After More than 30 Years in the Industry, URG Founder and CEO Pat Callahan Announces Transition and the Promotion of President and Chief Investment Officer Matthew Simo to CEO
SEATTLE, July 12, 2024 /PRNewswire/ -- Commercial real estate firm Urban Renaissance Group LLC (www.urbanrengroup.com) (URG) today announced that Founder and CEO Pat Callahan will step into a new role, continuing his service on the URG Board and increasing involvement in public policy work relative to safety and security. Callahan's transition to the new role will occur at the end of the calendar year, a date that was set by Pat and the firm about a decade ago. Current URG President and Chief Investment Officer Matthew Simo, who has been with the company since its inception in 2006, will take the reins as CEO.
Under Callahan's leadership, the award-winning company's existing footprint has grown to 14 million square feet of built, acquired or renovated commercial and retail space under management across Washington, Oregon and Colorado. Stan McCammon, CEO of Joshua Green Corporation, and Pat worked together to bring about the Joshua Green Corporation's significant investment in URG in 2012, as well as its acquisition of Seattle development firm Touchstone in 2014, a transaction which was named NAIOP Washington's 2015 Deal of the Year.
Today, URG is well-regarded as a best-in-class local operator and has partnered with a world-class network of institutional and private capital providers. These top-tier investors provide URG the ability to match capital to opportunity and pursue large, impactful projects.
"When I started URG in 2006, it was with the strong belief that Seattle was at a turning point," said Callahan. "The city has a natural magic that so many markets wish they could replicate. With a mix of high-quality lifestyle, stunning location and diverse market fundamentals, Seattle now has all the makings of a world-class city with an enviable array of global talent."
URG's founding thesis was that land use patterns and user demand would organize around three key trends: an expanding central city, transit-oriented growth and development, and urban centers in suburban locations. This thesis continues to prove true, as re-urbanization and increased vitality is persistent in Seattle, Portland and Denver and major metros across the U.S.
Incoming CEO Matthew Simo responded, "Since founding URG, Pat has guided the company through both prosperous and challenging times. His tenacity and deal-making prowess are unmatched, whether it was capitalizing on the sale of Equity Office Properties during URG's first year, capturing distressed buying opportunities during the global financial crisis, acquiring Touchstone, or joining forces with Joshua Green Corporation. Taking on the role of CEO at URG is both a privilege and a responsibility I am eager to embrace."
What originally attracted Joshua Green Corporation as an investor in URG was Pat's ability to operate the company as a best-in-class commercial real estate firm and investor," said Stan McCammon, President and CEO of the Joshua Green Corporation. "We still believe this holds true and under Matt's leadership, URG will continue delivering its business plan and expand the firm's position as a dominant player in the industry."
Callahan continued, "With hard work and passion from so many in our community, Seattle and Bellevue reflect some of the best aspects of urban life. While the pandemic created its share of unique challenges for cities across the nation, I have no doubt our region will continue to improve and come back stronger than before. It is with this in mind that I believe now is the time to shift my focus and energy to greater civic opportunities, including downtown's recovery and public safety needs."
Callahan Passes Torch to Simo as Firm's CEO, Continue Building on its Mission and Vision
As an early employee at URG, Simo has been directly involved in every investment the company has made. Since 2020, he has served as the company's Chief Investment Officer and President was added to his title in 2023. In this role, he was responsible for the execution of the company's growth strategy, oversight of investment activities and managing capital partner relationships with institutional and private investors.
"I am deeply honored to step into the role of CEO at URG," said Simo. "Pat's unique blend of visionary and compassionate leadership has been the cornerstone of this company's success for nearly two decades. I look forward to building on this strong foundation and leading URG into an exciting and transformative future."
Callahan stated, "I have a great deal of confidence in Matt – he is a natural choice for this role, and I am very pleased that a long-tenured leader in the company is taking the reins. Matt's deep understanding of URG's vision and mission, strong real estate expertise and analytical approach have served him well. His quick mind and his deep connections to the real estate community make him a great leader."
"Commercial real estate, particularly the office sector, is undergoing a transformational shift, creating a generational opportunity for operators and investors," stated Simo. "In a back-to-fundamentals approach, operations and the services and experiences provided will become key drivers of durable cash flow and asset value creation. I am thrilled to work with the URG leadership team to continue shaping the workplace of the future."
Prior to joining URG, Simo worked at Trizec Properties in Chicago. He received a Bachelor of Business Administration from the Wisconsin School of Business at the University of Wisconsin-Madison and is a graduate of the Advanced Management Development Program in Real Estate at Harvard University. Simo is an active member of the Urban Land Institute (Placemaking National Product Council, Center for Sustainable Leadership, Leadership for Change) and the Wisconsin Real Estate Alumni Association. Simo is also a Leadership in Energy & Environmental Design (LEED) Accredited Professional.
In addition to his organizational affiliations, Simo has been a lecturer for the University of Washington Commercial Real Estate Certificate Program since 2014. He also serves on the Runstad Department for Real Estate Advisory Board at the University of Washington.
Background: Callahan's Career Highlights & Civic Roles
Callahan is also deeply involved with real estate, civic and professional organizations, locally and nationally. At the Urban Land Institute (ULI), he is a former Trustee and a former member of the America's Executive Committee and the Transit Oriented Development (TOD) Council. He also served as co-chair of the ULI Spring Meeting in 2017. At the Downtown Seattle Association (DSA), Callahan has served as a director for over 20 years and is a former chair.
Prior to founding URG, Callahan held several roles at Equity Office Properties Trust (EOP) over a 15-year career in that organization. As Senior Vice President and regional head, he oversaw a business unit of 18 million square feet, 114 buildings, 300 employees and more than $450 million in revenue in Seattle, Bellevue, Portland, and Denver.
About Urban Renaissance Group
Urban Renaissance Group LLC is a Seattle-based full-service commercial real estate company, engaged in acquisitions, development, asset management, leasing, property management and ownership in Seattle, Bellevue, Denver, and Portland. Founded in 2006, the strategic premise of Urban Renaissance Group (URG) is that the form of the American City is changing. URG acts as a catalyst that understands and ignites that change, thereby building community, generating appropriate returns for its investors and opportunities for its partners and employees. Learn more at www.urbanrengroup.com.
SOURCE Urban Renaissance Group
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