Morgan Stanley’s Matt Weir resigned on Tuesday this week and is expected to take up a role on Goldman Sachs’ ABS trading desk later this summer.
At Goldman, Weir will join as a vice president and on the ABS trading desk – which will include trading commercial real estate debt – and report into Charlie McGarraugh, managing director and head of EMEA ABS trading based in London.
Weir’s departure leaves a vacancy within Morgan Stanley’s origination team, which has just returned to European commercial real estate lending at the turn of the year.
Morgan Stanley first European property loan in more than 18 months was the £190m five-year senior loan to finance Blackstone’s ambition acquisition of the Adelphi building off the strand for £265m from Istithmar, Dubai’s investment fund.
Two weeks ago, CoStar News revealed that Morgan Stanley had syndicated the majority of the debt, with AIG taking around £80m of the loan, followed by BAWAG, with £45m, Insight Investments taking around £25m.
A fourth Scandinavian buyer is taking around £10m to £15m, CoStar News understands, leaving Morgan Stanley with around £25m to £30m.
Morgan Stanley has continued to be active since the Adelphi deal closed, and continues to have ambitions to re-develop and origination-to-distribute real estate lending business line.
Prior to the Adelphi deal, Morgan Stanley’s last European real estate loan underwriting was the €195m five-year senior loan to refinance Beacon Capital Partners and Northwood Investors’ joint venture 14-storey Défense Plaza in Paris in summer 2011.
Morgan Stanley sold down the loan entirely to Aareal Bank, and arranged a €15m junior loan to complete the financing package.
In the intervening period, Morgan Stanley’s New York head office has assigned its legacy European commercial real estate business as “non-core”, which was revoked at the end of last year as real estate fundamentals and financing markets – in London and Western Europe – again looking attractive to banks.
Morgan Stanley and Goldman Sachs declined to comment.