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Heitman Real Estate Securities LLC
Heitman Real Estate Securities LLC was founded in 1992 by Jerry Heitman and Maury Tognarelli, focusing on real estate investment management for...
Heitman Real Estate Securities LLC
Heitman Real Estate Securities LLC was founded in 1992 by Jerry Heitman and Maury Tognarelli, focusing on real estate investment management for institutional clients. The firm launched as a spinout from Heitman Financial, which had been active in property lending since 1966 (per public record). The firm targets core, value-add, and opportunistic strategies across office, industrial, multifamily, retail, hotel, and senior housing sectors. It deploys capital through direct property acquisitions, joint ventures, real estate securities (REITs), and private credit. Known holdings include office properties in gateway cities like New York, Chicago, and London, as well as industrial portfolios across the US and Europe (per the firm's regulatory filings). Geographic footprint covers North America, Europe, and Asia, with additional offices in London, Hong Kong, Tokyo, and Singapore. Heitman employs over 250 professionals globally across investment, research, asset management, and operations. The firm operates a separate Heitman Private Credit group that provides mezzanine debt and preferred equity. In May 2024, Heitman promoted Mary Ludgin to CEO, succeeding long-time leader Maury Tognarelli, who remains Chairman (per the firm, May 2024). The firm's structural differentiator is its integrated platform combining public and private real estate investment under one roof. This allows Heitman to move across public securities, direct asset deals, and debt structures — an architecture uncommon among pure-play real estate managers. Its succession from founder-led to CEO-led governance with a board structure adds institutional durability.
General information
Firm type
Asset Manager
Year founded
1992
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Chicago
Corporate office
Chicago, IL, United States
Additional offices
London · Hong Kong · Tokyo · Singapore
Principals
Mary Ludgin
CEO
Maury Tognarelli
Co-Founder and Chairman
Sector focus
Frequently asked questions
Who runs investment decisions at Heitman Real Estate Securities?
Mary Ludgin serves as CEO, overseeing investment strategy and operations. Maury Tognarelli, co-founder, remains Chairman. The firm also has a dedicated investment committee for each product type, including private equity, public securities, and credit (per the firm's official communications).
How does Heitman source proprietary deal flow?
Heitman sources proprietary deal flow through its global network of local real estate professionals in offices across Chicago, London, Hong Kong, Tokyo, and Singapore. The firm also leverages relationships from its private credit platform, which generates deal access for equity investments. Additionally, the firm's research group provides market intelligence (per the firm's website).
Is Heitman Real Estate Securities structured as a single family office or a traditional asset manager?
Heitman is a traditional institutional asset manager, not a family office. It is an SEC-registered investment adviser that manages capital for public and private pension funds, endowments, foundations, insurance companies, and sovereign wealth funds. The firm is owned by its senior professionals (per public record).
Does Heitman participate in fund commitments or only direct deals?
Heitman operates both through commingled funds and separate accounts, offering fund commitments as well as direct property acquisitions and co-investments. The firm runs open-end and closed-end vehicles, along with customized portfolios for large institutional clients (per the firm's ADV filings).
What investment stages does Heitman typically target?
The firm targets core, value-add, and opportunistic real estate investments across the risk spectrum. In private equity, it acquires stabilized and transitional properties. In its securities group, it invests in publicly traded REITs. The private credit group provides mezzanine debt and preferred equity for property owners (per the firm's regulatory disclosures).
Which sectors does Heitman explicitly avoid?
Heitman has not publicly listed excluded sectors, but its known focus is on institutional-quality commercial real estate, including office, industrial, multifamily, retail, hotel, and senior housing. By structure, it does not typically invest in raw land, development-stage projects, or non-real-estate asset classes (per public record).
What is Heitman's geographic footprint beyond its Chicago headquarters?
The firm maintains additional offices in London (covering Europe), Hong Kong and Tokyo (covering Asia), and Singapore (covering Southeast Asia). This network supports its cross-border investment strategy across North America, Europe, and Asia (per the firm's official communications).
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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