Charlie Rose (clockwise from top left), Teresa Zien, Justin Chausse, and Yorick Starr.
Charlie Rose, Teresa Zien, Yorick Starr and Justin Chausse
Managing director and global head of debt; managing directors at Invesco Real Estate
Last year's rank: 45
There’s no doubt that commercial real estate capital markets went through their own recession in 2022 and 2023 — amid inflation, high interest rates and a regional banking crisis — but Invesco held on until the clouds cleared in 2024.
“Going into 2023, we started to see our borrowers come off the sidelines, and it positioned 2024 to 2025 to be a year of recovery for us as a loan originator,” said Charlie Rose. “Our approach to the business is we want to be consistent, reliable counterparts for our relationship borrowers, even during periods of significant dislocation.”
Rose said that as Invesco’s clients became more active as 2024 went along, the firm met its demand for commercial real estate capital with “creative executions, timely responses, and consistent delivery of attractive financing terms.” To this end, Invesco closed $3 billion of loans in 2024, with $2.6 billion in North America across 41 loans. The firm’s 600-person real estate operation manages $80 billion of capital globally.
Rose’s team — including managing directors Teresa Zien, Yorick Starr and Justin Chausse — prioritizes credit over yield and takes a property-first approach to all its underwriting standards. A full 74 percent of Invesco’s loan volume came out of proprietary origination channels, and relationship borrowers accounted for 70 percent of originations in 2024.
Invesco was also laser-focused on two — and only two — property sectors. Multifamily and industrial accounted for 96 percent of transactions on the year.
“We tend to lend to those asset classes where our key borrowers are most active, but as a property-first lender, you’ll also see that our focus tends to be consistent with our broader convictions,” said Rose. He noted that when it comes to “sheds and beds” Invesco “continued to see strong secular trends for those as classes and resilience in cash flows.”
But if Invesco could count on one element to weather the storms of recent years and come out on the other side in 2024, it was a company culture that put investors first and the well-being of all team members right next to their fiduciary promises.
“We have a focus on being client-centric, and that applies to both investors, but also our relationship borrowers, and it also really focuses on building a highly collaborative culture,” said Rose. “Our goal is to create a dynamic work environment where our team can grow and achieve their personal goals.”
