New York City–based private equity investment firm Arundel Capital Partners has received approval from U.S. Citizenship and Immigration Services to operate a private sector immigrant investor program, known as an EB-5 regional investment center, which will be located in Boston. Approval was obtained for $125 million in commercial real estate development projects to be developed with support from the center by Silvermine Development Partners. “Silvermine’s objective is to create high-quality, smart developments that enhance their neighborhoods, and are a blue chip investment product for all our investors and stakeholders. Access to the EB-5 program is a competitive advantage, and Silvermine is looking forward to developing important projects for Boston,” says ULI trustee and Silvermine Development Partners managing partner Alyson Toombs Worthington.
Eric B. Larson has been named co–managing partner of Bedrock Real Estate Services, a downtown Detroit–based full-service real estate firm specializing in the purchasing, leasing, development, and managing of commercial space. Larson joins James Ketai, Bedrock’s founder and managing partner, in running the company, which oversees more than 3.5 million square feet (325,000 sq m) of commercial space in downtown Detroit; Cleveland; Scottsdale, Arizona; Charlotte, North Carolina; San Diego; and Pittsburgh. Larson, a ULI trustee and ULI Foundation governor, serves as chairman of ULI’s Robert C. Larson Leadership Initiative and chairman of ULI Michigan’s Governance Committee.
Deloitte Touche Tohmatsu Limited announced that Robert T. O’Brien has been appointed to lead its global real estate group. O’Brien, a vice chairman with Deloitte in the United States, will also continue as the U.S. real estate leader. He will work with the member firms to develop regional teams in emerging markets, enhance service programs for Deloitte’s largest global clients, and leverage its deep industry expertise across consulting, tax, audit, enterprise risk, and financial advisory services. O’Brien is a ULI trustee and a ULI Foundation governor.
Owen D. Thomas has succeeded Mortimer B. Zuckerman as chief executive officer of Boston Properties. Zuckerman remains executive chairman and has returned to his original role in company activities. Most recently, Thomas was chairman of the board of Lehman Brothers Holdings, the successor company to Lehman Brothers. He also held various senior positions at Morgan Stanley for more than 20 years, including serving as head of Morgan Stanley Real Estate and as chief executive officer of Morgan Stanley Asia. Thomas is a ULI trustee.
Grosvenor Fund Management has promoted Charles “Chip” Walters to the position of chief investment officer in its Philadelphia office. Previously, he served as managing director and head of fund portfolio management.