Koger REIT Relocating Some Operations to South Florida

BOCA RATON, FL-The Koger Equity REIT is moving some executive offices, as well as its accounting and human resources departments, from Jacksonville, FL to this southern Palm Beach County city. Koger will initially share local offices with the privately held Crocker Realty Trust headed by Thomas Crocker.

The relocation coincides with Koger’s announced contract to take over management of Crocker Realty’s 6.1 million-sf office-building portfolio. The joint operation will manage more than 20 million sf of office space in the South.

Earlier this year, Thomas Crocker moved to Jacksonville to become Koger’s CEO. He tried to sell Crocker Realty’s holdings to Skip Stoltz and Mike Masanoff for $500 million but the deal fell through. Now Crocker plans to sell off his REIT’s 127 properties individually.

Koger’s headquarters will remain in Jacksonville with a staff of 10, reduced from about 40. The latest changes at Koger follow a management reorganization in June that eliminated 20 jobs.