Steve Stuart, formerly a leading figure at Fortress Investment Group’s real estate division, has joined Ares Management as a managing director. Stuart left Fortress earlier this year after more than twenty years at the firm, where he led teams focused on originating new business for credit and real estate.
At Ares, Stuart will work to expand the company’s commercial real estate debt operations. He is collaborating with Bryan Donohoe, who oversees the U.S. debt team within Ares Real Estate.
Stuart built his reputation at Fortress as part of a lending team known for taking on large and risky deals. One notable transaction involved Fortress providing a $1.2 billion loan to help Harry Macklowe acquire 7 million square feet of office space from Blackstone Group in 2007—a deal where Macklowe contributed just $50 million personally and borrowed an additional $5.8 billion from Deutsche Bank.
“But both [Fortress’ Steve] Stuart and Macklowe knew that Fortress was one of the very few players who might consider it,” author Adam Piore wrote in his book, “The New Kings of New York.”
Ares Management, based in Los Angeles, manages over $108 billion in real estate assets globally. As of June, its U.S. real estate debt platform oversaw $14 billion in assets under management. The firm has made several significant investments recently: In 2024, Ares acquired majority ownership of 525 West 52nd Street in Manhattan—a deal valuing the property at $270 million—and supported a $1.8 billion portfolio acquisition involving 100 shopping centers (https://www.perenews.com/ares-real-estate-debt-head-bryan-donohoe-on-the-competitive-environment/).
Both Ares and Stuart declined to comment on the new appointment.
