Robert Stuckey
Managing director and head of U.S. real estate funds at Carlyle Group
Is office back? Can it survive another recession or COVID-like disruption? Carlyle Group might not care as much as some of the other names on this list, given that they’re not as invested in the asset.
Since 1998, the global investment firm has made approximately 1,300 investments across the industrial, multifamily, self-storage, single-family rental and active adult housing sectors — and more than 800 of those investments have been realized to date.
But one thing Carlyle avoids is the office sector, as well as retail and hospitality, said Robert Stuckey, who’s in charge of the firm’s real estate funds in the U.S.
“We’ve been skeptical of the office, retail and hotel sectors for more than a decade,” Stuckey said. “Our view was shaped by structural challenges in each — long before COVID-19 brought those risks into focus for the broader market.
Right now, Stuckey said Carlyle is focused on “areas where underlying demand is deep and growing,” such as industrial, self-storage and rental housing, which have “long-term growth and demand resilience.”
Carlyle has made several storage investments in New York City alone since the start of 2024, including its purchase of four facilities in Queens and Brooklyn for a total of $110.4 million; its deal to buy two storage properties from Storage Deluxe in Queens and Manhattan for a total of $68 million; and its acquisition of a warehouse in East Flatbush, Brooklyn, for $50 million.
In addition, Carlyle this April bought an apartment building in Gowanus, Brooklyn, along with Z+G Property Group for $32.1 million.
“Even in today’s environment, we see opportunity in overlooked and under-supplied segments,” Stuckey said. “We’ve found that our ability to navigate cycles and maintain consistency in strategy has become a real differentiator as a buyer in the market.”
And, with a current net asset value of $7.3 billion spanning approximately 260 investments, Carlyle seems to be doing things right, especially during times of market uncertainty.
“Periods of volatility tend to separate those with staying power from those without,” Stuckey said. “We’ve built a team with depth, continuity and a presence in key markets, which positions us well to find opportunity amid dislocation.”
