Taconic Capital Advisors is winding down its commercial real estate (CRE) operations and is negotiating to sell one of its funds to Axonic Capital. James Jordan, head of the business, will leave Taconic in the first half of next year to join Axonic, taking with him a new CRE fund with approximately $200 million in commitments. Taconic will receive a share of the fund’s revenue. The firm aims to refocus on its core strategies, having previously set aside CRE investments in its flagship hedge fund. The U.S. commercial property market faces challenges due to rising borrowing costs impacting valuations.