James Stolpestad has resigned as CEO of Allianz Real Estate of America shortly after the unit acquired its first asset in the market.
James Stolpestad has resigned as CEO of Allianz Real Estate of America shortly after the unit acquired its first asset in the market.
The property arm of German insurance giant Allianz announced on 10 December that Stolpestad is leaving by 'mutual consent to seek new challenges outside the company'.
The news comes five days after Allianz Real Estate officially entered the US with the acquisition of a majority stake in a retail property in Brooklyn, New York. The financial details were not disclosed.
In a statement, Allianz Real Estate extended its thanks to James Stolpestad for being instrumental in setting up the operations and establishing the US business as a 'best in class real estate asset and investment manager' both in the equity and debt business.
Eric Bergwall, head of portfolio management of Allianz Real Estate of America, will act as interim CEO until a permanent replacement is appointed.
Stolpestad joined Allianz Real Estate as CEO of the US business in April 2010. Previously he was managing director for GE Real Estate at its Norwalk, CT headquarters, responsible for managing a broad range of office, retail, multi-family and hotel assets and directing the retail investment strategy in the US. Before that he worked as senior vice president at The Mills Corporation in Washington, DC. His prior experience includes acquisition roles at Transwestern Investment Company and Richard Ellis.
