Following another year of growth in a bullish real estate market, Vornado Realty Trust has started the year with new corporate officers to guide the company’s future investments. Chairman and CEO Steven Roth announced the following internal promotions.
Michael J. Franco, formerly executive vice president and chief investment officer, was named president. David Greenbaum, the previous president of the REIT’s New York division, was named vice chairman. Greenbaum is focusing on continuing to lead the company from the board room, as much as the office. Taking on the responsibilities of managing the company’s real estate operations from Franco and Greenbaum, are Executive Vice Presidents Glen Weiss and Barry Langer – they are now co-heads of the real estate division.
Franco joined Vornado in 2010 as co-head of acquisitions and capital markets from Morgan Stanley, where he was a managing director and served as head of the Morgan Stanley Real Estate Funds in the U.S., its flagship real estate investment opportunity fund. During his 20-year tenure with Morgan Stanley, according to his profile, he played an integral role in the development and growth of its real estate investing platform and led many of its most significant investments in the U.S.
Franco is also a trustee of the Urban Land Institute, and is involved in several private civic organizations.