Trizec Exec Leaving to Start Own Firm

Retail real estate executive Lee Wagman, who oversaw development of the Hollywood & Highland and Paseo Colorado shopping centers, announced his departure from Trizec Properties Inc. to start his own investment firm.

Wagman, who is president of Los Angeles-based Trizec Retail & Entertainment, joined the company eight years ago and helped launch a dramatic expansion that has met with mixed results. One of the company’s most high-profile projects, Hollywood & Highland, performed poorly after it opened in late 2001. Trizec has written down the value of the shopping and entertainment complex project by more than $400 million.

Wagman’s new firm, Los Angeles-based AGC Realty Advisors, will focus on creating and operating mixed-use properties. His departure will take effect Feb. 15.

Trizec shares fell 9 cents to $9.51 on the NYSE.