Starwood Retail Partners and its parent Starwood Capital Group, the global private real estate investment firm, announced today that Michael P. Glimcher has been named Chief Executive Officer of Starwood Retail Partners effective September 11, 2017. Mr. Glimcher succeeds Scott Wolstein, who will transition to a new role as a Senior Advisor to Starwood Capital Group.
"We are pleased to bring on an executive with Michael's deep expertise and high-caliber leadership ability to Starwood Retail Partners' team. His 27 years of comprehensive industry experience and far-reaching relationships position him to step seamlessly into this role," said Barry Sternlicht, Chairman and CEO of Starwood Capital Group and Starwood Property Trust. "Scott is a great partner who was essential to creating and growing Starwood Retail Partners from its inception in 2012 to a portfolio of 30 malls and lifestyle centers across the United States. We thank him for his efforts at Starwood Retail Partners and are happy he will continue to lend his knowledge and understanding of the retail industry as a Senior Advisor with Starwood Capital Group. We look forward to working on additional endeavors with Scott in the future."
A veteran of the real estate industry, Michael Glimcher began his career with Glimcher Realty Trust, eventually serving as CEO from 2005 to 2015 and as Chairman from 2007 to 2015. At Glimcher Realty Trust, Mr. Glimcher successfully repositioned the portfolio from strip centers and small market malls with moderate performance and sales, to a 95+% occupied high productivity portfolio of larger market malls and lifestyle retail. After Glimcher Realty Trust merged with Washington Prime in 2015 to create WP Glimcher, he served as CEO and Vice Chairman until 2016.
Mark Deason, Head of US Asset Management for Starwood Capital Group, added, "Michael has an intense passion for the retail business, is widely respected by his peers and has a deep understanding of what retailers and shoppers are looking for and how we, as landlords, must adapt. We will work together to take advantage of our combined platforms' relationships and scale, further enhancing our ability to innovate and capitalize on the opportunities facing the retail industry."
"I'm excited to join the team at Starwood, a brand that has been synonymous with success across multiple asset classes," Mr. Glimcher said. "Starwood and Scott have assembled an outstanding portfolio with tremendous potential to create the 'shopping venues of the future.' I'm proud to work with the visionary leadership of Starwood and an excellent team of experienced and forward thinkers already assembled at Starwood Retail Partners to maximize the value of our properties for our investors."
Glimcher serves on the Executive Board of Governors and the Governing Committee of the National Association of Real Estate Investment Trusts, is a former Trustee of the International Council of Shopping Centers and is a member of the Real Estate Roundtable. He was a 2013 Ernst & Young Entrepreneur of the Year and named a Midwest Real Estate Icon by Real Estate Forum Magazine. Mr. Glimcher obtained a B.S. degree from Arizona State University and recently served as a trustee for the University Foundation.
About Starwood Retail Partners Starwood Retail Partners is the fifth-largest owner of regional malls in the United States, with 30 malls and lifestyle centers in 16 states across the country. Starwood Capital Group has owned Starwood Retail Partners since its founding in 2012. Starwood Retail Partners, with over 375 employees, is a vertically integrated retail landlord, with expertise in property management, leasing and development, allowing it to bring the next generation of shopping venues to an increasingly discerning and interconnected consumer. Additional information can be found at www.starwoodretail.com
About Starwood Capital Group
Starwood Capital Group is a private investment firm with a focus on global real estate. Headquartered in Miami Beach, FL, the Firm maintains ten offices in four countries around the world. Starwood Capital Group has raised over $40 billion of equity capital since its inception in 1991, and currently manages over $55 billion in assets. The Firm has invested in virtually every class of real estate on a global basis, opportunistically shifting geographies and changing positions in the capital stack as risk-reward dynamics evolve. For more than two decades, Starwood Capital Group and its affiliates have successfully executed an investment strategy that involves building enterprises around real estate portfolios in both the private and public markets. Additional information can be found at www.starwoodcapital.com.