Lend Lease Rosen s seeking a chief operating officer now that it has inked a deal to sell itself to Lend Lease Real Estate Investments. The firm said it will announce a hire in the "coming months."

The parent firm had already held a 50 percent ownership stake in Lend Lease Rosen, a fund manager specializing in real estate. It is now upping that stake to 74.9 percent by purchasing half of the shares held by Rosen Financial Services II. Portfolio managers Kenneth T. Rosen and Michael A. Torres control Rosen Financial Services. Over the next three years it will be the remainder of the company from its partner from Rosen Financial.

Both Rosen and Torres have also entered into three-year employment contracts as portfolio managers. Those contracts include equity-based incentives and retention plans to ensure continuity of the investment process.

Rosen has assumed the role of Chairman of Lend Lease Rosen. Additionally, he will continue to help expansion of Lend Lease's investment activities.

Torres has been promoted to chief executive officer. He will continue his focus on portfolio management and investment strategy, said the firm.

The Company's Board of Managers will be expanded to five members comprising Rosen, Torres and three senior Lend Lease executives: David Ross; Jerry Barag, chief investment officer of Lend Lease Real Estate Investments; and Dick Burns, head of marketing for the firm.

The company will continue to operate from its headquarters in Berkeley, California.  

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