Transwestern Names Greg Munson CEO of Services as Larry Heard Becomes Executive Vice Chairman

HOUSTON — Transwestern announced Nov. 3 that it has promoted Greg Munson to Chief Executive Officer of Services, with Larry Heard stepping into the role of Executive Vice Chairman. Munson assumes responsibilities previously held by Heard, who served as Transwestern's CEO for more than 23 years and remains actively involved across the enterprise.

In his new role, Heard will focus on large-scale transactions, key client relationships, capital raising and strategic opportunities, the firm said. Munson will report to Executive Chairman Robert Duncan and work with Heard and leaders across the firm to advance Transwestern Services and strengthen collaboration across the enterprise.

Greg Munson's Path to CEO of Transwestern Services

Munson has served as President of Transwestern Services since 2023. He joined the firm 11 years ago as Minneapolis market leader and later served as Midwest Executive Managing Director, leading growth across the region.

As national president, Munson worked with leadership to complete five strategic acquisitions in Chicago, the Mid-Atlantic, Philadelphia and Minneapolis and to add more than a dozen senior leaders, according to the company. During his tenure, Services delivered the strongest financial results in its history, including 20% top-line revenue growth, Transwestern said.

The services expansion predates the latest announcement. Transwestern's acquisition of Chicago-based MB Real Estate added 120 employees and a property-management portfolio exceeding 12 million square feet, and the broader expansion program included three regional acquisitions in 2022.

Larry Heard Moves to Executive Vice Chairman

Rather than departing, Heard will remain engaged in the activities most closely tied to the firm's growth: major transactions, capital formation and strategic opportunities. The structure separates day-to-day leadership of the Services business, now under Munson, from Heard's focus on transactions and client relationships.

"Through steadfast leadership and operational agility, Greg has driven transformative change within our Services business that continues to enhance Transwestern's competitive edge," Heard said. "Elevating a proven partner positions us to extend our reach while preserving the collaborative approach that has been central to our success."

Munson said the firm has an opportunity to build on its momentum. "We remain focused on accelerating growth, expanding capabilities and continuing to bring the best of Transwestern to our clients, while honoring the entrepreneurial culture and local expertise that have always set us apart," he said. "Larry's leadership helped shape the firm we are today, and I'm grateful to continue working alongside him as we design the next chapter."

Duncan said Transwestern brings Investments, Development and Services together in an integrated platform designed to deliver value across the real estate lifecycle. "Larry and I have been partners for 43 years, and I'm excited to build on what we have created together and position Transwestern Services for continued success under Greg's leadership," he said.

Transwestern's Platform and Footprint

Transwestern describes itself as a vertically integrated commercial real estate firm serving investors, partners and clients through investment, development, brokerage and property management. The company owns, leases and operates $64 billion in assets, including all enterprise assets and its real assets under management as of April 1, 2026. Its experience spans logistics, multifamily, retail, mixed-use, healthcare, office, data centers, hotels, sports and entertainment, and life sciences properties across 35 offices nationwide.

Market Context for the Leadership Change

The transition comes as commercial real estate capital is returning but investors remain selective. CBRE projects 2026 U.S. investment volume to rise 16% to approximately $605 billion, with capitalization rates expected to remain largely stable for the rest of the year.

Pricing varies widely by property type. Colliers reported third-quarter 2026 core cap rates of approximately 5.4% for multifamily, 5.1% for industrial, 7.4% for office, 6.6% for malls, 6.3% for strip retail and 8.5% for hospitality. That dispersion increases the value of firms that combine brokerage, property management, investment, development and advisory services across multiple asset classes.

Debt-market pressure remains a constraint. CBRE reported that the spread between average commercial real estate cap rates and the 10-year Treasury yield had narrowed to approximately 160 basis points, compared with a long-run average of about 325 basis points. It estimated that a further 40 to 60 basis-point increase in cap rates could reduce average property values by roughly 6% to 10%.

Sector conditions also differ. CBRE expects industrial leasing to approach 1 billion square feet in 2026, while trophy and well-located office properties recorded eight consecutive quarters of positive net absorption through the second quarter of 2026, including nearly 17 million square feet in the second quarter. Office CMBS delinquencies reached 11.57%.

Outlook

Under the new structure, Munson takes operating leadership of a Services platform that has grown through acquisitions and added senior personnel, while Heard retains a senior role in capital, transactions and strategic relationships. Transwestern said Munson will work with Heard and leaders across the firm to strengthen collaboration across the enterprise.

Sources

Transwestern press release: https://transwestern.com/news-detail/transwestern-advances-leadership-structure-promotes-greg-munson-to-ceo-of-servic