SOURCE: Developers Diversified Realty

May 10, 2005 11:28 ET

Developers Diversified Promotes Daniel Hurwitz to Senior Executive Vice President and Chief Investment Officer

CLEVELAND, OH -- (MARKET WIRE) -- May 10, 2005 -- The Board of Directors of Developers Diversified Realty (NYSE: DDR), a Cleveland-based real estate investment trust (REIT) and leading owner and operator of market-dominant community shopping centers, today announced the promotion of Daniel Hurwitz to Senior Executive Vice President and Chief Investment Officer. Mr. Hurwitz had served as Executive Vice President of Developers Diversified from June 1999 through April 2005 and served on the company's Board of Directors from May 2002 to May 2004.

In his capacity, Mr. Hurwitz is responsible for the day-to-day operations of the company's core revenue departments including leasing, development, marketing, peripheral development, and new business initiatives. In addition, Mr. Hurwitz is a member of the company's executive committee, management committee and in his new capacity will chair the investment committee, of which he is also currently a member.

Commenting on the appointment of Mr. Hurwitz, Scott A. Wolstein, Developers Diversified's Chairman of the Board and Chief Executive Officer, stated, "We are delighted to announce Dan's appointment to Senior Executive Vice President and Chief Investment Officer. Dan's new title and expanded responsibilities recognize his pivotal contributions to our company's unprecedented growth. He has especially distinguished himself through his exceptional tenant relationships and his highly effective leadership and involvement in all aspects of our core revenue divisions and external investments. I know his impact in all of these areas will be further enhanced in his new capacity."

Prior to joining Developers Diversified, Mr. Hurwitz served as Senior Vice President and Director of Real Estate and Corporate Development for Boscov's Department Stores, Inc. Prior to Boscov's, Mr. Hurwitz served as Development Director for the Shopco Group, a New York city based developer and acquirer of regional and super regional shopping malls.

Mr. Hurwitz is a graduate of Colgate University and the Wharton School of Business Executive Management Program at the University of Pennsylvania. He is a frequent speaker at real estate industry functions, including the International Council of Shopping Centers (ICSC), ULI (Urban Land Institute), The Global Real Estate Institute, The International Mass Retail Association and the University of Florida Center for Real Estate Studies. Professionally, he is a member of ICSC and ULI and serves as a member of ICSC's Open Air Centers Committee.

Developers Diversified Realty Corporation currently owns and manages over 470 operating and development properties totaling approximately 109 million square feet of real estate in 44 states and Puerto Rico. Developers Diversified is a self-administered and managed real estate investment trust (REIT) operating as a fully integrated real estate company which acquires, develops and manages shopping centers. Additional information about Developers Diversified is available on the Internet at http://www.ddr.com.

Contact Information

  • Contact:
    Scott R. Schroeder
    Vice President of Marketing and Corporate Communications
    Developers Diversified Realty
    216.755.5500