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REAL ESTATE
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Buchanan Street Partners, a Newport Beach-based real estate investment bank that's been involved in close to $17 billion worth of deals since its founding about a decade ago, is making some changes to its executive team.
The company recently announced the promotion of founder and current chief investment officer Tim Ballard to president.
Ballard will be tasked with overseeing all of Buchanan's investing activities, as well as developing the long-term economic outlook and investment strategies for the firm, the company said. He's directed more than $5 billion of real estate investments for the company, which was formed in 1999.
Ballard takes the president title from fellow cofounder Robert Brunswick, who remains chief executive of the company and added the chairman title.
Also, Buchanan Street said that Dominic Petrucci, who joined the company in 2008 as chief financial officer, is getting the chief operating officer title. Under the new role, he'll have overall operational oversight for the firm and is responsible for asset management, nuance, investment accounting and reporting, among other duties.
The executive management changes are the largest for Buchanan Street since it sold a 51% stake in its business...