SoCal Industry Roundup: Primestor, Stream Realty, Gensler Announce Moves
Architecture giant Gensler names new co-CEOs
By Greg Cornfield October 4, 2023 5:55 pm
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Primestor Development, a leading minority-owned real estate development and investment firm, has appointed Lonnie Vidaurri to the position of chief investment officer.
Vidaurri has more than 25 years of real estate investment experience. He will manage Primestor’s acquisition and development business throughout the Western United States. He will be responsible for identifying, sourcing and closing larger-scale development and redevelopment opportunities in urban markets throughout the West and Southwest regions, according to Primestor, and he will source and secure required non-proprietary debt or equity.
The L.A.-based company develops and manages retail and housing investments in urban areas characterized by high demand and low supply.
“Lonnie’s addition comes on the heels of the March closing of our $300 million Urban Vision Fund I, the first in a planned series of investment vehicles designed to deliver transformative real estate projects in underserved communities,” Arturo Sneider, founder and CEO of Primestor, said in a statement.
Vidaurri previously led strategic investments for LISC Fund Management. Over the past two-plus decades, Vidaurri has held leadership positions at Ladder Capital, OneWest Bank, Barclays Capital and Lehman Brothers.
Meanwhile, Stream Realty Partners recently hired property management executive Shane Flanigan to lead its growing roster. Flanigan will be responsible for day-to-day oversight of Stream’s Southern California property management team, with a focus on leveraging investor resources and talent.
Flanigan will work with Southern California executive managing director and partner Martin Pupil to expand the company’s management platform across the region, according to Stream. Flanigan brings 17 years of experience, including managing approximately 15 million square feet of office, retail and industrial space.
“Property management requires a combination of experience, knowledge, commitment to hospitality, and a strong customer-centric approach, which Stream displays throughout all their managed assets,” Flanigan said in a statement.
Most recently, Flanigan worked as regional vice president at RiverRock Real Estate Group in Newport Beach, where he spent more than six years leading portfolio operations and business development. Prior to that, he was vice president of operations for the Western Division at PM Realty Group for 10 years.
Finally, architecture firm Gensler announced Wednesday that after nearly 20 years of leadership, Andy Cohen and Diane Hoskins will transition from their roles as co-CEOs to become the firm’s first global co-chairs.
As part of a succession strategy, the firm also welcomed new leadership after naming Julia Simet and Jordan Goldstein as incoming co-CEOs to lead the firm’s day-to-day operations, effective Jan. 1, 2024. As co-CEOs, they will manage the firm’s 53 global offices and 33 practice areas.
Goldstein and Simet each bring over 25 years of exceptional leadership to their new roles. They will be promoted from their current roles as co-managing principals, where they split responsibility for the firm’s U.S. and international regions.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
