Pat Duncan, CEO of USAA Real Estate Co. (“RealCo”), will retire from the day-to-day activities of the company effective May 1, 2013. Mr. Duncan will remain on several entity-related company boards, including the RealCo board as executive vice chairman. He will also remain on the boards of various RealCo subsidiaries and affiliates.
Len O’Donnell will succeed Pat Duncan as CEO of RealCo. For the past two years, Mr. O’Donnell has served as RealCo’s president and chief operating officer, overseeing all operations of the company to include acquisitions, global investing, capital markets and portfolio management.
“Pat’s record, especially successfully leading RealCo during the recent economic downturn, is outstanding,” says Joe Robles, USAA president and CEO. “Thanks to Pat’s leadership, USAA Real Estate Company has grown to be a major industrial developer that is highly respected, and Len has proven himself well-qualified to build on that tradition.”
Before he joined USAA, Mr. O’Donnell was a RealCo development partner as he served as principal and chief investment officer for Crimson Real Estate Fund, which specialized in value-added acquisitions and build-to-suit development. A graduate of the University of Delaware, Mr. O’Donnell also served as president and CEO of Crimson Capital Ltd., a diversified real estate investment company offering investment management services, as well as development, property management and leasing.
About USAA Real Estate Company
USAA Real Estate Company, with approximately $12 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA Real Estate Company portfolio is diversified by product type and location and includes investments in real estate operating companies. USAA Real Estate Company is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.
USAA provides insurance, banking, investment and retirement products and services to 9.4 million members of the U.S. military and their families. Known for its legendary commitment to its members, USAA is consistently recognized for outstanding service, employee well-being and financial strength. USAA membership is open to all who are serving or have honorably served our nation in the U.S. military – and their eligible family members. For more information about USAA, or to learn more about membership, visit usaa.com.