Griffin Capital Essential Asset REIT II, Inc (GCEAR II). recently announced a change to its Board of Directors. The size of the Board has been increased from three directors to five and the Audit Committee has a new Chairman.
Michael J. Escalante and Samuel Tang have been appointed as a member of the Board and independent director member, respectively. Tang will also serve as member of the Nominating and Corporate Governance Committee and Chairman of the Audit Committee.
Escalante has served as Chief Investment Officer for Griffin Capital Corporation, the REIT’s sponsor, since 2006, overseeing all acquisition and disposition activities.
Tang co-founded and serves as managing partner for TriGuard Management LLC which acquires private equity (PE) fund-of-funds in the secondary market and provides a platform for other PE investment businesses. Earlier in his career, Tang was a CPA.
The Board determined that Tang’s background and qualifications allow him to be deemed an “audit committee financial expert” according to SEC rules and regulations.
In connection with Tang’s appointment as Chairman, Timothy J. Rohner, an independent director, member and former Chairman of the Audit Committee, resigned from the Chairman post. He remains an independent director and member of the Audit Committee.
“Mr. Rohner’s decision to resign as Chairman of the Audit Committee did not involve any disagreement with the Registrant, the Registrant’s management, or the Board,” according to a filing by the REIT.
GCEAR II, a $2 billion primary offering, commenced operations in September of 2014. It intends to create a diversified portfolio of single tenant office and industrial business essential properties.