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2/09/23
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Lincoln Property Company Commercial announced a growth and succession plan that includes the appointment of a new generation of executive leadership and a major investment by funds managed by Stone Point Capital LLC.
Lincoln is one of the nation’s largest diversified commercial real estate companies that manages, leases, and develops office, life science, retail, industrial, data center, studio, and mixed-use properties throughout the United States, United Kingdom, and Europe. The strategic investment by Stone Point Capital will enable Lincoln to accelerate its national and international expansion and offer more services to tenants, investors, lenders, and owners of commercial real estate.
Lincoln remains a closely held company with plans to invest in new infrastructure to better serve its employees and clients, while growing its already significant property portfolio in sectors including industrial, mixed-use, office, retail, production studios, and life sciences. Lincoln also plans to significantly expand its real estate investment management services for leading global institutions, owners, investors, and corporate tenants.
David Binswanger and Clay Duvall will serve as Co-CEOs, succeeding Lincoln Founder and Chairman Mack Pogue and CEO and President Bill Duvall, both of whom will continue to have an ownership stake in the company. Greg Courtwright will continue to serve as Lincoln’s Chief Operating Officer and remain an owner of the business.
Pogue originally founded Lincoln Property Company in 1965 as an apartment developer. With the hiring of Bill Duvall in 1977, the company launched a major expansion into commercial development in leading cities across the United States.
Today, Lincoln Property Company has grown into one of the largest privately held full service real estate companies in the country, managing 275 msf of real estate on behalf of third-party institutional clients. In the last five years alone, the company has acquired and developed more than $22 bil in commercial projects and currently has a robust pipeline of in-progress and future development opportunities.
“We’re delighted to have a world-class partner in Stone Point Capital to help drive transformational growth,” Binswanger said. “With our current team’s expertise and Stone Point’s network and capital markets success, we will build upon an incredibly strong platform that is nearly 60 years in the making. And we intend to uphold the high standards of trust, partnership, and innovation first established by Mack Pogue and Bill Duvall and embraced by our colleagues throughout the United States, United Kingdom, and Europe.”
The appointment of David Binswanger and Clay Duvall as Co-CEOs and the investment by Stone Point Capital conclude a long-term succession planning process at Lincoln. The Co-CEOs have more than 50 years of collective experience working together at Lincoln. Duvall most recently served as Executive Vice President of Finance, where he oversaw and established relationships with many equity and debt capital partners. Binswanger has built and led the expansion of Lincoln’s presence in several U.S. markets, spearheading some of the company’s landmark deals with many of the world’s most prominent technology and entertainment companies.
In connection with the transaction, Berkshire Global Advisors acted as financial advisor to Lincoln Property Company.
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