TIAA-CREF Global Real Estate has promoted Randy Giraldo to managing director and portfolio manager of one of its core property funds. The real estate investment and management arm of the New York-based financial services organization declined to specify which vehicle, but TIAA-CREF’s core real estate funds include the TIAA-CREF Core Property Fund.
“Randy has deep investment experience and an extensive understanding of the U.S. real estate market through hands on involvement in transactions, asset management and overall fund strategy,” said Phil McAndrews, senior managing director and chief investment officer of TIAA-CREF Global Real Estate, in a statement.
Giraldo, which joined TIAA-CREF in 2008, most recently was a senior director and portfolio manager for the TIAA-CREF Real Estate Account, a variable annuity account that generates returns primarily through real estate rental income and appreciation. The account, which also invests in non-real estate-related publicly traded securities and short-term liquid investments, has more than $20 billion in assets under management.
He also has held positions in acquisitions and portfolio management focused on the U.S. and Latin America at the firm. Prior to joining TIAA-CREF, he worked at a number of major real estate companies including Lend Lease, Tishman Speyer and Starwood Capital Group.
TIAA-CREF Global Real Estate currently manages approximately $56 billion in assets in the US, with investment vehicles include directly owned properties, joint ventures, mortgages, REITs and funds. It also invests globally through London-based real estate asset management firm TIAA Henderson Real Estate (TH Real Estate), which was officially formed last year, following TIAA-CREF’s purchase of Henderson’s US business. TH Real Estate currently has $26 billion in assets under management across 50 funds and mandates.