STAMFORD, CT-Michael Pralle is out and Ronald Pressman is in as president and CEO of GE Real Estate. A company statement said only that Pralle left to “pursue other interests.” According to a GE spokesperson, the announcement was made internally on Wednesday.

Pressman has been with the firm for 27 years, most recently as president and CEO of GE Asset Management, which boasts some $197 billion worth of property in its portfolio. He has also held a variety of other top-level posts over the past 15 years, including the supervision of GE’s Central and Eastern European operations, Power Systems (Europe), Real Estate, Employers Reinsurance, and Insurance Solutions.

“Our real estate division is critically important to our overall business strategy,” says vice chairman Michael A. Neal. “Ron’s deep background in financial services and real estate, coupled with his global experience will be of great value as we continue to grow this business in the US and abroad.”

Pralle leaves an impressive legacy at the real estate unit of GE’s commercial finance division, a unit thatReal Estate Forum last year projected would close 2006 with a $50-billion portfolio. On Pralle’s watch, GE Real Estate bought 147 assets across the US from Crow Holdings, a deal valued at $2.2 billion and bought Arden Realty Inc. for $4.8 billion, flipping a portion of the brick and mortar to Trizec Properties for $1.6 billion.

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