Icons of DC Area Real Estate

Bio Moiz Doriwala is a seasoned professional with a diverse background spanning real estate finance, investment, and entrepreneurship .... Growing up in Naperville, Illinois, his interest in real estate was sparked by his father's career as a general contractor and developer. He pursued higher education, earning a Bachelor of Arts degree in Economics from the University of Chicago and an MBA in Finance and Management and Strategy from Northwestern University's Kellogg Graduate School of Management. His early career began in the finance sector with a unique rotational program at Bank One (later JP Morgan Chase), where he gained experience in asset-backed securities trading, commercial loan workouts, leveraged leasing, and even worked in a strategic group under Jamie Dimon. He further honed his investment banking skills in the Financial Sponsor Group of J.P. Morgan Securities in New York, focusing on M&A transactions and various financing activities. In 2005, Mr. Doriwala transitioned to the real estate industry, joining S&R Land Development, LLC in Reston, VA, where he was involved in the development of residential and commercial land. Leveraging his financial acumen and real estate exposure, he later became Vice President of Perseus Realty Capital, LLC, specializing in joint venture equity, preferred equity, and mezzanine financings. In 2008, Mr. Doriwala formed his own umbrella company, Stirling Realty Advisors, LLC, a boutique real estate investment bank that provides financial advisory services, primarily focusing on raising debt and equity capital for real estate developers and operators nationwide. While initially focused on capital raising, Stirling has evolved into a vehicle for his various investment activities. Under the Stirling umbrella, Mr. Doriwala manages and invests in several businesses, including: Bookhill Park: An entity that manages a series of small funds and operates as a finance company, providing opportunistic lending across various industries and geographies Investments in mental health and behavioral health businesses Investments in one off LPs in apartment projects His role as President of Superior Living Foundation Inc., a 501c3 non-profit focused on owning businesses in the healthcare region, such as senior housing and behavioral health facilities1 .... Mr. Doriwala also has experience in the senior housing sector, having served as Treasurer for Meridian Senior Living .... Additionally, he was involved in the mobile home park business for a number of years through BHP, building and eventually exiting a portfolio of parks. Throughout his career, Mr. Doriwala has demonstrated an opportunistic and entrepreneurial approach, building strong relationships and a reputation for his ability to navigate complex transactions and provide creative financial solutions. He values strong partnerships, thorough due diligence, and trusting his instincts in his investment decisions. Show Notes [6:30] Introduction to Moiz Doriwala and his diverse business background. He manages or participates in managing at least three businesses. [7:00] Overview of Sterling Realty Advisors. Formed in 2008 as an umbrella company for advising real estate operators and developers on capital raising (joint venture equity, mezz, preferred equity, debt financing). Now primarily a vehicle for personal and business investment activities. [7:50] Discussion of Sterling as an investor. Investing in individual real estate projects and companies, often as a passive investor or advisor. [8:20] Introduction to Bookhill Park. An entity managed by Moiz, functioning as a finance company providing loans across various industries and geographies, focusing on the borrower and path to repayment. [9:10] Overview of investments in mental health and behavioral health businesses. [9:20] Moiz's role as President of Superior Living Foundation Inc. A 501c3 non-profit focused on owning businesses in the healthcare region (senior housing, behavioral health, substance abuse). [9:55] Moiz shares his origins and early life in Naperville, Illinois. Noteworthy growth of the suburb outside Chicago. [10:40] Influence of his father's career as a general contractor and developer on his early real estate exposure. [11:05] Initial aspirations to be a lawyer but a shift to finance and banking during college at the University of Chicago (Economics). [11:30] First job at Bank One and the unique two-and-a-half-year rotational program with simultaneous part-time MBA at Northwestern Kellogg. [12:15] Rotations at Bank One: Asset-backed securities trading desk, managed assets (commercial loan workout group, including the Safety Clean bankruptcy), leveraged leasing group, and "skunk works" group working directly for Jamie Dimon. [14:30] Rotation in the banks' merger and acquisition (M&A) group. [14:45] Unique aspect of the Bank One program: Obtaining an MBA (paid for by the bank) through evening classes while working full-time. [16:15] Jamie Dimon's arrival at Bank One as CEO during Moiz's time there. [16:30] Merger of Bank One with JP Morgan Chase and Moiz's move to New York to work in the investment bank's financial sponsors group. [16:45] Fond memories of working in JP Morgan's financial sponsor group. Considered a top group on the street with a strong balance sheet and access to private equity firms. [18:40] Decision to leave JP Morgan in 2005 due to his wife's desire to return to the DC area and the demanding hours of investment banking. [19:30] Intense work hours in investment banking: Regularly working 12+ hour days, seven days a week, sometimes sleeping at the office. [20:15] Wife's background in the real estate industry and understanding of the demanding work schedule. [20:20] Opportunity to join his wife's family's business in land development in the growing DC area, prompted by his father-in-law coming out of retirement to help a large home builder. [20:50] Reasons for leaving high finance for land development: Opportunity to learn real estate on someone else's dollar, educational and financial rewards, and the desire to move to DC. [21:30] Eye-opening experience transitioning from Wall Street to land development. Different work hours and the need for patience when dealing with the public sector. [23:15] Realization that residential land development was not the right fit. [23:30] The financial crisis impacting the land development industry. Fortunate timing of selling their last project before the major downturn. [24:25] Pivoting after the financial crisis to Perseus Realty Capital. A brokerage firm focused on financing real estate transactions (joint venture equity, mezzanine, preferred equity). [25:15] Reasons for choosing Perseus over larger national players: Desire for a smaller, newer firm with more control over destiny, having experienced both very large and very small companies. [26:25] Perseus's evolution to PRP real estate and shift from intermediary to asset management. [26:45] Learning curve at Perseus regarding traditional real estate financing. Understanding mortgage financing, mezzanine debt in real estate, and the role of institutional investors and private equity funds. [27:45] Focus on networking and finding new sources of capital for clients at Perseus. [28:50] Most challenging deal at Perseus: A high-rise residential building in Denver during the financial crisis where the senior loan fell through after construction began. [29:30] Securing mezzanine financing for the Denver project with another intermediary bringing in Corus Bank as the senior lender. [30:10] Challenges with Corus after Starwood took over, transitioning from dealing with a bank to an opportunity fund. [31:10] Comparison of the lending environment today (more cautious with lower loan-to-cost, higher rates, stronger covenants) compared to before COVID. [32:30] Overview of Bookhill Park's lending activities. Opportunistic lending beyond just real estate, including first and second mortgages, mezzanine, unsecured and secured loans, asset-based loans, inventory financing, payroll loans to government contractors, and factoring. [33:20] Origin of Bookhill Park's lending business: Helping a government contractor with payroll financing due to challenges with traditional bank lending for new contractors. [34:20] Higher return expectations in Bookhill Park's early lending days (17%+) compared to today (12-15%) due to increased private credit competition. [36:00] Impact of higher generic interest rates versus the decrease in Bookhill Park's targeted returns due to market competition. [36:50] Bookhill Park's patient capital base (personal capital, friends, family, investors) allows for selectivity in deals. [38:10] Evolution of Stirling Realty Advisors post-Perseus, focusing on national JV equity and mezzanine raising with a business partner. [38:50] Strategies for finding clients and investors: Networking at conferences (ULI), cold calling developers, and building relationships. [39:55] Business partner's departure and Moiz continuing as a sole entrepreneur with Stirling, leading to involvement in other businesses through new partnerships. [40:30] Evolution of the senior living business involvement. Initial capital raising for healthcare deals leading to a role at Meridian Senior Living. [41:20] Role as Treasurer at Meridian Senior Living. Initially part-time but became more significant, involving corporate infrastructure and learning the operations-focused nature of the healthcare business. [42:50] Financing structure of Meridian Senior Living: Real estate financed by traditional sources (opportunity funds, REITs) through leases, while operations were primarily financed by the three partners. [43:20] Involvement in raising capital for Meridian. [43:30] Managing banking relationships at Meridian. The partners had existing relationships, but Moiz also brought new ones. [44:20] Growth and evolution of Meridian: Hiring a full-time treasurer and assistant treasurer, and starting ancillary businesses (pharmacies, therapy business). [45:20] Parallel development of Bookhill Park and how relationships from the senior housing business led to healthcare lending deals. [46:00] Bookhill Park's unique lending advantage in the senior housing space: Ability to potentially take over management due to the operating company connection. [46:30] Bookhill Park's partnership with regional banks to do larger "A/B" structure loans, effectively syndicating the "A" piece. [48:30] Mobile home park business (BHP): Parallel investment with a different group of partners, attracted by limited supply and affordable housing characteristics. [50:15] Portfolio size of mobile home parks at its peak. [50:20] Opportunistic investment strategy leading to eventual exits from mobile home park projects. [50:45] Sale of a well-located mobile home park in Maryland after a short ownership period due to a strong offer. [51:30] Institutionalization of the mobile home park space over the last 15 years, leading to increased competition and higher acquisition costs, making current returns less attractive. [52:00] Challenges in the current mobile home park market: Increased broker presence and sellers having unrealistic price expectations. [52:50] Differences between mobile home park and traditional multifamily operations. [53:10] Section 8 in mobile home parks. [53:30] Potential future re-entry into the mobile home park market when institutional capital exits. [54:10] Formation of Superior Living Foundation Inc. (501c3) in 2017 by the principals at Meridian Senior Living to grow their presence in senior housing and healthcare through tax-exempt opportunities. [56:00] Avoiding conflicts of interest between the non-profit and for-profit entities. Independent board for the non-profit making decisions at market rates with multiple operator options. [57:15] Interesting financing assignments: Maritime claim settlement through Bookhill Park, involving learning about maritime law and insurance claims. [59:30] Recent closing of a 14-property skilled nursing portfolio acquisition by Superior Living Foundation. A tax-exempt bond deal with institutional buyers, aimed at growing the foundation's ability to provide healthcare services. [1:01:30] Reflection on John's early prediction of Moiz's success and their collaborative transactions over the years. [1:01:45] Moiz's experience in the ULI mentorship program with John as his mentor. [1:02:30] Value of their ongoing relationship and how it has led to successful introductions and investment opportunities, including a senior housing deal in Florida and multiple investments in a former mentee's multifamily projects. [1:04:40] Advice for young listeners on investment criteria and sponsor selection. Prioritizing the sponsor, location, and the sponsor's financial resources and "skin in the game." [1:07:00] Views on signing recourse loans. Moiz's partner's perspective on the development game. [1:08:00] Not personally willing to act as a co-GP solely for providing a guarantee. [1:08:30] Ability to bring both equity and a guarantor to a deal. [1:08:45] The unique aspect of Moiz's ability to raise capital and bring a group of investors to deals. [1:09:50] Investment philosophy and what sets Moiz apart: Creativity without a fixed "box," focusing on the story and exit, and a commitment to doing what they say they will. [1:12:00] Clarification on partnership structure: While Stirling is his sole business, almost all other ventures involve partnerships. [1:12:30] Importance of having partners to bounce ideas off of. [1:13:00] Time management strategies: Making lists, prioritizing, managing multiple transactions, relying on mental organization, and detailed calendar use. [1:14:20] Financial management: Working with an accountant and using QuickBooks for many entities. [1:15:15] Lean administrative structure. [1:16:00] Personal management of investor payouts for Bookhill Park. [1:16:30] Utilizing technology for tracking investments (example of Colin's investor portal) and the recommendation to invest in such technology. [1:17:00] Limited personal exploration of AI but an interest in future use. [1:17:30] Use of a wealth management firm with strong technology to track personal and investment financials. [1:17:45] Effectively having a "family office" through their wealth management firm's tracking capabilities. [1:18:30] Ensuring his wife knows the location of important financial information. [1:19:00] Challenging trends and unique opportunities in investments and capital markets today: Uncertainty due to government changes, tariffs, and financial market fluctuations. Lending still tough, potential impact of rising unemployment on real estate. Possible positive impact on office sector. [1:20:30] Trends in the senior housing business: Demographic upside ("silver tsunami") but challenges with increasing labor, food, and supply costs not yet matched by rent increases. Impact of stock market and interest rates on affordability. Financing and construction costs remain high. [1:22:00] Dynamics in the skilled nursing space: Reliance on Medicaid with capped payments and potential cuts creating nervousness. [1:23:15] Growth potential in healthcare in general and the role of AI. [1:23:45] Growth potential in the energy business, including passive energy. [1:24:00] Concerns and questions surrounding the office sector: Return to office trends, occupancy rates, and the efficiency of operating buildings with hybrid work models. Impact on retail demand. [1:24:45] Approach to future investments: Remaining opportunistic and open-minded across various sectors, continuing high-quality lending and partnerships, and focusing on good real estate in prime locations. [1:26:00] The unique value of Moiz's diverse experience across institutional finance, small entrepreneurial groups, agency, and principal roles. [1:26:15] Accepting that not all ventures will succeed and the importance of learning from both successes and failures. [1:26:45] Most surprising lessons learned: No guarantees in business or life, and the critical importance of personally verifying key information rather than solely relying on team members or partners. [1:28:30] Advice to his 25-year-old self: Be curious, be patient, be a hustler, slow down (balance opportunism with thorough execution), and be passionate. [1:29:55] Priorities of family, work, and giving back: Family is paramount with a focus on spending time with his children. Strong emphasis on giving back in the education space, both domestically and internationally. [1:30:30] Supporting various educational organizations. [1:31:30] Final question: What would a billboard on the Capitol Beltway say? "Trust your gut." [1:32:00] Reflection on times when trusting his gut paid off and, more significantly, times when ignoring his gut led to negative outcomes. [1:32:20] Accepting missed opportunities without regret. [1:33:20] Thank you and closing remarks. Similar Episodes Brad Olsen Shekar Narasimhan Ken Bacon Willy Walker

Bio As the founder of Real Estate Financial Modeling (REFM), Bruce Kirsch has trained thousands of students and professionals around the world in Excel-based projection analysis. In addition, REFM's self-study products, Excel-based templates and its Valuate® property valuation and investment analysis software are used by more than 100,000 professionals. Mr. Kirsch's firm has assisted with modeling for the raising of billions of dollars of equity and debt for individual property acquisitions and developments, as well as for major mixed-use projects and private equity funds. Mr. Kirsch has also maintained a blog on real estate financial modeling, Model for Success, authoring more than 500 posts, and he is the co-author of Real Estate Finance and Investments: Risks and Opportunities, along with Dr. Peter Linneman. Mr. Kirsch began his real estate career at CB Richard Ellis, where he marketed highrise New York City office buildings for re-development in the Midtown Manhattan Investment Properties Institutional Group. After CBRE, Mr. Kirsch was recruited to lead acquisitions at Metropolis Development Company, and later joined The Clarett Group, a programmatic development partner of Prudential. While at The Clarett Group, Mr. Kirsch was responsible for making development site recommendations for office, condominium and multi-family properties in the greater Washington, D.C. metropolitan area. In addition, Mr. Kirsch had significant day-to-day project management responsibilities for the entitlement, financing and marketing of the company's existing D.C.-area development portfolio. Mr. Kirsch holds an MBA in Real Estate from The Wharton School of the University of Pennsylvania, where he was awarded the Benjamin Franklin Kahn/Washington Real Estate Investment Trust Award for academic excellence. Prior to Wharton, Mr. Kirsch performed quantitative equity research on the technology sector at The Capital Group Companies. Mr. Kirsch served as an Adjunct Faculty member in real estate finance at Georgetown University School of Continuing Studies. Mr. Kirsch graduated with a BA in Communication from Stanford University. Show Notes Introduction and Podcast Format Introduction of Bruce Kirsch and the podcast format, including a traditional interview followed by a case study and discussion of AI tools. (2:40) Bruce Kirsch and REFM Bruce Kirsch's current role as the founder of REFM (Real Estate Financial Modeling), his 17-year career helping others with financial modeling in Excel, and his various activities including consulting, training, coaching, and creating tools (5:45) Early Life and Career Path Bruce Kirsch's upbringing on Long Island and early influences from his father (a civil engineer) and mother (an interior designer), as well as his childhood fascination with the Manhattan skyline (8:30) Bruce Kirsch's pursuit of a BA in Communication from Stanford University, his interest in visual arts and filmmaking, and his experience in the photography darkroom (12:50) The unexpected connection between his Stanford communication background and his current work in financial modeling, particularly in storytelling and visual communication (13:30) His experience taking a gap year between high school and college (14:45) His reasons for choosing Stanford, including the campus and the network (15:15) His career trajectory after Stanford: working in Hollywood and then in the mutual fund business (21:00) His experience during the tech bust while working in equity research (25:45) His decision to pursue an MBA at Wharton to gain a business education and his eventual focus on real estate after walks through Philadelphia (27:30) His relationship with Peter Linneman at Wharton and taking his real estate finance and investments course (29:05) His experience working for a developer in Washington DC during the red-hot condominium market of 2003 at Metropolis Development Company (30:50) Experiencing the downturn in the real estate market around 2007-2009 and being laid off (33:00) The role of desperation as a motivator in starting his business (35:00) Financial Modeling Principles Discussion on the role of projections in real estate investment decisions despite their inherent uncertainty, using the analogy of a flight plan (39:20) Acknowledging that financial analyses rarely align perfectly with actual outcomes and questioning if Bruce has ever had a proforma come true (40:30) Addressing the impact of externalities like inflation, the S&L crisis, 9/11, the Global Financial Crisis, and COVID-19 on real estate projections (41:30) Strategies for compensating for unpredictable events and the importance of stress testing models and having a cushion (45:00) The difficulty of modeling black swan events (48:00) Advice for individuals aspiring to enter the field of real estate financial modeling (50:40) What excites Bruce Kirsch about financial analysis and the importance of understanding the real estate business and transaction mechanics (52:00) His collaboration with Peter Linneman on the textbook "Real Estate Finance and Investments", which began through his teaching at Georgetown (53:00) "Valuate" software derivation (56:00) Bruce Kirsch's observations over the past 17 years, emphasizing the balance between precision and practicality in financial modeling (58:40) Growth is painful (59:00) Company as small as it has been...just him now (1:01:00) Advice is to learn from mistakes and maintain humility (1:03:30) Spreadsheet starts out blank and is a tool. Always increase knowledge of real estate business and ask why conventions like "waterfalls" are there. (1:07:45) AI in Real Estate Demonstration of Bruce Kirsch's analytical model and discussion of AI tools he has experimented with, highlighting challenges with trustworthiness and current limitations (he shares a multifamily acquisition model online) (1:10:00) Discussion on prompting AI and its effectiveness in refining assumptions. AI is "oversold" as a reliable tool currently. (1:12:15) Bruce Kirsch's dream scenario for AI's application in his work, such as auditing spreadsheets and automating grunt work (1:14:30) Discussion about the potential for custom AI models tailored to specific expertise (1:20:00) The importance of data quality and internal data troves for effective AI implementation (1:27:30) Dream scenario for Bruce is AI doing an audit on spreadsheets and reporting back the errors from inspection (1:29:00) Insights from Bruce's former interns on the most painful day-to-day tasks they'd like to offload to AI, such as pulling comps and market data (1:33:00) Exploring the potential of AI in collaborating on deal analysis and generating different scenarios for complex situations like restructurings and adaptive reuse (1:36:00) Analogy of AI tools to the Bloomberg terminal (1:38:50) Comparison of the current state of AI to the early days of the internet (1:39:30) Discussion about Khan Academy's AI tool, Khanmigo, and its domain-specific training for education. Salman Khan's book is "Brave New Words" (1:40:30) Experiences of an Iconic Journey in CRE member (Chris Caylor) with ChatGPT and Otter.ai for automation and note-taking (1:43:00) Hypothetical case study on how AI could assist in multifamily deal analysis (1:47:20) Concerns about the potential for AI to homogenize deal underwriting (1:48:45) The role of AI in standardizing data formats and creating more digestible reports (1:49:45) Bruce Kirsch's agreement on the potential of AI to improve clarity and liquidity in the real estate market (1:51:15) REFM Opportunities Bruce discusses the services (REFI) format (see below for course information and a discount) (1:53:00) He built the model for The Wharf DC, a 2+ million s.f. mixed use project (110 tabs) (1:56:00) Questionnaire about mixed use properties (1:58:00) Personal Reflections and Industry Perspective Bruce Kirsch's overall perspective on the real estate industry, highlighting it as a tremendous and multidisciplinary opportunity and the paramount importance of reputation and trust (2:00:30) Bruce Kirsch's message if he could put a sign on the Capitol Beltway: "Don't take yourself too seriously" (2:04:30) Courses Bruce is offering his courses at a discount to podcast listeners. First, take a free assessment at this link: https://courses.getrefm.com/shop/free-tools/free-assessment-tests/. When you've determined your level, go to this website: https://courses.getrefm.com/ and use the discount code "Iconic" at the checkout to get a 15% discount for the course. Similar Episodes Michael Broder David Kessler Brad Olsen Mike Bush

Bio Jeffrey Zell founded JM Zell Partners, Ltd in 1989, with a unique vision for providing client-centered real estate consulting. Developed over his 30-year career, Jeff's innovative approach to delivering practical solutions while fostering meaningful client relationships forms the core of JM Zell's value-added process. Jeff believes that only by partnering with clients and truly understanding their business as well as their real estate needs can JM Zell provide long-range, comprehensive, unbiased advice. By evaluating factors including a client's long-term needs, financial objectives, and corporate culture, JM Zell is able to provide customized, proactive and fiscally responsible solutions for major corporations, institutional investors, professional firms, unions, governmental institutions and not-for-profit organizations. To fully realize his vision, Jeff attracted a diverse, multi-disciplinary staff of seasoned professionals who share in his philosophy (and in the profits of the company, based on client satisfaction and results). This collective approach ensures that everyone at JM Zell works for the common good, and that our client's best interests are never compromised. Jeff has provided strategic planning, investment, lease negotiation, development consulting and project management services for award-winning projects for over 25 years. Jeff's greatest strengths are his creative strategic thinking, business acumen, transactional ability, marketing savvy and financial expertise. A member of the distinguished Counselors of Real Estate, available only to the most respected real estate specialists who are known for innovation and creative problem solving, Jeff is a licensed real estate broker in the District of Columbia, Maryland and Virginia. Show Notes Current Role and Origin Story Current Role Overview (5:00) Jeff Zell shares his role as President and CEO of JM Zell Partners and his time allocation. Upbringing and Early Influences (00:05:37) Jeff discusses his upbringing as a first-generation American and its impact on his career. Family Background (00:05:49) He shares his parents' history as Holocaust survivors and their immigration journey. Multilingual Childhood (00:06:06) Jeff describes growing up in a multilingual household and the challenges it posed in school. Early Education Experience (00:08:01) He recounts his initial struggles in elementary school due to language barriers. Father's Influence and Business Start (00:10:07) Jeff talks about his father's successful woodworking business and his early involvement. Transition to Private School (00:10:20) He explains his move to a private boarding school for better educational support. College Journey at Syracuse (00:11:00) Jeff discusses his choice of Syracuse University amidst family expectations. Learning Style and Strengths (00:12:30) He reflects on discovering his strengths in verbal skills over written documentation. Graduate School Experience (00:15:45) Jeff shares his challenges in graduate school at GW and the lack of collaboration. Career Beginning- Rubloff Entry into Real Estate Brokerage (00:17:00) He explains his decision to enter the real estate brokerage field (David W. Kornblatt Co., subsequently acquired by Rubloff) influenced by his father. Early Career in Industrial Brokerage (00:18:45) Jeff recounts starting as an industrial broker and his experiences in the field. Met Bill Janes on his first day Property Management Growth (00:19:45) He discusses the growth of the property management company he was involved with with Equitable Life and Prudential Insurance as clients Establishing Rubloff's Tenant Brokerage Services (00:23:00) Jeff describes the launch of a tenant brokerage services group and its significance. The Logistics of Real Estate (00:23:40) Discussion on the importance of understanding logistics in real estate operations with Federal Express as his client. Tenant Representation and Property Management (00:24:30) Overview of tenant representation and the challenges of managing landlord-tenant conflicts. JM Zell Partners Formation of JM Zell Partners (00:25:00) Jeff shares how he transitioned from his previous company, Rubloff, to establish JM Zell Partners. Surviving the Early 90s Market Collapse (00:26:00) Strategies Jeff employed to navigate the real estate downturn through consultancy services. Consultative Services Approach (00:27:10) Focus on providing tailored consulting services to clients facing real estate challenges. Nonprofits Became Largest Client Sector (30:00) The sector had capital and needed real estate advisory services Client-Centric Business Model (00:33:15) Jeff explains the core principle of prioritizing client needs over brokerage commissions. Building a National Business (00:37:00) Insights into how Jeff expanded his firm's reputation beyond Washington, D.C. Challenges of Innovative Business Models (00:39:30) Jeff discusses initial hurdles in getting clients to pay for consulting services. Integrating Client Needs into Solutions (00:41:30) Importance of aligning real estate solutions with clients' long-term objectives and corporate culture. Significant Transactions Sanofi $2.3 Billion transaction (42:00) Cambridge, MA Build to Suit deal he procured. Norfolk Southern and Carlyle Site Deal (00:44:00) Discussion about representing Norfolk Southern and the complexities of a significant land deal. Bill Hard Mention of Bill Hard's involvement in previous deals (USPTO) and his retirement. $2.3 Billion Deal Insights (00:44:30) Insights on how a massive deal was accomplished outside of Washington. Sanofi's Rebate Strategy (00:46:30) Discussion on the financial benefits and rebate strategies with Sanofi over the years. Client Relationships and Trust (00:44:12) Reflections on building long-term relationships with clients and the importance of trust. Meridian's Complex Deals (00:47:30) Exploration of the complexities involved in deals with Meridian and SAIC. TTC Building Sale Success (00:50:00) Success story about selling the TTC building at a significantly higher price. Bid Strategy Differences (00:52:20) Explanation of the unique bidding strategy that differentiates their approach from competitors. Fannie Mae Deal Challenges (00:52:45) Challenges faced during the bidding process for a Fannie Mae deal. Pandemic Impact & Recent Federal Government Actions Post-Pandemic Client Needs (00:59:45) Discussion on how the pandemic has altered clients' real estate needs, especially in DC. Law Firms and Market Changes (01:00:30) Insight into the shrinking size of law firms and their changing needs. Future of Office Spaces (01:02:30) Predictions on the transformation of office spaces and the rise of non-profit organizations. Current Challenges in Government (01:03:50) Discussion on the cascading effects of government actions and potential job losses impacting the community. Control Board in D.C. (01:04:40) Concerns about the future of D.C. governance and the possibility of a control board taking over. Zoning Issues (01:05:30) Challenges with zoning changes and lengthy appeal processes affecting development projects. Market Implications Impact of Remote Work (01:06:30) Advising clients on office space optimization amidst the rise of hybrid and remote work models. Technology in Real Estate (01:07:00) How clients leverage technology for efficient real estate operations and portfolio management. Conference Room Dynamics (01:08:00) The evolving role of conference rooms in office settings and personal negotiation preferences. Adaptive Reuse of Properties (01:10:45) Challenges and opportunities in repurposing office buildings for different uses. Value of Parking Garages (01:11:30) Discussion on the rising value of parking garages in urban real estate markets. Future of Office Space (01:15:45) Exploration of the potential transformation of old federal office spaces into mixed-use developments. Challenges in Mixed-Use Developments (01:17:00) Impact of high interest rates on the success of mixed-use projects in Washington D.C, particularly The Wharf. Debt Market Concerns (01:20:00) Concerns about new debt products and their potential impact on the real estate market. Public-Private Partnerships (01:21:00) Discussion on the future of public-private partnerships in D.C. and current project challenges. Business Philosophies Significant Contributions to Real Estate Consulting (01:21:40) Highlighting the evolution of real estate consulting services and successful project execution strategies. Outsourcing and Collaboration (01:20:59) Jeff discusses the importance of collaboration and aligning interests when working with corporations. Advice for Aspiring Entrepreneurs (01:24:00) Jeff advises professionals to be well-rounded and understand all aspects of real estate. Understanding Real Estate Dynamics (01:24:30) He emphasizes the significance of understanding various real estate functions, including debt and property maintenance. In-House Legal Support (01:26:00) Jeff explains the necessity of having internal legal expertise to manage complex documentation. Flexibility in Leasing (01:27:45) He shares strategies for creating flexible leasing agreements to accommodate changing business needs. Personal Priorities Transitioning Leadership (01:29:30) Jeff reveals plans to hand over his company to his son and his ongoing involvement. Life Priorities (01:30:30) He discusses the balance between family, work, and charitable giving in his life. Reflections on Washington D.C. (01:30:39) Jeff expresses his love for Washington D.C. and its cultural richness, highlighting its unique qualities. Similar Episodes Bob Cohen Tom Fulcher Sharon Oliver Bill Janes

Bio Jessie C. Barter founded Charger Ventures (“Charger”), a multifamily investment management platform in the fall of 2018, and Spark Living, the portfolio's brand, in the fall of 2020. Through Q125, Charger has acquired ~3,000 apartments ($730m AUM) in MA,... Continue reading

Bio Blake Potolicchio, Co-Chief Investment Officer More than a dozen years of experience in real estate acquisitions, dispositions, financing, asset management, and leasing. Prior to Open Industrial Blake spent 15 years spearheading a local private equity real estate fund's strategic... Continue reading

Bio This is a two part biography as Bruce Pascal has developed both a thriving commercial real estate brokerage practice and a healthy career as a Hot Wheels collector and curator. Overview INNOVATOR | REAL ESTATE | ENTREPRENEUR Seasoned and award-winning... Continue reading

Member Testimonials Panelists’ Previous Episode Links with Bios Show Notes Gratitude for Event Thank you to Ron Gart of Seyfarth Shaw for arranging to host this event and for participating in the Iconic Journey in CRE Board. Iconic Journey in... Continue reading

Bio Toby is Regional Partner for Transwestern Development Company and is based in Washington. In this role, he oversees and directs the company's development pipeline in the Mid-Atlantic region. CAREER HIGHLIGHTS Throughout his nearly 30-year career, Toby has developed over... Continue reading

Bio GARY COHEN Chairman & President Gary brings a third generation of the Cohen's family leadership to the management of Willco with over 25 years of experience in many facets related to real estate. He spent the last 20+ years... Continue reading

Bio Oliver Carr serves as Carr Properties' Chief Executive Officer and is a member of its Board of Directors. Oliver serves on the Executive Committee of the Federal City Council, serves on the Advisory Board of Housing Nantucket, is the... Continue reading

Bio Shekar Narasimhan is the Managing Partner at Beekman Advisors which provides strategic advisory services to companies and investors involved in real estate, mortgage finance, affordable housing and related sectors.  Shekar is a Co-Founder for the Remergent Communities Fund, an... Continue reading

Bio Gwen Wright was the former Director of the Montgomery County Planning Department of the Maryland-National Capital Park and Planning Commission. She held that position from 2013 until October, 2022. In this role, Ms. Wright oversaw a wide range of... Continue reading

Bio Daniel Klein serves as President of Klein Enterprises, a 4th generation developer, owner, and operator of commercial real estate throughout the Eastern region of the United States. Daniel runs the Company with a focus on optimizing the performance of... Continue reading

Bio As of July 15, 2024, Rachel Flynn is the Deputy City Manager of Intentional Growth and Strategic Infrastructure for the City of Greeley, Colorado. She will support the city council's plans for improving key areas such as water and... Continue reading

Bio Brian Allan Jackson (AJ) is President of LEO Impact Capital. He was previously Head of Social Impact Investing at JBG SMITH, where he led the formation of the Impact Pool, an investment platform that was named the Best ESG... Continue reading

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... Continue reading

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

Louis Dubin is a 4th generation real estate developer. He discusses his education and entrepreneurial career trajectory...cutting edge!

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...

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...

Bob Harris shares his journey from a blue-collar upbringing to becoming a respected land use attorney in Montgomery County, MD.

Matt Pestronk brings his tenacity honed as a wrestler in college to his business acumen and bold energy in the real estate industry.

David Orr shares his career trajectory inspired by entrepreneurial passion and a deep sense of integrity in all his activities.

Bob Buchanan highlights his life as a son of a builder who joins the Navy building character and public service that influences his career.

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 engaging story about building a hotel investment and operating company along with all its challenges. Good listening!

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...

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!

Byrne Murphy shares his amazing stories of his life and career to date- adventurous, visionary, brilliant, persistent- he is a cultural savant

Ken Bacon shares his story of an emerging academic to investment banking then leadership in multifamily lending to starting a company.

Chris Ballard tells his story about intense desire to start a company and thriving against significant obstacles during his career, compelling!

Brad Dockser, the son of a housing entrepreneur, carves his own path first in private equity parlaying it to energy savings in real estate

David Roodberg shares his story of emerging from shyness into blossoming into a company leader who gives back to community in two companies.

Todd Rich shares his passion for real estate investing through his firm, Declaration Partners, into a family office approach he finds unique.

Todd Rich shares his passion for real estate investing through his firm, Declaration Partners, into a family office approach he finds unique.