CBRE Investment Management Names Co-CEOs
Andrew Glanzman and Adam Gallistel have been named co-CEOs of CBRE Investment Management.
The appointments come after nearly two years during which CBRE IM operated without a CEO. Charles Leitner, the last to hold the position, retired at the end of 2022.
Glanzman’s promotion is effective immediately. He joined CBRE IM in 2010, and has served as the firm’s president since 2022. Previously, he was the chief operating officer. He will remain president in his new tenure, and will oversee the firm’s larger business strategy and day-to-day operations. He currently works out of the firm’s Los Angeles office and will move to its New York City global headquarters in 2025. Previously, he was an attorney at Mayer Brown LLP, and did work in corporate securities transactions.
Gallistel, the head of Americas real estate and global real estate credit at Singapore-based GIC, will assume his new role in April 2025. In addition to working alongside Glanzman, Gallistel will also become chief investment officer, directing the firm’s strategies across commercial real estate and heading up investor engagement. According to CBRE, Gallistel’s focuses will include data centers and asset classes that intersect directly with infrastructure investments.
In their new roles, both Gallistel and Glanzman will oversee the firm’s executive committee.
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Kim Hourihan, the firm’s current global chief investment officer, will remain in her role through the end of March of next year, departing at the end of June.
CBRE IM ranked first in CPE’s latest survey of top investors, with a portfolio valued at $109 billion.
Synergistic skillsets
Glanzman praised the new leadership structure in an interview with Commercial Property Executive, seeing the differing, yet “complementary” backgrounds between him and Gallistel as uniquely suited to the current investment environment.
“I have experience in big strategy and building businesses, while (Gallistel), as an LP, embodies the client-centric approach that we have today,” Glanzman said. “We bring different, yet very complementary skill sets to create something that’s quite powerful.”
Going into 2025, Glanzman is optimistic about where commercial real estate investments will go, following a year of slumped property valuations and low transaction volumes. “We are increasingly optimistic about opportunities in the market in terms of where we see values going for properties in terms of transactions, trading and transparency, and we are having a number of positive conversations with investors who are becoming more active again,” he added.
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