HARTFORD, Conn., Feb. 13, 2012 /PRNewswire/ -- Wrapping up one of its most active years ever, Cornerstone Real Estate Advisers, one of the world's largest real estate advisory firms, today announced that it completed more than $8 billion in transactions and raised more than $2 billion in capital in 2011.
Cornerstone's 2011 transaction activity included:
- equity acquisitions and dispositions totaling nearly $2.4 billion; and
- debt investing totaling $5.7 billion.
Cornerstone also raised more than $2 billion in capital from a record number of existing and new global investors for its debt and equity fund products and separate account mandates.
In addition to the firm's acquisition activity, Cornerstone, on behalf of an institutional client, made a significant investment in the development of Vertex Pharmaceuticals' global headquarters on Fan Pier in Boston, the largest private commercial real estate development in the country, comprising 1.1 million square feet of waterfront office and lab space.
Cornerstone ended the year with more than $32 billion in assets under management, up approximately 6 percent from the beginning of the year.
"We think there is a great deal of opportunity in real estate in the current environment. We believe our clients will benefit from our experience and ability to offer a wide array of investment products up and down the capital stack, whether in equity, debt, public or private," said David J. Reilly, CEO.
Looking ahead, both the equity and debt markets hold promise in 2012, according to Cornerstone.
"While values in the core and value add sectors have clearly improved from post recession lows, significant opportunity remains to invest prudently in equity real estate located in markets poised for job and rent growth. Cornerstone anticipates another very active year of equity real estate investment and development on behalf of our clients in 2012," said Mark S. Higgins, president and chief investment officer -- equity.
On the debt side in 2012, Cornerstone anticipates continued strong origination of core commercial mortgage loans on office, hotel, industrial, and apartment properties, and is looking to increase its allocation to transitional lending situations where a property's cash flow may not be fully stabilized.
"We were pleased with the lending environment in 2011 and anticipate that 2012 will continue to bring debt opportunities that offer attractive relative value to our clients," said Robert F. Little, chief investment officer – finance.
For more information about Cornerstone, visit www.cornerstoneadvisers.com.
About Cornerstone Real Estate Advisers LLC
Cornerstone Real Estate Advisers LLC, with affiliate and subsidiary offices in the US, UK, Europe and Asia, is one of the world's largest real estate investment advisers. It provides core and value-added investment and advisory services, including a comprehensive suite of real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. Cornerstone and its subsidiaries have assets under management totaling more than $32 billion. More information is at www.cornerstoneadvisers.com
Contact: Patrick Collins
SOURCE Cornerstone Real Estate Advisers LLC