{"id":1004408098,"date":"2020-04-03T07:02:35","date_gmt":"2020-04-03T15:02:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004408098"},"modified":"2020-04-03T12:28:05","modified_gmt":"2020-04-03T20:28:05","slug":"usaa-real-estate-closes-restructuring-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/usaa-real-estate-closes-restructuring-deal\/","title":{"rendered":"USAA Real Estate Closes Restructuring Deal"},"content":{"rendered":"
\"\"<\/a>

Len O’Donnell. Image courtesy of USAA Real Estate<\/em><\/p><\/div>\n

Five months after announcing a restructuring, financial services giant USAA and its real estate arm USAA Real Estate have officially closed on the management buyout deal, the companies announced on Friday morning.<\/p>\n

USAA has sold a controlling interest in USAA Real Estate to current leadership at USAARE and Paxion Capital. USAA will keep a significant ownership stake in USAARE, which will continue to manage USAA\u2019s real estate portfolio.<\/p>\n

As previously announced<\/a>, USAARE President & CEO Len O\u2019Donnell will continue to lead day-to-day business at the firm. James Davidson and Fritz Wolff will be key principals under the new arrangement. Paxion Capital, a separate entity founded and managed by Davidson and Wolff, was a minority investor in the transaction.<\/p>\n

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READ ALSO: <\/strong>Paramount Group to Sell Stake in $2.4B NYC High-Rise<\/a><\/p>\n

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The move is intended to streamline USAA\u2019s operating structure in its core businesses: banking, auto, home and life insurance and retirement products. According to the company, the deal will minimize regulatory requirements for USAARE, which will allow it to grow more profitably.<\/p>\n

The restructuring is expected to have minimal impact on employees of the company, with USAARE planning to maintain its current workforce.<\/p>\n

In prepared remarks, O\u2019Donnell said the restructuring would help the company reach its full potential as a world-class investment manager.<\/p>\n

A month before USAA\u2019s announcement last November, Howard Hughes Corp. unveiled its own reorganization<\/a>, naming Paul Layne as its new CEO and revealing a new streamlining plan that would save as much as $50 million a year and involve the sale of $2 billion in non-core assets. The plan also called for the company to move its headquarters from Dallas to The Woodlands, Texas, a northern suburb of Houston.<\/p>\n

San Antonio-based USAA was founded in 1922 and had more than $30 billion in revenue as of 2017, according to the firm.<\/p>\n","protected":false},"excerpt":{"rendered":"

Five months after announcing the transaction, USAA and its real estate arm have completed a management buyout.<\/p>\n","protected":false},"author":745,"featured_media":1004368529,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21743,21808,23891,21742],"tags":[49102,47831,44930],"class_list":["post-1004408098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-deals","category-featured","category-national","category-latest","tag-len-o-donnell","tag-usaa","tag-usaa-real-estate"],"acf":[],"yoast_head":"\nUSAA Real Estate Closes Restructuring Deal - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/usaa-real-estate-closes-restructuring-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"USAA Real Estate Closes Restructuring Deal\" \/>\n<meta property=\"og:description\" content=\"Five months after announcing the transaction, USAA and its real estate arm have completed a management buyout.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/usaa-real-estate-closes-restructuring-deal\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-03T15:02:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-03T20:28:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/Len-ODonnell-Official-Photo-e1573757754557.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"599\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Holly Dutton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/usaa-real-estate-closes-restructuring-deal\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/usaa-real-estate-closes-restructuring-deal\/\",\"name\":\"USAA Real Estate Closes Restructuring Deal - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/usaa-real-estate-closes-restructuring-deal\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/usaa-real-estate-closes-restructuring-deal\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/Len-ODonnell-Official-Photo-e1573757754557.jpg\",\"datePublished\":\"2020-04-03T15:02:35+00:00\",\"dateModified\":\"2020-04-03T20:28:05+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/9259ffaba4775229ae3556b9555e566d\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/usaa-real-estate-closes-restructuring-deal\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/usaa-real-estate-closes-restructuring-deal\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/usaa-real-estate-closes-restructuring-deal\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/Len-ODonnell-Official-Photo-e1573757754557.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/Len-ODonnell-Official-Photo-e1573757754557.jpg\",\"width\":800,\"height\":599,\"caption\":\"Len O'Donnell. 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