Albert J. Kraft, III
Senior Vice President
• Asset Management Services
• Commercial Development
• Business Development
• Fund Management
• Designing/Implementing Business Strategies
As Senior Vice President, Jay is responsible for strategic planning, identifying and sourcing acquisition opportunities, negotiating transactions, asset management and development.
Jay brings more than 35 years of experience in leasing, asset/property management, acquisitions, dispositions, and development to Commonwealth Commercial. Prior to joining the company, he spent 27 years with Rouse & Associates/Liberty Property Trust. Early in his tenure, he served as Vice President of Property Management, overseeing an 8 million SF office portfolio. Jay played a pivotal role in establishing a national property management platform and in meeting the expansion needs of the newly formed REIT. From 1996 to 2006, Jay relocated to Richmond, VA and, after setting up PM operations, transitioned into leasing/marketing and development. During this time, he took the lead role in opening a new Liberty office in VA Beach. In 2006, Jay was named City Manager for Richmond, which consisted of 5 million SF of office and industrial space. While there, he navigated the office through the 2008 recession and successfully executed part of the company’s national strategy by coordinating sale of their 1 million SF office/flex portfolio. In 2011, Jay took over as Houston’s City Manager. He grew the Texas operations from an NOI of $15 to $34 million in 5 years. This was accomplished through increasing rents, development of 11 buildings, and acquiring 1.5 MSF of industrial/flex space. In the City Manager role, he was responsible for the financial success of the city and oversaw all aspects of acquisitions, dispositions, asset management, development, leasing, and property management. During his time as City Manager, Jay and his team were awarded the prestigious Willard Rouse Award twice. This award was given to the highest performing office in the company.
Jay received his Bachelor of Science degree in Political Science, with a minor in Business Administration, from the University of Northern Colorado.
While living in Houston, Jay was active with the SIOR, NAIOP, and Houston Chamber of Commerce. He also served as the VA Honorary Chairman for two years for the American Cancer Society Golf Tournament and participated in the Rouse Annual Day of Service for 14 years.