Finance  ·  Players

Tishman Speyer Latest CRE Owner to Launch Debt Platform

Developer adds Amit Rustgi from PIMCO to lead new credit business.


Tishman Speyer has joined a growing list of commercial real estate owners expanding into the debt vehicle space in a dislocated market.

The firm announced Thursday that Amit Rustgi has joined Tishman Speyer from PIMCO to lead originations for the new credit business, which will target CRE loans across various property sectors in major U.S. cities. Rustgi will report to Randall Rothschild, senior managing director and global head of debt, out of Tishman Speyer’s New York City headquarters.

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PERE Credit first reported Tishman Speyer’s debt platform launch and the hire of Rustgi. 

The addition of a credit arm at Tishman Speyer follows similar moves by competitors such as RXR, which in early 2022 launched a lending platform as part of a joint venture with Hudson Realty Capital. In January, SL Green Realty also announced it was raising $1 billion for a property debt fund, and Peebles Corporation founded a private credit arm called Willowbrook Partners in early 2024. 

“The current commercial real estate environment provides an excellent opportunity to earn attractive risk-adjusted returns,” Tishman Speyer CEO Rob Speyer said in a statement. “This is the right moment for nontraditional lenders with regional and operational expertise to execute on market-driven debt strategies.”

Rustgi was previously vice president and portfolio manager at PIMCO from 2021 to 2024. Prior to that he spent eight years at Brookfield Asset Management working with the company’s high-yield debt origination, underwriting and asset management business units. He has also held jobs at Moody’s, Trimont and Spring11.

The new debt platform to be led by Rustgi will have a solid starting point with more than 100 actively managed lender relationships in place, according to Tishman Speyer. The developer has closed more than $29 billion of financings from 130 of its own deals since 2011, the company said in its announcement. 

“Amit will collaborate with our deep bench of local and sector-focused executives to drive our competitive advantage in the lending space,” Rothschild said in a statement. “Together we can achieve our strategic goal of diversifying our business and generating strong returns for our investors.”

Andrew Coen can be reached at