New guard as ambitions grow at Argent Related

David Partridge is stepping down as managing partner of Argent after more than three decades with the developer and 16 years running it. He leaves some big shoes to fill and the search for a successor will be a tough one if all of the attributes the developer – and its joint venture partner, US-based Related – seeks are to be met. The search for a chief executive to run the Argent Related business has already begun and it is hoped that he or she will take up the position next year. Partridge will step down from the day-to-day running of the business in 2020, as the development of King’s Cross reaches its final stages. He will remain involved with the business as chairman. While Argent Related has not ruled out any internal appointments, it is thought the new chief executive will come from outside the existing team, with a remit to help to grow the business to one of global scale. Argent without Partridge David Partridge, like his former co-managing partner Roger Madelin, will not be leaving the business straight away. The new chief executive will have a year of transition into the business with Partridge. Argent partners will continue to lead on major projects, with Robert Evans at King’s Cross and Andre Gibbs and Nick Searl leading on Brent Cross. Partridge will also take up the mantle of British Property Federation president in 2020 and hopes to use his 30-plus years of relationships to have an influence on the sector. But for Related’s Ken Wong, whether Partridge is involved in the day-to-day running of the business or on the sidelines, he will never truly be gone. “David is the bridge between the generations of Argent’s history. He is incredibly smart, works all the time and you couldn’t find a more fun person to hang out with.” In the UK, the jv is currently working with Haringey council to create a new district in Tottenham Hale, N17, delivering more than 1,000 new homes, plus shops, co-working and green space, and with Barnet council on the 180-acre Brent Cross South site, where it will deliver more than 6,700 homes and workspace for some 25,000 people. But Argent Related has ambitions to grow into a business of scale and the search for a chief executive, with knowledge of financing, deal-making and development, is reflective of its growth plans, says Partridge. “We want to build Argent Related to the scale of Related in the US,” he says. In the US, Related has a $60bn (£45bn) portfolio, comprising more than 30m sq ft of commercial development and 55,000 built-to-rent apartments across gateway cities including, New York, Boston and Chicago. Since the formation of the partnership in 2015, Argent Related has had ambitions to establish a sizeable built-to-rent business of a similar scale here and is already eyeing further opportunities for development projects in London and Birmingham and new partnerships with local authorities. To deliver those ambitions the new chief executive will need a background of running a large-scale business and be able to retain the character and creativity of both businesses. “They need to be someone who understands where Argent is coming from, someone who understands pride in place, social impact, collaboration, the importance of partnerships with local authorities, who has a feel for place-making, someone who understand politics – with a big p and a little p. “They must be someone who is aware of the value of creativity, not just the bottom line.” Related’s chief operating officer and director of international development, Ken Wong, adds: “This is a great opportunity for the new CEO to build the best real estate development and operating company in the world. “It is a dream job in a fantastic city. We already have in the team a variety of world-class skills. The right person doesn’t have to be a black belt in every category but we want someone who has the experience and leadership and sensitivity to be an inspirational leader.” “They have to be incredibly patient and agile in the way they think,” offers Partridge by way of advice. “Great wisdom is patience and understanding and seeing both sides. We work on a basis where we think about the highest common factor, not the lowest denominator.” Picture: Louise Haywood-Schiefer To send feedback, e-mail samantha.mcclary@egi.co.uk or tweet @samanthamcclary or @estatesgazette