Members of the management of Lend Lease Rosen Real Estate Securities, a unit of Lend Lease Corporation, have bought out the unit and renamed it to Adelante Capital Management.

Adelante manages pension, endowment, foundation, separate account, partnership and mutual fund money totaling approximately $3 billion.

Michael Torres, chief executive officer, and Mark Nuti, chief executive officer, will lead a team of 15 professionals out of Berkeley, California.

Putnam Lovell NBF Securities Inc. assisted Adelante and JP Morgan advised Lend Lease Corp. on the deal. 

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