Banking giant Goldman Sachs has restructured its senior real estate team globally after two business heads left earlier this year.

According to an internal memo sent by Marc Nachmann, global head of asset and wealth management, and seen by CoStar News, Jim Garman will become sole global head of asset management real estate and will relocate to New York from London this month. He will be responsible for the real estate investment teams in all regions including the company's home country of the United States.

Garman, who joined Goldman Sachs in 1992 and was named managing director in 2004 and partner in 2006, was head of real estate for Europe, the Middle East and Asia. He steps up to global head after Tak Murata, his co-head of real estate and the head of real estate for Asia, left earlier this year.

Nachmann writes that Garman will continue to lead "our talented team of real estate professionals around the world, oversee the growth of the real estate platform and drive differentiated investment strategies and value creation" for the firm's clients.

Following Garman's move, Richard Spencer will become EMEA head of real estate and Nikhil Reddy will become Asia-Pacific head of real estate. Nachmann writes that the duo "will help to grow our business and develop our teams" locally and regionally.

Spencer joined the firm in 2009 and was named managing director in 2012 and partner in 2018. Reddy joined the firm in 2008 and was named managing director in 2019.

The moves come after Murata and head of United States real estate Garuv Seth resigned in recent months. Bloomberg recently reported that Seth is joining Warburg Pincus as managing director in its capital solutions business in New York. Warburg Pincus has confirmed Murata is joining as co-head of Asia real estate.

Goldman Sachs Asset Management manages $50 billion in real estate assets, according to its most recent investor day presentation.

Goldman’s asset and wealth management businesses were combined in October as part of a drive to diversify the business away from its traditional investment banking and trading focus, which investors have increasingly seen as more risky.

Marc Nachmann was promoted at the time to run the newly merged division, which has $2.7 trillion in assets under supervision.

The asset management division has typically invested with Goldman's own capital, and it is focusing on investing more capital from the outside funds it manages.