Devin Murphy Joins Coventry Real Estate Advisors as a Managing Partner
Former Deutsche Bank Executive Becomes Member of Firm’s Senior Management Team
NEW YORK--(BUSINESS WIRE)--Coventry Real Estate Advisors, LLC, a leading real estate private equity firm, today announced that Devin Murphy, 48, has joined the firm as a Managing Partner.
An industry veteran with over two decades of experience in real estate investment banking, Murphy is responsible for the development and execution of strategies that will enhance and grow Coventry's investment platform together with existing Managing Partners Peter Henkel and David Hirschberg.
Prior to Coventry, Murphy served as Global Head of Real Estate Investment Banking for Deutsche Bank, where he managed a team of over 100 professionals in eight offices throughout the U.S., Europe, and Asia. Under his leadership, the team executed over 500 separate transactions on behalf of clients representing more than $400 billion in total transaction volume. Significant transactions included the sale of Hilton International Hotels in 2005, and The Blackstone Group’s acquisitions of Carr America Realty in 2006, and Equity Office Properties and the Hilton Hotels Corporation in 2007.
Murphy began his real estate career at Morgan Stanley in 1986 where he held several senior management positions during his tenure, ultimately serving as the head of its U.S. Real Estate Investment Banking Business. While at Morgan Stanley, Murphy raised in excess of $5 billion of equity capital for the Firm’s real estate private equity funds, as well as private capital for third party clients. He also served as a member of the Investment Committee of the Morgan Stanley Real Estate Funds from 1994 until his departure in 2004. During this time the Funds invested over $6.5 billion of equity capital in transactions with a total value exceeding $35 billion.
Throughout his career Murphy advised on many landmark transactions in the retail real estate arena including the sale of May Department Stores' regional mall assets to a partnership of Prudential Insurance and Simon Associates in 1988, and advising and implementing the strategy for J.C. Penney Company, Inc. for its regional mall assets in 1989. Other significant retail transactions included: the initial public offerings of The Mills Corporation and Simon Property Group in 1993 and DeBartolo Realty Corporation in 1994; the merger of DeBartolo Realty Corporation and Simon Property Group in 1996; the sale of the Rouse Company to General Growth Properties in 2004; the merger of Westfield Holdings, Westfield America Trust, and Westfield Trust into Westfield Group in 2004; and, most recently, the acquisition of Wilmorite by Macerich in 2005.
Henkel, Coventry’s Founder, said, “It is great to be working with Devin again. I have known him since we began our careers together at Morgan Stanley and know firsthand the range and depth of the real estate investment experience that Devin will bring to Coventry. His proven track record while running the real estate investment banking operations for some of the biggest firms on Wall Street, coupled with his deep, long-standing relationships throughout the industry is precisely what is required for this role. Devin will be a tremendous asset to our firm and will add substantially to our already strong team.”
“Coventry has established a strong investment platform in the real estate private equity markets. This is an exciting opportunity for me to help further their real estate investment practice, using my experience, market insights and relations together with Coventry’s already strong, talented and dynamic team. I am very eager to roll up my sleeves and contribute to Coventry’s growth and ongoing success,” said Murphy.
Hirschberg added, “We are thrilled that Devin is joining Coventry. He brings a unique blend of industry skills and relationships that will enable us to significantly expand our business.”
Since its inception in 1998, Coventry has acquired and developed over $2.5 billion of retail and mixed-use properties. The firm executes three primary transaction types: i) acquire existing assets for re-development; ii) develop properties with joint venture partners; and iii) acquire portfolios of stores from retailers.
Recent transactions completed by Coventry across its investment strategies include: Valley Fair Mall in Salt Lake City, Utah, a $120 million mall re-development; High Street, a $105 million mixed-use development in Houston, Texas; and REX stores, an $80 million acquisition of a portfolio of stand-alone retail stores from REX, a consumer electronics and appliances retailer.
Murphy received a BA with honors from the College of William and Mary and an MBA from the University of Michigan.
SOURCE Businesswire.com