Moves: Sixth Street appoints Alvarado to run US real estate investments

Sixth Street Specialty Lending

16/01/2024 22:25

By David French
       Jan 16 (Reuters) - Sixth Street has appointed Marcos
Alvarado as its head of U.S. real estate, according to a
statement on Tuesday, as it seeks further investments in a
sector starved of capital in the wake of high interest rates and
an office property downturn. 
    Alvarado, who will be designated a partner, joins the San
Francisco-headquartered firm on Feb. 1 from real estate investor
Safehold Inc  SAFE.N , where he served as president and chief
investment officer. He has more than 20 years of experience in
the real estate sector, Sixth Street said.
    "Having known Marcos a long time from shared past
investments, we're glad to be teamed up with him again as we
increase our focus on offering scaled solutions to property
owners navigating changing secular trends and a volatile
interest rate environment," said Michael Muscolino, co-founder
and partner at Sixth Street.
    A rapid rise in interest rates has pushed up mortgage rates
and squeezed financing options for landlords and developers in
recent months.
    While this has raised concerns about increasing defaults,
investment firms are looking to snap up bargains, including by
providing capital to those in need of new finance. 
    Sixth Street's real estate platform both acquires properties
but also provides finance across the space, including for
residential, commercial, office, industrial and retail
developments.
    Sixth Street has been reinforcing its real estate
experience. Alongside Alvarado, Julian Salisbury started as
Sixth Street's co-chief investment officer this month, having
previously been chief investment officer of asset and wealth
management at Goldman Sachs  GS.N . 
    Salisbury will be in charge of Sixth Street's global real
estate activities, among other responsibilities. 
   

 (Reporting by David French in New York
Editing by Nick Zieminski)
 ((davidj.french@thomsonreuters.com;))