By David French
(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, 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.
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)
