Employment Agreements at PIRET
Pure Industrial Real Estate Trust (PIRET) announced that it has entered into employment agreements, effective June 1, 2011, with the following executive officers: Darren Latoski and Stephen Evans as Co-Chief Executive Officers; Scott Hayes as Chief Operating Officer and Francis Tam as Chief Financial Officer. PIRET's entry into these employment agreements is further to its internalization of management, which was announced on June 15, 2011 and is effective June 1, 2011.
Prior to the internalization, Sunstone Industrial Advisors Inc. provided PIRET with advisory, asset management and administrative services pursuant to an Asset Management Agreement entered into in July, 2007 upon the establishment of the REIT. Each of PIRET's new officers were employed by Sunstone Industrial and have extensive knowledge of PIRET's business and affairs.
"With the completion of these employment agreements, we are formalizing the Trust's relationship with its senior personnel and have ensured an orderly transition of management through our internalization process." commented Darren Latoski, Co-CEO for PIRET.