947 employees/partners, with accountability for all brokerage services, property management, valuation and consulting, project management, and mortgage brokerage. Chichester’s previously was a principal with Commercial Real Estate Solutions and spent 20 years with CB Richard Ellis, most recently serving as managing director for the Orange County regions.

Chichester said that the goal for Faris Lee's expansion "will be to maintain the integrity of the culture and entrepreneurial spirit" at the company." At the end of 2010, Faris Lee initiated its national expansion with office openings in Las Vegas and Phoenix. Walter notes that from the beginning the growth has been driven by client demand.

“Our institutional client base asked us to replicate our brand in the markets where they are active. For this reason, we’ve started to look strategically for the right talent in the right locations," Walter said. "This is the perfect time to bring our centralized, highly specialized retail investment approach to new markets.”