Lincoln Property Co. Announces New Co-CEOs, Major Investment

David Binswanger and Clay Duvall will serve as the company's new co-CEOs, succeeding Lincoln Property founder and Chairman Mack Pogue and CEO and President Bill Duvall. A "major investment" from Connecticut-based Stone Point Capital will be used to expand Lincoln's international services, the company says.

Dallas-based Lincoln Property Company Commercial has announced the appointment of “a new generation of executive leadership” along with a major investment by funds managed by Stone Point Capital as part of its growth and succession plan.

David Binswanger and Clay Duvall will serve as co-CEOs, succeeding Lincoln Property founder and Chairman Mack Pogue and CEO and President Bill Duvall—both of whom will continue to have an ownership stake in Lincoln.

Greg Courtwright will continue to serve as Lincoln’s chief operating officer and remain an owner of the business.

One of the nation’s largest diversified commercial real estate companies, Lincoln manages, leases, and develops office, life science, retail, industrial, data center, studio, and mixed-use properties throughout the U.S., U.K., and Europe.

The company said that the strategic investment by Greenwich, Connecticut-based Stone Point Capital will enable it to accelerate its national and international expansion and offer more services to tenants, investors, lenders, and owners of commercial real estate.

The amount of the investment was not disclosed.

‘A world-class partner’

“We’re delighted to have a world-class partner in Stone Point Capital to help drive transformational growth,” Binswanger said in a statement. “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.”

Lincoln is a closely held company with plans to invest in new infrastructure to better serve its employees and clients, while growing its significant property portfolio in sectors including industrial, mixed-use, office, retail, production studios, and life sciences.

Plans to ‘significantly expand’

Lincoln said it also plans to significantly expand its real estate investment management services for leading global institutions, owners, investors, and corporate tenants.

“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,” Duvall said in a statement.

Pogue founded Lincoln Property Co. in 1965 as an apartment developer. With the hiring of Duvall in 1977, the company launched a major expansion into commercial development in leading cities nationwide.

Lincoln 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.

Acquired and developed $22B-plus in commercial projects in last five years

Lincoln said that in the last five years, it has acquired and developed more than $22 billion in commercial projects and it currently has “a robust pipeline” of in-progress and future development opportunities.

“Stone Point Capital is pleased to partner with the Pogue and Duvall families, as well as other significant contributors to Lincoln’s long-term success, and we could not be more excited to support David, Clay, Greg, and their many talented colleagues,” Stone Point Capital CEO Chuck Davis said in a statement.

Stone Point Capital Managing Director Agha Khan says Lincoln Property has a strong position in the market.

“We believe Lincoln is well positioned to take advantage of opportunities in the current challenging commercial real estate environment,” Khan said in a statement. “We expect that Lincoln’s local market knowledge and on-the-ground operating expertise will be in strong demand from owners, investors, lenders, and tenants seeking to transform existing properties or develop new properties.”

Lincoln said that the appointments of Binswanger and Duvall as co-CEOs and the investment by Stone Point Capital conclude a long-term succession planning process at the company.

Collectively, they have more than 50 years of experience working together at Lincoln.

Most recently, Duvall was EVP of finance, where he oversaw and established relationships with many equity and debt capital partners. Binswanger has built and led the expansion of Lincoln’s presence in several U.S. markets, spearheading some of the company’s landmark deals with many of the world’s most prominent technology and entertainment companies, Lincoln said.

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