PS Business Parks, Inc. Announces Promotion of Maria R. Hawthorne to President
August 24 2015 - 5:00PM
Business Wire
PS Business Parks, Inc. (NYSE:PSB) announced that effective
immediately, Maria R. Hawthorne (previously Executive
Vice President and Chief Administrative Officer) has been promoted
to President. Ms. Hawthorne has been with PS Business Parks and its
predecessor for three decades, having served numerous managerial
roles in her tenure with the Company. Beginning in an
administrative position shortly out of college, Ms. Hawthorne
joined Public Storage in 1985 and soon became part of the
management team of Public Storage Commercial Properties Group,
which ultimately became PSB. She quickly advanced with the Company,
eventually relocating from Southern California to Washington, DC.
There, she ascended through successive leadership positions,
ultimately taking full responsibility for the Company’s largest
division, growing that portfolio to 6.4 million square feet,
comprised of 23 parks and 1,200 customers, which generates in
excess of $125 million of revenue annually. While in Washington,
DC, her responsibilities also expanded to include the entire east
coast, including PSB’s successful launch into the Florida market in
2003, with its $215 million acquisition of MICC, a 3.4 million
square foot industrial park. Most recently, she led a
re-entitlement process at PSB’s 45-acre Westpark Business Campus in
the Tysons submarket of Washington, DC, which will include
development of an approximately 400 unit multi-family project,
scheduled to begin in late 2015. She holds a BA from Pomona College
in International Relations.
Joseph D. Russell, Jr., PSB’s CEO, commented, “Maria Hawthorne’s
contributions to PS Business Parks have been numerous, and her
promotion to President is yet another meaningful and well-earned
step in her successful career. I have had the pleasure of working
with Maria for well over a decade, and time and again I have been
impressed by her leadership qualities. She has built and mentored
strong teams, led important and complicated initiatives, while also
finding ways of creating long-term shareholder value. I look
forward to working with Maria in her new role as President of PS
Business Parks.”
Ms. Hawthorne commented, “It is an honor to be moving into the
position of President. I want to thank Joe Russell and Ron Havner
who have both set wonderful examples before me in this role. I have
seen this company grow in size and respect, while remaining true to
the ownership of multi-tenanted business parks in excellent
locations, as well as taking a disciplined approach to capital
allocation. I look forward to the continued success of PS Business
Parks and this management team.”
Company Information
PS Business Parks, Inc., a member of the S&P SmallCap 600,
is a self-advised and self-managed real estate investment trust
(“REIT”) that acquires, develops, owns and operates commercial
properties, primarily multi-tenant flex, office and industrial
space. The Company defines “flex” space as buildings that are
configured with a combination of office and warehouse space and can
be designed to fit a number of uses (including office, assembly,
showroom, laboratory, light manufacturing and warehouse space). As
of August 24, 2015, the Company wholly owned 28.0 million
rentable square feet with approximately 4,850 customers
concentrated primarily in six states.
Additional information about PS Business Parks, Inc. is
available on the Internet. The Company’s website is
psbusinessparks.com.
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PS Business Parks, Inc.Edward A. Stokx(818) 244-8080, Ext.
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