SEATTLE, July 12,
2024 /PRNewswire/ -- Commercial real estate firm
Urban Renaissance Group LLC (www.urbanrengroup.com) (URG) today
announced that Founder and CEO Pat
Callahan will step into a new role, continuing his service
on the URG Board and increasing involvement in public policy work
relative to safety and security. Callahan's transition to the new
role will occur at the end of the calendar year, a date that was
set by Pat and the firm about a decade ago. Current URG President
and Chief Investment Officer Matthew
Simo, who has been with the company since its inception in
2006, will take the reins as CEO.
Under Callahan's leadership, the award-winning company's
existing footprint has grown to 14 million square feet of built,
acquired or renovated commercial and retail space under management
across Washington, Oregon and Colorado. Stan
McCammon, CEO of Joshua Green Corporation, and Pat worked
together to bring about the Joshua Green Corporation's significant
investment in URG in 2012, as well as its acquisition of
Seattle development firm
Touchstone in 2014, a transaction which was named NAIOP
Washington's 2015 Deal of the Year.
Today, URG is well-regarded as a best-in-class local operator
and has partnered with a world-class network of institutional and
private capital providers. These top-tier investors provide URG the
ability to match capital to opportunity and pursue large, impactful
projects.
"When I started URG in 2006, it was with the strong belief that
Seattle was at a turning point,"
said Callahan. "The city has a natural magic that so many markets
wish they could replicate. With a mix of high-quality lifestyle,
stunning location and diverse market fundamentals, Seattle now has all the makings of a
world-class city with an enviable array of global
talent."
URG's founding thesis was that land use patterns and user demand
would organize around three key trends: an expanding central city,
transit-oriented growth and development, and urban centers in
suburban locations. This thesis continues to prove true, as
re-urbanization and increased vitality is persistent in
Seattle, Portland and Denver and major metros across the U.S.
Incoming CEO Matthew Simo
responded, "Since founding URG, Pat has guided the company through
both prosperous and challenging times. His tenacity and deal-making
prowess are unmatched, whether it was capitalizing on the sale of
Equity Office Properties during URG's first year, capturing
distressed buying opportunities during the global financial crisis,
acquiring Touchstone, or joining forces with Joshua Green
Corporation. Taking on the role of CEO at URG is both a privilege
and a responsibility I am eager to embrace."
What originally attracted Joshua Green Corporation as an
investor in URG was Pat's ability to operate the company as a
best-in-class commercial real estate firm and investor," said
Stan McCammon, President and CEO of
the Joshua Green Corporation. "We still believe this holds true and
under Matt's leadership, URG will continue delivering its business
plan and expand the firm's position as a dominant player in the
industry."
Callahan continued, "With hard work and passion from so many in
our community, Seattle and
Bellevue reflect some of the best
aspects of urban life. While the pandemic created its share of
unique challenges for cities across the nation, I have no doubt our
region will continue to improve and come back stronger than before.
It is with this in mind that I believe now is the time to shift my
focus and energy to greater civic opportunities, including
downtown's recovery and public safety needs."
Callahan Passes Torch to Simo as Firm's CEO, Continue
Building on its Mission and
Vision
As an early employee at URG, Simo has been directly involved in
every investment the company has made. Since 2020, he has served as
the company's Chief Investment Officer and President was added to
his title in 2023. In this role, he was responsible for the
execution of the company's growth strategy, oversight of investment
activities and managing capital partner relationships with
institutional and private investors.
"I am deeply honored to step into the role of CEO at URG," said
Simo. "Pat's unique blend of visionary and compassionate leadership
has been the cornerstone of this company's success for nearly two
decades. I look forward to building on this strong foundation and
leading URG into an exciting and transformative future."
Callahan stated, "I have a great deal of confidence in Matt – he
is a natural choice for this role, and I am very pleased that a
long-tenured leader in the company is taking the reins. Matt's deep
understanding of URG's vision and mission, strong real estate
expertise and analytical approach have served him well. His quick
mind and his deep connections to the real estate community make him
a great leader."
"Commercial real estate, particularly the office sector, is
undergoing a transformational shift, creating a generational
opportunity for operators and investors," stated Simo. "In a
back-to-fundamentals approach, operations and the services and
experiences provided will become key drivers of durable cash flow
and asset value creation. I am thrilled to work with the URG
leadership team to continue shaping the workplace of the
future."
Prior to joining URG, Simo worked at Trizec Properties in
Chicago. He received a Bachelor of
Business Administration from the Wisconsin School of Business at the University of
Wisconsin-Madison and is a
graduate of the Advanced Management Development Program in Real
Estate at Harvard University. Simo is
an active member of the Urban Land Institute (Placemaking National
Product Council, Center for Sustainable Leadership, Leadership for
Change) and the Wisconsin Real Estate Alumni Association. Simo is
also a Leadership in Energy & Environmental Design (LEED)
Accredited Professional.
In addition to his organizational affiliations, Simo has been a
lecturer for the University of
Washington Commercial Real Estate Certificate Program since
2014. He also serves on the Runstad Department for Real Estate
Advisory Board at the University of Washington.
Background: Callahan's Career Highlights & Civic
Roles
Callahan is also deeply involved with real estate, civic and
professional organizations, locally and nationally. At the Urban
Land Institute (ULI), he is a former Trustee and a former member of
the America's Executive Committee and the Transit Oriented
Development (TOD) Council. He also served as co-chair of the ULI
Spring Meeting in 2017. At the Downtown Seattle Association (DSA),
Callahan has served as a director for over 20 years and is a former
chair.
Prior to founding URG, Callahan held several roles at Equity
Office Properties Trust (EOP) over a 15-year career in that
organization. As Senior Vice President and regional head, he
oversaw a business unit of 18 million square feet, 114 buildings,
300 employees and more than $450
million in revenue in Seattle, Bellevue, Portland, and Denver.
About Urban Renaissance Group
Urban Renaissance
Group LLC is a Seattle-based
full-service commercial real estate company, engaged in
acquisitions, development, asset management, leasing, property
management and ownership in Seattle, Bellevue, Denver, and Portland. Founded in 2006, the strategic
premise of Urban Renaissance Group (URG) is that the form of the
American City is changing. URG acts as a catalyst that understands
and ignites that change, thereby building community, generating
appropriate returns for its investors and opportunities for its
partners and employees. Learn more at www.urbanrengroup.com.
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SOURCE Urban Renaissance Group