PRINCETON, N.J.--(BUSINESS WIRE)--Chambers Street Properties (NYSE:CSG) ("Chambers Street" or the "Company"), a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties, today announced that President, Chief Executive Officer and Founder Jack Cuneo plans to retire from the Company. Cuneo will continue in his role until a successor is named and will be available to provide consulting services to the Company for a period of time after that. At the time of his retirement, Cuneo will also resign from his position as trustee. The search for a new chief executive officer will be led by the Nominating and Corporate Governance Committee and will commence immediately.
Cuneo said, “It has been an honor to lead Chambers Street since its founding in 2004. I am extremely proud of all we have accomplished in building this company into what it is today, and I am confident that Chambers Street is well positioned for continued success. Given the Company’s excellent portfolio and strong financial position, this is the right time for me to hand over the reins to new leadership who will take this Company to its next phase of growth and success. "
Charles E. Black, chairman of the board of trustees, said, “On behalf of the board of trustees, I would like to thank Jack for his leadership, perseverance and many contributions to Chambers Street. Jack has built this company into a premier real estate firm that is well positioned for increased growth and expansion. We wish him well in his next phase. Our board of trustees looks forward to naming a successor who will work with the board to execute a strategic vision to take this exceptional company to its next level of growth."
The Company reconfirmed annual guidance for Core FFO per share to a range of $0.66 to $0.69 provided in its October 30th third quarter 2014 earnings announcement.
About Chambers Street Properties (NYSE:CSG)
Chambers Street is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties, leased to creditworthy tenants. As of September 30, 2014, Chambers Street owned or had a majority interest in 129 properties located across 20 U.S. states, France, Germany, and the United Kingdom encompassing approximately 36.3 million rentable square feet. For additional information, please visit www.ChambersStreet.com.
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