JLL’s Michael Colacino Resigns Three Weeks After Promotion to CEO

Michael Colacino has resigned from JLL as CEO of its Americas leasing advisory business after only a few weeks in the lofty position, Commercial Observer has learned.

It’s not immediately clear why Colacino, who was appointed to the chief executive role Jan. 15 as John Gates transitioned to executive chairman, suddenly resigned. Karen Brennan will manage both her responsibilities as CEO of the firm’s overall leasing advisory business and the vacant position in the interim, according to a JLL spokesperson.

“We have established a strong leadership position in our Americas leasing business over the past two decades, a result of our client centricity, strong culture and the quality of our people and insights,” Brennan said in a statement. “I’m energized by the strong momentum we’ve built and look forward to leveraging that foundation to accelerate our growth initiatives, expand our market share, and capitalize on the significant opportunities ahead of us.”

Colacino’s recent promotion coincided with the December hiring of Joseph Caridi as executive managing director for JLL’s tri-state region after previously working with Cushman & Wakefield.

Colacino had been with JLL since November 2023 when he was poached from digital brokerage SquareFoot and had been reporting to Peter Riguardi, head of JLL’s New York tri-state region, and tri-state chief operating officer Stephen Schlegel.

JLL did not immediately clarify whether Brennan would take over Colacino’s role in the interim or indefinitely.

Colacino could not be reached for comment.

Mark Hallum can be reached at mhallum@commercialobserver.com.