Episode 137: CRE Distressed Investing with Tony Crooks, AEW, Jack Gay, Nuveen, and Reid Liffmann, Angelo Gordon

In this episode of the InsuranceAUM.com podcast, host Stewart Foley dives into the complexities of the current Commercial Real Estate (CRE) market and distressed investing. He’s joined by three industry leaders: Tony Crooks, Managing Director at AEW, Jack Gay, Senior Managing Director and Global Head of Debt at Nuveen Real Estate, and Reid Liffmann, Head of US Real Estate at Angelo Gordon. Together, they unpack the driving factors behind recent large CRE defaults, the challenges posed by rising interest rates, and the impact of office vacancies in major cities. The panel explores how risk and opportunity vary across sectors like office, multifamily, and industrial, offering a comprehensive view of where the market stands today.

The conversation also highlights where smart money should be looking for opportunities in the capital structure, from senior debt to equity. With the pullback in bank lending, our guests discuss the role of insurance companies and other private lenders in filling the financing gap. As the market searches for its footing, this episode provides key insights into how investors can navigate a distressed market, the importance of patience, and why this is a time for disciplined, value-driven investment strategies.