REIT Will Retain Offices in Los Angeles, New York City After Designating Boca Raton, Florida, As Its Main Corporate Office
Colony Capital is beginning the new year with a new headquarters location after relocating from Los Angeles to Boca Raton, Florida. The real estate investment trust also announced several new appointments of its ongoing change in strategy to shift from owning primarily traditional properties to invest in digital infrastructure, including cell towers and data centers.
Digital Colony, the REIT’s digital infrastructure investment management business, has been based in Boca Raton for over a decade. Colony’s new president and CEO, Marc Ganzi, and Executive Vice President and CFO Jacky Wu are already based there as well.
The company said the move also supports its efforts to streamline its structure and realizing cost savings. The new headquarters is located at 750 Park Commerce Drive.
Along with its headquarters relocation, Colony Capital also promoted Sonia Kim to chief accounting officer. She previously was the managing director of finance and accounting.
In addition, Neale Redington was promoted to chief financial officer of non-digital businesses and Brian Lee was promoted to corporate treasurer.
The company said it will maintain its Los Angeles office to support investment and corporate operations, with another principal U.S. office in New York City
Colony Capital is the latest to announce an operational shift out of costlier coastal locales in California and New York to less-expensive southern and interior states, especially Texas and Florida. The trend began with the onset of the ongoing COVID-19 pandemic and its economic fallout.
Select headquarter relocations include global real estate firm CBRE to Dallas from Los Angeles, Hewlett Packard moving to Houston from San Jose, California, Oracle shifting to Austin, Texas from Redwood City, California and electric carmaker Tesla departing Palo Alto for Austin.