Starwood Capital Group has recruited former Lehman executive John McCarthy as global head of asset management.
McCarthy was most recently the global co-head of asset management for Lehman Brothers private equity real estate group, overseeing $40 billion in assets across five funds. During his time with the bank, he built and co-led Lehman’s Indian real estate business as well as previously managing the firm’s European investment portfolio.
A sale or spin-out of the private equity real estate arm is expected to be announced in the first quarter of this year. The division has received more than 100 expressions of interests for its fund positions and group operations to date.
McCarthy will be based in Starwood’s Greenwich, Connecticut, headquarters reporting directing to chief executive Barry Sternlicht. Following McCarthy’s appointment, head of asset management Jeffrey Disher has stepped down and returned to his earlier role leading Starwood’s acquisitions team.
Starwood has made roughly $30 billion in investments since its founding in 1991 in properties including residential and commercial land development, multifamily, hotel, office, retail, mixed-use, industrial, health clubs, golf courses and mezzanine debt.