Cornerstone Real Estate Advisers has hired Terri Herubin as portfolio manager. The former Townsend Group executive will be in charge of the Cornerstone Patriot Fund, an open-ended core US real estate fund with a current gross asset value of $1.7 billion.
According to Cornerstone, Herubin replaces Brian Murdy, who is leaving the Hartford, Connecticut-based real estate investment management subsidiary of Massachusetts Mutual Life Insurance after 13 years to pursue an opportunity with a “major real estate brokerage firm.” According to news reports, the brokerage firm in question was Marcus & Millichap, which Murdy joined last week as a national director. There, he will head the broker’s Institutional Property Advisors group, which was formed to capture large property sales assignments from institutional investors.
With Murdy gone, Herubin joins Cornerstone portfolio manager Denise Stake and the rest of the Patriot Fund’s team, providing continuity in the management of the fund. Thomas Dudeck, Cornerstone’s chief of investment strategy, said in a statement that Herubin’s “background in portfolio management and acquisitions” and Stake’s “experience with the Patriot Fund will be a significant benefit to investors.”
Herubin most recently was a principal and portfolio manager at The Townsend Group and was a member of Townsend’s investment committee. Prior to joining Townsend, she was head of acquisitions and co-portfolio manager of equity real estate for the New York State Teachers’ Retirement System.
Cornerstone currently has more than 170 investors globally and, including the assets of subsidiary Cornerstone Europe, manages roughly $36.2 billion of real estate. On Monday, the firm announced the opening of its first office in Tokyo in a bid to position itself closer to Asian investors with a view to introducing them to investments in the US and Europe.