Setting the stage for additional growth, Gilbane Development Co., the real estate and asset management arm of Gilbane, Inc., has named James Patchett as its new president and CEO. He takes over the role from Edward Broderick, who recently was appointed as CEO of Gilbane.
Patchett has over two decades of experience in real estate, finance, economic development, and public-private partnerships. Prior to joining Gilbane Development, he served as partner in the real estate practice at McKinsey & Co. and as president and CEO of the New York City Economic Development Corp. He also previously served as CEO of A&E Real Estate, a vertically integrated real estate management and investment firm and was vice president in Goldman Sachs’ Urban Investment Group.
“We are thrilled to welcome James to the Gilbane team,” said Broderick, who had served as president of Gilbane Development since January 2014. “His track record of creative development projects and investments in cities across the country will be instrumental in driving the next chapter of Gilbane Development’s growth.”
He added, “We are confident that James’ leadership will drive substantial growth while maintaining our core values and will build on Gilbane’s role as an innovative and trusted partner in reshaping communities across the country.”
With over $8.5 billion in development and over 25,000 units of housing completed or underway, Gilbane Development has experienced exponential growth over the past decade. Under Patchett’s leadership, it aims to continue its growth trajectory in the core market areas of student housing; affordable and mixed-income housing; market-rate housing; and public-private partnerships.
“Gilbane is a remarkable company with an outstanding track record of impact in the real estate and construction industry,” said Patchett. “We are at a pivotal moment in the real estate industry, and Gilbane Development is incredibly well positioned to capitalize on this opportunity to deliver returns for our investors and results for communities around the country. I look forward to building on Gilbane’s 155-year legacy, delivering impactful communities, creating value for investors, and leading Gilbane Development into the future as the company continues to experience growth.”
Some of Gilbane Development’s latest accomplishments include:
- Launching an over $500 million strategic partnership with CBRE Investment Management for purpose-built student housing communities;
- Building or rehabbing over 8,000 affordable and mixed-income units in partnership with the public sector;
- Delivering two transit-oriented developments with over 1,000 units at Metro stations in Maryland;
- Delivering $2.4 billion in public-private solutions for institutional and government clients; and
- Building a property management platform with the formation of three new affiliated businesses managing nearly 3,000 units with over 10,000 beds—Calvary Street Management, Eastaway Property Management, and Inwood Management.
“Gilbane is well positioned for continued growth in multifamily,” added Patchett. “We have a strong pipeline of student housing communities, targeted market-rate sites, and affordable housing opportunities around the country. I look forward to growing our platform and delivering strong returns for our investors and benefits to local communities.”
