A Changing of the Guard: Garrett Lee Named CEO of Jamison as Jaime Lee Shifts Roles
The skyline of Los Angeles is synonymous with the Jamison name, and now, the company behind that skyline is entering a new chapter. Jamison, the city’s most prolific private landlord and developer, has officially announced that Garrett Lee has been appointed as the company’s new CEO.
He succeeds his sister, Jaime Lee, who has led the firm since 2020. During her six-year tenure, Jaime was a transformative figure in LA real estate, earning a spot on The Real Deal’s “LA 100” list of influential power players. She is stepping back from day-to-day operations to focus on civic engagements and will remain with the firm as a Senior Advisor.
The Visionary Developer: Who is Garrett Lee?
Garrett Lee is no stranger to the company’s massive operations. Prior to being named Jamison New CEO, he served as the President of Jamison Properties, the arm responsible for the firm’s aggressive push into multifamily residential development.
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Proven Track Record: Garrett has overseen the completion of over 3,100 apartment units, spearheading the “adaptive reuse” trend of converting aging Koreatown office buildings into modern residential hubs.
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A Family Legacy: He joins his brother, Phillip Lee (President of Jamison Services), in a collaborative leadership structure designed to navigate the current complexities of the Southern California market.
Navigating a Challenging Commercial Landscape
The leadership transition comes at a pivotal moment for the commercial real estate industry. High interest rates and shifting office demand have placed pressure on even the largest portfolios.
Currently, approximately $230 million in Jamison’s debt—linked to notable properties like 811 Wilshire, Equitable Plaza, and Central Plaza—has entered special servicing. However, there are strong signs of resilience:
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A $50 million shopping mall loan was recently removed from the special servicing list.
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The firm recently secured a massive $195 million loan to convert 620,000 square feet of office space into residential units, signaling continued investor confidence in Garrett’s development strategy.
The Bottom Line
With 18 million square feet of real estate under management, Jamison remains the undisputed titan of Koreatown and beyond. By placing a development specialist like Garrett Lee at the helm, Jamison is doubling down on its “residential-first” future while Jaime Lee continues to influence the city’s broader civic landscape.
BY HOONSIK WOO [woo.hoonsik@koreadaily.com]
