Cornerstone opens for business in Tokyo

The Hartford, Connecticut-based real estate investment management subsidiary of Massachusetts Mutual Life Insurance Company has hired ex-Savills executives to help attract Asian investors into its US and Europe real estate equity and debt investments.

Cornerstone Real Estate Advisors has opened 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.

The Hartford, Connecticut-based real estate investment management subsidiary of Massachusetts Mutual Life Insurance Company announced today the office was expected to “provide a more direct and bespoke service to its existing Asian clients, extend its network of institutional investors in this important region and improve its ability to introduce them to suitable US and European investment opportunities.”

It is the second office opening in Asia for Cornerstone. The firm already operates from an office in Hong Kong which primarily services the firm’s global securities business.

The new office is to be headed by directors Kelly Hayes and Peter Gensheimer, two former executives at property services firm Savills. Their remit will include introducing Asian clients to the real estate equity and debt investment vehicles the firm currently operates. On the equity side, the firm invests across the property sectors, including hotel assets. Meanwhile, on the debt side, Cornerstone has a core lending business and a capital markets division which offers CMBS and REIT products as well as an “alternatives” unit that includes high yield and mezzanine lending.

David Reilly, chief executive officer of Cornerstone, said: “Institutional and other qualified investors increasingly are looking for a one-stop solution to their global equity and debt investing needs, while also seeking geographic diversity in their investment exposure.”

 “Our presence in Tokyo will not only help augment services for our existing Asian clients but also enable us to provide them enhanced access to US and European equity and debt investment opportunities.”

Cornerstone currently has more than 170 investors globally. Including the assets of subsidiary Cornerstone Europe, Cornerstone managed $36.2 billion of real estate as of June 30.