Peakstone Realty Trust, a publicly registered non-traded real estate investment trust formerly known as Griffin Realty Trust, announced significant changes to the company’s board of directors.
Kevin A. Shields, Kathleen S. Briscoe, Ranjit M. Kripalani, James F. Risoleo and J. Grayson Sanders each communicated their intention to resign from the board of trustees of Peakstone Realty Trust, subject to, and effective immediately prior to, the listing of the company’s common shares on the New York Stock Exchange. The company announced in February their intention to pursue a listing of the company’s common shares on the NYSE, but no further details have yet been provided.
Peakstone says the resignations are part of a “board refreshment” process being implemented in connection with the listing. The company indicated that none of the resignations are due to any disagreement with the company on any matter relating to its operations, policies or practices.
Shields is currently the chairman of Peakstone, as well as the chairman and chief executive officer of its former sponsor, Griffin Capital Company.
On March 14, 2023, the board also approved the appointments of Casey Wold and Carrie DeWees as trustees of the company to fill two of the vacancies on the board resulting from the resignations detailed above, which are subject to and effective following the effectiveness of the board resignations and prior to the listing. Peakstone says each new trustee will serve until the 2023 annual meeting of shareholders and until their successor is duly elected and qualified.
Upon their appointment to the board, the company says each new trustee will also become a member of each of the audit committee, compensation committee and nominating and corporate governance committee of the board. Wold will serve as non-executive chairman of the board.
The board also determined to reduce its size to five members following the effectiveness of the resignations and effective immediately prior to the listing on the NYSE.
Wold founded and has served as chief executive officer and managing partner of Vanderbilt Office Properties, a real estate investment and management company, since 2014. From 2004 to 2014, Wold served as senior managing director of Tishman Speyer, an international real estate company, and was a member of its investment and management committees. From 1995 to 2004, Wold previously served as president and various other positions at TrizecHahn Office Properties, including Chief Investment Officer and Chief Operating Officer of the U.S. subsidiary when it went public in 2002, and executive vice president and the head of the US Acquisition Group for Equity Office Properties from 1987 to 1995. He earned his bachelor’s degree in finance from the University of Illinois and a master’s in real estate from Southern Methodist University.
DeWees has served as a managing principal of Allstate Investments since 2011 where she manages an approximately $800 million commercial real estate portfolio including industrial, multi-family, retail, office and self-storage assets. DeWees also served as director of asset management of Allstate’s direct $1.0 billion portfolio from 2012 to 2021. Prior to joining Allstate, DeWees spent the majority of her career working for real estate investment advisors including JMB Realty, Heitman, Henderson Global Investors and American Realty Advisors. She earned a bachelor’s degree in accounting and an MBA in real estate and finance.
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