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Saturday, Sep 23, 2023

PS Business Parks Names New CEO

Glendale-based PS Business Parks Inc. has appointed Dan “Mac” Chandler III as the company’s chief executive officer, effective April 5.John Petersen, the company’s interim chief executive, will remain in that role until the transition.Chandler joins the company after serving as chief investment officer of Regency Centers Corp., a public real estate investment trust that acquires, develops, owns and operates open-air shopping centers.“We are excited to welcome Mac to PS Business Parks as our new president and CEO,” Ronald Havner Jr., the company’s chairman, said in a statement. “Mac brings extensive executive leadership and real estate investment experience, and we look forward to the company’s continued growth and delivery of significant value to our shareholders under Mac’s leadership. We also thank J.P. for his service as interim president and chief executive officer.”PS Business Parks is a REIT that acquires, develops, owns and operates commercial properties, primarily multi-tenant industrial, flex and office space.  It currently owns over 27.6 million of rentable square feet in California, Texas, Virginia, Florida, Maryland and Washington.B. Wayne Hughes and Kenneth Volk Jr. founded Public Storage in 1972. In 1990, they created PS Business Parks as a division of Public Storage. Eight years later, PS Business Parks was spun-off from its parent company.

Among the company highlights across its 31-year history: In 2002, PS Business Parks acquired Metro Park North, a 17-building business park in Rockville, Maryland, for $125 million; in 2011, the company acquired a 5.3 million-square-foot industrial and flex portfolio in Northern California from a Deutsche Bank subsidiary for $520 million. And three years ago, the company acquired a portfolio of industrial properties in Northern Virginia for $143 million.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

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