Jonathan Pollack, global head of commercial real estate at Deutsche Bank, has left the bank. His departure, rumored several months ago, has been confirmed.
It is thought that he will be joining private equity group TPG, which is expanding aggressively into real estate. Last February, it bought 75 percent of Deutsche Bank's Special Situations Group – a $2.5 billion portfolio of higher-yielding real estate loans, overseen by Pollack. The deal included an 11-strong DB origination and risk management team, and the business was put into a new real estate investment trust, TPG Real Estate Finance Trust.
Pollack joined DB in 1999 and built it into one of the US's top CMBS originators, as well as leading on major financings; PERE sister publication Real Estate Capital' s readers voted DB CMBS lender of 2014 in both Europe and the US as well as pan-European lender of 2014.
In the US it completed $23.5 billion of CMBS deals in 2014, and this year its financings have included leading a consortium providing $1.25 billion for Jeff Sutton and General Growth Properties' (GGP) acquisition of the Crown Building at 730 Fifth Avenue in Manhattan.
The European real estate finance team, headquartered in London, led by Gad Caspy, reported into Pollack.