Former CRE head transitions to vice chair
JPMorgan Chase has tapped insider Michelle Herrick (pictured) to lead its commercial real estate division, effective January 2024.
Herrick, an industry veteran with over 20 years in CRE, joined JPMorgan in 2017 and is stepping into the role during a turbulent period for the sector. She takes over from Al Brooks, who will transition to vice chair of commercial banking next year.
Brooks, who led CRE at JPMorgan for more than two decades, will continue contributing as vice chair, advising teams across the company.
In her new role, Herrick will lead JPMorgan’s CRE business, which includes agency lending, community development banking, commercial term lending, and real estate banking. She will report to John Simmons, head of commercial banking.
“We are thrilled to announce Michelle as the new head of CRE,” Simmons said in a statement. “Michelle brings a wealth of experience and deep sector expertise to this role. Her exceptional leadership and client-centric approach have been instrumental to our success, and I’m confident she will continue to strengthen our business and deliver for our clients.”
Herrick has held multiple roles at JPMorgan, including Central Region market manager for real estate banking, where she achieved consistent double-digit revenue growth. In 2021, she was promoted to head of real estate banking and was named deputy head of CRE earlier this year. Her prior experience also includes leadership roles at Bank of America and LaSalle Bank.
The timing of Herrick’s promotion comes as the CRE sector faces growing challenges. Rising interest rates have increased refinancing costs, and the shift to remote work has left many office buildings vacant.
Read next: Fed rate cut brings fresh optimism to commercial real estate sector
However, there is some optimism for relief, as bank executives hope that recent and anticipated rate cuts from the Federal Reserve will ease the pressure on the market in 2024.
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