Richard Lieb
About Richard Lieb
Richard Lieb, age 65, is an independent trustee of Star Holdings and has served on the Board since March 31, 2023. He is a seasoned real estate investment banker with over 35 years of industry experience, including senior leadership roles at Greenhill & Co. and Goldman Sachs. He holds a B.A. from Wesleyan University and an MBA from Harvard Business School. The Board cites his extensive real estate industry knowledge and experience as a core credential for his service .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Greenhill & Co. | Chief Financial Officer | 2008–2012 | Senior leadership, oversight of finance function |
| Greenhill & Co. | Head of Real Estate Investment Banking | 2005–2018 | Led real estate advisory across IPOs, M&A, financings |
| Greenhill & Co. | Senior Advisor | 2018–June 2023 | Continued strategic advisory support |
| Goldman Sachs & Co. | Head of Real Estate Investment Banking | 2000–2005 | Led REIB franchise, broad transaction experience |
External Roles
| Company | Role | Status | Notes |
|---|---|---|---|
| AvalonBay Communities, Inc. | Director | Current | Public company board |
| Orion Office REIT | Director | Current | Public company board |
| CBL Properties, Inc. | Director | Prior | Public company board (prior service) |
| VEREIT, Inc. | Director | Prior | Public company board (prior service) |
Board Governance
- Committee assignments:
- Audit Committee: Member; Audit Committee held four meetings in 2024 .
- Compensation Committee: Member; Compensation Committee held four meetings in 2024 .
- Nominating & Corporate Governance Committee: Chair; Committee held four meetings in 2024 .
- Independence: The Board determined all trustees, including Lieb, are independent under Nasdaq standards .
- Attendance and engagement: In 2024, the Board held 5 meetings; all trustees attended at least 75% of Board and applicable committee meetings and were present at the 2024 annual meeting .
Fixed Compensation
| Metric | FY 2024 |
|---|---|
| Annual cash retainer ($) | $150,000 |
| Equity awards ($) | $0 |
| Meeting fees | None (no additional fees for attending board/committee meetings) |
| Lead trustee premium | None (no incremental fees disclosed) |
Program terms effective April 1, 2024: non-employee trustees receive $150,000 annual cash retainer; no additional chair/member fees; no routine equity grants .
Performance Compensation
| Component | FY 2024 | Performance Metrics |
|---|---|---|
| Performance-based cash | None disclosed | N/A |
| Equity (RSUs/PSUs/options) | None granted | N/A |
| Clawback policy (applicable to executive officers) | In place for incentive compensation recovery upon restatement | Accounting restatement trigger |
Note: Star Holdings does not operate a director performance-based incentive program; director pay is a fixed cash retainer and no equity was granted in 2024 .
Other Directorships & Interlocks
| Company | Sector | Potential Interlock/Conflict |
|---|---|---|
| AvalonBay Communities, Inc. | Residential REIT | No related-party transactions involving Lieb disclosed by Star Holdings . |
| Orion Office REIT | Office REIT | No related-party transactions involving Lieb disclosed by Star Holdings . |
| CBL Properties, Inc. (prior) | Retail REIT | Prior role; no current interlock disclosed . |
| VEREIT, Inc. (prior) | Diversified REIT | Prior role; no current interlock disclosed . |
Expertise & Qualifications
- Over 35 years in real estate advisory across IPOs, securities offerings, financings, restructurings, and M&A spanning nearly all property sectors .
- Educational credentials: B.A. (Wesleyan), MBA (Harvard Business School) .
- Board views his industry knowledge and transaction experience as valuable for oversight .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Shares Outstanding | Ownership Details |
|---|---|---|---|
| Richard Lieb | 6,370 | * <1% | Includes 6,370 shares owned directly |
| Shares Outstanding (reference) | 13,319,552 | — | As of March 21, 2025 |
Policies:
- Hedging and pledging of company stock by trustees/officers is prohibited unless prior approval per Board guidelines; quarterly blackout periods and pre-clearance required .
Governance Assessment
- Committee leadership and oversight: Lieb chairs the Nominating & Corporate Governance Committee and sits on Audit and Compensation—positions central to board refreshment, governance policies, risk oversight (including ESG/cyber via Audit), and manager fee oversight . This positioning supports board effectiveness and governance rigor .
- Independence and engagement: The Board affirms Lieb’s independence; Board/committee activity reflects regular cadence and minimum attendance thresholds met in 2024, with full annual meeting attendance, supporting investor confidence in oversight continuity .
- Alignment signals: Director pay is entirely cash-based ($150k) with no routine equity grants; Lieb’s direct ownership (6,370 shares) is less than 1% of outstanding shares, suggesting alignment depends on voluntary shareholding rather than structured equity-based director pay .
- Structural conflicts to monitor: Star Holdings is externally managed by a Safehold subsidiary under a Management Agreement with defined fees and termination provisions; related party safeguards include independent trustee approval standards and review of manager arrangements, with board-level policies governing RPT approval (Lieb as NCGC Chair is relevant to governance safeguards) .
- RED FLAGS:
- External management arrangement with termination fee mechanics may pose alignment risk; continued vigilance on fee declines and related-party oversight is warranted .
- No equity grants for directors reduces built-in ownership alignment; reliance on voluntary purchases (Lieb’s stake <1%) .
Overall, Lieb’s deep real estate capital markets background and governance chair role support board effectiveness; independence, attendance, and committee coverage are positives. Investors should monitor oversight of the external manager and the cash-only director pay structure for alignment implications .