Cornerstone Real Estate Advisers, LLC
The flagship of the Cornerstone organization is Cornerstone Real Estate Advisers LLC, located in Hartford, Connecticut. An indirect subsidiary of the Massachusetts Mutual Life Insurance Company ("MassMutual"), Cornerstone is registered with the United States Securities and Exchange Commission as an Investment Adviser. Founded in 1994 to manage MassMutual’s equity real estate investments, Cornerstone has grown organically and through acquisition to become one of the world’s largest real estate advisers. Including the operations of its global network of subsidiary companies, Cornerstone offers its investment services through open and closed end private funds, separate accounts, co-investment programs, joint ventures, and mutual funds. 2010 was a watershed in Cornerstone’s growth. In 2009, a strategic decision was made to create, in Cornerstone, a full service real estate advisory firm managing real estate debt and equity investments, in MassMutual’s portfolio of companies. Consequently in early 2010, Babson Capital Management LLC, an affiliated company, transferred its Real Estate Finance Group ("REFG") to Cornerstone. With this transfer, Cornerstone can now offer a full array of real estate debt products and services. Also in the first quarter of 2010, Cornerstone acquired Protego Real Estate Investors, a privately held, U.K. based, real estate advisory firm. This acquisition, following Cornerstone’s expansion into Hong Kong and Amsterdam in 2008, rounds out today’s Cornerstone organization – a diversified, global real estate adviser, with expertise in public and private real estate debt and equity, managing or servicing more than $42 Billion of assets for our clients.
Real Estate Specialization
| Multifamily |
| Office |
| Industrial |
| Retail |
| Land/Development |
| Hotels |
Investment Type
| Pref/Mezz equity |
| JV partnership |
| Acquisition/Fee Simple |
| Securities |
| Debt |
Investment Style
| Core |
| Value-add |
| Development |
Typical Deal Size
| > $50,000,000 |
Andrew Williams
Mr. Williams oversees Cornerstone's direct equity investments in commercial properties, including hotels that are located in North America. He is responsible for overseeing all activities in connection with a diversified national portfolio of commercial properties, including acquisitions, asset management and dispositions. Mr. Williams is also Chair of Cornerstone's Direct Real Estate Investment Committee and plays a key role in creating and implementing investment strategies on behalf of clients. Prior to his current responsibilities, Mr. Williams was Executive Vice President responsible for Cornerstone's Hotel Group, located in Glastonbury, Connecticut, where he supervised all activities in connection with a large hotel portfolio, including acquisitions, asset management, and dispositions. Mr. Williams previously served as Cornerstone's General Counsel and was responsible for overseeing the legal affairs of the Company, including the structuring and closing of its funds. Prior to joining Cornerstone in 1994, Mr. Williams served as Assistant Vice President and Counsel for MassMutual, where, for 11 years, he was responsible for providing legal advice and services to MassMutual's Real Estate Investment Division. Mr. Williams earned a BA degree from the University of California, Santa Barbara, and a JD from Temple University School of Law. He is admitted to practice in California, New York, Massachusetts, and Connecticut and is a member of the State Bar of California. He serves on the Marriott Owner Advisory Council, Starwood's Westin Owner Advisory Council, and is a member of the American College of Real Estate Lawyers. Mr. Williams has lectured on the subject of joint ventures and hotels at the Practicing Law Institute, has been active in the Senior Legal Officer Group of the National Association of Real Estate Investment Managers, and has served on various committees of the American Council of Life Insurers.
David Reilly
- 44 860 509 2225
- dreilly@cornerstoneadvisers.com
Mr. Reilly is responsible for setting and implementing Cornerstone's corporate policies and strategic initiatives. In addition, he has oversight of all facets of Cornerstone's operations, including establishing the vision for the company, e.g., its culture, corporate citizenship and short and long term goals, all in keeping with high standards for ethical behavior and integrity. His career in real estate spans more than 40 years with extensive experience in asset and portfolio management, acquisitions and dispositions, and operations. His experience includes all institutional property types, including hotels, office, industrial, residential and retail. Prior to joining Cornerstone in 1995, Mr. Reilly was President of Mellon/McMahan, a real estate pension fund advisor managing portfolios of wholly owned and leveraged properties for institutional clients. In this capacity, Mr. Reilly was responsible for all operations of the company, including asset management, acquisitions and dispositions. From 1978 through 1992, Mr. Reilly was a Managing Director for Aetna Realty Investors, a wholly owned subsidiary of Aetna Life & Casualty. He was responsible for the Asset Management and Sales Groups, and was also a senior member of the Investment Committee. Prior to joining Aetna Realty Investors, Mr. Reilly served as Vice President of HNC Mortgage and Realty Investors REIT. Mr. Reilly earned his BS degree in Business from Boston College. He has been a member of the Urban Land Institute, the International Council of Shopping Centers, and served on the Board of Directors of the National Association of Real Estate Investment Managers.
Robert (Rob) Little
- 1 860 509 2400
- rlittle@cornerstoneadvisers.com
Mr. Little is responsible for Cornerstone's real estate finance activities including investment origination, underwriting and servicing of commercial mortgage loans and non-traditional capital market activities such as CMBS, structured private debt, single family whole loan pools, bank debt, REIT financing, and affordable housing tax credit investments. Mr. Little joined Cornerstone in 2010, its affiliate Babson Capital Management in 2000, and was previously a member of MassMutual's Investment Management Division, which he joined in 1987. His previous responsibilities included the development and oversight of the debt capital markets and high yield/mezzanine lending businesses, as well as oversight of the Central and Northeast Region Debt Offices. Mr. Little earned a BA degree in Economics from Bates College. He is a CFA Charterholder and holds the Chartered Realty Investor designation. He also is a member of the Mortgage Bankers Association, the Hartford Society of Financial Analysts, and serves on the boards of the Greater Springfield YMCA and the Springfield Riverfront Development Corporation.
Thomas Dudeck
- 1 860 509 2201
- tdudeck@cornerstoneadvisers.com
Mr. Dudeck is responsible for overseeing Cornerstone's portfolio management, research, product development, business development and client service/reporting, valuation, and U.S. and global real estate securities management operations. In this capacity, he plays a key role in creating and implementing investment strategies on behalf of clients. Mr. Dudeck serves on the Firm's Investments Committees, as well as the European Management Committee of Cornerstone's European investment management subsidiary. Mr. Dudeck also serves as portfolio manager for the Cornerstone Real Estate Fund VIII. Prior to his current responsibilities, Mr. Dudeck was Executive Vice President responsible for Cornerstone's Eastern Region Equity office where he supervised all activities in connection with a diversified regional portfolio of commercial properties, including acquisitions, asset management and dispositions. Prior to joining Cornerstone in 1998, he was formerly a Managing Director of the Aetna Real Estate Group where he was responsible for asset management and dispositions involving a national portfolio of commercial real estate assets. Previously, Mr. Dudeck served as Counsel in Aetna's Law Department, where he provided legal services and advice to Aetna's International Division and to its Real Estate Investment Group. Mr. Dudeck earned a BA degree in Political Science from Allegheny College, an MPA from the University of Hartford, and a JD from the University of Connecticut School of Law. He is admitted to practice law in Connecticut. Mr. Dudeck is a member of the National Association of Real Estate Investment Managers, the Pension Real Estate Association, the National Multi-Housing Council and the American Bar Association. He is also a member of the Board of Trustees of Miss Porter's School in Farmington, Connecticut.
C.J. KARBOWICZ
Mr. Karbowicz serves as the Chief Operating Officer and General Counsel for Cornerstone and is responsible for overseeing the legal affairs of the Firm. A team of seven attorneys and three paralegals located in Cornerstone's home and regional offices assist Mr. Karbowicz. In addition, Mr. Karbowicz oversees Cornerstone's Compliance, Human Resources and Risk Management Groups. Prior to joining Cornerstone in 1996, Mr. Karbowicz was in private practice in Connecticut for 12 years focusing primarily on commercial real estate transactions. Mr. Karbowicz earned a BS degree and an MS from the University of New Haven, an MS from the University of Massachusetts, and a JD from New York University School of Law. He is admitted to practice in Connecticut and is a member of the Connecticut Bar.
ROBERT MAHONEY
Mr. Mahoney has overall responsibility for the financial administration of Cornerstone's corporate operations as well as all separate account, joint venture, and commingled fund client real estate equity and debt portfolios. Mr. Mahoney joined Cornerstone at its inception in 1994 from MassMutual, where he served as Assistant Director of Real Estate Investment in the equity investment department, and was responsible for portfolio level analysis and reporting. Mr. Mahoney began his career with The Colebrook Group, a regional real estate development and management company, serving as its Manager of Accounting and Finance, with responsibility for financial analysis of equity and joint venture real estate transactions and all financial operations of the company. Mr. Mahoney earned a BS degree in Accounting from American International College and an MBA in Finance from Western New England College.