Deloitte, LLP, announced Thursday that Robert O’Brien has been appointed to lead the company’s U.S. real estate practice, and he has been elected as a vice chairman. He succeeds Dorothy Alpert, former practice leader, who has assumed the role of Northeast deputy regional managing partner.

“As the global real estate funds leader during my tenure as real estate practice leader, O’Brien exhibited an unmatched facility for the diverse needs clients face as real estate continues to evolve as a global industry,” Alpert said. “I am confident he will excel in his new role, benefiting both our clients and Deloitte.”

O’Brien joined Deloitte in 1983 and became partner in 1995. He most recently served as the U.S. audit and enterprise risk management leader for the real estate practice, as well as its global real estate funds initiative leader. From 2003 to 2008, he led one of Deloitte’s Chicago audit practice groups, and from 1999 to 2003, O’Brien served as a transaction services partner in the company’s mergers and acquisitions (M&A) practice.

“O’brien’s broad background and global relationships position him well to execute for our clients,” said Bill Freda, Deloitte’s vice chairman and U.S. managing partner for clients and markets. “His more than 25 years of public accounting and transaction experience in the real estate and hospitality industries will prove to be an invaluable asset to Deloitte and to our clients in meeting the challenges of the current market dislocation.”

In his new position, O’Brien will be responsible for Deloitte’s overall strategy and execution across tax, audit, enterprise risk, consulting, and financial advisory services in the real estate, homebuilding, engineering, and construction industries.

As the global economy recovers, O’Brien said two trends are becoming apparent. The next generation of real estate investors is emerging in the form of distressed asset funds, and REIT activity is heating up via IPOs and M&A. Success through the downturn in real estate and into the next cycle will require overcoming challenges and excellent execution, he explained.

“Whether it’s enhanced financial reporting to investors and the capital markets, efficient entity and investment structuring, valuation insights, strategy and operations, or technology, these new and evolving industry players will need the assistance of a professional advisor with broad and deep real estate expertise,” O’Brien said. “I look forward to taking that journey with our clients and sharing with them Deloitte’s tremendous capabilities across these and many other specialties.”