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Africa Israel USA CEO Richard Marin Leaves Property Developer

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Dec. 10 (Bloomberg) -- Africa Israel USA, owner of the New York Times’ former headquarters in Times Square, said Chairman and Chief Executive Officer Richard Marin left the company after two years at the helm.

“The company and Mr. Marin have decided to go their separate ways and we wish him well,” Laurie Golub, general counsel of Africa Israel USA, said in an e-mailed statement.

Tamir Kazaz, the developer’s former chief financial officer, will replace Marin as CEO with “the full support of the management team,” according to Golub’s statement. The company doesn’t plan to name a new chairman.

The Wall Street Journal reported Marin’s departure earlier today.

Africa Israel, a unit of Israeli billionaire Lev Leviev’s Africa Israel Investments Ltd., made its highest-profile acquisitions just before the onset of the credit crunch in 2007. The company bought the former New York Times building for $525 million and Manhattan’s Clock Tower building for $200 million.

Leviev said in August 2009 that the company’s U.S. investments were “our biggest mistake” and that Africa Israel would seek to restructure about $2 billion of debt.

To contact the reporter on this story: Oshrat Carmiel in New York at ocarmiel1@bloomberg.net.

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net

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