Pacific Office Properties Trust Inc. said Monday that it named James Ingebritsen, a co-founder and major shareholder, as its chief executive officer.
Ingebritsen, who also will hold the title of president and join the board, is an owner and director of the Los Angeles real estate investment trust’s external advisor, Pacific Office Management Inc.
As a partner of the Shidler Group, the REIT’s founders, Ingebritsen helped form the company through a reverse merger in 2008. He served as executive vice president, capital markets/operations and was responsible for maintaining debt and equity relationships, as well as oversight of the company’s western region operations.
“Jim Ingebritsen is one of the most talented real estate executives I’ve come across,” said Chairman Jay H. Shidler in a press release. “We are extremely pleased that he will be leading the company through its next phase.”
Shidler had been serving as interim CEO following the resignation last summer of Dallas Lucas as CEO.
Pacific Office Properties’ portfolio in Los Angeles, Honolulu, San Diego and Phoenix, comprises 40 office buildings totaling 4.3 million leasable square feet. Some of the properties are owned with other investors. About 60 percent of its holdings are in Honolulu.
Shares were up 25 cents, or 6 percent, to $4.26 in midday trading on the New York Alternet.
