President of John Buck Co. to retire
John O’Donnell
(Crain's) — John Buck Co. President and Vice-chairman John O'Donnell will retire in the spring, the highest-profile in a series of personnel changes at the Chicago real estate firm.
Buck principal Charles Beaver will relocate next fall to the Philadelphia area to establish an East Coast office for Buck. Mr. Beaver, 57, is head of JBC Funds, where he oversees raising capital and making acquisitions.
John A. "Jack" Buck III, 38, has been promoted to senior vice-president from vice-president and will take over the JBC Services Division along with fee-based development projects.
Buck also has hired Blake Johnson as a principal of the fund division. Mr. Johnson, 41, is leaving CB Richard Ellis Inc., where he went to work just this spring after 12 years with Eastdil Secured LLC.
The moves were announced internally Tuesday morning at Buck, which is best known locally for building new office towers along Wacker Drive and the North Bridge shopping center on Michigan Avenue. The company is now leading a 6.1-million-square-foot mixed-use development in Abu Dhabi.
Mr. O'Donnell, 59, is a 28-year veteran of Buck who was promoted to president in 2007. Mr. O'Donnell has been involved in transactions with the firm totaling more than $8.2 billion and will continue to remain active on several projects and two Buck funds, the company says in a statement. He will officially step down in April.
"Few have done more to get (John Buck Co.) to where it is today," John Buck, the firm's chairman and CEO, says in the statement. "John will be greatly missed."
Related story: Longtime Buck exec promoted to president
Mr. O'Donnell didn't return a call Tuesday morning seeking comment.
Buck has considered having an East Coast office for several years, according to the statement, and the firm tapped Mr. Beaver in part because of his past experience working there.
"Charlie is ideally suited for this role," Mr. Buck says in the statement. "His goal will be to create a prominent (John Buck Co.) presence through capital raising and new deal flow."
Mr. Johnson is to join Buck this month and will help oversee the fund division along with Mr. Beaver. His departure was taken in stride by CB Richard Ellis' top executive here.
"Blake is exceptionally talented, and he did a terrific job," Jack Durburg, an executive managing director with CB Richard Ellis, says in an e-mailed statement. "He is now an important client of the firm, and we look forward to supporting him in his new position."
The new, expanded role for Jack Buck, whose father is the firm's CEO and founder, John Buck, includes responsibility for property management, brokerage, accounting, information technology, human resources and marketing.
