Icons of DC Area Real Estate: Recent Episodes
Coe Enterprises
An interview show with leading commercial and multifamily real estate participants in various disciplines. John Coe, a 42 year real estate finance professional, will interview many of his long time friends and past clients to learn about their backgrounds and what brought them into the income producing real estate business. He will probe into their career paths and what they have learned along the way, highlighting their successes, failures, lessons learned, followed by a postscript with Colin Madden. Each episode will explore the interviewee's individual perspective and offer unique views of their particular expertise and where the trends are leading.
Bio Prior to his retirement at the end of 2021, Brad Olsen had been active in the area of international real estate investment for more than 40 years. During that time, he has represented investors, investment managers and developers from the U.S., Germany, The Netherlands, the U.K., Canada and Japan on transactions valued in excess of $10 billion. In 1995, he established Atlantic Partners, Ltd., an independent advisory firm, and he served as President of the company until his retirement. Before forming Atlantic Partners, Mr. Olsen was a principal of Richard Ellis, Inc., the US affiliate of a major international […]
Brad Olsen discusses his domestic and European client relationships and how they come together through his "ripples and bridges" themes.
Brad Olsen shares his luminous career as an international real estate advisor through creating ripples and building bridges with people.
Sean Caldwell shares his career path to leadership at Mill Creek Residential. His values and optimistic framework for life shine through.
Dave Bramble shares his meteoric rise as an entrepreneurial real estate leader to become Baltimore's leading investor/developer
Henry Fonvielle shares his urban retail expertise through his leadership at the Charles E. Smith Co. and Rappaport. Relish his wisdom!
Charlie Hewlett discusses his new book: "Strategy for Real Estate Companies" and his career at RCLCO. It is a master class!
John Zeigenhein shares his evolution from a kid who had no idea to now leading a long term family business transitioning to its new future.
Cameron Pratt discusses his legacy family leadership experience and strategic shifts to adapt to today's markets in leading Foulger Pratt.
Jordan Goldstein shares his optimistic vision of architectural leadership at Gensler, the world's largest firm. His vision is luminescent!
Grant Ehat discusses his successful career in retail leasing and management first with in JBG Rosenfeld and now with Willard Retail.
Liz Wainger shares stories and advice from her communications career through journalism, associations and consultancy. Insightful wisdom!
John Coe shares his passion for paying it forward to future leaders in the commercial real estate industry via the Iconic Journey in CRE
BioLouis Dubin, Managing Partner, Redbrick LMD, merged his firm, LMD Worldwide, with Redbrick in 2013. Over his career, Louis has invested over $2 billion of equity in U.S.-based real estate assets, and over $1 billion internationally, with a gross value of approximately $4-5 billion. He has completed over 30 real estate developments and investments, including land development, resort, residential for sale and rental, office, self-storage, and master planned communities.
Louis completed his undergraduate work at Washington & Lee University, and his law degree at The Washington College of Law, American University. He was appointed Chair of the NY State Common Retirement Fund Real Estate Committee in 2023 after serving on the Committee for 20 years. Louis also served as Chair of the Governor’s Workforce Board of the state of Maryland for 5 years and as a board member of the Patton Veteran’s Project for over 5 years.
Show Notes Role at Redbrick and LMD (00:05:15) + Louis Dubin discusses his role at Redbrick LMD and the growth of the company since 2013. * Equity Capital Formation and Development Strategy (00:06:00) + Louis explains his role in overseeing equity capital formation and development strategy at Redbrick LMD. * Family History in Real Estate Development (00:08:30) + Louis shares his family's history in real estate development dating back to the late 1800s in Baltimore. * Influence of Father and Grandfather (00:10:00) + Louis discusses the influence of his father and grandfather on his career and work ethic. * Education and Early Career (00:14:30) + Louis talks about his education, including attending law school, and his early career in real estate development. * Learning at Washington and Lee University (00:17:45) + Louis reflects on his time at Washington and Lee University and the values he learned there. * Studying Law and Chinese Economic Contract Law (00:18:50) + Louis discusses his decision to study law and his interest in Chinese economic contract law during his time at law school. * First Project and Financing Challenges (00:22:20) + Louis shares his experience with his first real estate project and the challenges he faced in securing financing. * Early Real Estate Deals (00:24:00) + Louis talks about his early real estate deals and the challenges of securing financing in the late 1980s. * Teaming up with Dad (00:25:30) + Louis discusses teaming up with his dad, building projects, and the SNL crisis. * Joining the Resolution Trust Corporation (00:26:10) + Louis talks about joining the Resolution Trust Corporation and his role as a consultant. * Starting Athena in New York (00:25:59) + Louis discusses starting his own firm, Athena, in New York and his initial deals. * Growing Athena's Business Strategy (00:29:10) + Louis describes the growth of Athena's business strategy from 1994 to 2008. Partnered with JP Morgan on its early transactions. About 25 acquisitions. * Starting Redbrick LMD (00:41:00) + Louis shares his decision to start Redbrick LMD after parting ways with his previous partners. * Identifying Opportunity in DC (00:43:45) + Louis discusses identifying opportunities in DC, particularly in the southeast area and his decision to move back to DC. * Acquiring UBS Land (00:46:30) + Louis talks about the opportunity and urgency in acquiring UBS-owned land in Washington, D.C. * Land acquisition and development (00:48:32) + Discussion on the process of acquiring land and developing it, emphasizing the use of equity and low leverage. * Opportunity zone legislation (00:49:15) + Explaining the impact of opportunity zone legislation on the development of low-income areas and the influx of capital into projects. * Saint Elizabeth's East project (00:50:00) + Details about the successful development of the Saint Elizabeth's project, including workforce housing and adaptive reuse of hospital buildings. * Community impact and affordable housing (00:51:30) + Proudly discussing the impact of projects on community healthcare, workforce housing, and homeownership initiatives. * Sustainability and net zero projects (00:57:30) + Explanation of the focus on net zero sustainability in current projects, including the construction of the largest net zero apartment building in the Bridge District project. * Future projects and initiatives (01:04:15) + Revealing plans for future projects, including the acquisition of 15 acres at the Navy Yard for rental apartments, hospitality, and food and beverage establishments. * Opportunity zone financing (01:06:10) + In-depth discussion on the utilization and engineering of opportunity zone financing, highlighting the tax advantages and the involvement in opportunity zone funds. * Wealth Management Sources (01:09:15) + Discussion about raising capital and the unique platform for development. * Building a Team (01:10:50) + Recruitment of top development professionals and engineers, and the strategy for assembling the team. * Long-term Strategy (01:13:30) + Discussion about holding real estate long-term, exit strategies, and future-proofing the investments. * Community Impact (01:16:15) + Emphasis on the positive societal impact, local contractor engagement, and community involvement. * Diversity and Inclusion (01:19:45) + Hiring practices, diversity in the workplace, and internship programs for women and minorities. * Recruitment and Company Culture (01:21:30) + Focus on critical thinking, unconventional approaches, and the company's unique culture. * Investment Focus (01:23:30) + Shift towards data centers, technology, and resilience in the real estate industry. * Life Priorities (01:27:20) + Family and community as top priorities, work-life balance, and community involvement. * Life Experiences (01:29:30) + Reflection on past experiences, struggles, and the value of diverse life experiences. * Building a New Place (01:30:50) + Louis Dubin discusses the excitement of building a new part of town in his backyard. * Billboard Statement (01:31:00)* + Louis Dubin is asked what statement he would post on a billboard on the capital beltway. He says: "Go For It"
Similar Episodes* Herb Miller * Monty Hoffman * Doug Firstenberg * Bob Youngentob
Bio Tom serves as a Senior Managing Director and Chief Investment Officer for ABR Capital Partners. He has over thirty years of experience managing real estate investments for institutional and private clients, with a focus on middle market transactions. Tom joined ABR in 1992 and has served as Asset Manager, Director of Asset Management, Chief Operating Officer and, since 2005, Chief Investment Officer. On behalf of ABR’s clients, Tom has acquired and managed over $3 billion in real estate investments across a variety of property sectors and U.S. markets. He has helped transition the firm from its roots as a […]
Ethan Penner details his storied career and shares his philosophy in a wide-ranging conversation covering real estate, finance and life
Bio Jeff Berkes, President and Chief Operating Officer, joined Federal Realty (FRT) in 2000 as Chief Investment Officer, and in 2011, became President, Western Region, where he was charged with growing the company’s presence on that coast. During the period between 2011 and 2019, the property operating income of Federal’s West Coast portfolio more than doubled, representing over 10% compound annual growth. Prior to joining Federal, Jeff was Vice President of Acquisitions and Finance for Velsor Properties, a Northern Virginia-based private real estate investment firm. He served as director of acquisitions for Federal from April 1997 to August 1998. Prior […]
Bob Harris shares his journey from a blue-collar upbringing to becoming a respected land use attorney in Montgomery County, MD.
BioMatthew Pestronk is co-founder of Post Brothers, a real estate investment, development and management company with singular and unique expertise in urban real estate development. Matthew serves as President of the company, engaged in the sponsorship of 40 Class-A multifamily, mixed-use and retail development projects comprised of over 8,000 units that are operating, under development or disposed plus, over 700K sf of office and retail space, with a total capitalized cost in excess of $4 billion. Matthew shares strategic leadership of the company with his brother, Michael, and is engaged in asset management, financing, and project and capital formation. Matthew has worked in real estate capital transactions for his entire 20+-year career and was a real estate financing executive in New York City prior to forming Post Brothers. Matthew is also very active in his community serving as trustee of Washington D.C.’s Federal City Council and a director of Pennsylvania’s Regional Olympic Training Center plus has board service experience for multiple charitable organizations including the Federal City Council of Washington, D.C., the Philadelphia Holocaust Remembrance Foundation, Beat the Streets Philadelphia, Children’s Hospital of Philadelphia and is the Immediate past Chair of Jewish Federation Real Estate.
Show Notes The role of co-founder and president (00:06:00) + Matt describes his role in the company, including capital formation, acquisitions, and oversight of capital transactions. * Origins, youth, and parental influences (00:07:00) + Matt talks about growing up in the Washington area, his parents' background, and their preference for professional careers. * Choosing a college and the lessons from sports (00:13:30) + Matt discusses his decision to attend Drexel University, his experience as a wrestler, and the lessons he learned about preparation and failure in sports and business. * The challenges of collegiate sports (00:14:00) + Discussion about the intensity and difficulty of training for intercollegiate sports, particularly in a challenging academic environment. * Lessons learned from collegiate wrestling (00:19:30) + The speaker reflects on the ability to solve challenges, persevere, and think ahead that he gained from his experience in collegiate wrestling. * Getting into real estate (00:24:40) + Matt talks about his transition into the real estate industry, starting with an internship at a local Philadelphia company and his realization that he wanted a career where he could have a direct influence on his own success. * The index card method (00:25:24) + Matt learns a new method of organizing and managing data for the office leasing market from his mentor, Jon Sarkisian * Learning the business (00:27:00) + Matt describes his experience of learning the office leasing business and the challenges he faced as a young college student. * Hiring difficulties and alternative options (00:34:00) + Matt discusses his struggles with finding a job in the real estate industry due to his lack of a college degree and how he ended up working for a competitor firm. * Short-term and long-term greed (00:42:00) + Matt talks about the concept of short-term and long-term greed, and how it relates to his decision to own real estate. He discusses how he and his brother formed their investment thesis to acquire apartments. * Transition to joining Ackman-Ziff (00:51:30) + Matt explains how his experience of being undercapitalized led him to pursue a career in real estate finance and eventually join Ackman-Ziff. + Matt discusses his decision to move to Ackman Ziff and his initial hesitation about the company's exclusive representation of borrowers. * Starting at Ackman Ziff (00:57:30) + Matt talks about his interview process with Ackman Ziff and their unique way of doing business, which convinced him to join the company. * Leaving Ackman Ziff (01:04:30) + Matt explains the point at which he decided to transition out of Ackman Ziff and focus full-time on running Post Brothers, citing the growth and potential conflicts of interest. * The growth of the company and transitioning to residential (01:12:30) + Matt discusses the growth of the company and the transition from office to residential properties, with a focus on the Philadelphia market. * Government subsidies and the office market in Philadelphia (01:14:30) + Matt explains how government subsidies were used in Philadelphia due to the severely depressed office market and the deindustrialization of the city. * The decision to convert office to residential in Washin*gton (01:17:30) + Matt talks about the decision to convert office buildings to residential in Washington, based on the weak office market and the limited new construction for multifamily properties. * The Leading Converter of Office to Residential in Philadelphia (01:19:30) + Discussion about the Post Brothers being the leading converter of office to residential in Philadelphia. * Competing in the Washington Real Estate Market (01:22:15) + Comparison of the opportunities and challenges in the Washington and Philadelphia real estate markets. * Acquiring Challenged Office Buildings in Washington (01:27:30) + Explanation of the thought process behind acquiring two specific office buildings in Washington and their potential for redevelopment. * The JBG's Realization (01:32:15) + JBG realized the need for tenants to agree to surrender their lease possession before closing the deal. * The Office Market's Future (01:34:45) + There is a broad acceptance that the office market will re-emerge, but only at the trophy level. * Unlocking the Value of Land (01:35:30) + Raising the Height Act and allowing additional density would unlock the value of land and create opportunities for redevelopment in Washington. * Metro's Financial Issues (01:43:20) + Discussion on the financial challenges facing the Metro and the timeline for a possible solution. * Regional Funding Mechanism for Transit Systems (01:46:00) + Exploration of the shared funding mechanism for transit systems in downtown areas and the need for regional leaders to address the issue. * The Value of Residential Real Estate in DC (01:50:00) + Conversation about the long-term value of residential properties in Washington DC compared to the suburbs and the unique advantages of the city. * The rooftop solar technology (01:57:45) + Discussion about the use of rooftop solar technology in buildings and its contribution to sustainability. * The limitations of geothermal technology (01:58:45) + Exploration of the challenges of implementing geothermal technology in urban settings and the potential for future advancements. * Details of the Universal Projects (02:00:00) + Description of the Universal Projects, including the number of units, retail space, and target demographic. * The history of family-owned real estate businesses (02:09:45) + Discussion about how family-owned real estate businesses used to perform their own construction work and the changing landscape of the construction industry. * The decision not to be their own general contractor in Washington (02:10:15) + Explanation of why the Post Brothers do not plan to be their own general contractor in Washington and the quality of general contractors in the area. * Transforming the 2100 M Street building (02:13:35) + Details about the transformation of the 2100 M Street building, including adding retail space, building up to the maximum allowed height, and targeting a younger demographic for the residential units. * The use of institutional equity (02:20:00) + Matt discusses the company's aversion to using institutional equity and their focus on high net worth capital for funding their projects. * Financing structures and innovative projects (02:21:45) + Matt talks about their financing structures, including using their own capital, family offices, and bringing in other equity when ready to build. He also mentions their approach to buying properties that have zoning to build what they want. * Leasing a 700-unit project (02:28:00) + Matt mentions the successful lease-up of a 700-unit project in Philadelphia, discussing the lease terms and the prevalence of concessions in the multifamily construction market. * The Question of Going Public (02:31:15) + Discussion on the frustrations of raising capital privately and the potential benefits of going public. * Corporate Structures (02:34:00) + The scale game of real estate development and the potential for new corporate structures to evolve. * Life Priorities (02:35:30) + Matt's family life priorities, involvement in the community, and past involvement in building a public memorial. * Advice (2:37:00) + Have patience for people * Billboard Statement (2:38:00) + Bet big on Washington!
Similar Episodes* Anthony Lanier * Vicki Davis * Bob Murphy
David Orr shares his career trajectory inspired by entrepreneurial passion and a deep sense of integrity in all his activities.
BioA third-generation builder/developer, Bob founded Buchanan Partners’ predecessor company more than 40 years ago and launched Buchanan Partners in 1998. Under Bob’s guidance, Buchanan Partners has become one of the leading full-service real estate firms in the Washington, D.C. metropolitan area. From its early focus on flex/industrial buildings, Buchanan is now involved in the development, ownership, and management of office, retail, industrial, residential, and large mixed-use communities. Buchanan Partners has become a trusted business partner for investors worldwide.
In 2009 Bob co-founded the 2030 Group, an association of Washington metropolitan area business leaders focused on regional long-term decision-making and solutions. For several years, including 2017, in recognition of this work, Bob has been included in the Washington Business Journal’s “Power 100” list of the region’s most influential business leaders. He was also selected as the 2017 Regional Leader Honoree by Leadership Fairfax Northern Virginia Leadership Awards. Bob was selected as 2015 Arts Patron of the Year, one of Montgomery County’s prestigious County Executive’s Awards for Excellence in the Arts and Humanities. He was also awarded the 2015 Signatures of Loudoun Vision in Design Excellence Award.
From 2015-2019 Bob was the first Chair of the newly formed Montgomery County (MD) Economic Development Corporation. Bob is currently part of the Adventist HealthCare CEO Cabinet and will be part of the newly formed Kid Museum Advisory Council. His memberships and affiliations include: President, the 2030 Group; Chair, 2015-2019 Montgomery County Economic Development Corporation; Prince William Economic Advisory Group; Board of Directors, Ruppert Companies; Board of Directors, Metropolitan Center for the Visual Arts (VisArts); and Board of Directors, Washington Airports Task Force. Bob earned his Bachelor of Arts Degree from Yale University.
Show NotesBob Buchanan's Real Estate Background [00:05:00]Bob Buchanan reflects on his career in real estate and his family's involvement in the industry.
Bob Buchanan's Role as Founder of Buchanan Partners [00:05:22]Bob Buchanan describes his role as the founder and leader of Buchanan Partners and his day-to-day focus.
Bob Buchanan's Navy Experience and Language Training [00:07:45]Bob Buchanan discusses his time in the Navy, his language training in Chinese Mandarin, and his experiences serving in Southeast Asia.
The Korean coast mission [00:16:20]Bob Buchanan talks about his experiences flying missions along the Korean coast and testing the strength of their coastal defenses.
The surprise inspection [00:18:30]Bob Buchanan shares a story about receiving a surprise inspection and having to leave his team to fly back for it, resulting in a tragic incident.
The impact of being a Vietnam vet [00:22:30]Bob Buchanan discusses the vilification and challenges faced by Vietnam veterans, including personal experiences and the need to address the topic within society.
The delay in getting the permit [00:27:30]Bob Buchanan talks about the delays and difficulties he faced in getting a permit for a project and how his father intervened by calling the mayor.
Earning the trust of civic leaders [00:30:00]Bob Buchanan discusses how he earned the trust of civic leaders by making decisions based on what was best for the community rather than just supporting developers.
Starting the Ballston Partnership [00:30:30]Bob Buchanan explains how his experiences in the approval process and working with the county led to him being one of the founders of the Ballston partnership, which involved a land use revision and the revitalization of the Rosslyn Ballston corridor.
The development of a relationship with Sun Oil Company [00:39:00]Bob Buchanan discusses how he developed a relationship with Sun and the importance of having a local partner in the real estate business.
Financing the acquisition in the early 1990s [00:43:00]Bob Buchanan talks about how he financed the acquisition of projects in the early 90s, including taking back paper and accommodating the sellers.
Bringing art into the development business [00:50:00]Bob Buchanan shares how his wife's business dealing with architects led to bringing artists into the development business, creating a sense of place through lobby art and entrance sculptures.
Bob's attention to detail [00:51:30]Bob talks about his hands-on approach to understanding the design details in architecture and how he learned from a mistake in deferring to someone else's expertise.
Expansion of the company [00:52:30]Bob discusses how the company expanded and the roles of the different partners, including Brian Benninghoff's financial expertise and Steve Hubert's construction background.
Handling market downturns [00:59:45]Bob shares how strong partnerships and contingency funds helped the company navigate through the challenging market conditions in the early 90s and other downturns.
The uncertainty in the real estate market [01:04:20]Bob Buchanan discusses the current state of uncertainty in the real estate markets and its potential long-term effects.
Company culture and partners' roles [01:05:15]Bob Buchanan talks about the company culture at Buchanan Partners and how the partners work together in different roles and disciplines.
The changing dynamics of the real estate market [01:09:00]Bob Buchanan discusses the evolving dynamics of different sectors in the real estate market and the need to be flexible and adaptable.
Regarding Marriott's Corporate Headquarters- Expanding Parking and Public-Private Partnership [01:13:00]Discussion about expanding parking and Montgomery County's responsibility in maintaining it.
Reality Check Program and Regional Growth [01:18:45]Exploration of the Reality Check program and its role in managing regional growth and infrastructure planning.
Evolution of Dulles Airport and Regional Leadership [01:24:45]Insight into the efforts to establish Dulles Airport as a viable asset and the role of regional leaders in its development.
Importance of Economic Development [01:28:55]Bob Buchanan discusses his involvement in public-private partnerships and the significance of economic development for job growth and community viability.
Need for regional collaboration [01:30:30]Bob Buchanan highlights the challenges faced by the Greater Washington area, including the federal government's slow return to work and the lack of collaboration among jurisdictions. He emphasizes the importance of regionalism and proactive actions.
Formation of the 2030 Group and regional thinking [01:31:30]Bob Buchanan explains how the 2030 Group was established to address transportation priorities and promote regionalism. He mentions the group's role in competing as a region for Amazon's HQ2 and the need for strategic planning and workforce development.
Lack of outreach and leadership [01:43:30]Bob Buchanan expresses his concern about the lack of outreach and leadership from the next generation in addressing the challenges in the region.
Future of Downtown Washington [01:47:00]Bob Buchanan discusses the potential drop in land value and the need for revitalization in downtown Washington, including the impact on law firms and retail.
Role of Matt Kelly in leading the region [01:50:45]Discussion of whether Matt Kelly, the leader of the largest public real estate company in the region (JBG Smith), is the right person to lead the economic development thrust and navigate the challenges in the region.
Need for regional analysis [01:55:30]Discussion about the importance of understanding the current situation and planning for the future, with a focus on the region's needs and potential changes.
Importance of academic leadership in regional planning [01:57:00]Highlighting the role of academic institutions, particularly George Mason University, in contributing to the region's growth and workforce development.
The challenge of shaking up complacency [02:05:45]Exploring the need to challenge complacency and stimulate economic growth by addressing issues such as low unemployment rates and the disconnect between the public and private sectors.
The future of technology and its impact on society [02:08:30]Discussion about the potential of new technology, such as Apple's new headset, and how it will shape the younger generation's understanding and push the boundaries.
Concerns about social issues and the middle class [02:10:00]Concerns about the worsening social issues, healthcare costs, and the loss of the middle class, as well as the diminishing chances for success through education and hard work.
Bob's Involvement in Fairfax County's growth [02:13:30]The Fight For Fairfax is a book where Bob is highlighted in his role in the growth of the County.
The mindset we need [02:16:00]Discussion on the importance of having the right mindset in business and in the country.
Bob's Billboard Statement: "If you are lucky enough to read this, enjoy the ride! [02:18:00]Bob's advice to appreciate the journey, be grateful, and enjoy the opportunities.
Adventures with his wife [02:19:00]Bob talks about his wife's adventurous spirit and their travels to different places like East Africa and Japan.
Notable Quotes* "Navigating complex territories and understanding potential threats was a part of my routine during my time in the Navy. These experiences have given me a unique perspective in handling challenging situations in real estate. It's all about understanding the landscape and strategically planning your moves." * "In my company, each partner brings a unique set of skills to the table. Together, we make a strong team that can handle any challenge. It's not just about individual expertise, but also about how well we work together as a team." * "And I've said in my pleas for collaboration in the younger generation, you guys have to live with some pretty tough decisions. You better be the ones making it, don't ask me to make it based on the best I can do because I will have to live with it. But if you have to live with that decision, you're going to make sure it's as good as it can be." * "Get in the ring, don't be afraid to get in the ring, and once you're in the ring, get back in the ring."
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Gary Rappaport details his investment model and philosophy and shares his passion for giving back through his mentoring and his updated book.
Dave Pollin shares his story about his passion for the hotel industry and his thorough understanding of ownership and management
Bio Harold Green
CEO and Ecopreneur
Mr. Green is a lifelong entrepreneur focused on developing and investing in cutting edge business solutions that embrace technology as a means to improve the performance and longevity of products or services. With youthful zeal and a lifelong creative talent to seek out new and existing challenges, Harold’s business interests have evolved from the traditional asphalt paving services started in 1976 (Chamberlain Contractors) to current day activities that include the development and manufacture of Foam Stabilizing Base at Global Resource Recyclers, Inc. and Global Emissionairy, LLC.
Show Notes * Started Chamberlain Contractors in the mid 1970s and wanted to differentiate his company from others (5:50) * His creation of Foam Stabilizing Base manufactering in 2006 set him on the path to become aware of carbon emission reduction and the opportunity (6:30) * Cap and Trade was being discussed and he saw it as an opportunity * Created first transportation based recycling and carbon credit opportunity (8:00) * Verified Carbon Units (8:30)
Origins * Always an entrepreneur as a child- maintained tennis courts, deveined shrimp in Plainfield, NJ (8:50) * Dad was a successful entrepreneur yet died when he was 16 yrs. old (9:30) * Boarding School- Choate Rosemary Hall School (10:20) * College never happened- Started at George Washington University (10:45) * Came to DC and got an apartment
Becoming an Entrepreneur- Chamberlain Contractors * Paved parking lot at McDonalds on New York Ave. in DC (11:00) + Met a senior executive at 21 yrs. old and got a 26 lot assignment from McDonalds in the region (11:30) * 1980 came along and he was burned by an SBA loan being called (12:20) + Decided not to use debt after that (12:45) * Incorporated in 1976 as Chamberlain Contractors (13:15) * Worked with developers and property managers on commercial and residential properties (14:00) * Not interested in top line volume (14:30) * Founded Global Resource Recycling to recycle asphalt and reuse them (15:15) * Challenges- equity to start business (16:00) + Never took a paycheck in first 7 years of business (16:30) + Built his business from scratch * Reinvested everything back into the business (18:00) * Paid back $500K loan in 1980 by hard work and discipline and stay within his means (18:30) * Bought first milling machine in 1984 and paid it back in 6 weeks with one huge job (20:40) * Equipment all self funded with income from business (21:30) * Built business to 60 employees in 1987 when he got married (22:15) + Called "The Boy" by his customers (23:20) + "Proper Preparation Prevents Piss Poor Performance" (23:45) * Teach people how to work onsite and understand the details (24:30) * Quality control on site- be there and be conversational with clients (25:00) * Component parts of business (25:30) * Set up an Advisory Committee in 1981 to help him manage his business (27
Bob Cohen discusses his 52 year career taking him from brokerage into investments and development in many platforms through his relationships
Toby Bozzuto brilliantly shares his creative approach to leadership that comes across in almost every answer to my questioning. Please relish!
Chris Clemente describes his extraordinary business transformation from homebuilding to mixed use development, quite the dynamic change!
Art Fuccillo shares stories about his life and career at Lerner Enterprises with his inimitable style of eloquence illuminating his enthusiasm
Tom Fulcher shares stories about his illustrious career as a tenant leasing agent at Savills. Great insights about the industry today!
BioAfter developing high-end mixed-use projects in Washington, DC in the 1980s and ‘90s, Byrne co-founded BAA-McArthurGlen, the company that imported the designer outlet concept to the UK and Europe. After opening the company’s Paris office in 1992, he led its expansion across Europe, resulting in more than $1 billion in annual sales. His story is told in his book, Le Deal.
He then developed private residence clubs, starting with restoring Palazzo Tornabuoni, a 15th century Medici palazzo in Florence, Italy. The Palazzo underwent a $250 million re-development and is now managed by The Four Seasons. In 2010, the project won Urban Land Institute’s prestigious Award of Excellence for EMEA.
Byrne also founded DigiPlex, the world leader in sustainable data centers, located in the Nordic countries, with Bill Conway, the Co-founder of The Carlyle Group. Byrne also owns and manages Kitebrook Partners, a real estate development and investment company.
A Cum Laude graduate of Harvard College, Byrne received his MBA from the Darden School of Business at the University of Virginia.
After living in Europe for thirteen years, Byrne now resides in the Washington, DC area with his wife Pamela. They have raised four daughters.
Show Notes* Current focus on carbon sequestration including "natural climate solutions" (5:45) + In the learning phase to understand the built space issues and the atmospheric solutions (6:15) + Climate solutions in open spaces + Reference to Brad Dockser's interview (7:20)
Origins & Education* He was in a family of 5 children...4 boys and a girl. (8:45) * Dad was an attorney in DC in labor and property law..."6 minutes at a time" (9:20) * Paper routes at 4am (9:45) * Grew up in Alexandria, VA (10:00) * Spent time sailing in the Chesapeake- Summers near Annapolis, MD (11:00) + Gibson Island, MD + Delivering boats up the coast (12:20) + Story about "blue water sailing" when interviewing at Solomon Brothers for a job (12:30) - Spoke about his voyage eventually to New Zealand on 5 boats to travel 16,000 miles (13:30) * From Antigua he went through the Panama Canal then to the French Polynesia * Man overboard story- saw hammerhead sharks over his head (15:45) * Family was quite an influence- Nobody could get a "big head"- work ethic and teamwork family wide (16:30) + Family dinners + Dad told them he would finance all their schooling through college and all would need to finance (17:30) * St. Stephens for high school * Attended Harvard University + Rather be lucky than smart (19:00) + On Sailing team there, but was not a star (19:15) + He realized that everyone he met was not only smart, but driven (20:15) + He wanted to make his own path + Sense of learning was to stimulate curiosity (21:45) + Went on his sailing trip to New Zealand (25:00) * Met his wife in Camden, ME (25:45) * Decided to to apply to Darden Business School at UVA and went there due to his familiarity with Charlottesville and he applied only there and got in (26:50) + Was deemed a "poet" instead of a "quant" (30:00) + Asked himself why he was going to business school and decided to delay it one year and get into photography and competing in shows, thereby learning he was creative (31:15) + Eureka moment- Was at a stoplight and looked at a building that was under construction and was motivated to meet someone in the Architecture school who recommended he go to business school (33:00) + Decided then to attend Darden and customize a real estate program (34:00) * After graduating he wanted to find an unusual opportunity (35:30)
Kaempfer Company* Met Joey Kaempfer at the Kaempfer Company, who was a flamboyant visionary developer (35:45) + Was hired and began working on the Warner Theatre project for 5 1/2 years to develop it. (37:00) - No institutional domestic capital (37:15) - Barnes Morris and Pardoe helped raise equity on the project and leased it (38:00) - Howrey & Simon law firm was the lead tenant (38:50) - Transferable Development Rights- Law Firms (Arnold & Porter and Wilkes, Artis) helped with this process (39:15) * Internal transfers of TDRs among their project (40:00) * Other projects- 1900 K St. NW, Investment Building, 11th and K St. (41:30) * Height Variances (42:00) + 1980s were the "go-go" years in Downtown DC development activity + Dutch partners were "stand up" guys and trustworthy (43:30) - in 1991 several foreign lenders wanted out, yet the Dutch investors stood up to defend their projects and asked them to stay in (43:45) - Traders and commerce (45:20) + The Warner Roaring Once More- Frank Sinatra & Shirley MacLaine, Oct. 1992 (47:00) - Glamorous event with 2000 guests (47:45) + Looked at several opportunities including parking (49:00) + Kaempfer Company invested in McArthur Glen (49:45)
McArthur Glen McArthur Glen in the US (50:15) + Alan Glen was a mentor to Joey Kaempfer and backed him (50:30) + John Nicolosi was Director of Construction and still is (51:15) + Alan Glen started up outlet center company with his college friend, Liz Claiborne (52:00) + Introduced to Ralph Lauren and Nike + First project was in Williamsburg, VA (52:45) + Grew in the US + Joey and Byrne decided to look at Europe to expand the business (53:00) * Researched outlet center opportunity in France for 10 days (54:50) + Conversation with his wife announcing that he was wanting to develop centers in France (55:00) + He found that the discount retail business was corrupted enough to give an opportunity for the US model of outlet centers (55:40) + Very difficult process to get entitlements in France (Le Deal, his book describes this in detail) (57:30) * Stories from Le Deal (59:00) + "Life can throw you curveballs*"- Prime Minister announced the day after he arrived in France that a moratorium on retail development was to be imposed prior to the national election (59:45) - Debate with Prime Minister about his project in Troyes, France (1:02:00) - Euro Disney was a disaster, so the American influence with new concepts were challenging (1:02:30) - Project was approved locally and then appealed all the way to the Supreme Court in France (1:03:10) + Formed partnership with British Airport Authority, who had built a retail business at airports that was successful (1:03:45) - Huge opportunities with unlimited capital (1:04:45) + He had never been at an outlet center prior to his research (1:05:30) + Cheryl McArthur came to France and was "emblematic" of the shopper who went to the outlet centers (1:06:15) + Politics, Politics, Politics (1:08:30) - US is focused on future jobs, whereas France and other European countries, want to preserve jobs (1:08:45) - Gerhard Schroder, German Chancellor, kills their project in Lower Saxony, Germany (1:10:15) - Understanding the political pressure points and how to navigate them to get anything done (1:11:15) - Too late to realize that France was the wrong place to start as an entrepreneur (1:12:15) - Found allies in France to help get his projects approved (1:12:40) + UK was a different story- Approvals were best achieved when renovating properties that improved the cultural heritage- Factory buildings in Swindon, England (Cheshire Oaks) (1:13:45) - Princess Ann, Prince Charles and finally Queen Elizabeth came to the project (1:15:15) - Steam engine factory retrofit with a museum (1:16:45) - Prince Charles symposium on site (1:17:20) - Seven outlet centers in the UK while doing only two in France (1:17:45) + Byrne handled the continent and Joey handled the UK (1:18:30) + Don't bother with Italy (1:19:20) - He looked at the statistics about Italy and realized that the high ratio of clothing purchases to total household incomes - Culture in Italy where multiple generations of family live together and have large disposable income for fashion - Now have Seven outlet centers in Italy + Spain was more challenging (1:21:00) + Approached by a guy in Italy who said he wanted to be his partner who he didn't want to be involved with (1:22:30) + Made it clear that he would not bribe people to get things accomplished in Europe (1:24:45) * Decided to leave McArthur Glen when he noticed the growth of the internet (1:26:45) + Needed to setup a website to access outlet centers and realized it wouldn't work at the time, but he asked about how the internet worked (1:28:00) + Looked at large distribution and pulled plug (1:29:00) + Asked about the source of the internet to learn about data centers
Digiplex* Started his own platform for data center company with a private equity arm of Deutsche Bank (1:31:45) + Level 3 was the company everyone wanted in the data centers - They had no credit in 2000 - He pulled the plug on the operations for the project (1:33:00) * Dot com burst happened shortly afterward * After the fall of the tech bust, he thought that now was the right time (1:35:00) + Introduced to Carlyle who had a portfolio of data centers- Bill Conway approached him to help operate them + Introduced to lead it to Goldman Sachs and did a workout with them + Realized that at a certain price they could bid one at a time with Carlyle's backing (1:39:00) + Started Digiplex with Oslo, Norway (1:41:00) - Hydroelectric power was a great benefit - Thought he could get the best deal there + Bill Conway asked to be his partner and buyout all the partners in Carlyle to form their partnership in Digiplex, their data center company (1:43:00) + Concept of the internet too powerful to go away (1:45:30) - Photography background might be his superpower (1:47:00) + Weighted average invested capital over 20 years was outstanding (1:48:30) + Realized that he was in the energy business, not real estate (1:50:00) + Billed customers based on power per s.f. instead of rent + Conversation in 2018 with Bill Conway to consider selling the company (1:53:00) - Had "green power" that offered tremendous savings for companies like Microsoft and Google - Took it to market and demand skyrocketed (1:54:30) - Bill calls him and asks to meet and decided not to sell at the time (1:55:00) - Bill asked him to continue to operate and not sell (1:55:45) + In 2021 he realized that the largest data center players in the world approach Europe and he decided to sell then (1:57:00) + Why couldn't the large tech players grow their own data center platforms? (2:01:20) - The purchaser (IPI) includes Iron Point Partners (Bill Janes), who was patient to wait (2:01:45) + Three overarching principals (2:02:00) - Partnership was the most important (2:02:45) * HBS Business Case about Digiplex (2:03:45) * Partnership with Bill Conway - Commitment to the environment- Norway (2:04:45) * Cold climate and commitment to the environment * Largest Sovereign wealth fund (2:05:45) * Chose Norway and would do it again (2:06:00) - Technological innovation (2:07:00) * Spent 30 years bringing new concepts to foreign cultures * Go narrow and go deep initially * Yet, keep innovating after expertise is developed * Innovate in product design, marketing and financing (2:08:30) - Culture- Context matters a lot! (2:09:20) * It is critical to understand what context one is in to do business effectively (2:10:00) * Anticipate cultural influences * Company culture is now the most important aspect of business success today + Give employees purpose beyond a paycheck- critical aspect is a purpose to come in and do work- he alludes to a rowing team going in unison toward a purpose (2:12:30) * Digiplex was the company that retained employees better than other companies (2:13:30) * Sent "care packages" to employees during the pandemic to help employees (2:14:30) * Person at the top sets the culture...just think about it! (2:15:30)
Palazzo Tournabouni* Urban Land Institute meeting introduced him to an opportunity in Florence, Italy (2:17:00) + Wanted to do another iconic project in Europe + 15th Century palazzo in Florence that needed to be redeveloped- most sought after intersection for retail there + Bought site for retail and then had to rethink its uses (2:19:00) - Decided on Private Residence Club use - Determined that it is 1.75x of condominium sales in value - Worldwide demand...Californians are the largest segment of Americans - Taxes were a problem (2:21:30) - Story about a seizing of the property by the local police that it should be taxed as a hotel (2:22:00) * Right to protect the evidence- Politics and culture affected this provocation (2:24:00) * Family competition is suspected * This case went to the Supreme Court of Italy (2:25:00) - HBS Case Study about Palazzo Tournabuouni in Florence, Italy (2:26:00)
Personal Philosophy Does not want to retire- interest in the environment (2:26:30) + Wanted to leave a legacy + How to use real estate skills to understand carbon sequestration + Enterprising opportunity- Carbon credits work in some environments, yet not in others - Analogous to TDRs mentioned before (2:30:00) - What advice would I give today...carbon credits (2:31:00) * Life priorities + Most Americans don't realize that we have the sense of optimism and innovation much more so than Europe (2:33:45) + Old World wants to protect their culture and thinking (2:35:00) - Live better in the present than Americans - Americans live for the future + Pandemic brought some good changes- Millennials have a different outlook (2:38:00) + Women in America have much more freedom (2:38:30) - Exception is the Nordic countries (2:39:15) + Wanted to move back to the US so his daughters could grow up here (2:39:30) - Commuted to Europe for 17 years after moving back * Billboard Statement (2:41:50) + "One single focused individual can make a difference" (2:42:00) - Listen and hear more (2:42:30) - Culture matters (2:42:50) - Pick an age that is old and look back at what I wished I had done- Give it a shot* (2:43:20)
Postscript* Colin Madden and Sam Glass share their thoughts * Colin's takeaways + Resilience + Embraces innovation + Continuous learning gene + Adaptability- "Lemonade out of lemons" * Sam is honored to be involved + Episode resonated + He met Byrne about 12 years ago and took away lessons for his company's startup in "Le Deal" + Finding the importance of good partners is critical - His wife was a huge support and "in it to win it" with him + Digiplex story of a synch between Bill Conway and Byrne toward the company's success * Joey Kaempfer- Colin felt that Byrne might have similar characteristics * Sam reflects that the "seas may be a bit turbulent now" and that adaptability is important in these times + Courageous approach to venture to Europe with an outlet concept + Example of talent meeting capital to execute effectively * BAA was a magical relationship for Byrne and Joey to grow their business in Europe * Sam observes Byrne's humility and "luck surface area" along with his leadership ability with teamwork to be phenomenal * Colin observes Byrne's confidence and courage in taking off to New Zealand on a sailboat and to Europe for the new business + Refers to Naval Ravikant's views about positioning oneself for luck * Sam asks the question about how a podcast guest takes advantage of luck + Each move was tactical and rationed out well + Reference to meeting Carlyle's Bill Conway via an indirect meeting at a cocktail party + Put yourself in the right situations * Byrne took advantage of each opportunity and was able to get stuff done * Carbon Credits are his next focus
Similar Episodes* Bill Janes * Willy Walker * Herb Miller * Bob Murphy
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John Coe and Buwa Binitie Bio Buwa Binitie, Managing Principal As Managing Principal of Dantes Partners, Mr. Binitie directs the acquisition, development, management, and financial activities ofthe firm. Mr. Binitie has an extensive tax credit financing experience (LIHTC, NMTC and HTC) and has closed on financing from nearly every public capital source available including HOME, HPTF, NSP, CDBG and NIF. Mr.Binitie maintains a narrow focus on creatively structuring deals that strive to address the need of his clients,community stakeholders as well as various government agency partners. By narrowly focusing on efficiently financing community development transactions, Mr. Binitie has been successful in adding value beyond the numbers. Mr. Binitie’s career is underscored by a commitment to creating and preserving affordable and workforcehousing. To this end, since founding Dantes Partners, Mr. Binitie and his team have closed over $1 Billion of unconventional real estate transactions that utilize low-income tax credits, new market tax credits, tax-exempt bonds, and various other forms of alternative financing. These efforts have led to the creation of over 3,000 units of workforce and affordable housing. Mr. Binitie speaks regularly at industry focused events, including sessions with The Minority Resource, African American Real Estate Professionals, Bisnow, DC Building Industry Association, Georgetown University, Colvin Institute of Real Estate Development at University of Maryland, and the Howard University Real Estate Club. Mr. Binitie is currently the Chairman of the DC Housing Finance Agency Board of Directors and serves as a Board Member for the DC Building Industry Association. Mr. Binitie previously served onCity First Bank’s board where he was a member of the Audit and Compliance Committee, the Business &Community Development Committee, and the Directors Loan Committee. He also Co-Chaired Reopen DC (RealEstate Task Force and Mayor Bowser’s Rental Housing Market Strike Force).
Education and Awards * B.S. New York University * M.S., Real Estate Development, Johns Hopkins University * Leadership Greater Washington Class of 2016 * Alumnus, Urban Land Institute’s Real Estate Apprenticeship Program (Project REAP) * 2010 African American Real Estate Professionals’ Economic DevelopmentAwardee * 2015 Washington Business Journal Minority Business Leaders Awardee * Washington Business Journal Power 100 class of 2021
Show Notes Current Role * He leads the companies. Dantes Partners is now a company of companies (5:00) * Pandemic has caused them to be more focused and is positive for their
Don Wood shares his story of consistency and balance together with unbridled enthusiasm in leading an industry standard retail REIT
Bio Michael Broder serves as president and chief executive officer of Brightline Strategies. Prior to forming the company in January 1999, Mr. Broder served as campaign strategist and media consultant to several gubernatorial, senatorial and congressional candidates throughout the northeast region during the 1994, 1996 and 1998 election cycles. He also served in the Office of Political Affairs in the first Bush Administration.
Mr. Broder’s work has received numerous awards including: Pollie, Telly, ADDY, AMR Gold Medals, and the International Television and Video Association Award of Excellence. He has lectured at the George Washington University’s undergraduate School of Political Communications and the Graduate School of Political Management.
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Brightline Strategies BRIGHTLINE IS A RESEARCH AND ADVISORY SERVICES FIRM FOR THE HIGH-STAKES BUSINESS OF REAL ESTATE DEVELOPMENT, MARKETING AND MANAGEMENT. For 20 years, we have helped some of the most recognized names (and many other “up and comers”) shape their strategies, mitigate risk, drive preference, pace and premiums, maximize asset value and expand portfolios across markets and borders.
While we specialize in real estate, past engagements span a diverse client base including technology, life science, energy, sports, professional services, and non-profits. This diversity ensures every client benefits from the cross-pollination of our lessons learned and results achieved.
BORN FROM THE SCIENCE AND DISCIPLINE OF POLITICAL CAMPAIGNS, WE BELIEVE REAL ESTATE COMPANIES ARE CANDIDATES AND EVERY DAY IS ELECTION DAY. Each day, prospects vote with their “preferences”. Tenants with a “like” or “retweet”. Brokers with their recommendations. Financiers with their investments. Policy makers with their advocacy. The media with their stories.
In today’s information democracy, all of these constituencies affect reputation, market demand, pace, premiums, retention, and overall portfolio value. Just like assembling a winning election-day coalition, it’s all about the connections we see and how we help you bring them together to deliver better paths to growth.
Show Notes Company & Current Role * Founded in 1998 providing primary audience research for predictive analysis for developers and owners about tenant demand and about site locations (3:40) + Primary audience polling data approach (5:00) + Use focusing lens of polling data and what drives decision making and overlays it with traditional real estate
David Feldman David Feldman, Shareholder, Olin, Feldman Pittleman, PC When clients work with David Feldman they benefit from his 50 years of experience – what he has done right as well as lessons learned and knowledge gained. The guiding principle from when he and partner, Dexter Odin, founded the firm was “the client comes first, second, and third.” That principle remains today and has been the foundation of decades-long relationships with clients.
Currently, David’s practice focuses on real estate and banking issues where his practical experience in real estate development and banking complement his legal experience. For nearly 30 years, he has been involved in the development, ownership and management of retail shopping centers, office buildings, a townhouse development, and an industrial park. David has represented clients in numerous commercial, industrial, and residential purchases and sales of undeveloped and developed properties, loan closings, workouts and foreclosures. He has also served as bank counsel, has founded a bank, and has been on the board of directors of three banks.
David began practicing law in 1964 handling general civil and criminal trial work, personal injury, matrimonial, criminal, and eminent domain cases. He later became a member of the first County Attorney’s Office in Fairfax County where he advised and defended the Board of Supervisors. In 1968, David formed a partnership with Dexter Odin and continued his trial practice with an emphasis on land use and matrimonial law.
David received an AV Rating, the highest rating given by Martindale-Hubbell® Peer Review Ratings™ for his legal ability and general ethical standards. He has been selected by his peers for inclusion since 2010 in The Best Lawyers in America® listing for Real Estate Law. He was also selected for inclusion in the Virginia Super Lawyers listing eight times and Washington, D.C. Super Lawyers seven times.
Wendy Feldman-Block Wendy Feldman-Block, Executive Managing Director, Savills, USA Since joining Savills in 1987, Wendy has focused on providing real estate services on behalf of major tenants in Washington, DC and around the country with a focus on law firms, associations, nonprofits and corporations. Her expertise lies in her experience advising clients on creat
John Coe & Rob Ward Bio Robert Ward, President & CEO, Skanska USA Commercial Development As President and CEO, Robert is responsible for setting strategic direction – with focus on growing Skanska’s development operations in its existing markets in Boston, Houston, Seattle, Washington D.C. and Los Angeles; improving operational effectiveness and efficiency; and evaluating new market expansion opportunities. Robert, with his leadership team, launched the company’s U.S. commercial development business in 2009. Since then, his team has developed headquarter offices for Brooks Sports, PwC (also known as PricewaterhouseCoopers) and Tommy Bahama.
Robert’s career in both the real estate development and construction industries spans over 20 years. Prior to becoming CEO, Robert served as Chief Operating Officer for Skanska USA Commercial Development. As COO, he drove several key components of the company’s development operations; which included evaluating all project investments, refining national leasing and customer strategy, exploring new market opportunities and managing the group’s professional service functions.
Since joining Skanska in 2002, Robert has managed more than $2 billion in projects in gateway cities across the country. Earlier in his tenure, he served as both the Executive Vice President of development operations in Washington, D.C. and the EVP of development operations in Houston. Under his leadership the group secured Bank of America as anchor tenant for the 754,000 square-foot office tower located in downtown Houston. While in DC, he was instrumental in the completion of the company’s first self-financed office development, 733 10th Street Northwest, which Skanska completed in 2011. And in 2019, he oversaw the launch of Skanska’s first commercial real estate development division in Los Angeles, CA.
Robert serves on the Board of Trustees of the Federal City Council and the Board of Directors of the First Tee of Washington, D.C. He is a member of the Economic Club of Washington, D.C., the Virginia Tech Program in Real Estate Emeriti Board, and has served as a member of the Board of Directors of Skanska Commercial Development Europe. Robert is a graduate of Virginia Polytechnic Institute and State University.
Show Notes * Lead senior team at Skanska Development US. (4:15) * Reports to Claes Larsson (5:00) * Commercial development in Europe and the US (5:15)
Origins * Grew up in a military family- Dad was an Air Force officer in intelligence (5:45)
Bio Willy Walker is chairman and chief executive officer of Walker & Dunlop. Under Mr. Walker’s leadership, Walker & Dunlop has grown from a small, family-owned business to become one of the largest commercial real estate finance companies in the United States. Walker & Dunlop is listed on the New York Stock Exchange, and in its first ten years as a public company has seen its shares appreciate over 800%. The firm was also #17 on Fortune’s 2017 list of “Fastest Growing Public Companies”, and has been named a Best Workplace for five of the past six years by the Great Place to Work® Institute. Mr. Walker received the Ernst & Young Entrepreneur of the Year award in 2011 and was named “Financier of the Year” in 2017 by Commercial Mortgage Observer.
Mr. Walker received his master’s degree in business administration from Harvard University and a bachelor’s degree from St. Lawrence University. He formerly served on the boards of St. Albans School, the Mortgage Bankers Association, and Children’s National Medical Center. Mr. Walker is also a member of the Real Estate Roundtable. Mr. Walker is an avid runner, skier and cyclist, and has run the Boston Marathon in 2:36
Show Notes * Current Role- His role has changed dramatically over the years as the firm has grown exponentially (4:25) * Big company capabilities with a small company feel (5:10) * Travel frequently to keep the culture “small company” (5:45) * Keep the “Walker Way” constant as a culture for the company (6:10)
Origin Story * Father, Mallory Walker, was his predecessor as CEO (8:00) * Mother, Diana Walker, was involved in politics as White House photographer for Time Magazine (8:15) * Parents were DC business people and political world with each of his parent’s influences (8:40) * Away to boarding school and college * Went to Latin America for 10 years (9:30) + Had no “grounding” there and had to establish his own relationships and reputation outside his family influences (10:30) + Got a letter from friends in the US telling him of their exploits and he was reading books (11:10) + Instead of going to Wall Street he went to Paraguay in 1989 after school and spent three years there (12:45) + After going to HBS he then returned to Chile to work for a venture capital firm (13:45) + Subsequently, he went to TPG and then a call center company called Teletec and went to Argentina (15:00) + Moved to London to run Teletec in Europe (16:00) + Ten years of non real estate investment banking experience (16:50) * Returned to DC to run Walker & Dunlop (17:15) + Had been on the board from 1998 to 2003 before taking the reins of the company (18:20) + When he arrived he noticed that politics was talked about in the office and he wanted to eliminate that unless it relates to business (20:10) + Looked carefully at the fundamentals of the business and its vulnerability due to the brokerage aspect of the business due to its volatility (21:25) + Servicing portfolio when he joined was $3B and is now $112B generating $300M in annual recurring re
Paul Collins, Bill Collins and John Coe Bios
Paul Collins Paul J. Collins is one of the top Investment Sales brokers in the Southeast region of the United States, with more than 30 years of commercial real estate experience focused primarily on institutional sales, joint ventures and financings. As Executive Vice Chairman in Cushman & Wakefield’s Washington, DC office, he works actively with institutional owners in the consultation and disposition of their real estate assets. During the past ten years, Paul has successfully completed more than $30 billion in investment property sales. He currently serves on the Cushman & Wakefield Global Advisory Board.
Bill Collins William M. Collins has more than 30 years of commercial real estate experience focused primarily in the sale of commercial real estate office buildings and land in the Washington metropolitan area.
Bill works actively with institutional owners in the consultation and disposition of their real estate assets. During the past ten years, he has successfully completed more than $30 billion in investment property sales
Show Notes * Unique Sales proposition- Bill Collins– Honest Advisors to Clients and our prospective buyers. The Truth will Set you Free! (5:45) * Paul Collins– Be happy for client’s success (6:45) * Relationship as Brothers- Trust, Split everything down the middle. Paul cites one extra portion of food he never got in the family. Implicit trust. (8:00)
Origins & Education * Bill Collins Origins- Large family with 5 siblings in Bethesda, MD. Born in Hagerstown, MD. Dad was in car lending business (10:30) + Dad did repossessions of cars, being a lender on cars (11:15) + Dad was also in real estate investing around the area in small deals (13:00) * Paul Collins– + Remembered his Dad started a restaurant with a defaulting partner near RFK Stadium (14:45) + Miller & Smith relationship (16:15) + Dad’s lessons- Follow your own path (17:15) + Construction business opportunity (18:15) + Focused on being devoted to your friends (19:20) + Protective of his relationships (19:30) + Mom pushed them into sports to keep them focused on athletics (20:00) + Grew up in Catholic church community, but attended public school (20:40) * Dad went to Gonzaga and Uncle went to St. John’s (21:50) * Guys went to Churchill H.S. (22:10) * Both guys attended University of Maryland (23:00) * Bill Collins
Bio Chris Smith, CEO of W.C. Smith Company, has led the company to become a DC industry leader in the development of multi-family housing. Initially specializing in the rehabilitation and revitalization of challenged neighborhoods, he has expanded the company’s portfolio to include innovative market rate housing as well as commercial and office developments. With a lifelong commitment to community service, he has fostered a culture within WC Smith of improving the quality of life for residents of the District. Chris joined the company in 1974 which was founded and led by his father, W.C. (Bill) Smith in 1968. Chris attended Villanova University.
Show Notes Current Role * Guy who deals with everything that falls through the cracks (3:00) * Looks at day to day things as well as strategy for the company (3:30)
Origins * Describes his Dad’s (Bill Smith) career- Started at the Frank S. Phillips Co. as a property manager and became leader of the property management practice there. (5:00) * His Dad was on call 24/7 for all portfolio issues that came up for Phillips (6:00) * He went to St. Johns HS and then Villanova University (7:20) + Played ball at McDonough Gym as a kid and wanted to attend Georgetown and heard about Villanova and applied and was accepted and attended (7:40) * Every summer he worked at company during college (9:20) * Dad bought his first building, Richman Apartments, in the 1950s and they still own it near a current project called Archer Park that they built (9:45) * His Dad bought properties all over the city (10:45) + Used “Purchase Money Mortgages” to acquire many properties or assume mortgages (11:00)
Company Origins * Founded In 1968 prior to the DC riots after MLK’s assassination. His Dad formed the company to manage third party and a few of his own properties (12:30) * Bought Hilltop House ($97,000 for a 92 unit building) in foreclosure (14:30) * NS&T was trustee for a family that owned 9 properties that had over 1,000 units that they took over management for families (15:10) * His Dad was known as the “Apartment Doctor” and families decided to hire him to help them managed (16:00) + Pride about properties’ condition and appearance (16:50) + Dad proved that one can make a living in property management (17:20) + Acquire properties that need repositioning and create value (17:30) * Tenant Opportunity to Purchase Assistance (TOPA) law affected their business plan (18:15) + Triggered their decision to start building projects (19:30) + Most of their contractors were renovation type and not “ground up”
Bio Bob Murphy, Managing Principal of MRP Realty, has over 33 years of experience in commercial real estate operations, ownership and investment. He joined Trammell Crow Company (TCC) in 1987, managing the firm’s regional operations for many years as Principal. Bob’s last role with TCC was area president of the development and investment group in the Mid-Atlantic where Bob and his team completed $1.8B of investments totaling over 10 million square feet. He co-founded MRP Realty (MRP) in 2005, capitalizing on his in-depth knowledge of Mid-Atlantic real estate markets, extensive network of capital relationships, and his reputation as a collaborative and creative partner to drive the firm. Under Bob’s leadership, MRP has deployed nearly $6B of office, residential/mixed-use and industrial developments and acquisition investments with a current portfolio of 15 million square feet and an active pipeline totaling over 10 million square feet. He has actively participated in leadership roles at NAIOP and ULI and at various charitable activities during his career; currently serving on the board of Habitat for Humanity of Washington D.C. Bob received his B.S. in Civil Engineering from the University of Notre Dame; his M.B.A. in Finance at Columbia Business School; and was an officer in the United States Army.
Show Notes * Role today- Problems and Opportunity person. Working with partners on business strategy. Deal structuring is shared. (3:45)
Origins * Born in NYC (4:15) * Moved to Wayne, PA at 6 yrs. old * Dad big influence- Went to Fordham U. and worked at IBM subsequently (5:15) + Did presentations for IBM and was one of top salespeople there + Left in 1969 and went with a power plant company selling to the military and took the company public and became a CEO of a public company (6:00) - Traveled considerably * Mom went to college with young children at home over time (6:45) * Dad advised him to be an engineering to have a quantitative understanding (7:45)
Education * Small town- Catholic grade school (9:00) * HS- Archbishop Carroll in suburban Philadelphia (10:00) * Attended Notre Dame and his Dad became a fan and several relatives have now attended (10:30) + Picked Civil Engineering as a major (12:15) + Army ROTC- helped pay for school ( 12:40) * Commissioned in Army in 1982 in Europe (West Germany) (14:00) + Honoring America + Learned about mutual respect in the military (15:45) + Treat everyone respectfully- lesson learned (16:45) + Offered a command to stay in Germany (17:15) * Columbia MBA– Went there due to a referral from his rugby buddy (17:45) + Did well on GMATs (21:15) + Mature to go there (21:30) + Another of his classmates (Chris Hoover
A Community To Connect and Explore “Journeys” in Commercial and Multifamily Real Estate Introduction After two years and 48 episodes interviewing Washington DC area real estate icons with almost 39,000 episode downloads, I’ve decided to offer an opportunity for young real estate professionals to expand their horizons and join a membership community to extract wisdom from the many podcast guests and from content that I will add to the online community forum. Below is a summary of the criteria for membership and an overview of the initial content:
Membership Criteria * 22-40 years old * Maximum total membership will be 100 members * Either employed in or aspiring to join the commercial/multifamily real estate industry * Diversity in gender, race, and disciplines (career focus- development, brokerage, architecture, law, accounting, etc.) * Intent in staying involved and interacting with other members. This will not be measured, however, if demand to join exceeds the capacity, there may be follow up questioning of interest * Curiosity and contribution will be appreciated.
Initial Content * Online forum through Circle (a community software platform) * Iconic Journey- Careers(see below)- a framework to explore career paths in the industry. Each path has the list of Icons of DC Area Real Estate guests whose careers are on this path to help you with your thinking.
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Napkin– A new software product that extracts thoughts from the Icons podcast through citing keywords or podcast guest names to read the thoughts and ideas (see graphic below)
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Book Discussions– Thought provoking book recommendations with both real estate and multidisciplinary themes<
John Coe & Julie Smith Bio Julie A. Smith, Chief Administrative Officer, The Bozzuto Group
Show Notes Current Role * Currently Chief Administrative Officer for 5 yrs. now. Spent first 25 yrs. of career running Property Management. Toby Bozzuto assumed CEO role when she made the transition to CAO role (5:00) + Suggested her role change would offer opportunities to others to run Property Management (6:00) * Mike Schlegel is COO who runs P&L units (7:00) * CAO role is all non operating functions (7:15) * Vertical growth of The Bozzuto Group (9:00) + Initial intention to manage their own assets (9:15) + Started in 1989 and was “cash strapped” (9:30) + An equity partner asked them to manage the property on a third party basis in the early 1990s (9:40) - First project for institutional owners, which became a theme for third party management (11:00) + Action steps- Focused on revenue first (11:30) - Why wasn’t top line growing? (12:00) - Looked at all aspects of project to increase rents and reduce vacancy (12:30) - Setting up variable compensation to align rewards of employees (13:00) - No control over “fixed expenses” (14:00) - Variable expenses are “nickels on the floor” (14:20)
Origins and Education * Grew up in Niagara Falls, NY (14:30) * Parents were school teachers (15:00) * Area driven by industrial activities primarily (15:20) + Love Canal issue negatively impacted area (15:30) * Parents grew up in 1930s (15:50) + Dad a Principal (16:00) + Mom was a home economics teacher- she learned about details in cooking that spilled over to her “eye for details” in most of her activities (16:30) + Her Dad was loved by students- treated people with respect (18:00) - Elementary school Principal who dealt well with parents of challenging students (18:45) - Special relationship with her- all her girlfriends would share with him (19:50) * Attended State University of New York- Oswego (20:30) + Father went there (21:00) + Could afford it (21:15) + Business and Communications major (21:30) + Spent her Junior year in Copenhagen, Denmark (21:45) - Traveled around Europe while there (22:15) - Became more worldly after her year there (22:30) - Met a good friend from Pittsburgh who suggested that
Lacy Rice shares his story growing up in Martinsburg, West Virginia to eventually lead FCP, a successful real estate private equity firm.
Stef Tucker and John Coe Bio Stefan (Stef) Tucker is a Senior Partner at Venable LLP in Washington, D.C. His practice encompasses mergers and acquisitions, entity planning, structuring and formation, asset protection and preservation, business transactions, and family business planning and wealth preservation. In addition, Mr. Tucker has extensive experience in federal and state income, estate, and gift taxation.
Stef served as chair of the American Bar Association Section of Taxation from 1998 to 1999, having previously served as chair-elect, vice-chair of committee operations, council member, and chair of its committees on real estate and continuing legal education. Professor Tucker also served on the D.C. Tax Revision Commission in 2014–2015, the recommendations of which were adopted by the D.C. Council, resulting in major changes in personal and business income and other taxes in Washington, D.C.
He was an active member of the ABA Section of Taxation Task Force on Tax System Restructuring, with a particular focus on real estate. In addition, he is a member of the District of Columbia Bar Division of Taxation, having previously served as a member of its steering committee.
Professor Tucker was a professorial lecturer at law at George Washington University Law School from 1970 to 1990, and an adjunct professor of law at Georgetown University Law Center from 1990 to 2015, in both cases teaching Tax Planning for Real Estate Transactions.
Education * J.D. Order of the Coif, University of Michigan Law School, 1963 * B.B.A., University of Michigan, 1960
Bar Admissions * District of Columbia
Professional Memberships and Activities * Member, American Bar Association, Section of Taxation; member, Task Force on Tax System Restructuring; past chair, 1998 – 1999 * Member, District of Columbia Bar, Division of Taxation; past member, Division of Taxation Steering Committee * Member, American Law Institute * Member, American College of Real Estate Lawyers * Member, American College of Tax Counsel * Member, American College of Trust and Estate Counsel * DISTINGUISHED SERVICE AWARD, 2015, American Bar Association, Tax Division * Member, DC Tax Revision Committee – tasked with advising the Mayor and Council of DC on suggested changes in the DC tax landscape * Professorial lecturer of law, George Washington University Law Center, 1970 – 1990 * Adjunct professor, Georgetown University Law Center, 1990 – 2015 * Adjunct professor, University of Michigan Law School, 2010 – present * Advisory board member, Real Estate Taxation (LexisNexis) * Advisory board member, Practical Tax Strategies (Thomson Reuters)
Show Notes Current Role & Origins * Thought 55 years billing by the tenth of the hour was enough. Still counseling people on a pro bono basis. He teaches at Michigan Law- Business Planning and Taxation and at Georgetown- Course in Entrepreneurship (5:05) * He is a Michigan undergraduate and law school graduate and likes to go the Big House in Ann Arbor almost every Fall (6:45) * Roots- Born in Detroit and moved to Flint, MI (8:00) + His Dad was an insurance salesman + Went to Flint Central HS (8:35) + Then went to Flint Com
John Coe and Monty Hoffman Bio Monty Hoffman formed Hoffman & Associates in 1993 with a single townhouse conversion and has since then transformed the company into a market leader of real estate development in the Washington, DC, metro area and beyond. With more than 30 years of experience, Monty actively leads the company’s business development and market strategy, as well as the design initiatives for every Hoffman project.
Monty has been recognized in Washington’s SmartCEO’s Future 50 list and the Washington Business Journal’s Power 100. He is a founding board member of the DC Students Construction Trades Foundation, which provides educational and apprenticeship opportunities for District students interested in design, engineering, and construction. He served on the DC Public Schools Engineering Advisory Board and is a current board member of the Federal City Council and Southwest Business Improvement District. Monty graduated from the University of Pittsburgh at Johnstown with a Bachelor of Science in Civil/Structural Engineering Technology. He is married with three children and lives in Potomac, MD.
Show Notes * Role- Strategy and deal making. Mentoring and coaching. What’s the next niche and big thing? Figuring out how to allocate resources (4:00)
Origins and Education * Grew up in an extended family with almost 60 cousins (5:00) + Spent time in the Detroit area initially- Taylor, MI and Dearborn, MI + Moved to Pennsylvania when he was 14 (6:30) + Dad was a bricklayer starting in Detroit area and then moved back to PA to start his own company (6:40) + He played with building materials as a kid and went to job sites with his Dad (7:20) + He learned “smack” from the workers in his Dad’s company (7:40) + Driving a dump truck and other equipment at 15 yrs. old (8:30) + Mom was a homemaker and he lived in a blue collar environment (9:00) * College- Univ. of Pittsburgh, Johnstown campus– paid his way through college (9:45) + Worked a summer as a mine worker (10:15) + No coincidence that he got straight As in school after that work (10:45) + Studied Civil Engineering (11:30)
Initial Employment * Worked for a company that build smokestacks (Pullman) to pay off a college loan (11:50) + 600 foot high smokestacks on nuclear power plants (12:10) + Story about butchering an antelope on the job site (12:45) * Moved to DC in 1984 and lived with buddies and interviewed and joined the Donohoe Company (13:50) + Project Engineer then Project Manager (14:30) + 1620 L St. NW- built over transformer with huge trusses and tells story about getting them into the City (15:20) - Client was Mohammed Hadid (16:15) + Bought a property in West Springfield, VA and his Dad came down from PA to help him build his home, which was a modular home (16:40)
PN Hoffman Beginnings * Decided to start his own company in 1993 by buying a row house (1605 16th St. NW) with his partner, Pete Nazelrod, a fellow Donohoe colleague. They sold out the project and made $300,000 from the proceeds (16:35) + Bought two more properties in the 16
Linda Rabbitt and John Coe Bio Linda Rabbitt founded rand* construction in 1989 and was one of very few female leaders in the industry at the time. She is still an active leader as Owner and Chair of the Board of Directors, and serves as a resource to the new CEO, leadership, and management teams as they work to advance the vision and strategies for rand’s future.
Under her leadership, rand grew from being a small tenant interiors firm into a $400+ million national multi-market construction corporation. Her knowledge of the industry and professional experience has enabled rand to deliver award-winning work for a vast client base. With a focus on networking, innovation, quality, and customer service.
Linda serves on the Board of Directors of the Economic Club of Washington, DC, acting as a Trustee of George Washington University, and working as a Director of the International Women’s Forum, she served on the Federal Reserve Board – Richmond, and on the Board of Directors for Brookfield Properties. Furthermore, she is a Horatio Alger Award winner and is featured by sponsoring a program at Harvard Business School teaching women to excel in business and how to join corporate boards. Named as one of the “100 Most Powerful Women in DC” by Washingtonian Magazine and “Outstanding Director” by the Washington Business Journal, Linda continues to push the bar for Women’s causes and achievements in business.
A graduate of George Washington University with a Master of Arts, and a Bachelor of Arts from the University of Michigan, she is at heart a teacher and a visionary for advancing the next generation of leaders through education. She enjoys philanthropy, history, traveling the world, and spending time with her five grandsons.
Show Notes Current Role * Founder Planning to make company “multi-generational” comparing to other contractors- Clark, Hitt and Davis (4:30) + She is the strategist (5:00)
Origins & Education * Childhood- Born and lived in Suburban Detroit (5:45) + Grosse Pointe Woods and then Bloomfield Hills, MI (6:00) * Father immigrated from Germany in 1925 and became an automotive engineer working for Chrysler Corp. (6:15) + 19 patents with Briggs and Chrysler * Mother was a 2nd generation immigrant from Italy (7:20) * Parents met at Briggs Corp (predecessor of Chrysler Corp.) (7:55) * Father was very disciplined and Mother was the networker and social person (8:40) + Diligence from Father and people skills from Mother (9:00) * High School at Bloomfield Hills H.S. (10:00) * Attended University of Michigan (10:30) + Mot
Bob Kettler and John Coe Bio Bob Kettler always had a vision for creating value in Real Estate. He began his career in the early 1970s by renovating apartments, retail stores, and building homes. Although his story began in renovations and home building, he later found passion in developing communities and began laying the foundation of KETTLER, a Real Estate Development Company.
While KETTLER was growing, so too, was Bob’s footprint. He and his wife Charlotte are philanthropic contributors within the community. Currently, Bob serves on the board of the Trust for the National Mall, The Kennedy Center, and Wesley Seminary. He served on the boards for George Mason University, Northern Virginia Community College, the Northern Virginia Building Industry Association, and the National Methodist Church. Additionally, Mr. Kettler served as a Trustee at St. Patrick’s Episcopal Day School in Washington, D.C., and The Potomac School in McLean, VA.
With over 40 years in operations, KETTLER maintains a reputation as a leading developer in the industry and is one of D.C.’s Largest Private Real Estate Companies. Bob is a known trailblazer, thought leader, and frequent speaker. He placed five consecutive years on the Washington Business Journal’s Power 100 list in the last decade and received notable honors like BIA’s Monument Lifetime Achievement Award and the NAHB Developer of the Year award.
Bob continues to oversee KETTLER as Founder and Chief Executive Officer. He and his wife have four children and nine grandchildren and live in the Metro Washington, D.C. Area.
Show Notes Current Role * Typically the strategic thinker for the company but not the operations guy- “Management By Exception” (5:40) * Most projects come from Acquisitions team (6:45)
Origin Story * His Father, Milton Kettler, was the oldest of three Kettler Brothers, which was the company that was founded in the early 1950s (7:31) * His Dad was a real estate broker * Clarence and Charlie Kettler, his uncles built gas stations around the region * Forlines * Frank Ewing– Sage man who helped Kettler Brothers financially. * Kettler Brothers was the largest homebuilder in Maryland (9:45) + Montgomery Village + Father thought that the land development business should be separate from homebuilding * Father passed away when he was young (59 yrs. old) in 1982 (10:45) * Each of the brothers had their own roles in the company (12:00) + Uncle Clarence was an “artist” with his home building (12:15) + Wound down in the late 1980s
Jon Peterson Bios Jon M. Peterson is the Chief Executive Officer of Peterson Companies, one of the largest, most-admired privately-held real estate companies in the Washington, DC area. Founded more than 52 years ago, the company is responsible for some of the most prominent and successful mixed-use retail, residential and office developments in Northern Virginia and Maryland including Fairfax Corner, Fair Lakes, National Harbor, Virginia Gateway, Downtown Silver Spring, RIO, Burke Centre and Tysons McLean Office Park.
Jon has been instrumental in the development of National Harbor from an underutilized waterfront property to a mixed-use waterfront destination that is home to Gaylord National Resort & Convention Center, MGM National Harbor, Tanger Outlets and The Capital Wheel.
In 2016, he became Chairman of the Executive Committee which oversees all aspects of the retail, residential, commercial and mixed-use development and management. Prior to that, Jon served as Senior Vice President of Commercial and Business Development which allowed him to develop close ties to the entire metropolitan real estate community. He has led all aspects of build-to-suit, purchase and acquisition, sale, leasing and financing of commercial properties as well as the ground up development of approximately 3.5 million square feet of commercial office product in the Washington Metropolitan area.
Jon graduated from Middlebury College, and he and the Peterson Family believe passionately in giving back to the communities they serve. Jon was a member on the George Mason University (GMU) Board of Visitors as Vice Rector and GMU’s Board of Trustees member from 2014-2018. He was also a board member of Washington First bank from 2014-2018. Currently, Jon serves on numerous philanthropic boards and committees including National Association of Industrial and Office Properties (NAIOP); NAIOP Northern Virginia; Youth for Tomorrow Board of Trustees; George Mason Center for Real Estate Entrepreneurship; Northern Virginia Transportation Alliance; The 2030 Group; The 123 Club; GMU Patriot Club Advisory Board; George Mason Housing, Inc.; Inova Health Systems Investment Advisory Commit
Bio David Kessler is Chief Executive Officer of CohnReznick with responsibility for overseeing the strategic priorities, operations, people, and client service initiatives for the firm. In this capacity, he works with the Executive Board and other firm leaders to realize CohnReznick’s sense of purpose: creating opportunities for our people, making a difference for our clients, and strengthening our communities. David has over 30 years of experience providing audit, tax, and management advisory services to the real estate and financial services industries, representing clients nationally.
Before his election as CEO, David was Managing Partner – Real Estate Industry where he oversaw the firm’s largest practice group consisting of affordable housing, commercial real estate, construction, corporate real estate, and tax credit services. As a community development leader, David represented lenders, developers, syndicators, private equity funds, institutional investors such as life insurance companies and pension funds, asset management companies, property management companies, REITs, and loan funds. His work included assisting clients with a variety of tax incentives and credit programs including low-income housing tax credits, New Markets Tax Credits, historic tax credits, energy credits, and Opportunity Zones.
David designed and has taught a real estate accounting graduate-level course at Georgetown University’s School of Continuing Studies and the University of Maryland’s School of Architecture, Planning, and Preservation as part of each university’s graduate degree program in real estate development. He has been a frequent speaker at real estate industry conferences throughout the country.
Show Notes * CEO role evolved quickly after leading Real Estate Practice locally (4:20) + Decisions on March 12th to shut down in office operations to be WFH only (5:10) + Technology adaptation was more or less seamless right before tax deadline (5:50) * Scale of CohnReznick- 19 offices nationally (6:30) + People working remotely from offices + 3000 in US (7:00) + 500 people in Chinai India (7:15)
Origins * Born in DC and raised in Adelphi, MD (7:30) * Dad was a liquor sales distributor, Mom an adminstrator (8:35) * Grandfather was an accountant..other grandfather was in the laundry business (8:55) + Even if it is not broken, change it anyway (9:35) + Thrives in change (9:55) * Exposed early on to financial forecasting (11:50) + Called on by four different parties to opine on a projection (12:10) + Testament to firm to look at a variety of options (13:00) * Always worked from 14 yrs. old (13:50) * Went to University of Maryland and sat with advisors to look at options (14:10) + Majored in accounting and finance (14:30) + Interned at IRS (14:40) + Pulled toward public accounting, but thought about working at IRS (14:50) + Interviewed with many of the large firms including Kenneth Leventhal (15:15) + Interviewed then with Reznick, Fedder & Silverman (last firm he met) and felt a good “vibe” in the office that attracted him to the firm (15:30)
Career Arc
Vernon Knarr, Executive Managing Director, Savills, USA Bio Vernon is a trusted expert in the Washington metropolitan area, especially within the regional sales and development markets. Since joining Savills in 1994, Vernon has excelled in advising clients on a wide range of investment sales, development land sales, joint ventures and ground leases. He has also represented both owners and users of headquarters space throughout the acquisition and disposition processes, leading strategic planning and managing the transaction from marketing through closing. Vernon is highly sought-after for his market insight, financial knowledge and creative approach to deals.
Prior to joining Savills, Vernon was the co-owner of his own firm, Vector Realty Group, from 1985 to 1994. As co-owner, Vernon held the highest responsibilities of business development and advisory oversight. Before that, Vernon was with Coldwell Banker for six years.
Vernon’s client-first mentality, well-honed negotiation skills and extensive experience in the industry have made him the go-to broker for some of the region’s most complex transactions.
Show Notes * 42 years since he began as a Commercial Real Estate Broker (5:40) * Land business not what it used to be (5:55) * Owner/User market has been his focus, except in COVID issues (6:10) * Savills is primarily a tenant representation firm, but Vernon and his team varies from that theme (7:15) + Has 37,000 professionals internationally * Current listing- Former BET building in NE DC for Viacom (8:05) * Freddie Mac buildings (8:30)
Origins & Education * Grew up in Reading, PA (8:50) * Musician since 7 yrs. old (9:15) * Letter from US Army- Drafted at 18 yrs. old (1966) (9:40) * Upbringing rough with abusive stepfather (9:55) * Learned guitar at 7 yrs. old, eventually played in bands and continues to this day (10:20) * Enlisted in the US Air Force (11:45) + Assigned to Andrews AFB entire service + Took college courses at Univ. of MD University College while in service (12:15) * Finished his degree at University of Maryland (12:45) + Commuted there as he was married at the time + Almost went to work for Sears (13:30)
Career Xerox * Recruited by Xerox Corporation and was hired in 1972 (13:45) + Stayed there 7 yrs. + Went to training in Ft. Lauderdale + Sold copiers (14:30) + Friend of James Brown and worked there with him (14:30) + Met Hal Boles there who left in 1977 to Coldwell Banker (15:00)
Coldwell Banker * Hal convinced him to join Coldwell Banker because he showed up in fancy cars and he joined in 1979 (15:50) * Reference to Ray Ritchey, Cab Grayson and
Bio Bryant Foulger serves as Chairman of the Board of Directors for Foulger-Pratt and is a member of the Investment Committee. In his current role, Bryant draws on more than 30 years of real estate and management experience to provide approval and oversight of the CEO’s vision and strategy.
He was appointed to Maryland Governor Larry Hogan’s transition team and is also involved with the Montgomery Business Development Corporation, the Greater District of Columbia Chapter of the Leadership Council for the Mayo Clinic, the Montgomery County Business Advisory Panel, and is a Trustee Emeritus of the Bullis School in Potomac, Maryland. Bryant attended Brigham Young University and serves on numerous professional and charitable boards.
Show Notes Current Role * Chairman role still involved day to day. Handed reins of business to four Managing Partners (6:00) + Cameron Pratt, CEO + Brian Foulger + Brigg Bunker + Pete Ognibene * Spends time on asset management and design for new projects (6:30) * Does what he wants to do and not what he doesn’t want to do (7:10) * What is over the horizon? (8:00)
Origin Story * Born in Utah (9:00) * Sid Foulger (his Dad) was a friend of the Marriott family (9:15) * Member of the Church of Jesus Christ of the Latter Day Saints (9:30) * His Dad was recruited to Marriott Corporation to help with construction of hotels (10:00) * His Dad went out on his own with six children to start Foulger & Company, a development/construction company (10:50) * Sid Foulger was an entrepreneur who found opportunities and was tenacious to get things done (11:15) * Family relationships in the Mormon faith are “eternal.” (13:45) * Lived next door to brothers and sisters (14:15) * He had close family bonds with 48 grandchildren (his children and nephews and nieces) (14:30) * Many shared experiences- Homes in Utah and New Hampshire (15:45) * Bought lots on one block in Potomac about 40 yrs. ago (16:15) * Mormon Temple, Kensington, MD story (19:00) + Bob Barker helped find the site (19:20) + Sid Foulger helped in pricing the project (20:00) + Keith Wilcox was the architect (childhood friend of Sid Foulger in Utah) + Identified with the Salt Lake Temple in appe
Bio As the Government Services Administration’s Public Building Services Commissioner, he manages the nationwide asset management, design, construction, leasing, building management and disposal of approximately 371 million square feet of government-owned and leased space across the United States and six territories.
Prior to joining GSA, Mathews served as the Republican Staff Director of the House Transportation and Infrastructure Committee’s Subcommittee on Economic Development, Public Buildings, and Emergency Management. This committee has jurisdiction over federal buildings and courthouses, the General Services Administration, the Smithsonian, the Kennedy Center, the National Gallery of Art, and numerous other federal facilities.
Prior to serving on the Transportation and Infrastructure Committee, Mathews worked for the House Rules Committee and several California Members of Congress.
Mathews holds a bachelor’s in government and philosophy from Georgetown University.
Show Notes GSA Stats * GSA formed in 1949 (4:00) * Real Property & Personal Property (4:15) * 370MM s.f. * 5,500 employees * 30,000 contractors * $12.5B per year of expenditures * U.S. and U.S. territories * United Nations (5:45)
Origins * Born in Naples, Italy and the son of a U.S. Navy pilot who traveled around the world (6:30) * Grew up as a Navy “brat” * Influences of traveling- flexibility and amazing exposure to other locations (10:00) * Inspired by the outdoors * Mother was a nurse and infused the idea of “duty” on him (11:00) * Colorblindness eliminated his ability to fly (11:30)
Education * Falls Church H.S. * Earliest memories of outdoors- camping in Mt. Baker in the State of Washington (13:00) * Passion is rock climbing * Went initially to the University of Colorado Boulder (14:00) + Studied engineering (14:30) + Internship on Capitol Hill (15:00) + Decided to transfer to Georgetown (16:00) * Georgetown for his Junior & Senior years for Government studies (16:10) + Thought about ROTC and his father convinced him not to do it (16:50) + Philosophy & Government studies influenced him (18:15) + Loved Aristotle’s concept of “Ideas into Action” through government (18:35) * Discusses origins of U.S. government- perspective of how the country’s government was formed by the Founding Fathers (19:40) * Education in Philosophy is the most important part of his learnings to understand complex structures in government- one of his greatest strengths (22:00)
Career * First job in Congress was secured by canvassing every Republican house member and he secured his first job with a Congressman (23:30) * Congress is an “entrepreneurial” environment (26:25) * Capitol Hill is like a fire station- a rush to get things done and then quiet for a long time in between (28:15) * After his boss at Congress lost his re-election, he went to work for his brother in a furniture business in North Carolina and learned about real estate leasing there (29:00) * Came back to Washington to Congress again subseq
Bio In addition to his writing and speaking, Len Forkas is the founder and President of Milestone Communications, a Reston, Virginia-based owner and developer of wireless towers in the Mid-Atlantic. Milestone has invested over $50 million in the development of wireless infrastructure in six states, creating thousands of jobs in construction, engineering and manufacturing in the USA.
In 2014 Len published his book What Spins the Wheel: Life and Leadership Lessons from the Race for Hope. Profits from the sale of the book are donated to support Hopecam’s work connecting children with cancer with their friends at school. Over 10,000 copies of the books are in print.
Len has appeared on CNN Anderson Cooper, Fox and Friends, Wharton Sirius XMRadio and Baltimore/Washington DC affiliates of ABC, FOX and NBC.
Len also serves as Chairman of the Board of Hopecam, the charity he founded in 2003 to use technology to overcome the social isolation of children in treatment for cancer.
Hopecam has connected over 1,800 children with cancer to 35,000 classmates in 47 states. It has formed partnerships with over 50 hospitals. Ninety percent of Hopecam children attend title one schools and 1/2 are treated at St Jude’s hospital.
Show Notes Current * Day job- Founder of Milestone Communications- Partners with government entities to build towers on public land to lease to wireless carriers (4:00) + Company has facilities from Delaware to Florida * Founded Hopecam due to his son’s leukemia having a video link to his classroom (5:30) + Financed 3,000 children’s connections * Chair of Fairfax County Public School Foundation (7:30) + Serve 60,000 children a day during the pandemic + 2,000 homeless children
Origins * Grew up in suburban Cleveland, OH (9:30) * Dad was self employed salesman- always his hero (9:45) * Mom worked in assisted living community and raised him and his three siblings (10:00) * Loved sports and was active as a child growing up * Went to Ball State University in Muncie, IN studying landscape architecture (10:45) * Joined EDAW, a landscape architecture firm located in Alexandria, VA in 1982 (11:15) + Met John Forstman, a developer who influenced him to get into the real estate business (12:10) * Attended American University to get an MBA with Real Estate major (12:40) * Joined Oxford Development– story about his interview with Bernie Lubcher (worked with Tom Bozzuto, John Slidell, etc.) (13:15) * Joined Winchester Homes and learned the land development business (14:50) + Worked for Rick DiBella there * Joined South Charles Realty during crisis time (16:00) + Began working on the Milestone Community in Germantown, MD * Joined ULI in 1991 (16:50) * Transition from employee at So
Bio Wendy White is the Chair of the Real Estate Transactions group in Goulston & Storrs’ Washington D.C. office. She counsels clients on joint ventures, development, acquisitions, dispositions and financings of commercial properties.
Her practice includes transactions related to single and multiple sites involving office, hotel, retail, multifamily and mixed use properties.
Wendy’s clients include public and private real estate investment trusts, local, national and international companies with investments in the U.S., as well as nonprofits.
Background I’ve known Wendy since 1985 when I joined the B.F. Saul Company and she was a young associate at Shaw, Pittman, Potts and Trowbridge, a well known local real estate oriented firm at the time (it is now Pillsbury). She represented two of our correspondent lenders at the time with transactional legal work and was very thorough. Although I had indirect dealings with her I have always respected her abilities and savvy in responding to client needs.
As you will learn, she is a horsewoman, a learned poet and literary scholar, as well as a gifted real estate counsel. She has represented many leading real estate firms and institutional investors both in sale and financing transactions in a wide variety of real estate types. We discuss her family, educational experiences, her career arc and her philosophy which she has customized as her own, which she calls “E3- excellence, engagement and empathy.” She brings all those qualities and more to her work and life.
Show Notes Current Role * Role at Goulston & Storrs- Real Estate transactions attorney. Sales and financings. 50% of firm is real estate (5:00) * Working on Girl Scouts to sell property in Prince Georges County (5:45) * Working on a school site in DC (6:00) * Senior facility in Maryland (6:20) * Workouts earlier in July
Origins & Education * Grew up in Miami (7:30) * Mother went to Law School (7:45) + She met her husband, her Father, at law school * Had 5 brothers (she was #2) (8:30) + Very competitive with her brothers (8:50) + Stories of sports + Different rules for her than her brothers (9:30) + Story about “diary” violation by her brother (10:45) * Public Schools in Miami + HS class was bigger than entire college (11:45) * Attended Sweet Briar College (13:45) + Had Horseback Riding facility that attracted her (14:15) + Learned “who she wasn’t, not who she was” (14:50) + She had grown up riding horses in Miami (15:30) + Riding empowers girls to convey power and confidence to horses and it is a life skill that translates (16:15) + Find out “who bites and who kicks” translates to relationships with people (18:00) + Board of college voted to close it 5 yrs. ago, but alumni came in and replaced the board and hired a new President who’s great (19:45) + She believes the school is a “privileged” place (20:30) + She transferred to UVA as a Junior to be in a larger college environment (21:00) + Then transferred back to Sweetbriar for her Senior Yr. (21:50) * After Sweetbriar she became a secretary to the Dean of the UVA Law School- Didn’t like it (22:20) * Then went to UC Irvine to get a Masters in Fine Arts (23:00) + Learned critical thinking and writing skills + Poet
Bio Kirk Mettam is an Executive Vice President and Senior Principal with Silman Associates. He has been active in the design profession and a leader in the structural engineering industry for nearly four decades. In 1998, Kirk established our Washington, DC, office and has served as its managing partner since.
Kirk’s project experience has included government facilities, corporate headquarters, high-rise office buildings, retail and mixed-use developments, hotels, airports, bridges, and sports facilities. He also has special knowledge and experience in the structural engineering of historic structures ranging from heritage buildings of unique archaic construction, to Mid-Century Modern architectural landmarks.
He has propelled the firm’s growth through participation in federal design excellence programs and by expanding service offerings to include seismic engineering, building envelope/façade design, and blast design.
Kirk has maintained an active participation in the industry through lectures and involvement with national committees that cover subject matters such as structural condition assessments and the evaluation of building envelopes. In the academic realm, he has taught courses in structural engineering and architectural technology.
Show Notes * Silman Engineering- Wider variety of services…primarily structural engineers (4:10) * Structural engineering is a subset of Civil engineering (4:45)
Origin Story * Grew up in Montgomery County, MD (5:40) * Remembrances of growing up in Washington DC (6:15) * Mother was active Washington Gourmet Club and foreign dignitaries would come to their home when he was a child (8:00) + Gave him a perspective of international perspectives * Father was an aeronautical engineer with Booz Allen and was a visionary (9:10) * Inspirations from parents- design and passion for engineering (10:30) * Pivotal moment- took a course at American University in the summer during high school- story about building a model (11:50) + Teacher gave him a couple books about “Architectural Engineering”
Education * Pratt Institute- NY Architectural school and enjoyed it but ran out of money (13:30) * Attended University of Maryland- Engineering focus (14:30) * Science and math comes natural to him (16:00) * Went to Cornell for Engineering graduate school after three intern level jobs and because of the job market challenges (16:40) + Advises people to get a Masters in Engineering because the depth of information learned allows one to become a specialist (18:00) + Communications is the most important task in engineering (19:30) * Internships + Bureau of Standards- Metallurgy division- enjoyed it but didn’t like government (20:20) + Nuclear Regulatory Commission- computer junkie (20:50) + Small firm in Rockville and actually designed buildings and loved it (21:20)
Career Arc * Joined Skidmore Owings & Merrill after getting 11 job offers after receiving a Masters at Cornell (22:20) + Grew structural engineering group to 36 until the early 1990s when it was reduced to 6 people and
Bio Michael J. Darby is Founder & CEO of Monument Realty, a leading privately held mixed use real estate development & operating company headquartered in Washington DC.
An active member of the Washington, DC region’s development industry for more than two decades, Michael previously worked with some of the most prominent developers in the Washington DC area including Carr America in the 80’s and Akridge in the 90’s. During those years he managed the development of many prominent Washington buildings including such landmark restoration projects as the Willard Hotel, the Southern Railway Building and the Victor Building.
Michael began his career in his native Australia, working with a Melbourne-based general contractor, and holds a degree in Engineering and Business from the University of Melbourne. He has been active in numerous regional real estate organizations over the years and has served on the Board of the DC Building Industry Association.
Michael is involved with several charities and his company have been longtime supporters of the annual Real Estate Games, a charitable sports competition that supports the Juvenile Diabetes Research Foundation (JDRF), and he was the event co-chair for six years.
Show Notes Current Role * CEO and Founder at Monument Realty. Role has changed over the years since founding 22 years ago (3:15) * Brief history overview of company + Started with Partner (Jeff Neal) (3:31) + Chased deals with Lehman Bros. and Apollo + Bankruptcy of Lehman Brothers and breakup of partnership with Jeff Neal (4:00) * Role now is broader (5:00) * Experience is well earned (5;30)
Origins * Born and raised in Melbourne, Australia (6:20) * Father was an engineer (6:30) * Competed in freestyle skiing as a youth (7:15) + Went to Europe and competed (7:35) + Came to the US during Australian summers (winter here) to ski competitively (8:00) + Australian mountains (8:50) - Not as “advanced” as Europe and North America - Walked up hills frequently (10:30) + Traveling was fun around the world (11:45) * Athletics is encouraged in Australia (12:15)
Education
Mike Bush Bio Mike Bush currently is an Adjunct Professor Urban Development for the Masters in Real Estate Program at Georgetown University School of Continuing Studies and founder of Project REAP. During his 20-year tenure as Vice President Real Estate for Giant Food, they opened or replaced 60 stores and expanded dozens more in one of the country’s most competitive trade areas. He directed market research, promotions to developers and municipalities, feasibility analysis, site selection, leasing and acquisitions, entitlement, and capex approval. He developed Giant’s first successful mixed-use unit with structured parking, and personally led successful campaigns to persuade citizen groups, elected officials, and staff to modify zoning to accommodate Giant stores. Bush created the Retail Development course for the Georgetown Master’s program in 2011, and has taught in the Master’s programs at Johns Hopkins and University of Maryland as well. He is active in ICSC, most recently leading a Roundtable at the University of Shopping Centers. He serves on the membership committee of the DC Building Industry Association, with special attention to its operating committees serving professionals in environmental regulation, retail, construction, affordable housing, and capital markets. He founded and developed the property management curriculum for Project REAP – the Real Estate Associate Program – now operated nationwide by a consortium of ICSC, ULI, NAIOP, BOMA, and NMHC. Bush began his career as a corporate lawyer specializing in real estate, banking, and finance. He went to law school at Harvard (LL.B. 1968) and to college at Stanford (B.A. 1965), where he graduated Phi Beta Kappa with Honors in Humanities. In 2012 Bush launched Long Lead, a career planning service, in response to students and practitioners asking him how to choose or change careers.
Show Notes * Mike Bush formed Project REAP in 1997 to bring minority people into the real estate industry while he was at Giant Food. He reached out to landlords to find out why they had not hired minorities. (6:15) * Raised by parents that had a community orientation that planted the seed in his mind (8:30) * Weekend project to recruit and educate minority young people while at Giant (9:40)
Origins * Grew up in Phoenix, AZ with parents who were active in the Jewish community (10:20) * Father was a shoe store owner (11:20) * Stock boy for his Father and then worked in a department store in sales (12:15) * Selling shoes was an “interesting profession” (13:30) * Public High School- Lived on North Side of Phoenix (14:00) * Bookworm in HS because he had difficulty with athletics (14:55)
Education * Attended Stanford University (15:25) + Wanted to be on the Crew team + Crew distracted him from his academics (16:00) + Card sections at football games (16:25) + Story about a prank the Cal students tried to impose on Stanford football players (17:45) + “Dry” campus- Story about drinking beer (19:10) + Initially interested in medicine (19:40) - Story about a frog experiment (20:30)
Vikki Kayne
Tracy Allen
Tasha Stancill
This episode is a panel discussion with three real estate marketing superstars, Vikki Kayne, Tracy Allen and Tasha Stancill, who have been delivering quality marketing and communications throughout their careers for over 20 years. They are well respected professionals who bring varied perspectives to their roles. While they each perform both internal and external marketing and communications services for their firms, their approaches and styles vary, as you will hear. I have known all of them for over 15 years and have great respect for their abilities and wide network.
Bios
Vikki Kayne SVP, Chief Marketing Officer Eagle Bank Vikki Kayne has over 20 years of experience in mixed-use, retail and commercial real estate marketing and communications. Currently, Ms. Kayne is the Chief Marketing Officer for EagleBank. Prior to joining EagleBank in 2019, Ms. Kayne served as Senior Vice President, Marketing and Communications at JBG SMITH (2016-2019). Prior to joining JBG SMITH she worked for several Washington, DC based commercial real estate companies including Federal Realty Investment Trust, Lerner Corporation and First Potomac Realty Trust.
Tracy Allen VP of Corporate Marketing ECS Corporate Services Tracy Allen has over 26 years of marketing and business development experience. She manages all Corporate marketing activities for the firm. This includes managing and updating the corporate website, overseeing all corporate marketing materials (brochures, mailers, eblasts, press releases), coordinating all Corporate trade shows, managing the exhibit booth distribution for over 50 offices, coordinating all the Corporate market sector efforts of the 16-person Business Development staff, and reporting all corporate and national account marketing efforts to the Board of Directors on a quarterly basis. She also participates in over ten professional trade associations and maintains her involvement on the board level for each one.
Tasha Stancill VP of Business Relations Urban Pace Natasha “Tasha” Stancill is VP of Business Relations for Urban Pace, which, under the Long & Foster Companies umbrella, pr
Bio Matt Kelly is the CEO of JBG SMITH and a member of the Board of Trustees. Prior to the formation of JBG SMITH, Matt served as a Managing Partner of the JBG Companies and a member of the firm’s Executive Committee and Investment Committee and was co-head of JBG’s Investments Group. Prior to joining the JBG Companies in 2004, he was a co-founder of ODAC Inc., a media software company, and worked in private equity and investment banking with Thomas H. Lee Partners in Boston and Goldman Sachs, & Co in New York.
Matt Kelly currently serves on the boards of various industry, civic and philanthropic organizations including the Urban Institute and the Smithsonian National Museum of Natural History. He is Chairman of the Board of the Medstar Washington Hospital Center and serves as an Executive in Residence of the Steers Center at the McDonough School of Business at Georgetown University.
He holds a Bachelor of Arts with honors from Dartmouth College and an Masters of Business Administration from Harvard Business School.
Show Notes Current Role * Matt Kelly transition to being a public company CEO from a private company partner/leader (2:30) * Oversight and accountability of firm (3:30) * Day to day role making investment decisions has stayed pretty much the same (3:50) * Chief “Cheerleader” is shared among senior team and is now more focused with him during the pandemic (4:20) * Changes were significant (5:30) + Private to public + Increased size to 4X larger with assets + Partnership structure to a REIT + Combining two big teams + Approvals? + Physical location of people + Integrate accounting & health care systems + He had never worked for a public company so felt his biggest challenge was to give confidence to the team (6:30) + Determining “who needed to be in the room” (7:00) + Brought on a series of new people to help solve issues (7:15) + Fortunate that almost all new people fit in well and worked out (7:45) - Had to rely on people to accommodate all the changes (8:10) + Balance of leading with confidence without doing it before (8:50)
Personal Background & Education * Raised in the St. Louis area (9:55) + Father was an Irish immigrant and went to medical school in Ireland, now a psychoanalyst + Mother from Indiana + Raised by parents that motivated him to move away (11:00) * Attended Dartmouth College (11:20) + Quite an adjustment to live in the East and an outdoors environment (12:00) + Spanish, Biology major initially (14:00) + Dad told him that he should be “called” to medicine, which he realized he was not “called” (15:00) - Dad’s advice- “Study what you want to do and interest you” (15:50) + Decided to become History major which was his passion (16:15) + Friends turned him on to business (17:10) + Interviewed with Goldman Sachs and other banks due to “fascination” with business and learn (18:00)
Matt Kelly’s Career Trajectory * Went to work for Goldman Sachs in NYC (18:30) + Learned after two weeks he did not want to be an investment ban
Bio Jodie McLean is Chief Executive Officer of EDENS, one of the nation’s leading private owners, operators and developers of retail real estate. With a more than 25-year tenure at EDENS, she has established herself as a key player in the company’s growth and expansion to its current marketplace leadership, capitalized by blue chip investors and assets valued at $6.5 billion.
Jodie McLean is responsible for EDENS’ strategy to move the portfolio to major urban centers, creating a portfolio of assets that are the center of community life. She was named Chief Investment Officer in 1997, President in 2002 and CEO in 2015. Overall, she has been responsible for the development, redevelopment, acquisition and disposition of more than $15 billion in retail assets.
She passionately believes that retail should evolve beyond a shopping experience, and advocates for connectivity to the communities surrounding the company’s retail centers. To ensure this, each EDENS development is crafted to serve as an authentic gathering place, including a unique merchandising mix and welcoming design elements, fostering a sense of engagement with its neighbors.
A native of Chicago, IL, Jodie McLean holds a Bachelor of Science in Finance and Management from the Moore School of Business, University of South Carolina and a degree from South Carolina Honors College. McLean serves as Trustee and Executive Board Member of the International Council of Shopping Centers (ICSC) and Trustee of Urban Land Institute (ULI). She serves on the boards of Cushman & Wakefield, The Real Estate Round Table, Wofford College and Extended Stay America, as well as boards of several other institutions and charities. Jodie is a member of the Liberty Fellowship (Aspen Institute) Class of 2009.
Show Notes Current Role and Perspective of Company * Jodie McLean’s life at Edens is “pretty good” (3:00) * 70% Retailers closed mandated by government (3:30) * Role in “Community”- Provide essential services during pandemic (3:50) * 115 places in 9 major markets (4:20) * Role is CEO…went from strategic visionary leader to “chief rabbi, priest, community leader” (5:00) * Intuitive work on community building (5:40) + Address social issues- 15MM people everyday (6:20) * “Enriching Community” is company purpose (6:50) + Focus on retail (7:00) + 2006- Broadband reached over 50% of households and the internet became a dominant force in lifestyle (7:30) - Dial up internet shopping was life changing for her (8:25) - Went to Town Centers and noticed that they were “all the same” and needed so much land (9:00) + Forced herself to be more strategic and develop a “voice” (10:30) + Women will drive retail and community becomes the lead (10:50) + Shifted to purpose driven property perspective (11:00) + De-levered the company to redirect purpose (12:30) + Jodie McLean has found Four Trends acce
John Green
Joe Carrol
Following up on Part 1 with John Green and Joe Carrol, I probed into the ongoing social issues in America today with race relations and a particular focus on the real estate industry. John Green and Joe Carrol were forthcoming about the disparities that exist between Black and White people regarding the wealth gap and the percentage of participation in Senior leadership in our industry. From there they offered suggestions both systemically to be more aware of the “unconscious” racism that many of us have and individually to tactics to promote equality and courage among Black young professionals to pursue opportunities. This was a very compelling conversation on many levels. Hope you enjoy!
Bios See Part 1
Social Issues Joe Carrol * Uses “planting seeds” analogy for improving the social condition (4:00) + Life, Liberty, Pursuit of Happiness + Killings of blacks by Police are now becoming important + Actions in the short term are not “long term” in their impact and “don’t get it done” + The need for “long term” impact is important to consider
John Green * Seeds planting with children to provide security, love and understanding (8:00) * Long arc of perspectives about race (9:15) * Hopeful that activities of the moment can be long lasting (9:30) * Nation has a short attention span * Complex and nuanced issues that need a longer view (10:15) * Wealth gap is significant (10:30) + Compounding interest for multi-generational wealth + Whites have a 17X net worth over median Black families (11:00) + Real Estate has a unique opportunity to make an impact on this difference (11:45) + Median family in US has 2/3 of their wealth in their home (12:15) + Acknowledge that Minority families are underrepresented in ownership and wealth potential (13:00) * Senior Exec. Leadership in Real Estate have only 2% Black leadership (13:50)
Joe Carrol * Real Estate is a “pure market” business and become insulated from
John Green Joe Carrol
Bios
John Green A co-founding principal of Blackstar Real Estate Partners, John Green directs firm-wide strategic planning, and leads the investment management efforts. John has over 18 years of real estate and finance experience, and has managed approximately $5 billion in commercial, multifamily residential and mixed-use properties in greater Washington, D.C.; New York City; Baltimore; San Francisco; and other major metropolitan areas within the United States. For the decade prior to founding Blackstar, he served as Managing Director for MacFarlane Partners, a San Francisco based real estate private equity firm. In that role, John led all investment and asset management activities in the East Coast markets, which included acquisitions, dispositions, and financing of property investments. He also oversaw the development process of projects undertaken by the firm and its joint-venture partners. Overall, he was responsible for managing a portfolio consisting of over 2.75 million sf of commercial space, 7,500 apartment units, 400,000 sf of retail, 1,000 hotel keys, and over 10 million sf of potential development. Prior to joining MacFarlane Partners, John worked in the real estate development group of The Community Builders; and as an investment banker at Goldman, Sachs & Co. He also managed the business development efforts at Viacom Inc.
John earned his MBA from Harvard Business School and MPA from Harvard Kennedy School. He also holds a BS degree in Systems Engineering from the University of Virginia.
Joe Carrol
Joe Carrol is Managing Principal at Cross River. Although its activities are diverse including a growing number of portfolio company investments, Cross River through its subsidiaries currently manages an over $450M real estate development pipeline with projects in the District of Columbia, Florida and Texas.
Mr. Carrol was formerly Senior Vice President of Acquisitions at Lowe Enterprises. As a
Bio Herb Miller founded Western Development Company in 1967 and serves as its Chairman, Chief Executive Officer and Principal Stockholder. A graduate in Urban Planning from George Washington University, Mr. Miller’s activities at WDC began with the development of six office buildings in Washington, DC from 1967 to 1985. During this time he guided the firm into retail development, taking the lead in developing twenty open-air neighborhood and community centers in eleven states from 1975 to 1987.
Herb Miller’s on-going interest in his home town led back to Washington and a series of complex mixed-use projects: Georgetown Park, an award winning retail, office and residential project; Washington Harbour, the only privately developed project on the Potomac River; and Market
Square, two mixed-use buildings with office space, retail space and residential units along Pennsylvania Avenue.
Intrigued by the changes sweeping U.S. retail in the mid-1980s. Mr. Miller led WDC to create the Mills Concept – the value oriented super regional mall. Opened in 1985, Potomac Mills in Woodbridge, Va. was the prototype of this concept. By 1987, WDC focused its expertise in expanding the Mills concept to other major metropolitan areas, opening Franklin Mills
(Philadelphia) in 1989; Sawgrass Mills (Ft. Lauderdale) in 1990 and Gurnee Mills (Chicago) in 1991.
To further expand The Mills concept, Mr. Miller founded The Mills Corporation in 1993, capitalized at $1.3 billion through a NYSE public offering. Mr. Miller retired from The Mills Corporation in 1995 in order to pursue other development opportunities in his hometown of Washington DC.
Between 1995 and 1996 Mr. Miller led the Mayor’s Interactive Downtown Task Force, a 100-member committee charged with re-vitalizing Washington’s central areas. Composed of over 100 key figures from the worlds of government, retail, entertainment, telecommunications,
housing advocacy, and recreation, the Task Force identified the development opportunities and economic incentives essential to attract a critical mass of retail, housing, and entertainment to downtown. The Task Force’s blue print has resulted in US$ 6.21 billion in private and public
expenditure including 5,242 new units of housing, 9 million square feet of office space, a new US$ 834 million Convention Center and new Museum of Washington DC within the old Carnegie Library.
His involvement with the Downtown Task Force led him to develop Gallery Place, which combined equal portions of retail/entertainment, residential and office space on a site bridging the Verizon Center and Washington’s Chinatown when it opened in the Spring of 2004.
Herb Miller is actively involved in civic affairs, including his memberships on the Boards of the Third Way and the Chesapeake Crescent, which he co-founded in 2007. In 2006, Mr. Miller was inducted into the Washington Business Hall of Fame.
Show Notes Current * Current project called River Point (conversion of office building to residential) 480 units next to Fort McNair in Southwest Washington with Chip Akridge and Tom Wilbur of the Akridge Company (3:20) + Tall ceiling heights- 9′ + Includi
Bio Principal, 2004-Present Meany & Oliver Companies, Inc. Sharon Oliver co-founded Meany & Oliver Companies Inc. in 2004. The firm provides investment, leasing and consulting services in the Washington, DC Metropolitan Area. Major transactions have included the 625,000 square foot Corporate Executive Board lease at Waterview which, at the time, was the largest private sector office lease ever completed in the Washington, DC metropolitan area and the 300,000 square foot build-to-suit lease with Chemonics International at The Yards. Major clients have included Alexandria City Public Schools, American Physical Therapy Association, Brookfield Properties, The JBG Companies, Forest City, Peterson Companies, Quadrangle Development, Southern Management Corporation, United Mine Workers of America, Weisbrod Matteis & Copley and The Wilkes Company.
Principal, 1999 – 2004 The JBG Companies Ms. Oliver had overall responsibility for the leasing and management of The JBG Companies’ entire commercial portfolio. This portfolio consisted of approximately 20 million square feet of office space, both existing and under development. Projects included 1601 K Street, Potomac Center, Arlington Gateway, Chase Tower, 1801 N. Lynn Street and Twinbrook Metro Center. Major transactions included Kirkpatrick & Lockhart, Watson Wyatt, The Ritz Carlton Headquarters, and CapitalSource. Additionally, she completed over one million square feet of GSA leases including the FEMA Headquarters lease and the State Department lease at 1801 N. Lynn Street.
Senior Vice President, 1990 – 1999 Grubb & Ellis of Metropolitan Washington, D.C. Ms. Oliver directed the activities of the suburban leasing and sales operations. She was an active broker representing the interests of major developers and significant tenants in the marketplace. Clients included IBM, ADP, Kaiser Permanente, Lerner Enterprises, Prudential, and The JBG Companies. As a member of Grubb & Ellis’ Circle of Excellence, Ms. Oliver was designated as one of the top 100 brokers at Grubb & Ellis.
Commercial Real Estate Broker, 1977-1990 Ms. Oliver was an active leasing and sales broker at Barrueta & Associates and Rubloff, Inc. At both firms, she earned top producer awards. She started her career at The Equitable Life Assurance Society of the United States where she was responsible for leasing, disposition, sales and asset management.
Education Ms. Oliver graduated from Goucher College with a B.A. in Economics and received an MBA in finance from The George Washington University.
Show Notes Current * Meany & Oliver- Small boutique firm that brings experience to the brokerage assignments (5:15) + Changing playbook every day * 5 People in the Firm (6:45) + Phil Meany, Co Managing Partner + Martin Griffin, Principal + Marty Almquist
Origin Story
Bio Bill Janes is the General Managing Partner of Iron Point Partners, LLC and has senior responsibility for overall fund management as well as for sourcing and managing investments. Iron Point was founded in 2007 to pursue opportunistic, theme-based real estate private equity investments throughout North America and currently has more than $4.2 billion of assets under management. Prior to Iron Point’s formation, the principals managed RMB Realty, Inc. and its successor Oak Hill Realty, LLC, the real estate investment vehicles for Robert M. Bass. Additionally, Bill was involved in the formation of IPI Partners, LLC, a joint venture between Iron Point Partners and ICONIQ Capital focused on real estate investments in data centers and other technology and connectivity-related real assets. He also sits on the Investment Committee of the Firm’s funds.
Bill Janes became involved with the Bass Entities in 1990 and has played a significant role in the major real estate transactions for the Bass Entities, including the acquisition of the Helmsley Building in New York City, and the acquisition, financing, and disposition of the other major assets in New York City. He was also active in the 1998 acquisition of interests in numerous Japanese properties through DaVinci I Corp. Y.K. In 1997, Bill was a member of the board of directors of Mendik and was instrumental in the consolidation of Mendik’s real estate holdings and the subsequent $654 million acquisition of such holdings by Vornado. He was also actively involved in the initial public offerings of CarrAmerica and Paragon. While serving on the board of directors of Paragon, he was also involved in its merger with Camden Property Trust, a public real estate investment trust.
Prior to becoming involved with the Bass Entities, Bill Janes was with Lincoln Property Company, serving as General Partner and overseeing development operations in the mid-Atlantic region, and with Coldwell Banker (now CB Richard Ellis). He has been a member of the board of directors or investment committees of AHM-Williston, American Skiing Company, Brazos Asset Management, Inc., Brazos Fund, CapStar Hotel Company, Carr Real Estate Services, Inc., First Atlantic Holdings, L.L.C, GMH Southpointe, IPI Data Center Partners Fund I and II, Max/FW Management, L.L.C., Mendik Corporation, MeriStar Hospitality Corporation, Net Lease, Oak Hill REIT Management, Paragon, Power Loft, L.L.C., S&B Williston, SRHI, Stream-Houston, Stream-Minneapolis, Stream-San Antonio, T5 @ Dallas II, T5 @ New York, T5 @ Portland, T5 Portfolio I and Titan. Additionally, he was involved with the IPO of GMH Communities Trust
“First ask ‘What is the conflict of interest?’,” Ben Miller Ben Miller Bio See Episode #19
Show Notes (cont.) * Ben Miller talks about lens for risk (2:30) + Think about scenarios that “could go wrong” (2:45) + World class downsider + What if the developer goes bankrupt? + Planned for downturn + In 2017 he thought it was too frothy + Seth Klarman thinking (3:45) + Inversion thinking- What’s the worst that could happen? (4:10) + Dynamics in private market are different than the public markets (5:00) * Process of investment (5:50) + Invest as a secondary or preferred lending investment- 55%-80% (6:30) + Preferable to invest in equity on a wholly owned basis (7:30) + Not interested now in JVs as alignment is not in focus (7:50) + Aim to have a direct relationship with developer/owner (8:30) + Fundrise only a 1% fee + JV structure of 90/10 + Real estate deal is much more efficient now due to marketing to perfection (10:00) + Vertical integration efficiency is the optimum (11:45) + The most vertically integrated companies are most “antifragile” (13:00) + Benevolent Dictatorship (15:00)
Real Estate Market Perspectives * Avoid cyclicality of specialization (16:00) * Staying in one product type is a flaw (17:10) * More multifamily developers (18:00) * Have to be “on trend” and look at the future to invest (18:50) * Difficult for developers to be agile among product types (20:30) * Not normal in real estate to be flexible (21:15) * Core Office and luxury apartments are the next “suburban office” and will decline in value (21:40) * Multifamily is mostly neutral in performance (22:40) + Core customer doesn’t want to be in small units except due to cost (23:00) + Shift away from small spaces will cause it to suffer (23:45) * What does customer want? (25:10) + Move south (25:20) + Not in major cities + Spreading to whole different regions (25:50) + What happens when technology devalues location? (27:00) * It’s easy to see what deteriorates but not easy to see where it appreciates (27:35) * Adopt the work from home model (28:10) * Iterate first hand opportunities to work from home to test it out (28:30) * Ride the trend and figure it out * Customer wants to be successful without doing harm (29:45) + Wouldn’t sacrifice return to benefit society * Last mile industrial (31:25) * Last mile data- 5G will be everywhere in 24-36 months (31:40) * Infrastructure (32:40) + Real Estate slips into the background (32:50) * Most real estate has been built for Excel Spreadsheets (33:10)
Fundrise Team and Platform * Iterate on team (34:10) + Smart people + Low Ego + Attitude to “dig the ditch” (34:50) + Knowledge less important + Desire to learn- + Intelligence is “smarts minus ego” (35:30) + Discount your desire (36:15) * Recruiting and hiring is a privilege (36:30) + Learn and listen to find out internal motivation (37:00) + Look for candor (37:30) * Platform success- + Luck and chance (38:10) + Getting on the right trend (38:40)
“Fundrise will be the Amazon of real estate investing.”
Ben Miller
Bio
Ben Miller is CEO and co-founder of Fundrise, the leading online real estate investment platform. Now with over 100,000 active individual investors and more than $1 billion worth of equity under management, Fundrise has made high-tech, low-cost real estate investing available to everyone. Founded in 2012, Fundrise is on a mission to build a better financial system by empowering the individual.
With over 20 years of experience in real estate investment and development, Ben Miller’s responsibilities cover day-to-day management, real estate investment oversight, and corporate finance, as well as setting the long-term strategy and goals for the company. Prior to Fundrise, Ben was managing partner of WestMill Capital Partners and President of Western Development Corp., one of the largest mixed-use real estate development companies in the Washington, DC metro area. A graduate of the University of Pennsylvania, he sits on the board of National Center for Children and Families.
Show Notes Current Role * Lead long term strategy road map and oversee asset management and senior leadership team (3:40) * Ben Miller sees himself as the person that “pushes” at the company that takes people to their limits and drag people out of their comfort zone (4:30)
COVID 19 Issues * Human tragedy (6:20) * Believes crisis is more like 2008 as it will be a debt crisis, but much more serious (7:55) * Since Yesterday (book about Great Depression) (7:25) * Demand Shock causes deflation (7:35)
Origins * Ben Miller grew up in DC (8:35) * Dad is Herb Miller, one of DCs greatest landmark developers- Western Development (8:50) * Dad is in “his own head” quite a bit (9:45) * Went to UPenn yet by Jr. year he preferred going to work (10:20) * Interned at Lubert Adler (11:45) + Sharp edge view of properties (11:30) + Alignment of interests- Win/Win relationship (11:45) + “Organs in the game” (12:40) * Economics Major (12:55) + Macro understanding needs to be there to understand opportunities (13:10) * Mother is opposite of Dad- a skeptic (14:05)
Career Arc * Ben Miller joined Western Development + Early on wanted to join his Dad (15:00) + His Dad is absolutely relentless- indefatigable (15:20) + Dad recruited him after Lubert Adler (16:10) + Put “talented person” “over their head” and to “sink or swim” (16:45) + Grew into role of President (17:40) + Gallery Place (18:00) + Redevelopment of Georgetown Park (18:15) + Sources of money were the most distressed in 2008 (19:00) * Left Western in 2009 to do small scale retail (19:35) + Buy in emerging neighborhoods in DC (20:00) + Looked in LA, Brooklyn, Detroit, etc. (20:15) + Reversion to the mean of city redevelopment (20:40) + New generation wanted to live in “viral” places (21:20) + Those neighborhoods
"Get a Mentor-The most important thing a young person can do," Doug Firstenberg Bio A founding principal of Stonebridge, Douglas Firstenberg directs firmwide strategic planning, oversees landmark development projects, and plays a key role in major transaction negotiations. Under his leadership, Stonebridge has developed several of the region’s most innovative and successful urban mixed-use properties, including breakthrough transit-oriented developments and public/private initiatives.
Mr. Firstenberg has more than thirty-five years of real estate industry experience, leading complex development projects totaling more than 10 million square feet and $4 billion in value. Mr. Firstenberg started his career with K.S. Sweet Associates, a Philadelphia-based real estate and investment firm where he was named partner. In 1993, he co-founded Stonebridge Associates in Washington, D.C., and led the transformation of the firm into an urban infill mixed-use developer. Mr. Firstenberg graduated from Duke University with a Bachelor of Arts and currently serves in leadership roles of several industry and charitable organizations.
Show Notes Role * Guide overall direction of firm (3:05) * Help in creation of projects and enjoys conceptualization (3:35)
Pandemic Crisis * Elderly at 60 (4:55) * 1982 closed a loan at 12 3/4% a 5 yr. deal (5:07) * 2008-09- Undertaking largest deal- Constitution Square spent 13 months cobbling together debt (5:40) * Today- 3 different projects underway and capital does come in on large development projects (6:30) + System is functioning yet the economy is fundamentally frozen now + We will get through it and hard to understand where we will be- we will all learn how * Out of crisis will bring opportunity (8:25)
Origins & Education * NY native- grew up in suburbs and grandparents lived in Midtown Manhattan (101 Central Park West) (9:20) * Story about Macys Parade as a kid (10:00) * Moved to Princeton, NJ while in Middle School (10:40) + Dad became CFO of Princeton University + His Mentor and first employer transformed Princeton (Forrestal Center) * Grateful that he was not accepted at Princeton Univ. and was accepted at Duke Univ. (12:05) * Played lacrosse at Duke. Princeton and Duke look similar architecturally. (12:30) * Important to have changes in life was good for him * Foundations at Duke (14:00) + Lacrosse team influenced his passion toward teamwork + Public Policy major (14:45) - Faculty was young and engaged - Removed business program - Articulating policy presentations were great experiences (16:08) + Sr. Yr. he was introduced to Ken Sweet, his eventual first employer- Offers him a summer internship (17:30) * Internship at K.S. Sweet evolved into his eventual career (19:00)
Career Arc * His plans for post undergraduate work fell through and Sweet offered him a full time job that has evolved to his job now at Stonebridge (20:15) * He was the youngest person at K.S. Sweet and he was able to run a marina on the Eastern Shore and he got the property to "breakeven" (21:55) * At 24 he got the opportunity to
Bio David Kitchens joined Cooper Carry in 1984, and was named Principal in the Mixed-Use Studio in 1998. He now leads the Cooper Carry Washington DC office. David is a member of several organizations including the American Institute of Architects (AIA), the Urban Land Institute (ULI), and the National Council of Architectural Registration Board (NCARB). He earned both his Bachelor and Master of Architecture from the Georgia Institute of Technology. David is registered to practice in 21 states as well as the District of Columbia.
Show Notes Current Role * Old School Guy- Cooper Carry almost entire career (since 1984) (3:30) * Opened DC office in 1987 living here (4:40) * Hiring my "kids"- all the young people his kids age…sees himself as a coach (5:30) * Transitioning leadership to younger people (Acting as a Senior Advisor) (5:45)
Origins and Education * Atlanta native (6:10) * Grandfather a dairy farmer (7:00) * Connection in seeing a city grow in Atlanta (8:00) * Grew up near East Lake Golf Club (8:25) * Playing the drums and swimming (9:45) * Traveling band as a child as a percussionist (10:05) * Architecture is about rhythm and a vibe (11:00) * Dad was in Navy and the youngest of three (11:20) + Naval Medical Corps- In Seattle in WW2 (11:50) + Emory U.- Applied his degree at Sears in Appliances (12:25) + Sales for Williams Lumber in Atlanta (12:35) + Became a builder in suburban Atlanta (13:00) + His Dad and he would look at house plans and work through them (13:30) * Decided he wanted to be an architect in 10th grade from his father's building (15:14) * Went to GA Tech undergrad and took Masters in Arch. (16:10) * Pat Connell- Prof. at GA Tech was an influence (16:50) + Importance of maintaining environment as part of architectural planning (17:14) - Fox Theatre - Piedmont Park * Six month stint in Europe during school (18:50) * Met Judy, his wife, in choir…she is a nurse. (19:10)
Career Arc * TV&S Architecture- (19:50) + Learned mixed use design aspects there (20:05) + Atlanta had "two faces"- suburban and urban (20:50) - Bothered by "suburbanization" of Atlanta (21:10) - Always a "Downtown" person and wanted that core to grow (21:25) - Atlanta- Struggling with dual identity (21:40) + There for 3 years to get a registered architect (21:55) * Started his own practice with the Baptist Church (Always strong in faith) (22:20) + Community found in faith community (22:45) + First Baptist Atlanta- Owned large swath of property near GA Tech (23:48) + Designed religious facilities (24:05) + Look at how to connect institution (First Baptist Church) in Downtown Atlanta into MARTA system and GA Tech in 1980 (24:30) + Used this effort to learn how to bring together spiritual, social and business aspects into development (25:10) + Discussed religious influences on architecture (25:30) + Left his own practice because he hated
"Control costs during the design phase to help you save money in the overall planning process"- Stan Sloter Bio President and founder of the Paradigm Companies, Stanley manages Paradigm’s daily responsibilities as a full-service development, construction and property management firm.
Beyond his Paradigm responsibilities, he also teaches a graduate-level real estate development course during the fall semester at The George Washington University. Before initiating a career in development, Stanley worked in construction lending with Pittsburgh National Bank. An active community member, he is a founder of Rocketship Education (a DC charter school) and serves as both the Chairman of the Board of Trustees for Lycoming College and a member of the Board of Trustees for The Washington Center for Academic Studies.
Stanley is a longtime supporter of Teach for America in DC and an advocate for affordable housing. He has served on the DC Comprehensive Housing Strategy Task Force, the Arlington County Housing Commission and the City of Alexandria Affordable Housing Work Group. Stanley is a graduate of Lycoming College, with a Bachelor of Arts degree in Chemistry, and has a Master of Business Administration degree from the University of Pittsburgh.
Show Notes Current Role at Paradigm * Diversified real estate company (3:40) * Effort to manage and maximize value on mostly multifamily * Construction company- $200MM/yr. * Property Management- 8,000+ units * Development business (1-2 projects per year) * Rolled up into a holding company * Oversee and capitalization of companies- strategic management
Perspective of COVID 19 Crisis * How do we work through this? (6:20) * In housing business and are "deemed essential" in all businesses (6:40) * Operating business needs to keep going during crisis (7:00) * Day to day issues- tenants' illnesses & rental capability * If in office or retail business, what are structural changes ahead? (8:30) * TOD oriented now- will this (transit orientation) be a viable strategy beyond the pandemic? (9:15) * Prediction- Numbers will save us such that we will get comfortable again (a hope) (10:05) * Collections- Good so far due to tenant demographics…not sure about May (11:20) * Affordable units are harder hit…some tenants may take advantage if they are laid off (12:00) * DC area will fare better in the short run (12:30) * Situation now is different than earlier downturns (13:00)
Background & Education * Origins- Central PA (Altoona, PA) (15:05) * Mother was entrepreneurial (15:30) * First business at 16- Painted parking lots- striping (Story)A&P hired him to stripe their parking lots around PA (15:45) * While a Sr. in HS he wanted Tax ID info from him and found out he was a "minor" and his agreement with A&P was not valid- he didn't accomplish any of his duties (17:15) * He was ready to go to work, but they told him he should go to college and they would forget all the legal issues (19:30) * Parents nor siblings w
"Buy good real estate and pay market rate for it with a differentiated plan to create value" Mike Balaban Bio Michael S. ("Mike") Balaban is a 40+ year real estate executive who has led several local enterprise initiatives as well as perhaps over 100 investment and/or development projects in his wide ranging career. Growing up in an ethnic neighborhood in Philadelphia, PA he gained perspective of a diverse urban environment early in life that influenced his outlook toward both urban design as an architect early in his career in Boston, MA and subsequently in both acquisitions and development since moving to the DC area in the mid 1980s. After a stint with WRIT (now Wash REIT) in acquisitions, he led the DC area office of Lowe Enterprises for almost 20 years, developing landmark projects including 601 New Jersey Ave. NW and City Vista. He subsequently advocated his "Urban Suites" concept through his venture with SB Urban (now Saul Urban) and later at J Street. Below are the Show Notes that cite links to his relationships and projects.
Show Notes High Level Overview of Career * 40 Yr. career- optimizing with skills to align with others (3:15) * Architecture- Add Inc. (4:20) + New England Life as a Facilities Planner/Architect (4:30) + Co Headed a Development Services Consulting firm (5:00) * After Wharton, worked for WRIT (WRE) (5:30) * Acquired a property for WRIT that was redeveloped by Lowe Enterprises (6:20) * Joined Lowe in 1994 and ran the office for almost 20 yrs. (6:45) * Co Found SB Urban- Small unit furnished short term rental apts. (7:05) * Condominium projects with J Street as a developer * Continuing to develop those experiences
COVID 19 Reaction and "What's Next" * Transition strategy emerging from coronavirus issues (9:30) * Markets busted in several periods + Early 1990s (11:00) + 9/11 issues (11:45) * No question that "economic and urban forces" will drive demand for Metro once again (13:20) * Big picture- all resources that worked in the past, but will rebound profitably just as the "busted markets" in the past * Wouldn't use the word "blip" in the market- thinks it is a glib expression (15:35) + This will be stronger, but the long term trendline will be recovered eventually (16:15) * Two prior major "busts" were 1990-94 and 2007-12 + 1990 crisis was driven by individuals who were hugely impacted by the markets (17:40) + 2008 crisis impacts "pools" of capital, not individuals as much. More resilience in this crisis than in the early 90's (18:15) + Current crisis not driven by real estate or capital supply issues except for exogenous demand issues; however, the resilience of the market will reinforce the trends for urban development (20:30) * Trend toward more flexible office uses and smaller amount of space per person will continue due to economic drivers as opposed to health concerns (22:30) * The world will not go backwards (24:30)
Family and Educational Background * Origins created his attitudes- Ethnic neighborhood in Philly (Jewish neighborhood) (25:30) + Neighborhood "vaguely" suburban, yet urban in character and "closed" (26:40) + Compartmentalized in the "
Updated Information and Bio From Episode #12
Part 3 of 3 Mini-Episodes Washington DC Area Perspective In this third segment of our conversation, Spencer Levy overviews the Washington DC markets by product type after discussing CBRE's offices there and in Baltimore. We "flyover" each of the product types with local, national and international trends relating to the DMV. He concludes with what he believes are the "5 Factors of Awesome Markets" as he calls them. Here are more specific notes and timeline:
- Washington, DC; Tysons Corner, VA; Bethesda, MD; and Baltimore office
- Number of offices not as important as client services quality (3:30)
- Office Market Trends (4:30)
- Big Picture- "New City Locations"- (4:50)
- Move from CBD to Wharf or Yards
- National Landing- Only city in US where airport is walkable from major office node (5:15)
- Concentration of "Old School" Tenants vs. "New School" Tenants (6:45)
- DC has more "Old School" and has not relocated to "New City" locations as yet
- 3rd best tech market in US (7:40)
-
1 "Brain Drain" market where degreed people moved away
-
- Short Term Occupancy- WeWork, Industrious (8:55)
- Co-working here to stay (only 2% of total space now) (9:25)
- Expectation between 6.5% to 22% eventually (9:50)
- Overestimating Millennial demand (10:20)
- Infrastructure affecting demand (10:58)
- Law firm contraction (12:20)
- Report about Law firms (12:45)
- No law library, copy machines & infrastructure (12:55)
- Law firms competing with tech firms for employees (13:20)
- Work space used for retention of employees
- GSA (14:00)
- Cost conscious and same trends as law firms
- Big Picture- "New City Locations"- (4:50)
- Retail Trends (14:30)
- "Bloody nose for wrong reason" not e-commerce but demographics (15:00)
- Softness in urban retail due to capital markets issues (15:25)
- Bullish on retail due to "merging with industrial" (15:50)
- Example of Best Buy- Combined retail with warehouse (16:10)
- Dynamic of "credit and cool" in combination in retail nodes (17:00)
- Mixed use component critically important
- Best Dept. Store in world is Harrod's in London- Destination (18:15)
- Target and Walmart- Discount store works (18:30)
- Virtual "Live Work Play" environment being creative (19:00)
- Mall retrofit in some locations (19:50)
- Industrial Market
- Cold Storage (21:10)
- Big Box distribution (21:25)
- Last Mile distribution (21:50)
- Smaller facilities- close distribution and flex office/warehouse (22:15)
- High density multi-story industrial- rents approaching office rents (22:40)
- Apartment Market (24:00)
- Report- Age of the Responsive Real Estate (25:00)
- Multifamily only getting better for many reasons (25:30)
- Affordable housing crisis is a human made catastrophe- Political will (26:00)
- Change zoning to densify housing- Minneapolis did it; however California killed it so far (26:15)
- Self inflicted (27:10)
- Market rate short term vacancy from over building (27:20)
- New development will continue (27:40)
- Rent control is "self defeating" and will limit supply (27:55)
- TOPA has some negative affects but he would trade it for rent control (28:45)
- Solve public school problem and zoning constraints (30:40)
- Hotelization of mult
- Report- Age of the Responsive Real Estate (25:00)
Part 2 of 3 Mini-Episodes CBRE Global Influence Updated Introduction and Bio From Episode #12
Show Notes This is the second of three "mini-episodes" addressing CBRE's global perspective including its history and competitive edge. Spencer discusses how the brokerage business has evolved with more research and information now than ever before. He describes the benefits of delivering quality service as a broker today and the secrets of success in brokerage from his perspective. Here are more specific references:
- Coldwell Banker formed in 1906 in San Francisco, CA after earthquake and fires (3:00)
- Character of company- standing to help clients (3:25)
- RISE Values- Respect, Integrity, Service and Excellence (3:43)
- Coldwell Banker Commercial- Sears owned (4:15)
- Acquired Richard Ellis (4:30)
- CBRE name evolved accordingly (4:40)
- Evolution of company with corporate services (5:00)
- CBRE Global Investors- Direct Investor (5:20)
- CBRE Research- 600 professionals he leads for trend analysis (5:35)
- Coronavirus call to learn implications- Don't overreact (6:00)
- CBRE's competitive edge (6:37)
- Talented people (Facts, Logic & Data) (6:56)
- How to get a deal done (7:10)
- Macro markets more important than micro markets (8:10)
- Top brokers want more data to use for their clients (8:40)
- Trend- Less sf per employee. (9:40)
- This is how it applies to Washington DC (10:20)
- "Old School" tenants- law firms, accountants, finance (10:30)
- Social Media- Effective in messaging and storytelling (11:30)
- Evolution of brokerage from "street" information to data management (12:40)
- Learn modeling and utilizing data appropriately (13:30)
- Information quality is limited outside US and UK (14:30)
- Data is not necessarily good even in the US (15:14)
- Examples about "structural vacancy" and "Build it and they will come" (15:30)
- Models sometimes are wrong with "secular shifts" (16:24)
- "This time is different" or "Reversion to the mean" (16:50)
- CBRE likes to act as a team among its different service providers (17:30)
- Culture of team works well generally and built on personal relationships (17:50)
- "What best serves the client" (19:05)
- Why be a broker today?
- No way better to learn the business than to "Eat what you kill" (19:40)
- What path to take- start as a junior analyst on a brokerage team (20:25)
- Do a lot of volume of work and walk the real estate (20:35)
- "Leave the office" (20:55)
- Brokerage compensation (22:10)
- Splits with low initial salary (22:35)
- How to get past "no" as quickly as possible (23:15)
- Learn how to transact (22:30)
- Retention of brokers- Irreplaceable platform (22:55)
- Give clients an edge (24:20)
- Quality of platform- "Machine Platform Crowd" book (24:45)
- Diversified Revenue Stream- Important transition (25:30)
References * 2020 CBRE Real Estate Market Outlook (With the recent coronavirus crisis, this forecast is now perhaps less relevant; however, it indicates trends)
Part 1 of 3 Mini-Episodes UPDATED INTRODUCTION Since this episode and the subsequent two episodes (Episodes #12, #13, #14) were recorded in March 2nd, 2020, the COVID 19 crisis has accelerated dramatically internationally and especially in the United States. The context of these interviews are "pre-crisis" and the ideas discussed regarding real estate markets and business in a relatively "normal" economy. The current environment basically puts most of this, other than historical perspective, "on hold." If Spencer and I were to rerecord this series of interviews, the content and perspective would be significantly impacted. Nevertheless, the overall concepts and suggestions made are worthwhile considering with the idea that much will be reconsidered.
To add some contrast, I am adding a link to CBRE's recent webcast called "COVID-19 Impact on Commercial Real Estate" . This addresses the impact, as of March 18, 2020.
His Bio and Background Bio
Spencer Levy is Chairman of Americas Research for CBRE and Senior Economic Advisor for CBRE. He plays an integral role in the development and implementation of the global research strategy and business plan. A CBRE veteran of more than 10 years, Spencer had previously served as Executive Managing Director in the company’s Capital Markets division.
Mr. Levy oversees the analytical activities of the CBRE research community within the Americas region and is responsible for the management of hundreds of professionals who are focused on producing market-leading insight and interpretative analysis on the latest real estate trends. Mr. Levy supports CBRE executives in their decision-making by providing insight into the impact of market trends related to strategic business planning, and analyst call preparation.
He serves as principal external spokesperson on real estate issues in the Americas region and has considerable media experience, providing market commentary for many national television, newspaper and internet outlets.
Mr. Levy joined CBRE in 2007 to lead the U.S. Eastern Division of the Capital Markets platform. Since then, he has assumed positions of increasing responsibility. As a part of senior management for the Capital Markets platform, Mr. Levy provided leadership for several areas in the United States and Latin America. Mr. Levy provided additional oversight of Retail, Auction and Investment Banking in the United States. He also directly serves a number of major clients.
Mr. Levy is a frequent speaker before industry groups, including NAIOP, ICSC, ULI and CREW. In 2010, he won CBRE’s Gary J. Beban Teamwork Award, which acknowledges professionals who take a multi-disciplinary approach to client service. Mr. Levy currently serves on the Board of Directors of the Baltimore Leadership School for Young Women.
Prior to joining CBRE, he was a principal at Stifel Nicolaus (formerly Legg Mason Capital Markets), a leading investment bank serving the real estate industry, where he played a significant role in M&A, IPO and private capital-raising activities. Before that, he served as assistant general counsel at the Witkoff Group and was an attorney at Fried Frank Harris Shriver & Jacobson and Jones Day Reavis & Pogue.
Mr. Levy resides in Owings Mill, Md. with his wife a
"Why not go into the highest risk/reward business, be the best at it and be successful?" Bio David Flanagan is a Principal and President of Elm Street Development, Inc., a privately held land development firm operating in the Washington/Baltimore area. Elm Street has developed over 53,000 residential building lots over the past 41 years for sale to homebuilders. Flanagan is also a Principal and Director of Craftmark Homes, a homebuilding company, and Legend Management, an apartment management company. He is on the Advisory Board for ULI Washington.
Prior to joining Elm Street Development, Flanagan graduated from Georgia Tech with a Bachelors of Industrial Engineering degree and received an MBA from the University of North Carolina.
David Flanagan & John Coe Show Notes David and I met in the late 1990s when I was a mortgage banker and learned about his new apartment business called Elms. In meeting with him I sensed a strong work ethic and discipline, yet a bold sense of willingness to take risk. This has played out well as he has built the leading land development firm in the DMV with over 53,000 residential lots/units developed over his 41 year career. He is perhaps the most prolific "deal junkie" I have met who boasts of his being the most active transactional company (perhaps other than JBG Smith) in the region. This deal volume has honed his skills in measuring and managing risk by assuming that the process is a long game and while losses are inevitable, if he plays it right he will win out eventually. Below are highlights of our wide ranging discussion:
Background and Education * Role at Elm Street- Give support to people leading projects and is a "cheerleader" for company employees (2:30) * Born in Mississippi and grew up in Wilmington, Delaware- Dad worked for DuPont (3:30) * Influences from Parents- Solid middle class ("Leave it to Beaver" family) (4:15) * Dad was in research for DuPont (Physics background) (4:40)Large company did not fit for David- Wanted smaller entrepreneurial setting for employment (5:10) * Grandparents- Their interests as farmers brought him to land and entrepreneurial interest (5:30) * Georgia Tech- Worked while in school (coop), Industrial Engineering degree (6:45)Goal to go to graduate business school afterward (7:45) * UNC Grad. Business School- Went immediately to business school with financial help (8:30) * Watching Atlanta development activity while at Georgia Tech inspired his real estate interest (9:12)"A Man in Full" reference (9:45) * Didn't want to go to Wall Street (10:30) * Wanted to do "all aspects of business" and real estate offered that opportunity- marketing, finance, operations, etc. (10:45) * While at UNC took courses in real estate (11:45)
Career Trajectory * Right out of Grad School- Met Steve Cumbie and Dwight Schar in Fall, 1977 and set up NV Land and offered David a job (12:30)Began a project in Richmond selling finished lots for $9,500 each to Ryland Homes (13:20) * Left him completely on his own to do a project himself (14:30) * Built his own "training" by doing it himself (15:15)
"Persevere through the tough times" Bio Oliver T. Carr, III ("Ollie") serves as Carr Properties’ Chief Executive Officer and is a member of the Board of Directors. Oliver also serves as Chairman of the Executive Board of the MIT Center for Real Estate and on the Executive Committee of the Federal City Council. Prior to founding Carr Properties, Oliver served as Chairman and CEO of Columbia Equity Trust (NYSE:COE), where he and his team successfully took the company public in 2005. During his career, Oliver has completed over $4.0 billion of property acquisitions, mergers, joint ventures, and financings. Oliver received his Bachelor of Arts in Urban Studies, with a concentration in Economics from Trinity College and his Master of Science in Real Estate Development from the Massachusetts Institute of Technology.
Carr Properties is a privately held real estate investment trust that owns, manages, acquires, and develops high-quality properties in Washington, D.C. and Boston, Massachusetts. The company currently owns a portfolio of fourteen commercial office properties totaling approximately 3.8 million square feet and maintains a pipeline of five development projects that will add a further 2.4 million square feet to our portfolio of properties. They are continuing to expand through strategic investments in the Washington, D.C. and Boston, Massachusetts areas.
Show Notes Oliver (Ollie) T. Carr, III and John Coe Ollie Carr and I have known each other since 1999 when I helped him finance his first suburban office building acquisition. We went on to finance over $300MM of debt and equity transactions together until 2004 right before he rolled up his company into a public REIT called Columbia Equity Trust.
The youngest son of Oliver T. Carr, Jr., perhaps the most prolific office building developer in the 1970s and 1980s in Washington, DC, he had real estate in his DNA with his namesake to boot, but as you will hear, he initially wanted to go a different path and became a banker prior to the 1990-91 financial crisis. Resetting his sights at that point as banking became difficult, he applied to graduate school and decided that MIT's Real Estate Program was the best opportunity. That led him to start his own company, Carr Capital in 1994, first into CMBS lending until the late 90's financial crisis that crashed the CMBS market, then into acquisitions with the help of two of his MIT classmates and seed capital from friend and family. Subsequently, he took his company public and then private again with many iterations. Now he leads a company that has and is developing among the largest mixed use projects in the region. Below are key parts of our conversation:
Current Role * Passion toward new business and setting strategy and trends as CEO and thought leader (3:30)
Family & Educational Background * 4th Generation and youngest of six children (5:30) * Grew up in Potomac, MD in house his Dad built (5:55) * Oliver T. Carr, Jr. was a single family homebuilder * Enjoyed large family- Age gap- 6 yrs. to his next older sibling, Tom C
Bio
Thomas S. Bozzuto has dedicated his career to creating sanctuary. As a man of both reflection and action, his business model has been governed by civic responsibility and the belief that true success comes to those who do things the right way.
Founded On Values In the mid-1970s, Tom met his fellow founders of The Bozzuto Group—Rick Mostyn, John Slidell and the late Bernie Lubcher—working at Oxford Development Corporation. When they formed the company in 1988, they agreed their firm would be different from that of their peer group. They decided to focus on using the power of relationships and the company’s newly established core values to guide them in creating communities that residents would be proud to call home.
Bozzuto has since been a leader in revolutionizing the multifamily industry by focusing first on its customers’ needs. By delivering on our promises, developing and building vibrant communities and providing exceptional service, we have purposefully grown and continue to challenge ourselves to get better with each new development.
Built On Integrity Tom’s ability to build enduring partnerships is a testament to his ethics and business acumen. He has always understood the importance of listening to and respecting one’s business partners and customers. As a result, Bozzuto has a long track record of successful and repeated partnerships. These range from entrepreneurs and land developers to institutional investors and financial institutions to community-based non-profit groups. Tom has always known the company’s reputation and its brand are one in the same.
Under Tom's Leadership Tom strongly believes that embracing diversity in the workplace inspires creativity and innovation. He says, “By bringing different viewpoints together, we solve problems and create solutions that inevitably attract employees and create extraordinary experiences for our residents.” This mindset extends to our customers and partners as we find unique and creative ways to put their needs first.
Bozzuto’s customer-focused approach is evident in every project and has brought the company tremendous recognition over the years, including Builder of the Year, Multifamily Development Firm of the Year and Property Management Company of the Year by the National Association of Home Builders. Among many other awards, the firm has been repeatedly honored for its company culture. It’s received recognition seven times by the Washington Business Journal, three times by the Washington Post and earned a Top Ten Company in the country ranking by Multifamily Executive Magazine.
A Senatorial Appointee to the Millennial Housing Commission and multiple appointments to the Governor’s Housing Commission, Tom has earned numerous awards and recognition for his professional achievements, including the Urban Land Institute’s Lifetime Achievement Award.
In 2015, Tom transitioned the role of President and CEO to his son, Toby, and assumed the role of Chairman of The Bozzuto Group. He remains actively involved in the company and serves as a leader in the multifamily industry. Above all, the values and vision he established over 30 years ago set a strong foundation, forever guiding the company towards continued success.
Concern for the Community As an entrepreneur, philanthropist and veteran, Tom has had a long career of community involvement and leadership. Whether it’s his active involvement with national housing policy, committed support of the arts or dedication to higher education, Tom has made it his mission to be driven
Bio Bill Hard was the Executive Vice President and Principal of LCOR and led the Washington D.C. regional office in Bethesda, Maryland from 1994 until his retirement in 2018. He was a member of LCOR’s Executive Committee. Mr. Hard joined Linpro (the predecessor company of LCOR) in 1981. During his tenure LCOR he had completed several significant projects, including the 2.4 million sf U.S. Patent and Trademark Office (USPTO) headquarters facility in Alexandria, VA, which is still the largest GSA leased property in the country; the 2.7 million sf North Bethesda Center mixed use development at the White Flint Metro Station; and the redevelopment of The Commons of McLean residential community in Tysons, part of which was just sold in September, 2019 to Toll Brothers, who is planning a luxury townhouse development on the site leaving the remaining 20 acres that will be developed by LCOR with 2,500+ new high rise apartment units.
Bill is also active in the community, having set up the "Pamela R. Hard Endowed Nursing Scholarship" to support nursing students at Montgomery College (MC) in Montgomery County, Maryland. He also contributed considerable time and expertise to the Montgomery College Foundation, particularly toward its real estate activities, including a ground lease for the Holy Cross Germantown Hospital on the MC campus.
Bill is married with three grown children and five grandchildren. Two of his children are in the real estate business. One of whom, his son Matt, is a Vice President at LCOR in Bethesda.
"Give more than you take and be grateful" Bill Hard (together with John Coe) Show Notes My guest for Episode #8 is Bill Hard, who recently retired from leading the LCOR office in the DC area. I've known Bill since the late 1980s when we met when he approached me to finance one of his projects. While we never closed business together, we spoke frequently about opportunities, worked on committees together for the ULI and became good friends. Bill is the consummate professional and was a visionary leader at LCOR. He grew up in suburban Philadelphia and after graduate school at Penn, joined a local bank and after an 8 yr. banking stint, joined LCOR's predecessor firm, Linpro, and was moved to the Washington DC area in 1982 where he began his development career. Below are the key points from our discussion. I have emboldened his most interesting stories.
Background * Joined LCOR (DC in 1982)- 50% office and 50% garden apts. Business evolved in mid 1990s to develop high rise/mixed use (5:10) * Learned high rise business in mid 1990s (6:30) * Born in Philadelphia suburbs- Dad a salesman and Mom a housewife- typical suburban life (7:30) * Raised there until HS when moved to Northern NJ at 16 yrs. old and was not happy initially- first day in HS he meets his current wife (9:45) * Lafayette College was all men- finished in 1971 and joined National Guard (11:30) * Married in 1971 and then attended Penn grad program (international relations) * Philadelphia National Bank in 1973- First assignment with bank because he needed accounting, he was a "runner" for tellers. After accounting courses, joined credit program. (13:00) * Mortgage REITs were a disaster and Bill was assigned to manage the portfolio in workouts, which was a great opportunity as the youngest loan officer in
Bio Richard Lake is the founding Principal of Roadside Development. Roadside was formed 20 years ago as a Washington, DC-based development company, focused on the creation of retail and mixed-use environments. Roadside has become one of the leading experts in urban and town center development throughout the metropolitan Washington, DC region.
"Passion is the emotion I am seeking on my team"
Richard Lake
Richard has been responsible for overall acquisition, entitlement, development, leasing, and property management of more than 25 million SF over the past three decades. Notable recent projects include City Ridge located at 3900 Wisconsin Avenue, NW which occupies 550 feet of frontage along Wisconsin Avenue NW, the site includes approximately 9.71 acres of land that is bound by a residential neighborhood to the south, Glover-Archbold Park to the west, and a private office building to the north; City Market at O & 880 P, a million square foot, urban infill project in the heart of the Shaw neighborhood in Washington DC, which spans two city blocks and features nearly 90,000 square feet of retail, 550 luxury rental apartments, 90 affordable senior rental units, a 182-room key hotel, a 500-car parking garage, and incorporates the historic preservation of the nationally registered landmark O Street Market; Stonebridge at Potomac Town Center, a 105-acre mixed-use retail town center and residential community in Woodbridge, Virginia; and Cityline at Tenley, which preserved and transformed an abandoned historic Sears building into an award-winning mixed-use project that attracted Washington, DC’s first Best Buy and Container Store retailers while also incorporating a contemporary addition of 204 luxury condominium units.
His talent for working with development teams and optimizing a project’s full value potential throughout all stages of the real estate cycle is one of his greatest assets. He has also served as a consultant on several real estate projects throughout the country, with an expertise in place-making, by creating successful retail environments and public spaces that amenitize and enhance residential, commercial, and cultural uses to become vibrant mixed-use communities.
He is a native Washingtonian and have been an active member of the business community for over 30 years. Prior to co-founding Roadside Development, Richard was the founding partner of The Retail Group and led Madison Retail Group, a full-service retail brokerage firm that was the dominant leader in the DC and Mid-Atlantic markets. He began his career in real estate as a broker with Smithy Braedon ONCOR International. He is a graduate of Boston University.
Richard currently serves on the board of directors for several non-profit and economic development organizations, including Co-Chair of the Washington DC Economic Partnership, Iona Senior Services (also previously President of the Board), Executive Committee Member for DCBIA, Developers Roundtable of DCBIA, Prince William County Economic Advisory Board and Trustee of Federal City Council, Member of Children’s National Real Estate Committee. He is also a member of ULI and ICSC.
"Be friends with your co-workers and your competitors" Ray Ritchey Bio Raymond ("Ray") A. Ritchey serves as Senior Executive Vice President at Boston Properties (BXP). Prior to his appointment to this position in January 2016, Mr. Ritchey served as Executive Vice President, Head of the Washington, DC Office and National Director of Acquisitions and Development since April 1998 and Senior Vice President and Co-Manager of the Washington, DC office. Mr. Ritchey is responsible for all business development, leasing and marketing, as well as new opportunity origination in the Washington, DC area. He also directly oversees similar activities on a national basis. Mr. Ritchey joined BXP in 1980, leading its expansion to become one of the dominant real estate firms in the Washington, DC metropolitan area. For four years prior to joining us, Mr. Ritchey was one of the leading commercial real estate brokers in the Washington, DC area with Coldwell Banker. Mr. Ritchey is the President of the Board of Spanish Education Development (SED) Center; a member of the Federal City Council; a member of The Economic Club of Washington; Founding member of the National Association of Industrial and Office Properties (NAIOP), Northern Virginia; Chair of the JDRF Real Estate Games; and an active volunteer with numerous civic, charitable, and real estate industry organizations. A sampling of Mr. Ritchey's professional honors include: ULI Lifetime Achievement Award; Man of the Year, CREW; Brendan McCarthy Award, GWCAR; Good Scout of the Year, Boy Scouts; Trendsetter of the Year, Transwestern; Developer of the Year (numerous organizations); and Junior Achievement Man of the Year. He is a graduate of the U.S. Naval Academy and a graduate of the U.S. Naval Post Graduate School in Monterey, California.
Such a great guy and while successful, remains very humble. Shownotes For Episode #6 my guest is the inimitable Ray Ritchey, arguably one of the most well liked and respected real estate executives in the Washington region. As you will hear, Ray comes from a rather humble background with a father who was a traveling salesman and growing up in suburban St. Louis, MO. He attended the Naval Academy during the Vietnam War and served in the Navy without even a cruise and gets a great education in leadership, hard work and people skills. Recruited by Coldwell Banker in 1977 as one of the first brokers in the DC commercial real estate office, he excelled as a tenant rep agent. He brought several tenants to a new building being built on Capital Hill in 1979 and was recruited by the landlord, Boston Properties, to lead the Washington office the next year. Here are a few highlights from our discussion:
"I am a total optimist" Bio Charles (Charlie) K. Nulsen, III established Washington Property Company in 2005 after serving as Co-Founder and Chief Executive Officer of Atlantic Realty Companies of Vienna, VA for thirteen years. He has 40 years’ experience in commercial real estate and has been responsible for the acquisition and development of eight million square feet of commercial space in the Washington Metropolitan Area.
Charlie’s expertise and focus is on development, acquisitions, sales, joint ventures and equity capital. He provides primary oversight to numerous development and redevelopment projects throughout VA and MD, and works closely with the mortgage community in construction and permanent loan placement.
Currently Charlie serves on the Board of Children's Hospital Foundation and past Board Member of Episcopal High School of Alexandria, VA. He is the co-founder of The New Community Foundation Scholarship Program which provides gap college funding for children in the Shaw neighborhood of Washington D.C. He also sits on the American University Real Estate Council which includes lecture and mentoring grad students in the R.E. program. He is a member of the Urban Land Institute and serves on the Advisory Council. He is the founding member and past chairman of the Downtown Silver Spring Alliance and has been an active member with the MD and Northern VA chapters of National Association of Industrial and Office Parks (NAIOP).
Charlie holds a Bachelor of Science degree in business administration from Babson College and a Master of Science degree in real estate and urban development from the Kogod College of Business Administration of The American University. He and his family reside in Bethesda, MD and Clarke County, VA.
Shownotes My guest for Episode #5, Charlie Nulsen, draws from the discipline of his father's and grandfather's military careers and applies it to his life in a way that guides his business thinking. Contrasting this "matter of fact" discipline is his kind nature with people and generosity in the industry and with the community through his many philanthropic pursuits. I met Charlie in the mid 1990s when he and his partners at the time were leading Atlantic Realty. He has always had an entrepreneurial spirit and determination. This comes out in our discussion about his transitions from his first development position at Centennial Development Company to starting both Atlantic Realty and subsequently, Washington Property Company. He aligned his intuition, good fortune, confidence and focus in building a very strong enterprise and legacy while maintaining a stellar reputation among his peers and colleagues. Here are a few highlights of our conversation:
- As a result of his father and grandfather career military and West Point graduates, Charlie had discipline instilled in him genetically, but "when people told me what to do and where to go, I avoided it" so he had an independence that resisted conforming to military life (5:30)
- Started his career in advertising with the Washington Business Journal after majoring in marketing at Babson College (7:50)
- One of his ad clients, Spaulding and Slye, hired him to be a leasing agent. He perceived them as an MBA and "Ivy League" oriented environment, which didn't quite suit him. (8:10)
- He joined Centennial Companies, a "go-go" office development company located in Reston, VA in 1982 as a leasing agent and one of the or
"Be Who You Really Are" Kathy Bonnafe Bio Kathy Bonnafe is CEO of Combined Creative ("C2") and oversees its strategy of investment in existing and new business initiatives. Utilizing her long-tenured leadership, strategic and real estate experience, Kathy leads C2 to both support and invest in the Combined family of existing businesses and new business ventures that are in alignment with the vision of C2’s Founder and Chairman, Ron Haft.
Prior to C2, Kathy was President/CEO of Combined Properties, Incorporated (CPI) with 28 years of tenure. Kathy started at CPI as an intern while pursuing her MBA and worked in various disciplines including finance, acquisitions, and capital markets before advancing her way up to President/CEO. While running the company for 18 years, she is credited with recapitalizing and restructuring the business, expanding into and creating a significant presence in the Los Angeles market and diversifying the asset base from pure retail into multifamily and mixed-use through both acquisitions and a significant development program. Under her leadership, CPI won a number of design and development awards and built a reputation for innovative design and development on both coasts.
Kathy is a passionate supporter of women and diversity in business, speaks at companies and events about leadership, inclusivity and gender bias among other related topics, and is credited with commencing the Urban Land Institute District Council’s Women’s Leadership Initiative. She completed her undergraduate business degree at James Madison University, received a M.B.A. from The George Washington University and currently sits on the Board of Directors for Burke & Herbert Bank.
Shownotes My guest for Episode #4, Kathy Bonnafe, like my earlier guests, endured struggles in her early years and yet demonstrated resilience and determination to overcome them. She relentlessly "asked" for opportunities at each level starting in grad school all the way to becoming CEO of Combined Properties. I've known Kathy for over 25 years since she was a financial analyst at Combined. She was always responsive and knowledgable, yet I knew she was something special in her "presence" and "drive." Over that time she has transformed into a compassionate leader. Here are a few highlights of our conversation:
- Both of her parents were CIA employees...her father was "covert" during the Cold War and subsequently became an alcoholic. Her mother and she evicted him from their home while she was in high school. (7:20)
- Her mother subsequently "checked out" and stopped caring for her. Kathy tells her kids today, despite a difficult childhood, that she was "grateful" that she learned how to take care of herself (10:20)
- After college she worked at Arthur Anderson writing software (COBOL) and quickly realized it didn't suit her and she went to GWU Business School to learn finance and then interned at Combined Properties due to her software background (17:25)
- She accepted an assignment to source new software and with its success after learning the structure of a lease to a new position as an analyst. (22:00-25:30)
- Seeking to be "indispensable" she continuously looked for opportunities to learn and respond to company needs to be competitive (27:40)
- This led to being involved in acquisitions and subsequently capital markets until the company went
"When supervising people, ask them how you can help them"
Cab Grayson
Bio
As Senior Managing Director for CBRE Global Investors, Cab Grayson is responsible for pension plans $3 billion and larger in Canada and the U.S.
Prior to joining CBRE Global Investors, Mr. Grayson served as the Senior Managing Director of the CBRE Investment Properties – Institutional Group. The Institutional Group is CBRE's higher value equity sales entity across the U.S., placing transactions into the capital markets at values exceeding $50 million. The Institutional Group was involved in approximately $38 billion in capital transactions at one point.
During his 41-year career with CBRE, Mr. Grayson has been active in all phases of the investment process, including capital raising, investor relations, mortgage originations, acquisitions, leasing, asset management and dispositions. For seven years he was first Director of Acquisitions and later Co-Managing Director of CB Commercial Realty Advisors, which subsequently became CBRE Global Investors.
Shownotes My guest for Episode #3, Cab Grayson, sets the bar for his kind and good natured demeanor and his quick witted intelligence. Spending quality time with him is truly a pleasure. Cab downplays his success at CBRE, as from the beginning of his 41 year career he was continually recognized and asked to take on more responsibilities with success in sales leading to sales management, regional management of the #1 office in the company, and subsequently co-leading the CB Investors Group in Los Angeles. For various reasons he returned to the DC area to work with the brokers again as a regional investment sales manager until being asked to take his current position with CBRE Global Investors in fund raising. Here are a few highlights from our talk:
- Cab's father, who was a fanatic athlete and an environmentalist extraordinaire, was a huge influence on his views and the way Cab wants to treat other people (8:30)
- Cab's mother was a society woman but still one tough lady...she asks him on her death bed: "Cabell, do you think people will think I would be willing to lie down in front of a bulldozer?" She was tenacious in fighting Disney in its efforts to open a theme park in Northern Virginia in the 1990's.
- His grandfather, Cary T. Grayson, was President Woodrow Wilson's personal physician and "propped him up in bed" to meet dignitaries while recovering from a stroke (20:22)
- His struggles at St. Albans offset by the confidence that his friends and their parents had in him (27:00)
- His introduction to real estate from his roommate, Bill Janes (Iron Point Partners), who with him were the first two sales hires at Coldwell Banker in the new Washington DC office (predecessor to CBRE) that were not trained as office equipment salesmen (36:00)
- His success as a Sales Manager came from his attitude to help anyone he could and to "bust his butt" working hard (41:30)
- Promoted to Resident Manager of Tysons office and that office was #1 in the country for CB during the two years he was in that role (1986-88) (48:45)
- Promoted in 1988 to lead CB Investment Group, moved to LA, and shortly thereafter CB is sold by Sears to Carlyle and he was worried about his job (52:00)
- Survived difficult market and r
"I don't want to lose a client ever!" Stephen F. Lustgarten Bio Stephen F. Lustgarten is the Chief Executive Officer of Blake Real Estate, Inc. (www.blakereal.com)
Stephen joined Blake Real Estate right out of college in 1971. With approximately 47 years of professional experience in leasing, development, property management, and construction, he is responsible for consummating in excess of $5 billion in commercial lease, purchase and sale transactions and has negotiated numerous construction and permanent loans and joint ventures on behalf of Blake Real Estate, Inc. Stephen has acquired, developed, constructed, renovated and/or sold land, office buildings, hotels, and shopping centers, mobile home parks, and manages the portfolio of various real estate partnerships valued in excess of $1 Billion . He also supervises the day-to-day operations of the company. He is a co-founder and Executive Vice President of Superior Building Services, Inc., a multi-disciplined company that performs commercial construction, commercial contract cleaning, plumbing, and heating/air conditioning services.
His years of experience and historical knowledge make Stephen a valuable member of the Blake organization. He feels his passion for excellence and leadership/management skills help to motivate team leaders and members of our various operating businesses. Stephen recognizes that the company’s most valuable asset is the firm’s employees and as such strives to foster a supportive, collegial work environment.
Shownotes For Episode #2 my guest, Steve Lustgarten, is among the most knowledgeable people I have met in the commercial real estate industry. He is a voracious compiler of nuanced market information and has a phenomenal memory for details. We have known each other for over 25 years which began when I helped him refinance three of Blake's "core portfolio" buildings at 1800 G St., NW, 2100 K St. NW, and 1150 Connecticut Ave. NW. We discuss Steve's early life in New York raised by his widowed mother in a "tough" neighborhood in the Bronx, his coming to George Washington U. as a student in the late 1960s and his finding his passion in commercial real estate by joining Blake while finishing his degree at GWU in 1971. Here are a few highlights of our conversation:
- His early career as a leasing agent at Blake where he was given a "10 minute training program" which was: "Here's a phone, a list of vacant space and all the paper and pencils you need. Let us know when you find an interested user." (11:10)
- He describes his system for managing his contacts and how he learned about and compiled leasing strategies and client service (14:10)
- Blake Construction (Blake Real Estate's predecessor) and its leadership in the DC area general contracting business in the 1960s, 1970s and 1980s. Built many significant buildings in DC (Walter Reed Hospital, FBI Headquarters, Forrestal Building, etc.) ("Above Washington") (22:38)
- Evolution of Blake from a major construction company into a vertically integrated real estate company beginning in the early 1980s finally consummating with its official change in 1997. (27:00)
- Philosophical change from "construction" mentality in client relations to "real estate" customer oriented relationships driven by "co
“Reputation is more important than anything else in this business.” Gary D. Rappaport Bio Gary D. Rappaport is Chief Executive Officer of Rappaport, a retail real estate company he founded in 1984. Rappaport provides leasing, tenant representation, management and development services for more than 15.6 million square feet. Rappaport’s portfolio includes more than 60 shopping centers and ground floor retail in some 100 mixed-use properties, both residential and office, located primarily throughout the mid-Atlantic region. Mr. Rappaport is Principal Partner for approximately 4 million square feet of the shopping centers managed by Rappaport.
He has made tremendous contributions to the shopping center industry as former Chairman and Trustee of the International Council of Shopping Centers (ICSC) and through his service on ICSC’s Executive, Executive Compensation, Nominating, Government Relations, Long Range Planning and PAC committees. Additionally, his demonstration of a well-rounded competency of the industry earned him ICSC’s respected Certified Retail Real Estate Professional (CRRP) credential. Mr. Rappaport continues to lobby at the state and federal government levels on many issues important to the shopping center industry.
Mr. Rappaport is committed to sharing his knowledge and experience as an entrepreneur and has authored two editions of “Investing in Retail Properties,” which explains how to structure real estate partnerships for sharing capital appreciation and cash flow. The information contained in the book is the basis for classes he teaches for ICSC’s University of Shopping Centers and as an annual guest instructor at Johns Hopkins, Georgetown, American and George Mason Universities as well as the University of Michigan and Georgetown Law Schools.
Shownotes We