AB Disruptor Series: Real Estate’s Present and Future—the Commercial Market – AllianceBernstein – 6.27.23

Summary:

Now On Demand

“Buy land, they’re not making it anymore.” -Mark Twain

Real estate is the original asset: a distinct combination of investment potential and utility for businesses and households. That’s why COVID-19, and its impact on inflation and interest rates, had remarkable effects on the market. Home prices soared, hotels and shopping malls emptied, and office buildings faced a cloudy future.

As the economy and markets adapt to a reshaped landscape, how should investors approach the commercial real estate arena? Join us as we dig into this question in our latest installment of the AB Disruptor series, “Real Estate’s Present and Future—the Commercial Market.”

A panel of AB’s experts will zero in on key topics including:

• Exploring what’s behind the market’s current state, from multi-family to retail to the changing tide faced by office spaces, and how this will play out
• Assessing the road ahead through diverse investment lenses, evaluating patterns of opportunity and risk across private debt, public debt and REITs
• Scanning the horizon for possible future states: How will commercial real estate segments evolve, and will new ones emerge?

Speakers:

Richard A. Brink is a Senior Vice President and Market Strategist in the Client Group. Previously, he served as a managing director in the Alternatives and Multi-Asset Group. Prior to that role, Brink was a senior portfolio manager in Fixed Income, and before that an investment director for fixed-income investments within the Global Retail Investments Group. Before joining AB in 2004, he was senior product manager at the Dreyfus Corporation, covering both retail and institutional fixed-income offerings. Brink was previously a senior trainer, dealing primarily with the design and delivery of product training to financial advisors and mutual fund sales representatives. He holds a BS in applied mathematics and economics from Stony Brook University, and is a CFA charterholder.

Artem Dergunov joined AB in 2022 and is a Research Analyst with the US Large Cap Value Equities team. Before joining AB, he was a vice president of Corporate Strategy at SAP from 2019 to 2022. Prior to that, Dergunov spent over 10 years at Boston Consulting Group, most recently as a principal in the New York office. He holds an MBA from the Wharton School at the University of Pennsylvania and a PhD in economics from Financial University under the Government of the Russian Federation.

Marshall Glick is a Senior Vice President and Senior Analyst in AB’s Securitized Asset Management Group, where he oversees investments in commercial mortgage-backed securities (CMBSs). He first worked at the firm from 1996 to 2002. From 2002 to 2009, Glick was a senior credit officer at Fortress Investment Group, where he sourced, underwrote and managed the assets in a multibillion-dollar investment portfolio that included credit-sensitive CMBSs, B-notes, mezzanine debt and whole loans, along with REIT debt and leveraged bank loans. He previously served as vice president, Structured Products, at AB, where he focused on primary and secondary offerings of CMBSs and covered the REIT debt sector. Prior to joining AB, he was associate director in the Structured Finance Ratings division at Standard & Poor’s Rating Services. Glick holds a BS in finance from the State University of New York, Albany, and an MBA from Fordham University.

Peter Gordon is Head and Chief Investment Officer of the US Commercial Real Estate Debt team. This team oversees nearly $12 billion in committed capital from insurance companies, pension funds and banks, across four vintage closed-end funds and various other institutional mandates. Previously, he was managing director of Commercial Real Estate Debt. Prior to joining the firm in 2016, Gordon served as managing director and head of commercial real estate (CRE) whole loan originations at Angelo, Gordon & Co., a global alternative investment-management firm, where he led the CRE whole loan team, responsible for sourcing, pricing, financing and structuring transactions, as well as managing assets in the investment portfolio. Prior to that, he was a senior member of the real estate finance and investment banking groups at both Goldman Sachs and Morgan Stanley, where he was involved in all aspects of commercial real estate lending, from originations for balance sheet and commercial mortgage-backed securities to loan structuring, syndication and securitization. Gordon has been working in the commercial real estate space since 2001, including four years in construction management. He holds a BS in mathematics from the University of St. Andrews and an MBA from Columbia University.