Halifax-based real estate firm Clarke Inc. (CKI-T) recently made a number of senior leadership changes, as it works to integrate Ravelin Properties REIT.

Leading the changes is Tom Casey, who is the company’s new president. Meanwhile, long-time leader George Armoyan has stepped down as president but he remains its chairman and chief executive officer.

“These leadership changes are special to us given the long tenure of our team members and how they embody the culture we’ve built together. Human capital is many times more rare than financial capital, and I am pleased with the team we have in place to unlock value for our shareholders, including our newest shareholders from Ravelin,” Armoyan said in response to email questions from RENX.

Casey joined the firm as vice-president of finance in January 2020. He was previously vice-president of finance of Holloway Lodging Corporation, Clarke’s wholly owned subsidiary.

Changes to assist in integration with Ravelin

By bringing on the new executives now, Clarke is hoping they will help to manage what has become a significant addition the real estate firm.

“The acquisition of the Ravelin portfolio tripled the size of Clarke, so it was the right time to evolve our leadership structure. These appointments are about putting the right people in the right roles and ensuring each part of the business has the right dedicated leadership,” Casey said in response to email questions from RENX.

“Many of them saw significant value erosion and we want to give them the opportunity to potentially recover some of their investment and share in the ownership of Clarke.”

Multiple new appointments to C-suite

The other announced changes include:

• Steve Cyr was promoted from vice-president, accounting to chief financial officer of Clarke;
• Casey and Steve Darrow were appointed as co-chief executive officers of Ravelin and will jointly lead the company;
• Robert Sherman was promoted from chief operating officer to president and chief operating officer of Holloway; and
• David Shahinian and Martin Pham have joined Clarke as executive vice-presidents, U.S. real estate. They will oversee the company’s Chicago portfolio and lead any future real estate investment activities in the U.S.

Clarke has had an interesting few years, with the purchase of Ravelin, formerly Slate Asset Management, announced on March 27, for $1.1 billion in an all-stock transaction.

Ravelin had been evaluating options to address financial difficulties and Armoyan, whose G2S2 Capital was Ravelin’s largest shareholder, abruptly left the REIT's board in January.

In late 2025, Clarke, through G2S2, attempted to keep Ravelin afloat by providing a financial lifeline that included $600 million of forbearance on loans, as well as assuming US$84 million in debt from U.S. properties.

Process off to 'good start'

While the addition of Ravelin was significant, the integration process is proceeding nicely, according to Casey. “We’re off to a good start,” he said.

“Upon closing the transaction, we greenlit 100,000 square feet of model suites and turnkey spaces in Halifax, the GTA and New Brunswick to accelerate leasing activity and we have more tranches of that effort to follow. We want every tenant, broker and prospective tenant to know that this is new ownership with the capital to deliver beautiful office and commercial spaces and to get deals done.”

The firm also purchased acquired Holloway Lodging for $265 million in 2019.

While there are no new acquisitions on the horizon, Clarke is always on the lookout, Casey said.

“We’re not particular. Clarke has morphed from a transportation company to an investment company, to a hotel company, to a diversified real estate company. That philosophy has served Clarke well for many years, and it will continue to guide our investment decisions.”

And while today’s commercial environment brings some concern, the company is not letting that handcuff any future investments.

“Certain economic headwinds create challenges but they create opportunities for well-capitalized companies that aren’t over-leveraged. The environment is one that rewards active ownership,” Casey said.

“We managed nearly all of our own assets before this acquisition, and we’re not against external management, as long as one can manage-the-manager closely and not lose the owner’s eye.”

History of company

Clarke was founded in 1997. It has holdings across three main sectors, according to its website.

• Commercial, through Ravelin Properties Corporation, and includes 6.5 million square feet of gross leasable area in Canada, Ireland and the U.S.
• Hospitality, via Holloway Lodging Corporation that manages 16 owned hotels, five third-party managed properties, with more than 2,700 hotel rooms.
• Residential, with multifamily residential and furnished living accommodation.

Its most recent announcement was the opening of a new property in the nation’s capital.

“All five towers at Talisman in Ottawa are now operational and open for business. 1,016 apartments and over 25,000 sq. ft. of premium retail space, marking an exciting chapter for one of our largest and most ambitious projects,” Armoyan said on LinkedIn.