Bernstein Management Corporation (BMC), a regional leader in real estate management and investment, announced today a significant leadership transition and the formation of the first Advisory Board for BMC’s investment affiliate, BDC Properties LLC (BDCP), effective November 17.
After more than three decades as President and then Chief Executive Officer of BMC, Josh Bernstein will transition to the role of Executive Chairman of the BDCP Advisory Board, while Robert Sandler, currently President of BMC, will transition to the role of Vice Chairman of the BDCP Advisory Board. Ed Chaglassian, currently President of BDCP’s manager, Bernstein Development Corporation (BDC), and Executive Vice President of BMC, will assume the role of Chief Executive Officer and President of both BDC and BMC. Rebecca Snyder, BMC’s recently appointed Chief Operating Officer, will oversee the company’s multifamily and commercial portfolio operations.
This transition marks only the second major leadership change since the company’s founding in 1953 by Norman Bernstein. The first took place in 1993, when Norman Bernstein retired from the company – then called Norman Bernstein Management – and named his son Josh Bernstein President.
“BMC’s success over the past 72 years has been built on the vision, values, integrity and long-term perspective established by Norman Bernstein and upheld by Josh Bernstein and Robert Sandler,” said incoming CEO and President Ed Chaglassian. “I am humbled by the opportunity to lead this next chapter of our evolution as we continue to strengthen our portfolio, invest in our people and serve the communities that make the Washington metropolitan region thrive.”
Reflecting on the transition, Josh Bernstein said, "I am excited and honored to remain involved in BMC’s ongoing strategy in a new capacity as Chair of the Advisory Board. This leadership evolution reflects our commitment to long-term stewardship and innovation, ensuring that BMC remains a pillar of excellence in the Washington region’s real estate landscape.”
The newly formed BDCP Advisory Board will include Josh Bernstein, Robert Sandler, Charles Hathway (Executive Vice President and General Counsel of BMC), Ed Chaglassian and Adam Metz (Chairman of the Board and Interim CEO and President of Seritage Growth Properties). It will provide strategic guidance and continuity as BMC, BDC and their investment affiliate BDCP continue to expand their reach and capabilities.