McGibbon joined the firm in 2001 and will remain at the firm for a smooth transition until 30 June.
His replacement, Chad W Phillips, will take up the role effective immediately as well as chair the Nuveen real estate global leadership team.
In the role, Phillips will be responsible for $141 billion in assets under management of commercial real estate equity and debt investments extending across 22 countries globally.
He joined Nuveen in 2019 and was most recently its global head of healthcare, office, retail and mixed-use which saw him oversee the strategy, performance, and day-to-day investment and fundraising activities across those sectors.
Nuveen is the investment manager of TIAA and has US$1.3 trillion in assets under management across traditional and alternative funds.
Mike Sales, chief executive of real assets, said: “Chad is known for his leadership style, investment expertise and consistent commitment to client service. I have every confidence he will maintain our drive for excellence as he guides the platform into the future.”
“Over the course of nearly 25 years with TIAA and Nuveen, including the last six years as global head of Nuveen Real Estate, Chris has worked tirelessly to grow and transform our real estate business, which is now a top five global player. His vision, dedication to clients, focus on investment performance and support of our top talent will leave a lasting impact on our real estate business.”
Phillips added: “It’s a privilege and a pleasure to take on the leadership of Nuveen Real Estate, a dynamic platform that combines deep sector expertise with the advantages of our size and scale. Focusing on our clients’ objectives will remain our foremost priority as we continue building our platform’s reputation for innovation through the expertise and hard work of our industry-leading teams.”
Commenting on the leadership transition, McGibbon said: “I’m incredibly proud of the platform that we’ve built and confident that Nuveen’s real estate business is in very good hands with Chad at the helm. The global leadership position that the platform has achieved is a testament to the strength of our team and their constant dedication to our investors.”
