The leadership shuffle at the New York-based real estate investment trust (REIT) marks a significant transition in its executive hierarchy. Michael Comparato, 48, steps into the top job after serving as the company’s president since March 2023. His promotion signals a strategy of internal continuity as the firm navigates the evolving commercial credit and property markets.

To fill the vacancy left by Comparato’s elevation, the board has appointed Brian Buffone as president. Buffone, also 48, brings deep operational experience to the position, having served as a managing director and head of real estate operations for the trust’s external manager since January 2025.

Strategic Board Transition

Richard Byrne concludes a decade-long tenure as CEO, a period defined by the firm's expansion in the debt and equity sectors. By remaining as chairman, Byrne is expected to provide high-level strategic oversight while the new executive team manages day-to-day operations. According to the company statement, the appointments are effective immediately.

The executive restructuring involves several key personnel changes:

• Michael Comparato assumes the role of Chief Executive Officer.
• Brian Buffone is promoted to President.
• Richard Byrne transitions to Chairman of the Board.