• Long-time Chief Investment Officer Michael Beattie to Retire at end of 2023
  
  
• Angela Biggs and Mark Purdy Promoted to New Managing Director Positions

SAN FRANCISCO, Dec. 7, 2023 /PRNewswire/ — Grosvenor, an international property owner and developer with a 70+ year track record in North America, announced that long-time Chief Investment Officer Michael Beattie will retire at the end of 2023, with his responsibilities being divided between Angela Biggs and Mark Purdy, who will both be promoted to Managing Director positions.

“Michael has been a foundational member of our executive team and a source of inspiration for people throughout our company,” said Steve O’Connell, CEO of Grosvenor’s North American urban property business. “Michael has served as CIO for 12 of his 23 years with Grosvenor; he had overall responsibility for all of our Investment property transactions and oversaw our Asset Management team.  Under Michael’s watch as CIO, our portfolio has almost doubled, and he has contributed meaningfully toward our financial success. Michael’s strong leadership within Grosvenor has left an enduring impact and he has set his team up for continued success.”

Upon Michael’s retirement, beginning January 1, 2024, Angela Biggs will become Managing Director, Investment, where she’ll lead the company’s acquisitions and dispositions. Mark Purdy will become Managing Director, Asset Management, where he’ll oversee all asset management activities across the North American portfolio and will lead sustainability efforts in meeting the firm’s carbon reduction ambitions for the portfolio. Both currently serve as Senior Vice Presidents of Investment in the company’s San Francisco office.

Beattie joined Grosvenor in 2000 after working for a private developer and Colliers International in Calgary, Alberta. Since 2011 he has overseen all Investment property transactions and the company’s Investment portfolio across North America. Under his leadership, the investment team’s assets under management now represent CAD$3.7bn, generating $930m in cash since 2010.

A recent example of Michael’s achievements includes the execution of a successful partnership between Grosvenor and two large institutional investors to acquire income-producing properties and add value through physical improvements and leasing strategies. Over the 10-year program, the partnership acquired and disposed of $718m in assets across 2,650 multifamily homes and 375k sq. ft. of commercial space, generating $965m in total sales value for Grosvenor and its partners.

Michael is leaving the Investment team in a position of strength; his successors and their roles are designed to help the company meet its strategic priorities of growing its Investment portfolio through value-add and build-to-core activities, in partnership with high quality capital partners while achieving its carbon reduction ambitions.

“I’m proud and excited to have such strong and talented leaders as Angela and Mark to fill these important roles,” O’Connell added. “I am very confident that these internal promotions will further help us to achieve our strategic objectives.”

Biggs, who joined Grosvenor in 2019, has over 15 years of real estate industry experience and is based out of the company’s San Fransisco office. Previously, she oversaw acquisition and financial performance of property assets at Sares Regis Group, Vantage Data Centers, and Farallon Capital Management. She was recognized in 2022 by GlobeSt. as a Woman of Influence and named as one of the 2023 Most Influential Women in Bay Area Business by the San Francisco Business Times. Biggs serves on the Board of Directors of Science is Elementary and is a member of Urban Land Institute (ULI) and Commercial Real Estate Women (CREW).

Joining Grosvenor’s Calgary office in 2008, Purdy has held several roles across the firm’s US and Canadian operations including portfolio leasing, management, and acquisition and dispositions of multiple property types. Purdy previously worked for CBRE focusing on client-based lease negotiations and transaction management. He holds an executive position on the Board of Directors for the Union Square Business Improvement District in San Francisco and is a member of several real estate organizations, including the International Council of Shopping Centers (ICSC), National Association of Industrial and Office Properties (NAIOP), and the Building Owners and Managers Association (BOMA).

For more information, please contact: Great Ink Communications 
Roxanne Donovan, Tom Nolan, Rick Van Warner, Eric Waters
+1 212-741-2977    [email protected]

About Grosvenor
Grosvenor has operated a diversified real estate business in North America since 1952. As of December 31, 2022, the Company had assets under management of USD$4.1bn, including 74 high-quality properties, and is executing on a USD$4.7bn development pipeline across its active markets. Consistent with the firm’s farsighted approach to ownership and development, Grosvenor values long-term partnerships; across their nine active capital partners, the average relationship is 17 years.

Grosvenor signed the World Green Building Council’s Net Zero Carbon Buildings Commitment in 2019 and has publicly reported its annual consumption and reduction values for 15 years.

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SOURCE Grosvenor