10
Dec
Panel: Opportunities in distressed commercial real estate
The commercial real estate sector continues to experience high levels of defaults and distress due to an unprecedented slowdown in office occupancy rates. For investors, the opportunities to buy troubled real estate assets are ripe, and rising defaults from borrowers who fail to repay create more options for buyers of distressed assets. As lenders continue to pull away from commercial real estate and seize control of distressed commercial properties at the highest rate since 2015, does this mark the sign of a market bottom, or is there more trouble to come? Panellists will discuss:
- What is prompting the sale of distressed commercial properties in the US?
- What strategies are borrowers using to refinance and restructure their loans to prevent bankruptcy?
- What are the opportunities for investors looking to acquire distressed real estate assets?
- What is the outlook for the sector in the upcoming months, and what are the challenges that remain?
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SpeakersHarold Bordwin Principal and Co-President KEEN-SUMMIT CAPITAL PARTNERS
Doug Lyons Managing Principal PEARLMARK
Joseph Griffin Principal and Managing Director, Head of Commercial Real Estate MARATHON ASSET MANAGEMENT
Warwick Olney Managing Director, Head of Real Estate SUMMIT INVESTMENT MANAGEMENT
Kunyi Yang Reporter DEBTWIRE
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Douglas W. Lyons is a Managing Principal of Pearlmark, with responsibility for the firm’s capital markets and debt investment activities. He is also a member of the firm’s Management and Investment Committees. Prior to joining Pearlmark in 1996, Mr. Lyons was Vice President of Equity Institutional Investors, Inc. where he was responsible for merchant banking activities and strategic portfolio management projects for the Zell/Merrill Lynch Real Estate Opportunity funds, the Zell/Chilmark Fund, and other Sam Zell-related affiliates. In addition, Mr. Lyons actively managed an institutional portfolio of REIT stocks. Previously, he worked in the New York Real Estate Capital Markets groups for Bankers Trust Company (1989-1991) and Merrill Lynch & Co. (1987-1989).
Mr. Lyons earned a BA degree in History from Amherst College where he was a two-time All-American in soccer, and his MBA from the Harvard University Graduate School of Business Administration. He currently serves several nonprofits including the Harvard Alumni Real Estate Board, the U.S. Soccer Foundation, and the JDRF Illinois Chapter for the Real Estate Games. Mr. Lyons is also a member of the Pension Real Estate Association and the Urban Land Institute, where he is a Trustee. Mr. Lyons currently serves as a Trustee of the Loomis Chaffee School chairing its Buildings and Grounds Committee and previously served as a Trustee for Lycée Français de Chicago and Chair of its Facilities Committee and as Treasurer of St. James Cathedral in Chicago.
Joseph Griffin is a Principal and Managing Director in Marathon’s Structured Credit Group, Head of Commercial Real Estate and Co-Head of Marathon’s Liquid Structured Credit Trading business. He is also a member of Marathon’s Executive Committee and Personnel and Culture Committee. Mr. Griffin oversees portfolio construction and asset allocation across public and private Commercial Real Estate strategies and develops the thematic strategy of the portfolio. He joined Marathon from RBS Greenwich Capital where he spent 11 years, most recently as a Managing Director and Head of CMBS Secondary Trading. Prior to joining the CMBS trading team, Mr. Griffin held various roles at Greenwich Capital, including roles within the debt capital markets and origination groups. Mr. Griffin received his BA in History from Brown University.
Warwick rejoined Summit as a Managing Director/Head of Real Estate in 2020 to assist in various capacities including deal sourcing, underwriting and leading the firm’s real estate strategies.
Prior to rejoining Summit, Warwick led CBRE’s equity platform for the Western US. Before that he spent five years in New York City helping build the U.S. real estate platform for the Bank of Ireland.
He started his career as an intern with CBRE and served in various roles within CBRE/New England. Warwick is a graduate of Trinity College in Hartford, Conn.