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GLENDALE, CA-PS Business Parks Inc. has named Joseph D. Russell Jr. as CEO of the real estate investment trust. Russell succeeds Ronald L. Havner Jr., who will continue as chairman and “intends to remain active in the company’s business,” according to PS.

Russell has served as president of PS Business Parks since September 2002. Before that he was with Spieker Partners for more than 10 years, becoming an officer of Spieker Properties when it went public as a REIT in 1993. Before Spieker’s merger with Equity Office Properties Trust in 2001, Russell was president of Spieker’s Silicon Valley Region.

In another executive change, PS says its chief financial officer, Jack E. Corrigan, intends to resign in order to spend more time with his family. Corrigan will remain with the company until his successor is hired and becomes familiar with PS operations.

PS Business Parks Inc. acquires, develops, owns and operates commercial properties. Its holdings consist primarily flex, multi-tenant office and industrial space. As of June 30, it owned approximately 14.9 million net rentable sf of commercial space with approximately 3,300 customers in eight states.

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