KBS Restructures Management Teams

NEWPORT BEACH, CA-In a move that has regionally based asset managers taking a more active role in identifying new acquisitions, KBS Realty Advisors and KBS Capital Advisors have restructured their asset-management teams. The company's three regional presidents will oversee the underwriting and closing of each transaction.

The move is a reflection of KBS's growth leading up to the end of this year, when the company is expected to close $1.7 billion in acquisitions for the year. As KBS has been doing in its central region, the western region will begin rolling out a revised structure within its asset-management group whereby asset managers will implement “cradle-to-grave” property investments. In conjunction with the regional president, each asset manager now will run point-on acquisitions, strategy development, multi-year business-plan implementation and eventual disposition of any particular investment.

In the restructuring, Rodney Richerson is moving over from his role as central regional president to western regional president, stepping in for Bill Milligan, a KBS veteran of 18 years who will retire at the end of the year. Replacing Richerson as central regional president is Ken Robertson, who is advancing from his position as SVP and asset manager of the central region.

 “In today's investment climate, a strategic vision is required,” says Richerson. “This strategy was successfully implemented in KBS's central region 18 months ago, and we expect it to be just as effective as we move forward with our new structure on a broader scale.”

Richerson is a 24-year industry veteran who has been with KBS for the past 17 years. Robertson, a 22-year industry veteran, has been with KBS for the past three years. KBS's third nationwide region, the east, is led by regional president Chuck Lindwall.

CEO Charles Schreiber says, “The restructuring of KBS's asset-management team is a direct reflection of our company's growth on the acquisitions and management front over the past several years. We are pleased to promote Rodney Richerson to western regional president and Ken Robertson to central regional president after they have implemented our new strategic vision with great success.”

KBS has also hired two additional asset managers. Brett Merz is now SVP and asset manager in the central region, immediately overseeing properties in Chicago, as well as others in St. Louis and Louisville later this year. He joins KBS from Cresa Partners' Orange County office, where he was a SVP. Also, Tim Helgeson is now SVP and asset manager and will oversee assets and assist with acquisitions in Southern California, Las Vegas and Salt Lake City. He comes to KBS from Newmark Grubb Knight Frank, where he most recently served as a senior managing director.

As GlobeSt.com reported earlier this week, KBS Realty Advisors has acquired the 164,011-square-foot Highland Park Place for $31.3 million. The firm struck a deal with Heitman Capital Management LLC of Chicago for the class-A, 17-story office tower and an adjoined seven-level parking garage.