Lincoln Property Company Commercial Announces Growth and Succession Plan
Today, 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 Greenwich, CT-based investment firm 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 COO 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 million square feet 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 billion 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.”
Clay Duvall added: “Stone Point Capital has a great track record of investing in successful companies to fuel their growth and a strong history of backing management teams that are transitioning from one generation to the next by investing alongside the company founders and long-standing executives.”