Nuveen appointed Chad Phillips as its new Global Head of Nuveen Real Estate, effective immediately.

Phillips now oversees a $141B portfolio of assets under management spanning 22 countries, according to Nuveen, the investment manager of pension fund and financial giant Teachers Insurance and Annuity Association of America.

He’s taking over at a time when Nuveen sees potential value in commercial real estate.

"The painful reset of private real estate seems to be in the rearview mirror, and we expect 2025 to be a good vintage for real estate investment," analysts at Nuveen Global Cities REIT wrote in a Dec. 31 report. "Values have stabilized, total returns are positive in most markets and the dearth of new construction activity bodes well for medium-term fundamentals."

Phillips is replacing Chris McGibbon, a 25-year industry veteran who had been in the role since 2016 and now plans to retire. Phillips will also chair the Nuveen Real Estate Global Executive Leadership Team, which oversees the firm’s strategic initiatives.

He first joined Nuveen in 2019 and was most recently responsible for leading investment and fundraising teams across the office, healthcare, retail and mixed-use sectors. Phillips earned his undergraduate degree from Davidson College in North Carolina and a master’s degree in real estate from Georgetown University.

Phillips will lead the department from Nuveen’s office in Charlotte. The investment manager is based in Chicago and also has a major presence in New York, where TIAA is based, a spokesperson told CoStar.

McGibbon will stay on until June 30 to ensure a smooth transition.

Commercial real estate transaction volume is broadly expected to pick up in 2025 as investors, owners and lenders previously frozen by hopes of better underwriting accept today’s tough market conditions are likely to persist, especially in light of President Donald Trump’s new trade policies and tariffs.

Global brokerage firm executives expect growing transaction volume, which is expected to pick up in the back half of the year before gaining more traction in 2026, will boost their bottom lines. And the recent sell-off across the stock market has not only been less painful for commercial real estate stocks compared to other sectors, it also has made the asset class a more attractive investment.

"We think investors should have exposure to real estate stocks," analysts at J.P. Morgan wrote in a recent note to investors.