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Ramco-Gershenson Changes Name; Moves HQ to NYC Following Leadership Shakeup

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Ramco-Gershenson Properties Trust will be renamed RPT Realty, as of November 13. As reported by Crain’s Detroit, the publicly traded REIT will be moving its headquarters to NYC, from its longtime home in Farmington Hills, Michigan

Ramco-Gershenson Properties Trust will be renamed RPT Realty, as of November 13. As reported by Crain’s Detroit, the publicly traded REIT will be moving its headquarters to NYC, from its longtime home in Farmington Hills, Michigan. The announcements, made last Wednesday follow changes in the company’s leadership. “Rebranding allows us a fresh start to refocus our strategic plan to unlock and drive embedded shareholder value,” said the new CEO, Brian Harper. “In the four months since the change in leadership, we have streamlined our operating platform, reset our organizational culture, opened a new corporate headquarters in New York City, experienced strategic board of trustee changes, and identified the building blocks to deliver tangible and sustainable long-term growth for our shareholders.”

Last month, the realty company, which boasts a real estate portfolio spanning 13.6 million square feet across 56 properties in the U.S., announced that it will be drastically downsizing its original west Oakland County headquarters and staff. On Wednesday, a representative said the company will keep 10,000-12,000 square feet in Farmington Hills, of the previous 30,000 square feet office footprint at the 31500 Northwestern Highway location.

The changes have been under the direction of the company’s new CEO Brian Harper, who is based in NY. Dennis Gershenson, who led the company since 1996, has not been Chairman of the board since early September. Harper, who became the President and CEO as of June 15, joined Ramco-Gershenson from Rouse Properties, a real estate investment trust in New York City where he had been CEO for two years.

In a conference call following its second-quarter earnings report, Harper spoke about the downsizing of the Michigan space, calling it “the planned rightsizing and rebranding of the corporate Farmington Hills office in 2019.” He said it was “an immediate streamlining of staffing to eliminate redundancies including but not limited to those created by the two region structure as we position the company for the future,” as per a transcript of the call. “In total, we expect these actions to result in approximately $2 million in annual net cash savings.”

By Hellen Zaboulani

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