Icons of DC Area Real Estate

Bio: Executive VP of Acquisitions and Development and part-owner at EYA. MBA from Wharton, Environmental Psychology training from Cornell. Led Pike & Rose development at Federal Realty before joining EYA to continue Bob Youngentob's vision. EYA's Evolution [00:00:01-00:06:31]: Goldman became EVP when he and partners became part-owners. Recent passing of Founder Bob Youngentob, who created sustainable long-term transition plan five years before illness. Goldman, Jack Lester, Akash Thakkar, and McLean Quinn are four of five owners. Time split: 1/3 acquisitions, rest development, focusing on vision, economic viability, and implementation. Core business remains townhomes (3-10 acre sites with high entitlement barriers), but dramatically expanded into commercial mixed-use, master planning, and substantial multifamily practice over 15 years. Origin & Education [00:09:34-00:23:45]: Grew up in Suffern, NY in economically unstable household with gambling father (Atlantic City trips as "vacations"). Turned to drawing/sketching houses as outlet and coping mechanism. Early hotel exposure sparked design fascination. Attended Cornell's Design Environmental Analysis program combining interior architecture with Environmental Psychology—studying how spaces psychologically affect people (McDonald's loud, hard-seated quick-turnover design vs. fine dining comfort). Small 11-person cohort provided mentorship and stability. Career Journey [00:23:45-00:35:48]: BBGM architecture firm → Mandarin Hotel competition (Tishman Speyer) loss convinced him developers drive key decisions → Russian Tea Room $30M renovation as VP of Design at 26 under perfectionist Warner LeRoy (briefly fired, then brought back with scholarship) → Wharton MBA → Tishman Speyer → Holiday Corp → Federal Realty. Advice for young professionals: Get lots of "reps" on different projects early. Leverage your strengths while staying multidisciplinary enough to ask right questions. Be bold, take calculated risks, "go first"—don't wait for permission. Pike & Rose [00:44:48-01:13:01]: Led Federal Realty's 24-acre Mid-Pike Plaza transformation (original Toys R Us site). Massive entitlement: 29M sq ft approved required 80+ community meetings in one year. Hired political organizers (Dewey Square) to combat opposition and build support through polling and targeted outreach. 2008 recession required phased approach with interim and ultimate plans. Collaboration with Don Wood, Street Works, Sandy Clinton, Paula Reese balanced vision with economics using Federal Realty's corporate debt advantage. Key insight: Retail knowledge and street-level activity are foundation for best mixed-use projects. Created Project Visioning Committee (PVC) meeting bi-weekly for Bob Youngentob knowledge transfer to next generation, ensuring design rigor. Goldman frequently asks "What would Bob do?" Key EYA Projects [01:18:55-02:37:01]: Montgomery Row: IBM office-to-residential in Rock Spring Park office park. Strathmore Square: Holy Cross Seminary partnership, first geothermal trial. McMillan Reservoir: 15-year effort with JAIR Lynch/Trammell Crow, city handled historic sand filtration restoration, 20-30% affordable housing, overcame legal challenges from external opponents. Graham Park Plaza: Loehman's Plaza retail conversion to attainable smaller townhomes (14-foot units at $600-650K). Robinson Landing: High-end Old Town Alexandria waterfront condos ($1,000+/sq ft), became largest archaeological dig on Eastern Seaboard after discovering three Revolutionary War ships—14-month work stoppage, $7M+ archaeology costs. Providence Reimagined: 25-acre hospital site requiring $30M demolition and complex utility replacement for operating medical office buildings. Competitive Edge: In-house construction company provides pricing structure competitors lack. Willing to take entitlement risk others avoid. 30-year track record: only one failed entitlement of 50+ projects. Never closes on land until fully entitled. Programmatic relationship with Bernstein Management Company (8 years) for townhome equity. Targets distressed suburban office/retail for residential conversion. Civic & Personal [02:37:01-02:44:06]: 2012 Livable Communities Leadership Award for Pike & Rose. Coalition for Smarter Growth advocate. ULI vice chair, chair of mission advancement, involved in Future Forum on regional collaboration. Family priority: wife Amy (investments), three kids in Adams Morgan. Charitable focus: Jewish community (JCC board, Jewish Federation, Milton Gottesman Jewish Day School). Hockey coach/team manager for son's travel team. Billboard Message [02:35:58]: "That house you love, the coffee shop, farmers market, grocery store, office—all brought to you by your neighborhood developer." Reminds public development creates the spaces we live in, including parks and playgrounds. Advocates viewing development as ecosystem, working collaboratively vs. demonizing industry, which hinders affordable housing and infrastructure progress.

Gerald Divaris is Chairman and CEO of the Divaris Group, a vertically integrated commercial real estate enterprise. Co-founded Divaris Real Estate (DRE) in Cape Town, South Africa (1974), relocating to Virginia Beach (1981). DRE manages 40M+ sq ft across 15-16 U.S. cities. Visionary behind Town Center of Virginia Beach. Inducted into Hampton Roads Business Hall of Fame (2024).  Company Strategy and Structure Primary Focus [3:25] CEO responsibilities center on exceeding client expectations, ensuring cohesive teamwork embodying company ethos, and platform growth.  National Operations [4:20] Maintains standards across 15-16 cities through personal CEO visits (monthly/bi-monthly) and "Principal in Charge" in each office embodying firm philosophy.  Employee Model [6:24] Unlike industry peers, DRE agents are salaried/on draw vs. independent contractors, ensuring clients receive controllable service rather than commission-driven behavior [7:50].  Vertical Integration [8:55] Retail deeply engrained from family retailer background. Development's longer lead time/higher risk suits stable employee model. Retail is "glue" in mixed-use developments, providing street-level vibrancy attracting office/residential tenants.  Realty Resources Network [12:09] Provides national platform of best-in-class local brokerages for seamless nationwide service. Smaller engaged networks led by "deal junkies" [17:23] outperform large publicly-traded firms with heavy infrastructure costs.  Management [19:32] "Overbalanced on corporate infrastructure" using salaried professional managers, freeing deal-makers to "lead by example."  Origins and Generalist Philosophy African Origins [22:14] Born in Rhodesia (now Zimbabwe), moved business to Virginia Beach 1981. Smaller South African economy created "generalist" approach [24:22] across product types—essential for mixed-use development.  Retail Family Background [27:21] Greek merchant family from Cephalonia [28:44] owned department stores, liquor stores, groceries. Started working age 10 [30:01], learning customer assessment and merchandising strategy.  Art of Retail [32:45] Store deployment is art, not science. Placemaking engages all human senses—family's florist shops used tuberose scent near door [37:28] to pull customers inside. Experiential retail critical [42:23]—Barnes & Noble survived Amazon through "storytelling" and reading experiences.  III. Town Center of Virginia Beach  Opportunity [45:24] Virginia Beach: largest Virginia city by population but lacked CBD. Strong economy, tourism, minimal national broker competition. "Rough diamond" with suburban sprawl needing heart and soul.  Military Economy [50:40] Hampton Roads houses NATO headquarters, major cyber command, world's largest naval base. Demographics underreported 28% [59:41] due to "hidden economy"—young military retirees with full pensions, free medical, VA loans not counted in salary reports.  Mixed-Use Success [55:31] Town Center became city's "heart and soul," attracting institutions. Westin (40 stories) is Virginia's tallest structure—iconic landmark.  TIF Financing [1:21:10] Public entities own parking garages, Performing Arts Center, roads. Funded through TIF (Tax Increment Financing) above 1999 baseline. Changed city charter (1980s) to permit financing. Free parking key to walkability/density success.  Post-COVID Growth 50th Anniversary & Expansion [1:04:03] DRE celebrated 50 years (2024). Stayed open throughout COVID [1:04:31], viewing it as opportunity. Acquired McGarey Group (entertainment/sports development expertise) [1:08:15].  D.C. Market [1:09:05] Greater Washington expansion (May 2024) services Northern Virginia requirements. D.C. presence legitimizes national platform internationally.  Repositioning Strategy [1:13:38] Key: determining if market changed—population shifts, neighborhood relevance. Examples: Tampa mall to back-office space; Newport News mall to shipyard engineering offices [1:16:23].  Omnichannel [1:18:29] Stores as showrooms. Pottery Barn/West Elm use in-store terminals/design professionals. Ikea [57:46]: predetermined route + food/entertainment. Lego: experiential with finished models.  Office Amenities [1:23:02] Real estate as recruitment/retention tool. Class A++ with communal gyms, conference rooms, function spaces. Mixed-use convenience: "live, work, play."  Philosophy and Legacy Longevity [1:31:53] DRE celebrated 50 years (2024). Longevity (employees up to 47 years) cultivated through "practice what you preach" [1:32:04]—demonstrating hard work, never accepting "no" as final answer.  Civic Leadership [1:33:13] Central Business District Association involvement essential for understanding community and better customer service.  Alex Divaris Legacy [1:34:41] Honors late son Alexander (passed age 40 from cancer) through internship program starting at high school level.  Billboard Message [1:35:00] "Love life. Don't hesitate. Think positive." [1:35:42] Emphasizes U.S. as country of opportunity achievable through hard work and positive focus.  Contact: john@coeenterprises.com       

Bio Jason Bonnet is Chief Development Officer at Essen, a next-generation development firm. Previously led East Coast Commercial Development for Brookfield Properties ($7B pipeline) and Forest City Realty Trust. Career spans $5B+ development: 4,000+ multifamily units, 1M sf office, 500K+ sf retail. Started Bonnet Development post-UNC. USC MRed, Harvard Business School alumnus. Key Discussion Points [00:00:09-00:04:24] Introduction: Background with Forest City, Brookfield, founding Esen. [00:04:59-00:09:33] Esen Overview: Team of former Forest City/Brookfield executives. Large-scale mixed-use focus, 5,000+ unit pipeline across NY metro, Southeast, Midwest. Lead project: $1.5B Jersey City waterfront (2-3% vacancy, strong demand, Manhattan views, PATH access). [00:09:55-00:14:01] Early Life: Silver Spring upbringing on Queen Anne's Drive. Father: electrical subcontractor (construction exposure). Mother: Fortune 100 HR executive (negotiation skills). Film production aspirations (Stanley Kubrick) led to real estate. Springbrook High School, UNC. [00:17:00-00:23:42] Bonnet Development & Pivot: Started company post-dot-com doing Shaw rowhouse conversions (sub-$2M projects). Partnership accounting dispute taught fiduciary responsibility, when to settle vs. litigate. ULI mentorship (Marcel Acosta) led to USC MRed for institutional scale jump. [00:31:57-00:44:17] Forest City & The Yards: Joined 2011 via mentors Stan Ross, Brian Jones. Debby Ratner Salzberg valued entrepreneurial spirit. 48-acre Southeast DC mixed-use. P4 partnership (DC, GSA, Navy). Eleanor Holmes Norton championed waterfront access. Complex brownfield remediation - Forest City as government agent. Lessons: team collaboration, coalesced vision, passion. DC renaissance period - competitive but collegial, rising tide lifts all boats. [00:48:17-00:57:26] Yards Development Strategy: Creating neighborhood not just place. Flexible entitlements framework. Retail strategy: Blue Jacket Brewery opened before Harris Teeter - people knew brewery before "The Yards" name. Chef Michael White's Osteria Morini gave legitimacy. Ice Cream Jubilee (attorney turned businesswoman) first location. Attention to detail, patience choosing tenant partners, commitment to long-term success. Retail foundation critical - most complex, detail-oriented real estate sector. [00:59:18-01:06:43] San Francisco Projects: Led 5M (Fifth & Mission) and Pier 70 after Brookfield acquisition. Biggest difference: intense NIMBYism - sometimes no win-win possible. CEQA (California Environmental Quality Act) extends entitlements 8-10 years via traffic study challenges. 5M took 10+ years. Pier 70: fastest California entitlement approval in history via transparency, over-communication, hundreds of community meetings, port authority partnership alignment. [01:09:18-01:13:50] Scale & Affordability Philosophy: Density builds economy of scale, feeds project economics. More eyes on the ground plane = vibrancy, security, safety. Dynamic public realm. Scale enables affordable housing financially - a difficult concept for government officials. Yards success: Due South restaurant server qualified for 50% AMI unit next door, living and working in community - very rewarding outcome. [01:17:11-01:26:30] Esen Formation & Values: Started during down cycle - ideal timing. Small, quick, nimble vs. legacy companies. Entrepreneurial spirit, institutional pedigree. Creative solutions. Team of teams, flat organization: CEO Matt Elsesser (Forest City/Brookfield), CIO Dave Boillot (USC classmate), Jim Chang (Croesus Group). Core approach: transparency - one word for negotiations, relationships, partnerships. Quickly builds trust with private partners, cities. Want win-wins for all. Mixed-use not four-letter word - people always want dynamic environments. [01:29:47-01:46:15] Design & Neuroarchitecture: Most rewarding: seeing vision executed - restaurant you negotiated 2 years prior, celebratory drink, half staff living in your building. Art essential (music, film, built environment). "Your Brain on Art" - awe, transcendence, soul in places. Neuroarchitecture: three key elements creating ambiance - LIGHT (daylighting brutalist structures, welcoming spaces, productivity), SOUND (live music, curated playlists not elevator music, elevate experience), SMELL (bakery bread, coffee roasting - can't go wrong with coffee). Placemaking: being true to place and community, inviting participation, value creation. Does this place have soul or is it soulless? Singularity of vision so strong it permeates entire process to end user. [01:49:08-01:51:33] Personal Priorities: Family absolute priority. Health (personal, mental). Work-life balance critical - healthy home environment makes you productive at work. Giving back through mentorship - nowhere without mentors like John Coe. Always available for next generation navigating career decisions. [01:56:56] Billboard Message: "Estoy aquí" (I am here) - reminder to be present in the moment with others.

Two of the Washington region’s most influential leaders—architect Diane Hoskins and economic-development visionary Victor Hoskins—share the story of parallel careers that converge around one principle: collaboration compounds impact. From Chicago’s skyline to the Amazon HQ2 deal, from design constraints to billion-dollar surpluses, the Hoskins demonstrate how empathy, partnership, and systems-level thinking can reshape cities and careers. Their joint mantra— “Get wisdom, and with all that getting, get understanding.” —anchors a conversation that’s equal parts master class and love story.

BIO Ronnie Gibbons is the Senior Vice President of Development at Carmel Partners, where he leads the DC region for development and investments. His responsibilities encompass sourcing new opportunities, evaluating market feasibility, structuring transactions, and overseeing the entire execution process, while also supporting asset management and collaborating closely with the construction team. Carmel Partners, a vertically integrated firm, specializes in development, asset management, investments, and self-performing construction.   With over 15 years of experience in multi-family residential, mixed-use, retail, and commercial development, Ronnie brings extensive expertise. He holds a Master's degree in Real Estate from Georgetown University (with a finance focus) and a Bachelor of Science in Economics from the University of Maryland.   Before joining Carmel Partners in 2018, Ronnie served as Development Director at Monument Realty and held various roles at Foulger-Pratt, including superintendent and project manager on projects such as the Silver Spring Transit Center. He began his career building houses for Ryan Homes.   Ronnie has spearheaded significant projects like the Annex on 12th conversion in downtown Washington and the Wardman Park development, a massive 867-unit project that repurposed a bankrupt hotel site. His approach to development, influenced by his blue-collar upbringing, emphasizes risk mitigation, feasibility, and considering the end-user. He is also passionate about sustainable building practices. Key Discussion Points Current Role [7:35-9:09] Leads DC development and investments for Carmel Partners Focuses on pursuits: sourcing opportunities, evaluating deals Both development and value-add acquisitions Works closely with vertically integrated construction team Background Journey [9:20-17:00] Born/raised Frederick, MD - fourth generation Father: 40-year maintenance worker at Parkside condos in Bethesda Mother: ran home daycare First job at 14: collecting newspapers/magazines at father's property Blue-collar upbringing emphasized education, work ethic, service to others Career Evolution [17:00-25:00] Started Ryan Homes (2005-2008) building houses - 40 homes to 1 during recession Foulger-Pratt: 5 years construction (Silver Spring Transit Center), 5 years development Georgetown Masters during recession positioned for recovery Monument Realty (2 years): learned calculated risk-taking from Michael Darby Company Comparisons [27:53-32:00] Foulger-Pratt: Focused on financing partnerships, self-performed construction Monument: Higher risk tolerance, optimistic approach, extensive experience base Carmel: Intensive team approach, data science, thorough investment committee process Major Projects Annex on 12th [42:24-49:04]: 100-year GSA building conversion, 560 units, historic preservation, complicated utilities/Metro tunnel proximity The Hail [49:16-51:40]: 500-unit NOMA ground-up, maximized density, smaller efficient units Wardman Park [51:58-1:08:00]: 867 units, bankrupt hotel site, 9-12 acres, two buildings with resort amenities Wardman Details [55:13-1:17:00] Bankruptcy auction acquisition, by-right zoning Honored historic Wardman Tower, created private courtyard Two buildings: Aire (larger units, 3BR) vs Zephyr (studios, smaller) 4 pools total, 55K sq ft amenities, studios to 1800+ sq ft penthouses Led Silver LEED, 90% material recycling Market Insights [1:17:42-1:22:00] DC underestimated due to political noise - fundamentally strong city Data science department provides behavioral analysis across submarkets Very low new inventory coming online - near zero within year Region defined as close to major Metro, up to Frederick/Loudoun Advice for Young Professionals [1:29:14-1:30:26] No shortcuts - only hard work and learning from others Want success for people around you - if not, change environments Learn from everyone, including those with less experience Best learning comes from doing the work Personal Philosophy [1:30:51-1:37:02] Family first (wife, 5-year-old daughter) Parents modeled service orientation and work ethic Work/family unity rather than balance Currently focused on emptying tank for Carmel Partners Billboard Message [1:36:17] "When things get grim, be the reaper." - Patrick Mahomes quote about performing under pressure. Resources: Ronnie Gibbons LinkedIn Carmel Partners Aerie Apartments Zephyr Apartments

Bio Jamie Weinbaum is President & CEO of Horning, overseeing operations, development, and strategic planning. Previously Executive VP at MidCity (4M sf pipeline), COO at Ditto Residential, development executive at JBG Smith, Director of DC Office of Zoning, and Deputy Mayor for Planning and Economic Development. Former ULI Washington chair. JD from GW Law, BA from Wake Forest. Key Discussion Points Career Pivot from Law [00:00-13:17] Childhood passion for built environment - sketching houses, playing with Legos 2006 revelation with wife: "what you do 9am-7pm doesn't really do it for me" Marrying passions with profession leads to happier life and more successful career Started Atlanta home renovations as side hustle while practicing law Real Estate Entry via AJ Jackson [13:17-25:42] AJ Jackson instrumental in first development job at EYA in 2007 Developer as "conductor of the orchestra" - coordinating subject matter experts Ownership side vs. consultant preference: "you're part of the story for years" 2008 downturn layoff after 9 months confirmed industry passion DC Government Leadership [25:42-37:33] Became Director of Office of Zoning under Mayor Fenty administration Crash course in leadership: humility, listening, bringing people along Technology focus: converting paper zoning maps to online GIS resources "Level the playing field" philosophy for residents JBG Development Experience [37:33-51:30] 2011-2014: Twin Brook metro projects, Fort Totten Square (Walmart mixed-use) Risk mitigation and preserving optionality as core JBG principles Investment committee meetings: "nobody held back" - heated debates Real estate development requires communication, analytics, design Family Business Philosophy [51:30-1:05:15] Hired business coach specializing in family companies at MidCity Role as fiduciary working on behalf of family to accomplish their aims Alignment between personal values and family mission critically important Multi-generational companies face unique succession challenges Horning Strategy & Amazon Partnership [1:05:15-1:20:45] "Mission-driven for profit" organization focused on affordable housing Plaza Towers acquisition: Amazon Housing Equity Fund + 99-year affordability covenant Creative financing: Freddie primary debt + Amazon below-market mezzanine Locks in affordability for 288 units at 80% AMI in gentrifying Hyattsville Development Challenges [1:20:45-1:35:20] 901 Monroe/Ravenna: 25-year timeline for 230-unit project due to appeals Ground-up development "really, really tough environment" in DC region Acquisition at below replacement cost preferred over new construction Advocates sometimes oppose affordable housing projects intended to help residents Personal Integration Philosophy [1:35:20-1:48:30] "Integration" not "balance" - career, family, community as separate cups Each cup must be tended individually - one full cup can't fill others Striving for peace and wholeness across all life dimensions Market Outlook [1:48:30-2:05:00] Federal surplus property disposal could create "next wharf" opportunity Independence Avenue to Wharf corridor: extraordinary development potential Need bipartisan political consensus for multi-year development projects   Resources: https://www.horningdc.com/

Bio Len Forkas is founder/CEO of Milestone Towers, a digital infrastructure company building wireless towers on public lands for over 25 years. Adventure athlete who completed the Seven Summits (becoming 5th oldest globally), Race Across America winner, and non-profit founder of Hopecam.org, a charity supporting children with cancer. Author of leadership books drawing from extreme sports experiences. Key Discussion Points Everest Achievement & 2023 Failure Lessons [0:50-16:00] Key Moment: Len Forkas completed the Seven Summits after a 2023 Everest failure due to pulmonary complications  Business Lesson: Deconstructing every decision that led to the failure and meticulous preparation are crucial. Forkas dedicated a year to preparation, including weightlifting, trekking with a 50-lb pack, climbing in Indonesia & Ecuador and hypoxic sleep training Crevasse Incident & Systems Validation [33:00-36:00] Key Moment: After a successful summit, Forkas fell into a 70-foot crevasse at 27,000 feet while descending to the South Col. Business Lesson: The importance of safety systems and meticulous preparation. His polar expedition training saved his life. Hopecam Growth & Impact [36:00-51:00] Key Moment: Hopecam doubled its applications from 500 to 1,000 children annually post-COVID and grew hospital partnerships from 60 to 180 in five years. 70% of Hopecam students attend title one schools. Business Lesson: Viewing sponsors as "investors" in mental health outcomes created by the nonprofit rather than as a traditional donors.   Milestone Towers Business Evolution [72:00-95:00] Key Moment: Milestone Towers rebranded from Milestone Communications to reflect its real estate asset focus  Business Lesson: Strategic niche and barriers to entry protect competitive advantage. AI is optimizing existing equipment efficiency, and use of 5G networks has not hit full stride. Difficult to entitle locations have the highest value for both the tower owner and wireless carriers. Leadership Philosophy [114:00-125:00] Key Moment: Len Forkas' son Matt joined the company after five years of external experience 15. Business Lesson: Trust and preparation are essential for success in both business and extreme sports. Letting team members own and solve problems is crucial Next challenge: North Pole expedition, but prioritizing family and team presence for now. RESOURCES: https://www.lenforkas.com/ https://coeenterprises.com/podcast/len-forkas-renaissance-man-33/ What Spins The Wheel: https://www.amazon.com/What-Spins-Wheel-Leadership-Lessons/dp/0996096906?sr=8-2 Cold Hard Truth: https://www.amazon.com/Cold-Hard-Truth-Special-Color-ebook/dp/B09VDY69FC?sr=8-1 https://www.hopecam.org/ https://youtu.be/D6qjcwEVQYc

Bio Hilary Allard Goldfarb is Senior Managing Director and Head of Development for Mid-Atlantic at Rockefeller Group. Native Washingtonian, Princeton graduate, Harvard Urban Planning master's. Previously at Bozzuto Development and ProMark Real Estate. Active in ULI, Federal City Council, Economic Club. Key Discussion Points Rockefeller Group Role [00:00-08:38] Leads D.C. office overseeing development, acquisitions, design, financing Diverse portfolio: multifamily, industrial, office, mixed-use including "catalytic trophy product" National platform empowers regional creativity without product ideology Six regional directors nationally focused on "most compelling deals" Career Journey [10:01-27:17] Driven by excellence, hard work, integrity Strong Japanese investor relations (Mitsubishi affiliates) - visits every 2-3 weeks Focus on diversity, collaboration, creative problem-solving "World's greatest colleagues" - no palace politics Native Washingtonian, Garrett Park/Montgomery County roots Princeton (with twin brother Nate), Harvard Urban Planning Corcoran Gallery experience during Frank Gehry expansion Started at ProMark (Metro-adjacent development with Eisinger family) Joined Bozzuto (Crown Farm, Chevy Chase Lake projects - met Toby at dentist) Recruited to Rockefeller Group in 2018 to "start a business" - said no multiple times initially Major Projects [29:00-53:00] Boro Tower, Tysons: 437k sq ft trophy office with Meridian Group, stabilized occupancy 1901 L Street NW: First WELL-certified office building in D.C., focus on energy efficiency and tenant experience 600 Fifth Street NW: $375M downtown redevelopment of former Metro HQ, only new office under construction in D.C., 400k sq ft, 50% pre-leased to Crowell & Moring, historic site of DC's first synagogue and Metro's money vault Port 460 Logistics: 5M sq ft industrial development near Port of Virginia with Matan Companies, leveraging port-centric expertise Industry Insights [57:00-70:00] Bullish on D.C.'s resilience despite current challenges, believes in long-term competitive advantages $2.3B pipeline includes three trophy office, three industrial, two multifamily projects Development strategy: develop, stabilize, sell (not long-term hold) Emphasizes placemaking and BID efforts for downtown vitality Values partnerships over going solo - "sum is greater than its parts" Company Culture [1:02:19-1:03:43] Driven by excellence, hard work, integrity "World's greatest colleagues" - no palace politics Focus on diversity, collaboration, creative problem-solving Advice & Personal Philosophy [1:18:25-1:25:05] Billboard message: "Hard work gets noticed and beats luck, coincidence, and favors" - her father Nick Allard's adage. Work-life integration rather than balance - children visit construction sites, color plan sets, know her colleagues. Active in ULI (chairs Federal City Council Developer Roundtable), Economic Club.  

Bio Evan Regan-Levine is Chief Strategy Officer at JBG Smith, shaping investment approaches through data analytics, strategic initiatives, and investor relations. Key role in National Landing transformation and Amazon HQ2. Previously JLL research analyst and Monday Properties Associate. Georgetown Political Science graduate who pivoted from law school track to real estate after art professor suggested architecture. Key Discussion Points Strategic Priorities [3:06-8:35] National Landing transformation beyond Amazon: residential, retail, infrastructure Capital allocation focus: maximizing NAV per share for JBGS, targeted acquisitions Leveraging permanent capital as public company vs. fund life cycles Career Journey [8:47-32:23] Academic family: law professor father, first-grade teacher mother Georgetown, planned law school until real estate internship in Pittsburgh JLL research exposed him to all verticals: investment sales, leasing, development In 2013, he joined JBG as research associate working for Matt Kelly Investment committee exposure from day one with industry veterans Real Estate Philosophy [20:08-26:00] Success requires: communication, analytics, design Design undervalued but critical - example: functional dryer vents vs. beautiful facades Market research informs decisions - Amazon focus groups changed architecture Multifamily as consumer product requiring research like cars/phones Hospitality mindset essential across all property types Crystal Park One [$40M Repositioning] [43:19-52:53] 300-person conference center ("hotel ballroom without hotel") Ground floor activation with street engagement JLL operates conference, Episcope handles Food & Beverage Aviation theme: Constellation café, Altitude vinyl wine bar Nooks Works partnership for classified meeting space National Landing Strategy [37:03-43:00] "Regional mall" approach with anchors: Pentagon, Amazon (8K today, up to 38K), Virginia Tech Demolished excess office, tripled street retail, added multifamily Scale and control enables neighborhood-wide placemaking investments Amazon Return-to-Office [78:35-87:00] Five-day mandate positive: apartment leasing, foot traffic increases Office demand permanently lower but utilization shifting toward collaboration AI may reduce heads-down work, increase collaborative importance Investment Philosophy [95:22-103:33] Structure deals for maximum optionality when volatility hits Investment committee discipline: anyone can veto deals Public company permanent capital allows long-term vision execution Virginia Tech Impact [103:33-107:04] Produces clearable talent for defense technology sector Technology transfer creates university spin-offs Helps retain engineering talent historically exported from region Community Impact [116:19-122:33] Leo Impact Capital: for-profit affordable housing fund Policy engagement on innovation districts Scale enables transformative community investments Personal [127:17-140:02] Automotive enthusiast with garage lifts for restoration BMW M3s, Porsche 911 favorites Professional networking through car connections Air and Space Museum supporter JBG Future [140:02-145:33] Constants: change and people-focused culture Merit-based advancement: anyone can lead company 13-year relationships with core team Billboard Message [145:33]  Placing on National Landing: "The future is built here" - greatest concentration of innovation and national security. Related Episodes:  Matt Kelly Moina Banerjee AJ Jackson

Catherine Buell is founder of Wellness Real Estate Innovations. Previously director of Amazon Housing Equity Fund, president/CEO of Atlanta Housing Authority, chair of DC Historic Preservation Review Board, and executive director of St. Elizabeth's East Campus Redevelopment. Harvard Kennedy School Loeb Fellow. (00:00) Introduction to second interview. Former Amazon Housing Equity Fund director, Atlanta Housing CEO, Harvard Kennedy School Loeb Fellow. (03:14) New company Wellness Real Estate Innovations - bringing wellness real estate solutions to diverse urban audiences at intersection of health and housing. (03:42) Personal motivation: mother's dementia/loneliness during COVID highlighted lack of aging options even in expensive continuum care facilities. (05:33) Philosophy: housing is healthcare and building with care. Traditional housing continuum has cracks - expensive senior housing, limited diverse options. Beautiful places impact how you feel through social connection, walkability, vibrancy. (09:05) Amazon lessons: Corporate investments influence markets but can't solve entire spectrum. Healthcare organizations increasingly investing in affordable housing targeting high-cost patients. Innovation gap for aging demographic - need co-housing, shared living, wellness communities. (15:23) Combat loneliness through intentional community design - new urbanist model plus different housing types, oversized green spaces, shared amenities for organic connection. (17:06) Alternative models: co-housing, shared living, ADUs. PadSplit's tech approach for $27K income essential workers - streamlined access to furnished shared rooms. Shared models add people without changing community character, help aging in place. (21:26) Key challenge: lack of documented data on wellness community benefits. Need to document outcomes from 1990s/2000s wellness communities. (23:37) Global Wellness Institute trends: Wellness as Infrastructure (WAI) - Bhutan mindfulness city Wellness as Service (WAAS) - integrated cleaning, nursing, caregiving Wellness ROI (WROI) - significantly higher returns Longevity Economy (WRELE) - aging population focus (27:38) Gap: middle-income households with $80-120K retirement income can't afford elite wellness solutions ($400K-$1M deposits), don't want to leave social networks. (32:48) Policy needs: data on health/housing intersection, true cost of "do nothing" strategy, economic benefits. Fastest growing DC population is 55+. Loneliness epidemic costs $6.7B annually to Medicaid. (37:20) Example: dementia village in Ward 7 - 13% of DC seniors have dementia (16% east of river). Netherlands-inspired model with store, pub, church, arts room for quality of life vs traditional memory care. (45:02) Vision: "love villages" for all incomes/races, especially African-American women. 20-year plan for third trimester of life - staying engaged, active, socially connected. (47:47) Advice: think outside box, start conversations at zoning stage, consider demographic shifts. Half of five-year-olds today expected to live to 100. (50:34) Data needs: true cost of scattered-site aging approach vs building-based services. Scale understanding - seniors on fixed income ending up in homeless shelters due to high rent. (55:05) Dream: healthcare company partnership like Amazon model. Bold investments shift markets. DC has higher income retirees as asset. (58:02) Large-scale insights: Takes time but start somewhere. Even $2B Amazon investment wasn't enough - need everyone's resources including data, land, support, thought leadership. (61:12) Harvard Loeb Fellowship transformative - stepped back, reflected, met amazing global innovators. Inspired by young people paying attention to details. (63:47) Teaching role keeps energy up, learning from students exploring health/housing innovations. (64:49) Wellness real estate as investment category: Hope integrates into all asset classes, not siloed. References "Bowling Alone" - loss of civic connections, shift to individualism. AI may increase focus on personal wellbeing. (69:18) Asset class integration: Hospitality: business travel community experiences, coworking spaces Office: well building certifications, air quality, collaboration spaces Retail: spas, fitness studios, sensory experiences, food halls as gathering spaces (71:44) Resources: Global Wellness Institute annual real estate report, Jeremy Noble's "Project Unlonely", Ezra Klein

Bio James Barlia is Executive Director of Station DC a private members club for Frontier Tech innovators, investors, and policy makers dedicated to advancing American national interest.  Its mission is to help shape a future where American technological leadership endures and where DC is at the forefront of frontier innovation. They are aiming at economic development outcomes like attracting and retaining business in DC, creating economic resilience and opportunity, diversifying the economy from the federal government, and creating jobs of the future Barlia's prior positiion was VP of Revolution's Rise of the Rest Seed Fund led by Steve Case, Founder of AOL and this fund.  He was involved in investing in startups located outside traditional tech hubs like Silicon Valley, focusing on secondary markets.  Prior to that he worked as an associate at Greenspring Associates investing in a fund of funds primarily in seed and impact focused venture capital. Barlia attended Tulane University after growing up in the Washington DC area and attending Bullis Academy. Show Notes Introduction of James Barlia, Executive Director of Station DC, an incubator for tech talent in the DC area. He sees his role as inspiring confidence in founders solving important problems in the national interest and making their lives easier [7:00]. Station DC is a private members club for Frontier Tech innovators, investors, and policy makers advancing American national interest [8:30]. It offers a physical space in Union Market (13,000 sq ft) for work, meetings, and events (summits, policy dinners). They also provide education, mentorship, and policy intelligence [8:45]. Station DC's high-level mission is to help shape a future where American technological leadership endures and where DC is at the forefront of frontier innovation [9:15]. Success is expected to drive economic development, attracting/retaining business, creating economic resilience, opportunity, and diversification away from the federal government [9:30]. James Barlia discusses his previous role as Vice President at Revolution's Rise of the Rest Seed Fund [10:00]. This fund was started by Steve Case to invest in companies outside traditional tech hubs like Silicon Valley [10:30]. His origin story includes growing up in DC, being influenced by his entrepreneur father who started a renewable energy company in the early wave of clean tech [11:15]. He saw his dad solve critical problems like needing more sustainable energy, including using cow/pig manure to capture methane and sell it to the grid [12:00]. A "crucible moment" in high school was starting a failed toothpaste company project, inspired by subscription models like Dollar Shave Club [12:30]. This project led him to meet an angel investor, Jason Shrensky, who felt like a "professional learner" who invested in people and ideas, planting the seed for venture capital interest [13:15]. An internship at 1776, the original tech incubator in DC, exposed him to founders solving important problems in areas like smart gun technology, energy financing, and supply chain resilience [13:50]. At Greenspring Associates, a fund of funds and growth equity firm, he learned about the Rise of the Rest thesis [14:30]. Greenspring began intentionally investing in VC funds outside San Francisco, New York City, and Boston after seeing strong returns from companies in places like Indianapolis (Exact Target) and St. Petersburg, FL (Chewy) [15:25]. He joined Revolution about 4.5-5 years prior, believing in the team, strategy, and mission of Rise of the Rest [16:20]. Key lessons learned at Revolution include that innovation is everywhere and not concentrated in traditional hubs [16:50].  Place can be a competitive advantage due to network effects of talent, capital, knowledge, and customers [17:00].  People matter most; diligence often focused on understanding founders' motivations, "chip on their shoulder," and what they wanted to prove [17:30]. They looked for founders who were intrinsically motivated and would put forth relentless effort, even when facing adversity [18:30]. They also sought founders who saw something others didn't years before ("unique insight") [19:00]. Evaluating founders takes time, ideally multiple in-person meetings and references (both provided and "offbook") [19:50]. While process is important, much of venture involves gut feeling and intuition about deeply passionate people who think differently [20:30]. The collapse of Silicon Valley Bank (SVB) was a reality check for founders and an event that created resilience [23:45]. It highlighted the importance of treasury management and planning for catastrophic risk [25:00]. The industry, including founders and VC firms, responded quickly to support companies with exposure [25:20]. The opening of Amazon's HQ2 in Arlington has undeniable ripple effects on talent attraction and real estate (residential prices increased) [27:15]. However, the actual job numbers might be lower than initially marketed, and he suggests that high-volume, high-velocity bets on smaller businesses might be a more effective economic development strategy than "chasing whales" [28:30]. Regarding high vacancy in DC commercial real estate, tech startups, especially small businesses needing to scale, are often looking for flexible office space [30:15]. Advice for landlords in DC: Offer more flexibility in lease terms, believe in the upside of growth tenants, and most importantly, get in front of founders and potential tenants to listen to their needs and concerns [32:40]. The brokerage community can help facilitate this connection [33:50]. James Barlia confirms that a core idea for Station DC is to act as an intermediary between the real estate and tech communities in DC to facilitate connections and understanding of tenant needs [36:00]. Factors driving an influx of startups in DC include innovation in critical national interest sectors (space, energy, synthetic biology, AI, defense) that require engagement with policy and regulation in DC [36:45]. Tech companies are realizing DC is a necessary ally, not an adversary [37:15]. DC possesses the required talent, customers (federal government, Fortune 500), knowledge, and capital [39:00]. The presence of tech founders and investors in government administrations increases visibility for DC's tech scene [40:30]. Venture firms like Andreessen Horowitz and General Catalyst are establishing satellite DC offices [41:00]. James Barlia's mentors and influences include his father, Jake Polliskin, Anthony Gene Brown, Steven West, Anna Mason, David Hall, and Steve Case [42:50]. Studying successful investors led him to realize the importance of understanding individuals and markets, catalyzing his interest in psychology, biographies, and history [44:20]. He views venture capital as requiring an "investigative journalism" mindset [45:10]. DC should "lean into its strengths" to attract tech and VC, particularly ideas and institutions [46:20]. These include the federal government as the largest customer, Fortune 500 presence, and world-class universities (though talent retention is an issue) [47:00]. Past tech successes like AOL, Cava, and others demonstrate that greatness can be built here [47:30]. Station DC hopes to be a catalyst for retaining university graduates through internships and events, making students aware of local tech companies and founders [49:00]. DC's undergraduate retention rate is cited as one of the worst in the country [50:20]. While the IPO window hasn't fully opened as predicted, uncertainty in the market means founders need to think more about catastrophic risks [51:00]. Uncertainty's ripple effects impact both venture and real estate [52:45]. The potential for federal budget cuts and layoffs serves as a "wakeup call" for DC to focus on a long-term economic growth strategy that includes economic diversification away from the federal government [54:40]. He sees the next generation of DC leadership (Millennials/Gen Z) as having a problem-solving, action-oriented approach with an acceptance of risk and a focus on collaboration ("doing it together") [56:15]. Beyond AI, emerging tech trends impacting real estate include data centers (driven by energy needs and the move towards a software-defined world), space economy, robotics, autonomy, and defense systems [58:10]. Founders are active in these highly regulated, critical sectors [1:00:00]. These frontier tech companies often need dollars, talent, customers (often here), and capital [1:00:30]. Station DC's current focus is on supporting founders and being a convenor and facilitator of high-value connections, rather than creating its own investment fund [1:01:20]. Advice for young professionals aspiring to enter VC, especially outside traditional hubs: Develop thick skin, be non-consensus thinkers to capture alpha, be relentless with an insatiable appetite to understand, be a systems thinker, and have patience and conviction [1:02:20]. DC offers young entrepreneurs unique advantages like ambition, and easy access to policy makers, potential investors, and talent from established firms [1:04:50]. They can leverage the city's diverse ecosystem and unique offerings (museums, restaurants, etc.) [1:07:00]. Real estate trends influenced by evolving work policies highlight the importance of proximity to work [1:07:45]. Key economic development levers for the district are housing and education [1:08:00]. Repurposing existing buildings (federal, commercial) into housing and potentially removing the height limit are seen as ways to increase supply [1:08:30]. Lessons from 2023 successes like Cava: The region needs to embrace its successes and tell a consistent narrative that "greatness can be built here" [1:09:20]. Adaptability and identifying emerging opportunities in a dynamic market are key. Companies addressing critical challenges, many with a strong DC presence or strategy, include Palantir, Hawkeye 360, Deterrence, Shield AI, and Hermeus [1:10:45]. These companies are hiring technical talent [1:11:40]. Employment growth in these new firms is key for real estate demand (housing, retail, etc.) [1:15:00]. Universities like Virginia Tech (new campus), UVA, USC, Northeastern, and University of Maryland play a role in fostering talent by aligning curriculum with the local economy, particularly in cyber and national security [1:15:45]. Addressing DC's low undergraduate retention rate is crucial [1:17:00]. Regarding reimagining commercial real estate, innovative models could include data centers, potentially within existing federal or CBD buildings, by focusing on the mindset of "what would it take to make this work?" [1:19:00]. Startups in frontier sectors (AI, energy, space) are well-positioned to thrive in these spaces [1:20:00]. Most critical skills for young professionals at the intersection of tech, business, and real estate include social and emotional intelligence, the ability to interact with machines (AI), problem-solving, and critical thinking [1:20:15]. Young tech professionals can leverage DC's diverse economy by reaching out to people in government, finance, and life sciences to understand their problems and genuinely try to make their lives easier [1:21:50]. The single most important piece of advice for young professionals is to "just start doing things" – test hypotheses, have conversations, meet people, and orient yourself towards action, not inaction [1:23:00]. His billboard message for millions to see on the Capitol Beltway would be: "Things don't always happen for the best, but you can always make the best out of things that happen." [1:24:00].  

Bio: Roberta Liss has launched LNSS Advisors, a commercial real estate consultancy focused on data centers and highest and best use advisory. This new firm is motivated by her vision for her professional "last chapter" and the significant economic impact of AI and technology. Liss draws on over 42 years of experience, including a decade as President of the Southeast and Mid-Atlantic regions at Cushman & Wakefield. Her career spans key roles at Trammel Crow, CBRE, and BECO Management, executing over 30 million square feet in transactions. Crucially, she has an early technical background in data center precursors from mechanical contracting, raised floors, and network operating centers. At LNSS Advisors, her expertise covers critical data center aspects like land assemblage, zoning, securing power, and adaptive reuse. Her foundation includes a B.S. in Architectural Engineering from Penn State University (1978-1983) and data center infrastructure education from IDCA. Show Notes Strategic Transition (6:00) Pivoted from Cushman and Wakefield regional presidency to found LNSS Advisors focusing on data center advisory Positioned data centers as critical infrastructure underpinning the AI revolution and digital economy Launched firm immediately after C&W departure, targeting high-growth sector with specialized expertise Combines commercial real estate advisory with highest and best use evaluations and data center focus Personal Foundation (9:45) Atlantic City upbringing provided firsthand exposure to real estate valuation principles Father's FAA Tech Center background fostered interest in technical systems and early computer modeling Mother's artistic influence balanced technical perspective with creative problem-solving Observed demolition of historic Marlborough-Blenheim Hotel, demonstrating highest/best use concepts Atlantic City's casino redevelopment provided early lessons in market transformation dynamics Technical Expertise (19:00) Penn State Architectural Engineering provided technical foundation for complex asset evaluation Initial interest in architecture evolved toward technical engineering applications Early career at Kirlin focused on raised floor infrastructure for technology tenants Worked on Bethesda Metro Center and Clark building for Wang Corporation computer equipment Transitioned to construction management to build credibility in development process (22:00) On-site experience at Franklin Property (BF Saul) handling tenant build-outs for early tech companies Leadership Progression (40:00) Henry Long: Managed Martin Marietta's mission-critical infrastructure for FTS 2000 government contract Experience coincided with early Northern Virginia telecom infrastructure development Witnessed Route 28/Dulles corridor growth creating data center ecosystem foundations Recruited by Bob Cohen, Roberta joined Barnes Morris and Pardoe, entering brokerage during a difficult period (45:00) Developed capital markets expertise through Principal Financial Group collaboration Charles E. Smith (53:00): Leased properties in Upper Northwest DC and Bethesda Secured significant NIH off-campus relocation through strategic relationship development Advanced to regional leadership at Trammell Crow, balancing development and brokerage She worked with notable people like Bruce Pascal BECO Management:  Strategic portfolio advisory under Jeff Cohen C&W : Led regional integration and expansion across Northeast markets Successfully rebuilt Boston market, significantly increasing revenue through life sciences focus Data Center Strategy (1:35:00) Decision to focus on economic drivers, disruptors and growth sectors for "final chapter" Leveraged architectural engineering background and early technology experience Views data centers as laboratories housing IT/cloud computing applications Key market challenges: power constraints, infrastructure requirements, human capital, ESG considerations Critical site selection factors: risk profile, permitting pathways, connectivity metrics, resource availability Data centers require almost every engineering discipline with complex infrastructure needs Investment Trends (1:50:00) Shift toward campus-scale land assemblages (200-2000+ acres) for infrastructure efficiency Public REITs and private equity driving investment strategies Forward-positioned land acquisition strategies by hyperscalers securing future capacity AWS transitioning from colocation to owned facilities for greater control AI computing demands driving substantial facility redesign requirements Opportunity: adaptive reuse of underperforming office assets for urban data centers Fiscal impact for jurisdictions exceeding $1B in Loudoun County (45% of tax rate) Compares data center boom to "1849 California Gold Rush - high-tech version" Alternative energy solutions advancing with Microsoft's Constellation/Three Mile Island deal Market Guidance (2:15:00) Sector specialization essential in technically complex asset class Economic driver analysis critical to site selection advantage Strategic team building necessary for large-scale land assemblage Understanding industrial development fundamentals (transportation, environmental, drainage) Self-investment in education while maintaining professional practice Leadership & Community Perspective (2:25:00) Boys & Girls Club involvement supporting educational opportunity Diversity of perspective enhances investment and development decision-making  Values collaborative approach between genders for stronger outcomes Risk management philosophy: "next" - always have alternative opportunities ready Leadership philosophy centers on service to clients, teams and colleagues Final message : "Be kind" in judgment, giving, and community-building

BIO Owen Billman is the Chief Operating Officer of Blake Real Estate, managing a 2.5 million sq ft portfolio and eight companies. He previously facilitated over $1 billion in CRE transactions and is a speaker at universities and corporations. Awarded CREBA's 2014 Leasing Transaction of the Year and BISNOW's Top 35 under 35. He chairs the American Heart Association's Greater Washington Region, is a board member of the KCNT1 Epilepsy Foundation, and co-founded the Junior Council supporting Children's National Health System. REVISED SHOW NOTES [0:00-1:38] Introduction and Guest: John Coe introduces the "Icons of DC Area Real Estate" podcast and its partnership with Iconic Journey in CRE. Owen Billman, President of Blake Real Estate and Chair of the Golden Triangle BID, is welcomed. His career, Blake’s strategies, and DC's future are discussed. [1:38-5:11] Owen's Role at Blake: Owen describes his role, focusing on portfolio performance and managing leasing, property management, and construction. He mentions growing third-party management while emphasizing the core portfolio. [5:11-9:42] Background: Owen shares his upbringing in rural Southern Maryland and working at his father's hardware store, learning customer service and work ethic. [9:42-14:28] University: Owen recounts his time at the University of Maryland, including the impact of 9/11, and deciding to stay in the DC area. [14:28-22:14] Starting at Co-Star: Owen details his entry-level job at Co-Star, learning about CRE data collection and analysis. [22:14-27:02] Market and Blake: Owen reflects on market trends during the Global Financial Crisis and joining Blake in 2010. [27:02-36:53] Blake's Evolution and Lease Structure: Owen describes learning Blake's unique cash flow model and lease structure. He explains the pros and cons vs. market standards. [36:53-44:06] Leadership and Rollup Strategy: Owen discusses his leadership transition and Blake's recent rollup strategy to consolidate ownership and flexibility. [44:06-52:24] Market Adaptability: Owen reflects on Blake’s adaptability during the pandemic, distressed assets, and retailer impact. He shares Blake’s occupancy rate and return to the office. [52:24-61:44] GSA and Golden Triangle BID: Owen discusses Blake’s GSA leasing experience and his role as Chair of the Golden Triangle BID, advocating for downtown revitalization. [61:44-78:21] DC's Future: Owen addresses "why DC?" in the context of remote work and strategies to attract new industries, create a 24/7 city, and potential projects. [78:21-93:23] Change Catalysts: Owen highlights past catalysts for DC's development and the need for a catalyst employer, a new pitch beyond government, and expresses optimism. [93:23-102:56] John Coe and Community: John Coe discusses Iconic Journey in CRE. Owen shares advice for young professionals and talks about Blake's culture and tech adoption. [102:56-111:22] Heart Association and Initiatives: Owen discusses the American Heart Association and Blake's initiatives, including collaborative space and flexible work. [111:22-119:01] Advice and Closing: Owen gives advice, emphasizing family, work, and giving back. He reflects on DC and its future. John Coe thanks Owen, and Owen reciprocates. Steve Lustgarten Toby Millman Gary Cohen    

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, MD, VA, WV, and CT. Prior to Charger, Jessie was a Managing Director – Acquisitions with Mill Creek Residential Trust and Senior Director of Investments at AvalonBay Communities. Ms. Barter is a director on the National Board for the non-profit Entryways (fka Shelters for Shutters). In 2022, Charger Ventures was drafted into National Multi-Housing Council’s (NMHC) inaugural Summit Advisory Committee’s […]

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 direction focused on acquisitions, entitlement, leasing and asset management. Show Notes Similar Episodes **Announcement** Exciting News: A New Chapter for Iconic Journey in CRE! We’re thrilled to announce the upcoming launch of the new website for Iconic Journey in CRE! This marks a major step forward in expanding our mission to support and connect professionals across the commercial real estate […]

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 executive with a proven track record spanning more than three decades,known for overcoming challenges and driving success in diverse projects. A visionary leader andinfluential figure in the real estate industry. Possesses a remarkable history of international diplomacy,through human rights advocacy in personal interaction with two popes, Middle Eastern leaders, and theintermediary work in Alan Gross’s Cuba prisoner release. A multifaceted […]

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 CRE The Iconic Journey in CRE is a nonprofit organization that promotes learning and connections for young commercial real estate professionals through the Icons in DC Area Real Estate podcast, the Iconic Journey in CRE community, and Career Coaching Curriculum led by its Board and funded by its Sponsors and membership dues. If you are interested in learning more about […]