The commercial real estate industry in the US represents a vital component of the economy, involving the buying, selling, and managing of properties intended for business purposes. Firms operate in various niches, such as office buildings, warehouses, retail centers, and multifamily residences. These companies range from large investment trusts to local developers. Recent shifts indicate a growing emphasis on sustainability, with many investors favoring eco-friendly developments. Technology is also reshaping the industry, with data analytics and smart building solutions gaining traction. The sector is bouncing back after pandemic-induced challenges and continues to thrive, buoyed by strong interest from investors.

This list features 18 notable investors in the commercial real estate industry, representing various types such as private equity and venture capital. They hail from prominent locations, including New York, Chicago, Silicon Valley, and Washington D.C. Ranging in size from small firms with only a handful of employees to major global players with thousands on staff, these entities have built impressive portfolios since their founding years, with some dating back to the early 1900s. In 2024 alone, the investors executed a remarkable number of transactions, with notable contributions from firms like Blackstone and Morgan Stanley.

Top 18 Commercial Real Estate Investors in the US

1. Blackstone

• Website: blackstone.com
• Type: Private Equity
• Headquarters: New York, New York, United States (USA)
• Founded year: 1985
• Headcount: 1001-5000
• Number of deals in 2024: 57
• LinkedIn: blackstonegroup

Blackstone Inc. is an investment management firm specializing in alternative investments, including private equity, real estate, and credit solutions. Founded in 1985 and based in New York, Blackstone has established itself as a leader in the investment management industry. The firm has a diverse portfolio and employs a range of investment strategies to deliver lasting value to its investors. Notably, Blackstone has made significant strides in the commercial real estate sector, with transactions such as the acquisition of PS Business Parks for approximately $7.6 billion, which encompasses around 27 million square feet of industrial and office properties. Other key transactions include the acquisition of a 49% stake in the Dexus Australia Logistics Trust, the purchase of an office building in Mumbai from L&T Realty, and the acquisition of Australia's Investa Office Fund for A$3.08 billion. These transactions underscore Blackstone's commitment to building a robust real estate portfolio and its active role in the commercial real estate market.

2. Y Combinator

• Website: ycombinator.com
• Type: Venture Capital
• Headquarters: San Francisco, California, United States (USA)
• Founded year: 2005
• Headcount: 51-200
• Number of deals in 2024: 802
• LinkedIn: y-combinator

Y Combinator is a prominent startup accelerator and venture capital firm based in San Francisco, California, founded in 2005. It specializes in providing funding and mentorship to early-stage technology companies, having successfully launched over 4,000 startups. Among its diverse portfolio, Y Combinator has made notable investments in the commercial real estate sector, including PropReturns, a real estate investment platform that raised $1.2 million in funding to expand its operations and asset classes. Additionally, Y Combinator invested in 42Floors, which raised $400,000 in a seed round, further demonstrating its engagement in real estate technology. These transactions highlight Y Combinator's role in supporting innovative solutions within the commercial real estate industry, despite its primary focus on technology startups.

3. Second Century Ventures

• Website: scv.vc
• Type: Venture Capital
• Headquarters: Chicago, Illinois, United States (USA)
• Founded year: 2009
• Headcount: 11-50
• Number of deals in 2024: 8
• LinkedIn: second-century-ventures

Second Century Ventures is a venture capital firm based in Chicago, Illinois, founded in 2009. The firm specializes in fueling innovation within the real estate technology sector, investing in early to mid-stage technology firms. They operate a growth accelerator program called REACH, which aids startups in scaling their operations. Notable transactions include investments in companies like Energy-Producing Retail Realty, which focuses on integrating energy solutions within retail spaces, and Biproxi, a platform that enhances commercial real estate transactions. These investments highlight their commitment to advancing technology that supports the commercial real estate industry, making them a significant player in this space.

4. 500 Global

• Website: 500.co
• Type: Venture Capital
• Headquarters: San Francisco, California, United States (USA)
• Founded year: 2010
• Headcount: 201-500
• Number of deals in 2024: 98
• LinkedIn: 500-startups

500 Global, founded in 2010 and based in San Francisco, California, is a venture capital firm and startup accelerator that specializes in investing in early-stage technology companies. The firm provides funding, mentorship, and resources to help founders scale their businesses globally. Among their notable transactions, 500 Global has invested in companies like RealtyShares, VTS, and CompStak. CompStak, in particular, is a commercial real estate deal data and analytics provider, where 500 Global participated in both Series A and Series B funding rounds. This involvement highlights their interest in the commercial real estate sector, despite their broader focus on technology startups.

5. IFC - International Finance Corporation

• Website: ifc.org
• Type: Venture Capital
• Headquarters: Washington, D.C., District Of Columbia, United States (USA)
• Founded year: 1956
• Headcount: 1001-5000
• Number of deals in 2024: 107
• LinkedIn: ifclinkedin

The International Finance Corporation (IFC) is a not-for-profit organization established in 1956, headquartered in Washington, D.C. It focuses on private sector development in emerging markets by providing investment, advisory, and asset management services to businesses and financial institutions. IFC aims to help these entities access capital and expertise to promote economic growth and sustainable development. In 2024, IFC has been involved in several notable transactions relevant to the commercial real estate sector, including a $412.6 million investment in Brookfield India Real Estate Trust through post-IPO equity and a $545 million investment in Vesta Mexico via post-IPO debt. Additionally, IFC has supported other real estate-related entities such as FIBRA Macquarie and Ayala Land, indicating its active role in financing and developing commercial real estate projects across various markets.

6. Kirkland & Ellis

• Website: kirkland.com
• Type: Private Equity
• Headquarters: Chicago, Illinois, United States (USA)
• Founded year: 1909
• Headcount: 5001-10000
• Number of deals in 2024: 49
• LinkedIn: kirkland-%26-ellis-llp

Kirkland & Ellis LLP is a prominent law firm based in Chicago, Illinois, founded in 1909. The firm specializes in a wide range of legal services, including intellectual property, litigation, restructuring, and transactional law. They serve a diverse clientele, including Fortune 100 companies and growth-stage businesses, helping them navigate complex legal challenges across various industries. Notably, Kirkland & Ellis has been involved in significant commercial real estate transactions, such as the $6.5 billion acquisition of Crescent Real Estate Equities Company by Morgan Stanley, where they provided legal counsel. They also played a role in the acquisition of TriGranit, a real estate portfolio valued at over €450 million, and have been associated with funding rounds for real estate technology companies like PropertyFinder, which secured substantial investments to expand its market presence in the Middle East and North Africa. These transactions highlight Kirkland & Ellis's active engagement in the commercial real estate sector, particularly in providing legal expertise for major deals.

7. MRI Software

• Website: mrisoftware.com
• Type: Corporate
• Headquarters: Solon, Ohio, United States (USA)
• Founded year: 1971
• Headcount: 1001-5000
• Number of deals in 2024: 4
• LinkedIn: mri-software-llc

MRI Software is a corporate investor based in Solon, Ohio, founded in 1971. The company specializes in providing innovative software solutions for real estate and investment management, catering to both residential and commercial real estate sectors. In recent years, MRI Software has made several strategic acquisitions to enhance its offerings. Notably, they acquired Apartment Data Services, a market research firm focused on the multifamily industry, which strengthens their position in the southern U.S. market. Additionally, their acquisition of eSight Energy Limited, a company specializing in energy management solutions, aims to improve energy efficiency for property owners and operators, further emphasizing their commitment to enhancing real estate management capabilities. These transactions highlight MRI Software's active role in the commercial real estate sector, making them a relevant player in this industry.

8. FJ Labs

• Website: fjlabs.com
• Type: Venture Capital
• Headquarters: New York, New York, United States (USA)
• Founded year: 2015
• Headcount: 11-50
• Number of deals in 2024: 169
• LinkedIn: fj-labs

FJ Labs is a venture capital firm based in New York, founded in 2015, that specializes in investing in marketplace and network effect businesses. With a portfolio of over 1,000 companies, many achieving unicorn status, FJ Labs provides capital and strategic guidance to entrepreneurs across various industries, including e-commerce and logistics. Notably, FJ Labs has participated in significant funding rounds for Crexi, a commercial real estate marketplace, including a Series C round in 2020 and a recent convertible note in 2024. Their investment in Crexi highlights their engagement in the commercial real estate sector, alongside other investments in startups like VivaReal and Dot Residential, which also relate to real estate. This diverse investment strategy positions FJ Labs as a notable player in the commercial real estate investment landscape.

9. Kkr

• Website: kkr.com
• Type: Private Equity
• Headquarters: New York, New York, United States (USA)
• Founded year: 1976
• Headcount: 1001-5000
• Number of deals in 2024: 74
• LinkedIn: kkr

KKR & Co. Inc. is a prominent investment firm based in New York, specializing in private equity, credit, infrastructure, and real estate. Founded in 1976, KKR provides asset management solutions to both institutional investors and individual clients, helping them navigate complex investment landscapes to achieve strong financial returns. The firm has a global presence and leverages its extensive expertise to support various investment needs. Notably, KKR has been involved in significant real estate transactions, including a minority stake acquisition in Vinhomes Joint Stock Company for approximately $650 million, demonstrating its commitment to the commercial real estate sector. Additionally, KKR has engaged in funding rounds for real estate developers such as Lodha Group and Mantri Developers, further highlighting its active role in financing and supporting real estate projects.

10. Plug and Play Tech Center

• Website: plugandplaytechcenter.com
• Type: Venture Capital
• Headquarters: Sunnyvale, California, United States (USA)
• Founded year: 2006
• Headcount: 501-1000
• Number of deals in 2024: 253
• LinkedIn: plug-and-play-tech-center

Plug and Play Tech Center is an innovation hub and venture capital firm based in Sunnyvale, California, founded in 2006. They connect startups with corporations to foster growth and innovation, primarily targeting businesses in the technology sector. In 2021, they participated in a funding round for Brickbro, a Barcelona-based startup in the real estate sector, which raised 1 million euros. This investment highlights their engagement in the commercial real estate market, as Brickbro focuses on strengthening its position in the Spanish market and expanding internationally, including the sale of a 14 million euro property portfolio. While their main focus is on technology, their involvement in real estate-related transactions indicates a broader investment strategy that includes commercial real estate opportunities.

11. Goldman Sachs

• Website: goldmansachs.com
• Type: Private Equity
• Headquarters: New York, New York, United States (USA)
• Founded year: 1998
• Headcount: 10001+
• Number of deals in 2024: 59
• LinkedIn: goldman-sachs

Goldman Sachs is a prominent investment bank and financial services firm based in New York, founded in 1998. With a workforce exceeding 10,000 employees, the firm provides a diverse range of services including investment banking, asset management, and wealth management. Goldman Sachs serves a wide array of clients, including corporations, financial institutions, and individuals, helping them navigate complex financial challenges. In the commercial real estate context, Goldman Sachs has been involved in notable transactions such as providing $85 million in debt financing to Vatika Group for its real estate and hotel operations, aimed at construction and refinancing. Additionally, they participated in funding rounds for Cadre, a real estate investment platform, which raised significant capital to expand its operations and enhance its technology and real estate teams. These transactions highlight Goldman Sachs' active role in the commercial real estate sector, making them a relevant investor in this field.

12. Apollo Global Management, Inc.

• Website: apollo.com
• Type: Private Equity
• Headquarters: New York, New York, United States (USA)
• Founded year: 1990
• Headcount: 1001-5000
• Number of deals in 2024: 46
• LinkedIn: apollo-global-management-inc

Apollo Global Management, Inc. is an asset management firm based in New York, specializing in alternative assets and retirement solutions. Founded in 1990, the firm manages a diverse portfolio across credit, private equity, and real assets, catering to institutional investors, corporations, and individual clients. Apollo's integrated platform focuses on empowering retirees and providing innovative capital solutions. Notably, Apollo has been active in the commercial real estate sector, exemplified by its acquisition of a stake in CPI Property Group for EUR 300 million, a significant player in the real estate market. Additionally, Apollo has engaged in debt financing for the Canary Wharf Group, further solidifying its presence in commercial real estate. These transactions highlight Apollo's strategic involvement in the sector, making it a key player in the commercial real estate investment landscape.

13. Morgan Stanley

• Website: morganstanley.com
• Type: Venture Capital
• Headquarters: New York, New York, United States (USA)
• Founded year: 1986
• Headcount: 10001+
• Number of deals in 2024: 79
• LinkedIn: morgan-stanley

Morgan Stanley is a prominent investment bank and financial services firm founded in 1986, headquartered in New York, New York. With a workforce exceeding 10,000 employees, the firm offers a diverse range of services including wealth management, investment banking, and capital markets. Morgan Stanley serves a wide array of clients, including individuals, families, corporations, and governments, helping them manage and grow their financial assets. In the commercial real estate sector, Morgan Stanley has been actively involved in several notable transactions. For instance, they participated in the Post-IPO Debt financing of Office Properties Income Trust, raising $425 million in January 2024. They also contributed to the Post-IPO Equity funding of Brookfield India Real Estate Trust and Indiabulls Real Estate, raising significant amounts in 2023 and 2022, respectively. Furthermore, their investment in CompStak, a company focused on lease and sale comp data, highlights their interest in expanding their footprint in the commercial real estate data market. These transactions underscore Morgan Stanley's active role in the commercial real estate industry, making them a relevant investor in this space.

14. Värde Partners

• Website: varde.com
• Type: Private Equity
• Headquarters: New York, New York, United States (USA)
• Founded year: 1993
• Headcount: 201-500
• Number of deals in 2024: 6
• LinkedIn: varde-partners

Värde Partners is an investment management firm founded in 1993 and based in New York, specializing in alternative investments, particularly in credit-related assets and distressed securities. The firm serves a global investor base, including institutional investors, and provides expertise in navigating complex investment opportunities across various sectors, including Corporate & Traded Credit, Real Estate, and Financial Services. Värde Partners has been involved in several notable transactions in the commercial real estate sector, such as the acquisition of the Grade A office building Lodha Excelus from the Lodha Group, showcasing their commitment to investing in high-quality commercial properties. Additionally, they acquired significant debt from Reyal Urbis, a real estate company facing bankruptcy, which highlights their strategic involvement in distressed real estate assets. These transactions reflect Värde Partners' active role in the commercial real estate market, alongside their broader investment strategies.

15. Fifth Wall

• Website: fifthwall.com
• Type: Corporate
• Headquarters: New York, New York, United States (USA)
• Founded year: 2016
• Headcount: 51-200
• Number of deals in 2024: 15
• LinkedIn: fifth-wall-ventures

Fifth Wall is a venture capital firm founded in 2016, based in New York, New York. The firm specializes in technology investments tailored for the real estate industry, focusing on innovative solutions that tackle significant challenges such as climate change and infrastructure. Fifth Wall has been involved in several notable transactions within the commercial real estate context, including participation in funding rounds for VTS, a leading asset management and leasing platform that raised $90 million in a Series D funding round and $55 million in a Series C funding round. Additionally, Fifth Wall invested in Clikalia, an iBuyer, which raised significant capital in its funding rounds, further demonstrating their commitment to advancing technology in real estate. Their clients include major corporations seeking strategic insights and access to cutting-edge solutions to enhance their operations, solidifying their role as a key investor in the commercial real estate technology landscape.

16. Wells Fargo

• Website: wellsfargo.com
• Type: Corporate
• Headquarters: San Francisco, California, United States (USA)
• Founded year: 1852
• Headcount: 10001+
• Number of deals in 2024: 42
• LinkedIn: wellsfargo

Wells Fargo & Company, founded in 1852 and headquartered in San Francisco, California, is a leading financial services company that offers a comprehensive range of banking products, including checking and savings accounts, loans, and investment management services. With a workforce of over 10,000 employees, Wells Fargo serves both individual consumers and businesses, emphasizing customer service and community engagement. In the commercial real estate context, Wells Fargo has been involved in significant debt financing transactions, such as providing $2.85 billion in debt financing to Tishman Speyer in January 2025 and $3.5 billion in October 2024. Additionally, they facilitated $5.38 billion in post-IPO debt for Realty Income Corporation in April 2025 and $1 billion in January 2023. These transactions highlight Wells Fargo's active role in supporting major real estate developments and investments, reinforcing their position as a key player in the commercial real estate sector.

17. Tpg

• Website: tpg.com
• Type: Private Equity
• Headquarters: San Francisco, California, United States (USA)
• Founded year: 1992
• Headcount: 1001-5000
• Number of deals in 2024: 27
• LinkedIn: tpg-capital

TPG Inc. is a leading global alternative asset manager specializing in private equity and investment management, founded in 1992 and based in San Francisco, California. The firm manages $229 billion in assets across various sectors, including technology, healthcare, and consumer markets. TPG serves institutional investors by providing diversified investment opportunities and strategic insights to enhance their portfolios. Notably, TPG has made significant strides in the commercial real estate sector, exemplified by their acquisition of Servihabitat Servicios Inmobiliarios for $242.7 million in 2013, and their agreement to acquire TriGranit, a prominent developer and manager of retail and office assets in Central Europe, in 2015. Additionally, TPG Real Estate's acquisition of the Millennium Corporate Park for $153.5 million in 2018 further underscores their commitment to commercial real estate, as this complex spans over 536,958 square feet and is part of their Strategic Office Partners investment platform, which aims to reach $1 billion in size.

18. Stone Point Capital

• Website: stonepoint.com
• Type: Private Equity
• Headquarters: United States (USA)
• Founded year: 2005
• Headcount: 51-200
• Number of deals in 2024: 6
• LinkedIn: stone-point-capital

Stone Point Capital is an investment management firm specializing in private equity and credit investment strategies, founded in 2005 and based in the United States. The firm manages assets for institutional investors and high-net-worth individuals, aiming to deliver superior risk-adjusted returns through strategic partnerships and investment opportunities. Notably, Stone Point Capital has been involved in significant transactions within the commercial real estate sector, including the acquisition of Situs, a global provider of commercial real estate advisory services, in 2015. They have also participated in funding rounds for Lincoln Property Company and Broadstone Net Lease, further solidifying their presence in the commercial real estate market. These activities highlight their commitment to investing in and supporting the growth of commercial real estate ventures.

Commercial Real Estate Insights: Key Investors in the US

Investor	Headquarter	Size	Founded	Deals 2024
Blackstone	New York, New York, United States (USA)	1001-5000	1985	57
Y Combinator	San Francisco, California, United States (USA)	51-200	2005	802
Second Century Ventures	Chicago, Illinois, United States (USA)	11-50	2009	8
500 Global	San Francisco, California, United States (USA)	201-500	2010	98
IFC - International Finance Corporation	Washington, D.C., District Of Columbia, United States (USA)	1001-5000	1956	107
Kirkland & Ellis	Chicago, Illinois, United States (USA)	5001-10000	1909	49
MRI Software	Solon, Ohio, United States (USA)	1001-5000	1971	4
FJ Labs	New York, New York, United States (USA)	11-50	2015	169
Kkr	New York, New York, United States (USA)	1001-5000	1976	74
Plug and Play Tech Center	Sunnyvale, California, United States (USA)	501-1000	2006	253
Goldman Sachs	New York, New York, United States (USA)	10001+	1998	59
Apollo Global Management, Inc.	New York, New York, United States (USA)	1001-5000	1990	46
Morgan Stanley	New York, New York, United States (USA)	10001+	1986	79
Värde Partners	New York, New York, United States (USA)	201-500	1993	6
Fifth Wall	New York, New York, United States (USA)	51-200	2016	15
Wells Fargo	San Francisco, California, United States (USA)	10001+	1852	42
Tpg	San Francisco, California, United States (USA)	1001-5000	1992	27
Stone Point Capital	United States (USA)	51-200	2005	6

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