Kaoru Yamaoka appointed President of MFA
New York, NY – March 24, 2015 – Mitsui Fudosan America Inc., the U.S. operations of Japan’s largest real estate company, announced today that it has appointed John E. Westerfield Chief Executive Officer and member of the board of directors of MFA effective April 1st. The company also announced that Kaoru Yamaoka will assume the title of President of MFA.
Mr. Westerfield, formerly a Managing Director at Morgan Stanley, steps into this leadership role at a time of significant expansion for the company in the U.S. market. “I am delighted to join Mitsui Fudosan America, one of the most innovative real estate firms in the world,” Mr. Westerfield said. “I look forward to continuing the expansion of the company in the U.S. market.”
Over the last three years, MFA has committed in excess of $2 billion to office and residential development projects in New York, San Francisco, Seattle and Washington, D.C. In all, MFA owns 15 properties in the U.S. Earlier this year MFA announced its investment to build Fifty Five Hudson Yards in Manhattan in partnership with Related Companies and Oxford Properties Group. The anticipated LEED Gold, 51-story, 1.3 million gross square foot building is expected to be ready for tenant fit-out in 2017.
Mr. Westerfield has served as a senior advisor to the board of directors of MFA since September, 2011 and has had a long-standing relationship with the company dating back to the 1980’s. Mr. Westerfield was formerly a Managing Director at Morgan Stanley where he ran the firm's global commercial real estate finance group until 2008 at which time he retired to form his own private real estate investment firm. He joined Morgan Stanley's real estate investment banking group in 1985 upon graduation from Harvard Business School.
Mr. Yamaoka was formerly Senior Vice President of Corporate Planning for MFA responsible for strategic planning and the review of all acquisitions. He first joined Mitsui Fudosan in 1988. MFA has had a significant presence in the United States since the 1970’s and purchased the 2.4 million square foot trophy office building, 1251 Avenue of the Americas, in 1986, which it still owns. Mitsui Fudosan Group, headquartered in Tokyo, Japan, is undergoing a global expansion pursuant to its “Innovation 2017” plan which, amongst other objectives, aims to grow the company’s $39 billion portfolio by adding high value-added development projects in international gateway cities, including London, Singapore, Shanghai, Bangkok, Kuala Lumpur, New York, San Francisco, Seattle and Washington, D.C.
About Mitsui Fudosan America, Inc.
Mitsui Fudosan America, Inc. (MFA) is a real estate investment and development company headquartered in New York City and is the U.S. subsidiary of Mitsui Fudosan Co., Ltd. – Japan’s largest publicly traded real estate company. MFA’s history in the United States dates back to the early 1970’s. Since its inception, MFA has acquired and developed numerous office, multifamily and hospitality properties in major markets throughout the U.S. In addition to its significant portfolio of office buildings, MFA recently expanded its development platform, with several office and multifamily development projects launched in New York, Seattle, San Francisco, and Washington D.C.
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