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Cherrie Nanninga joined CB Richard Ellis, Inc., the world’s leading commercial real estate services firm, as Chief Operating Officer of the company’s New York Tri-State Region, in 2002. In that capacity Cherrie oversees day-to-day operations of the region, which has ten offices, 1100 employees and revenue of approximately $400 million (2006). Her purview includes accounting and financial management, legal services, marketing and communications, technology, research, facilities and human resources. Cherrie also represents selected clients, including Davis, Brody, Bond and the Metropolitan Television Alliance (MTVA), a consortium of New York area television broadcast stations, which was formed to acquire a broadcasting facility location to replace the World Trade Center facility destroyed on September 11, 2001.
Prior to joining CB Richard Ellis, Cherrie served as Deputy Chief Financial Officer and Director of Real Estate for the Port Authority of New York and New Jersey, which operates the region’s airports, ports, and vehicular transportation facilities.
Cherrie is credited with closing one of the biggest deals in the history of New York real estate with the net lease of the World Trade Center in July 2001. Just months later, in the wake of September 11, she marshaled the relocation of the Port Authority’s 2,300 WTC-based staff members into new office space. Following the September 11 destruction of the World Trade Center, which was owned by the Port Authority, she assumed responsibility for real estate matters affecting the redevelopment of the World Trade Center site.
While at the Port Authority, Cherrie oversaw the leasing and marketing of the agency’s commercial real estate portfolio, which included 12 million square feet of office space, 1.1 million square feet of retail and other special purpose space, and 500, 000 square feet of industrial space, generating lease revenue upward of $450 million annually. Cherrie and her team raised occupancy at the Trade Center from 78% in 1996 to 97% in 2001 and also successfully repositioned the World Trade Center Mall, which became the third-highest grossing shopping center in the country, with annual sales per square foot approaching $1,000 in 2001.
Cherrie joined the Port Authority in 1976, and prior to her involvement in real estate, she served in a number of financial management positions. During the early 1980s, she punctuated her Port Authority career with a three-year stint in corporate planning at Philip Morris.
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