Cornerstone's Brown Named Global CEO

HARTFORD, CT—A year after succeeding David J. Reilly as president of Cornerstone Real Estate Advisers as president, Scott Brown is succeeding him as CEO as well.Brown has beennamed global CEO for the Hartford, CT-based investment adviser, which had more than $45 billion in assets under management as of this past Sept. 30.

A 20-year veteran of Cornerstone, Reilly had been CEO since 2006. He now assumes the role of vice chairman while formally retiring from the company on April 15, and will continue providing counsel to Brown and his team. 

“Over the past year that Scott has been with the firm, he has demonstrated sound business judgment and a leadership style that marries well with Cornerstone's culture,” Reilly says. “I look forward to working alongside him in my new role, and have every confidence in his ability to lead Cornerstone in its next phase of growth.” 

Brown's 28-year career in the real estate industry has seen him involved in dozens of major domestic and global transactions, including joint ventures, co-investments, clubs, preferred equity, performing and non-performing debt, securitizations, REITs, secondary and primary funds and direct property investments. Before joining Cornerstone last February, he was head of the Americas for what was then known as CBRE Global Multi-Manager, now CBRE Global Investment Partners.

While at CBRE, Brown was also member of the firm's global investment committee, the CBRE GIP board of directors and the CBRE Global Investors Americas operating board. He also served as an advisory board member for a large number of investment vehicles, structures, and property sectors in the US, Mexico and Brazil. 

Brown says his first year with Cornerstone has been “an exciting one; we have seen meaningful expansion across sectors and geographies and I will continue to focus on strong execution of our strategy in my new role.”

Of his predecessor as president and CEO, Brown says O'Reilly's knowledge of the firm and the industry is “unparalleled and our ability to retain him as a resource will further bolster the seamless transition that has occurred, to the benefit of our clients, employees and other stakeholders.” 

In 2014, Cornerstone expanded its European presence through the acquisition of German real estate money manager Pamera Asset Management, and plans to continue its growth on the continent in 2015 by opening offices in Paris, Milan and Madrid. The company will also look to establish an investment management platform in the Asia-Pacific region within the next year.