Goldman Sachs lays foundations for better times
With the commercial mortgage-backed securities market closed and the global equity markets unavailable to all but the best-of-class public property companies, there has been a marked absence of headline-making deals coming out of investment banks’ real estate units. Like other sectors of the market, the focus has shifted from new issuance to restructuring and advisory work. Despite this fundamental change, Goldman Sachs has solidified its position in this year’s Liquid Real Estate poll. The US investment bank moved up one notch to place second in the global investment banking category, shot up from fifth to third spot in western Europe and finished first in the US investment banking category.
Real estate advisory is housed in Goldman’s investment banking division and provides advisory, capital-raising and balance-sheet lending services.