John Petersen, the company’s interim chief executive, will remain in that role until the transition.
Ronald L. Havner Jr., the company’s chairman, said: “We are excited to welcome Mac to PS Business Parks as our new president and CEO. Mac brings extensive executive leadership and real estate investment experience, and we look forward to the company’s continued growth and delivery of significant value to our shareholders under Mac’s leadership. We also thank J.P. for his service as interim president and chief executive officer."
Chandler joins the company after serving as chief investment officer of Regency Centers Corp., a public real estate investment trust that acquires, develops, owns and operates open-air shopping centers.
PS Business Parks is a REIT that acquires, develops, owns and operates commercial properties, primarily multi-tenant industrial, flex and office space. The company announced Chandler as chief executive late Tuesday.
Shares of the PS Business Parks (PSB) closed Wednesday up $2.55, or 1.8 percent, to $145.01 on the New York Stock Exchange.