Gilbane Development Company, the real estate development and asset management arm of Gilbane, Inc. announced the appointment of James Patchett as its new president and chief executive officer.
He will succeed Edward Broderick who was recently appointed chief executive officer of Gilbane and served as president of Gilbane Development since January 2014.
“We are thrilled to welcome James to the Gilbane team,” said Edward Broderick, CEO, Gilbane, Inc. “His track record of creative development projects and investments in cities across the country will be instrumental in driving the next chapter of Gilbane Development’s growth. James has a collaborative approach, prioritizes working with communities and inspires teams, which will foster a culture of innovation and excellence at Gilbane Development. We are confident that James’ leadership will drive substantial growth while maintaining our core values and will build on Gilbane’s role as an innovative and trusted partner in reshaping communities across the country.”
Patchett is a proven leader in real estate, finance, economic development, and public-private partnerships with more than two decades of experience. He has held high-impact leadership roles in both the private and public sectors.
“Gilbane is a remarkable company with an outstanding track record of impact in the real estate and construction industry,” said James Patchett, President & CEO, Gilbane Development. “We are at a pivotal moment in the real estate industry, and Gilbane Development is incredibly well positioned to capitalize on this opportunity to deliver returns for our investors and results for communities around the country. I look forward to building on Gilbane’s 155-year legacy, delivering impactful communities, creating value for investors, and leading Gilbane Development into the future as the company continues to experience outstanding growth.”
With over $8.5 billion in total development, Gilbane Development has experienced exponential growth over the past decade and is a Top 10 Student Housing Developer (Student Housing Business).
Recent notable successes for Gilbane Development include:
- Launching a $500+ million strategic partnership with CBRE Investment Management (CBREIM) for purpose-built student housing properties across the country;
- Working with the public sector to build or rehabilitate over 8,000 affordable/mixed-income units totaling nearly $3 billion.
- Delivering nearly $400 million in development of two new transit-oriented projects totaling 1,000+ units at Metro stations in Maryland;
- Delivering $2.4 billion in comprehensive public-private solutions for institutional and government clients, encompassing design, build, finance, operate, and maintain models;
- Building a property management platform with the formation of three new affiliated businesses managing nearly 3,000 units with over 10,000 beds – Inwood Management, Eastaway Property Management and Calvary Street Management.
According to a news release, Patchett’s leadership and prior experience have supported transformation, growth, and innovation. Before joining Gilbane Development, he served as partner in the real estate practice at McKinsey & Company and as president and CEO of the New York City Economic Development Corporation, where he ran a portfolio of over 60 million square feet of real estate, managed $10 billion in development and infrastructure projects, and helped establish New York City as an innovation hub in life sciences, fintech, cybersecurity, and green energy.
Source: Gilbane
