GE Real Estate, a Norwalk, Conn., commercial real estate investment trust unit of General Electric Co., has promoted Joe Parsons to president and chief executive officer of its newly formed global investment management division.
Mr. Parsons was the president of GE Real Estate's North American equity division. In that role he led a real estate business group operating in the United States and Mexico.
Since arriving at GE Real Estate in 2002, he has transformed its $2.4 billion U.S. portfolio into one with more than $25 billion of real estate assets under management.
Under his leadership, the REIT made one of its largest acquisitions: the $4.8 billion purchase in 2005 of Arden Realty.
In his new position, Mr. Parsons will lead all of GE Real Estate's global investment management activities.
GE Real Estate, which announced the promotion Wednesday, has more than $79 billion of assets and operates in 32 countries in North America, Europe, Asia, and Australia/New Zealand.
