Michael Berman, outgoing CFO at Chicago-based Equity LifeStyle Properties Inc. (ELS), is taking on a similar post at General Growth Properties Inc. for a salary of $750,000 per year.

Berman, who had been with ELS since 2003, will also receive an initial grant of 400,000 non-qualified GGP stock options which will vest over five years, and 50,000 shares of restricted stock which will vest over three years. He will receive a guaranteed discretionary award in 2012 of $450,000, and a guaranteed minimum incentive payment of $750,000 for 2013.

“Mr. Berman’s broad financial and accounting experience in the real estate sector will be a valuable asset to the company,” said Sandeep Mathrani, CEO with GGP.

The current GGP CFO, Steven Douglas, was formerly president of New York Based-Brookfield Properties Corp. He left to join GGP in July 2010, as Toronto-based Brookfield Asset Management helped finance GGP out of its bankruptcy.

Douglas has been hired to take a management role with Brookfield Asset Management, according to a company spokesman.