The Distribution by Juniper Square

Carly is Global Chief Investment Officer and Head of Investments for Nuveen Real Estate. Nuveen Real Estate is one of the world’s leading investment managers with over $150 billion in assets under management. Globally, she leads a team of 350+ investment professionals responsible for all transactional and asset management functions. Carly is also a member of the Global Executive Leadership team. On this episode, we discuss: Links: Nuveen Carly on LinkedIn OpenAI's Sora Announcement Brandon on LinkedIn Juniper Square Topics: (00:00:00) - Intro (00:00:37) - Carly’s background and career (00:07:35) - How would you describe your role? (00:09:58) - Are there any experiences that were formative in becoming a Global CIO? (00:12:54) - What are some problems that are top of mind when looking at the markets? (00:16:09) - Pivoting from office into housing and industrial pre-covid (00:18:35) - Nuveen’s asset allocation (00:24:47) - Have you changed your approach to recruiting talent? (00:28:14) - What are some core drivers in the regions where you have assets? (00:31:45) - What sectors of the US are you leaning into? (00:35:04) - Affordable housing & mixed use (00:41:38) - How is ecommerce impacting physical retail? (00:45:18) - Thoughts on industrial (00:49:10) - How to get in touch

Mr. Braffman is a member of the Infrastructure Advantage Investment Committee and the Real Assets Investment Committee. He leads the firm’s real estate practice and is responsible for managing investment activities, product development, and growth. On this episode, Peter and Brandon discuss: Links: GCM Grosvenor Juniper Square Brandon on LinkedIn Topics: (00:00:00) - Intro (00:00:36) - Peter’s background and career (00:08:00) - The Resolution Trust Corporation (00:12:58) - GCM Grosvenor (00:19:52) - Investing Strategies (00:27:58) - Defining an emerging manager (00:29:32) - How important is the type of capital to your investing thesis? (00:32:20) - Stakes investing (00:37:37) - Creating enterprise value (00:40:54) - GCM’s investing strategy (00:48:30) - Advice for investors (00:54:45) - How are you thinking about niche asset classes today? (01:00:30) - Getting in touch with Peter The views presented in the podcast are my own and may not represent the views of GCM Grosvenor or others. Also, any specific names are provided only as example. Further, past performance is not indicative of future results.

Since co-founding Peachtree Group in 2007, Greg has successfully overseen investments of approximately $10.0 billion in commercial real estate and various other enterprises. With over 24 years of experience, he brings extensive credit and equity investing expertise, particularly in hotels and other commercial real estate assets. Greg was formerly senior vice president of business development for Specialty Finance Group, originating more than $2.0 billion of credit transactions. Previously, he was vice president of business development for GMAC Commercial Mortgage Asset-Backed Lending Division. During his six-year tenure, he originated, closed, and funded more than 300 hospitality FF&E financing transactions with an aggregate capital structure exceeding $10.0 billion. Links: Peachtree Group Brandon on LinkedIn Juniper Square Topics: (00:00:00) - Intro (00:00:36) - Greg’s upbringing and early career (00:07:55) - Experiencing real estate as a kid (00:10:05) - Building Peachtree (00:17:46) - Bringing asset management in-house during the GFC (00:19:45) - Who was making up your investor base during that time? (00:20:58) - The early evolutions of Peachtree (00:25:32) - What does Peachtree look like today? (00:29:20) - What does the investment team look like and how do you capitalize deals? (00:33:30) - CPACE (00:38:45) - Where are you focused in hospitality right now? (00:47:29) - What questions should investors be asking to have a better knowledge base on hospitality? (00:50:07) - What are your thoughts on the macro environment? (00:55:08) - Are there any assets you’re avoiding? (00:56:19) - What’s driving the American consumer right now?

As Founder, CEO and President of TruAmerica Multifamily, Bob Hart oversees acquisitions, asset management, rehabilitation, renovation, and dispositions of multifamily residential investments in the Western United States. Throughout his career, Bob has overseen the acquisition and disposition of more than $7.9 billion in assets within the United States and Japan. On this episode, Brandon and Bob discuss: Links: - TruAmerica Multifamily - Bob on LinkedIn - Brandon on LinkedIn - Juniper Square Topics: (00:00:00) - Intro (00:00:30) - Bob’s extensive career in real estate (00:11:39) - What was the impetus for starting TruAmerica? (00:12:42) - What did the institutional multifamily landscape look like in 2013? (00:16:21) - What does the scope of the business look like today? (00:17:25) - Why did you choose to enter Washington D.C.? (00:18:04) - Are you vertically integrated? (00:19:56) - How do you think about the supply/demand issue in housing? (00:22:16) - Thoughts on workforce & affordable housing (00:28:25) - What is your philosophy around creating desirable living places for tenants and cities? (00:30:58) - Are you seeing shifts in what the customer wants from their housing? (00:32:11) - Do you see Build to Rent as a long-term trend? (00:33:36) - What’s your take on the macro-environment for housing? (00:37:17) - How do you create value in assets in this economic environment? (00:38:50) - Why are rates going up? (00:41:03) - Sustainability practices (00:42:20) - What advice do you have for folks in real estate who have not experienced a true down market? (00:44:20) - Are you seeing distressed deals come your way? (00:45:36) - What interests you over the next 12-18 months? (00:46:23) - Are there markets you’ll either leave or enter? (00:47:14) - Is there anything that keeps you up at night? (00:48:07) - Where will interest rates be in 2025? (00:50:15) - Bob’s philanthropic efforts

Geoffrey Dohrmann, CRE, is the founder, chairman, and CEO, and also serves as a director, of Institutional Real Estate, Inc., a San Ramon, Calif.–based publishing and consulting company focused on meeting the information needs of the institutional real estate, infrastructure, and private wealth advisory investment communities. In this episode, Geoffrey and Brandon discuss: Links: IREI Geoffrey on LinkedIn Brandon on LinkedIn Juniper Square Topics: (00:00:00) - Intro (00:01:02) - Geoffrey’s background and career (00:11:43) - ERISA Funds (00:17:42) - Defined Benefits and Defined Contributions (00:22:41) - The potential Pension Fund crisis (00:29:26) - What are you observing in public pension funds allocating to institutional real estate? (00:32:06) - What is your take on the current state of institutional real estate markets? (00:36:13) - Geoff’s perspective on valuations (00:39:11) - The evolution of technology in institutional real estate (00:42:01) - How does transparency factor into expectations for investment managers? (00:46:19) - What advice do you have for client services professionals? (00:50:24) - What do you think institutional real estate looks like in 40 years in the financial market’s eyes? (00:52:35) - What are your plans for IREI over the next decade?

Roman Pedan is the Chief Executive Officer of Kasa Living, Inc., a flexible accommodations brand he founded in 2016. Roman has over a decade of experience in real estate investing and technology entrepreneurship. He was an early team member at KKR's Real Estate Private Equity group where he worked on hotel transactions totaling $1.2 billion across the U.S. and was involved in every hotel transaction that KKR closed during his tenure. Roman was also an early team member at Juniper Square, a market-leading investment management platform, and was the founder of a startup called book.ly, a profitable, vertical e-commerce website that sold more than $15mm of textbooks. In this episode, Brandon and Roman discuss: Links: Kasa Living Roman on LinkedIn Roman@Kasa.com Brandon on LinkedIn Juniper Square Provide feedback for the podcast Topics: (00:00:00) - Intro (00:01:12) - Introducing Roman and Kasa (00:04:02) - Roman’s career (00:08:02) - Bridging computer science and real estate (00:11:27) - Building Kasa (00:23:09) - Kasa’s metrics today (00:26:48) - How do you optimize for success between Kasa and the owner/landlord? (00:30:28) - How do your management contracts work with owners? (00:32:19) - Why does Kasa work in a hotel? (00:36:34) - What trends have you seen in hospitality over the lifetime of the business? (00:40:57) - Do you face any regulatory challenges? (00:44:54) - Do your properties operate as both multifamily and hospitality? (00:46:39) - Where does Kasa fit in the OpCo/PropCo model? (00:51:23) - What are you looking forward to most over the next 12 months?

Mark Gabbay is Global CEO of LaSalle, a position he assumed in January 2021. He is responsible for strategic leadership of LaSalle’s 850+ employees and oversight of the firm’s $89 billion of assets, including investment strategy and operational activities across North America, Asia Pacific, and Europe. Mark joined LaSalle in 2010 as Chief Investment Officer for Asia Pacific. In 2015, he became CEO of the region, in addition to his CIO oversight, and maintained overall responsibility for formulating and implementing LaSalle’s investment strategy across Asia Pacific, sourcing opportunities and overseeing the investment process. In this episode, Brandon and Mark discuss: Links: LaSalle Investment Management Juniper Square Brandon on LinkedIn Provide feedback for the podcast Topics: (00:00:00) - Intro (00:01:37) - Mark’s background and career (00:19:23) - LaSalle Investment Management (00:20:50) - How did your time in Asia impact your approach to your career? (00:25:31) - Is it common to have employees investing in the GP? (00:25:57) - How have you developed your leadership style? (00:30:19) - What surprised you since taking on the role of Global CEO? (00:32:49) - Scaled vs. non-scaled products (00:32:04) - How does the current cycle compare to previous ones you’ve experienced? (00:40:19) - What are you seeing in terms of non-institutional appetite for private real estate? (00:42:39) - What do investors want to know today? (00:47:36) - Where are the real estate bright spots geographically right now? (00:50:53) - What do you tell team members who haven’t experienced a downturn? (00:53:56) - What’s top of mind for you right now in this environment? (00:55:40) - What’s something most folks don’t know about you?

On this episode of The Distribution, Brandon Sedloff sits down with David Haber, a General Partner at Andreessen Horowitz where he focuses on technology investments in financial services. David was previously a senior executive in Firmwide Strategy at Goldman Sachs where he helped lead partnerships, new ventures and M&A. Before joining the firm, David was the Founder and CEO of Bond Street, which aimed to transform small business lending through technology, data, and design. Bond Street was acquired by Goldman Sachs in October 2017 as part of the firm’s digital finance business. Previously, David was a venture investor at Spark Capital and a founding associate of Locus Analytics, a start-up asset management firm. Links: a16z.com Juniper Square Brandon on LinkedIn Provide feedback for the podcast Topics: (00:00:00) - Intro (00:01:29) - David’s background and career (00:12:38) - Moving from entrepreneurship to a large organization (00:17:14) - What was the thinking behind making the jump from Goldman Sachs to a16z? (00:20:52) - The intersection of entrepreneurship and enterprise value company building (00:27:56) - David’s experience as a venture investor (00:29:42) - Defining Fintech (00:33:01) - How are you adding value to partners? (00:36:21) - What areas of Fintech are you most excited about? (00:38:56) - Thoughts on generative AI (00:41:47) - How are you gauging risk when underwriting an AI investment? (00:45:20) - Developing an investment thesis (00:47:36) - What are you excited about over the next 12 months? The views expressed here are those of the individual personnel quoted and are not the views of a16z or its affiliates. This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors and may not under any circumstances be relied upon when making a decision to invest in any a16z funds. PLEASE SEE MORE HERE: https://a16z.com/disclosures/

On this episode of The Distribution, Brandon Sedloff sits down with John Burns, founder and CEO of John Burns Research and Consulting, an independent research and consulting firm serving the U.S. housing industry. Few people know as much about the residential market as John and his team do. During the conversation, he discussed how the single-family rental housing market has evolved since 2012, which data points his team uses to monitor supply and demand and the volatility in the mortgage market. Links: John on Linkedin JBREC Juniper Square Brandon on LinkedIn Provide feedback for the podcast Topics: (00:00:00) - Intro (00:01:27) - John’s career and an inside look at the structure of JBREC (00:06:19) - The story of housing in the US over the past 40 years (00:07:39) - When did the institutionalization of housing take place? (00:10:55) - What’s happened in SFR over the past decade? (00:12:03) - How is institutionalization impacting the industry? (00:15:16) - Demographics in renting vs. owning homes (00:16:14) - SFR vs. Build to Rent (00:17:44) - The state of the new-home market (00:20:36) - What’s consumer demand looking like? (00:23:23) - Is there any risk of accelerated institutionalization? (00:24:28) - Leading indicators for the housing market (00:28:47) - Thoughts on an impending recession (00:30:11) - What’s your take on the rising interest rates? (00:33:27) - How can we truly achieve affordability in housing? (00:38:41) - What do you predict for the housing market over the next 12 months? (00:40:49) - How would you advise folks interested in the housing market? (00:42:25) - John’s Fear and Greed Survey (00:45:25) - What’s the best way to contact your firm?

In this episode of The Distribution by Juniper Square, Brandon Sedloff sits down with Jeff Giller, Partner and Head of StepStone Real Estate, where he leads the global real estate investment and advisory activities and chairs the real estate investment committees. During their conversation, the two discuss: What real estate professionals learn if they start their career in a downturnThe co-mingling of advisory business and investment managementThe potential market for LP secondaries Listen to their full conversation now. Links: StepStone Group Jeff on LinkedIn Juniper Square Brandon on LinkedIn Provide feedback for the podcast Topics: (00:00:00) - Intro (00:01:39) - Jeff’s career and background (00:13:21) - How to interact with managers who have not experienced a downturn (00:18:47) - StepStone’s consulting arm (00:22:52) - Co-mingling the advising and investment management sides of the business (00:29:32) - The GP-led secondary space (00:33:18) - What trends are you seeing from LPs in the market? (00:42:28) - What advice would you have for folks looking to get the attention of a StepStone? (00:44:49) - How do you think about forming your thesis? (00:48:36) - What changes do you anticipate over the next 18 months? (00:51:01) - What do you predict for the Office? (00:54:09) - How can people get in touch?

On today’s episode, I sit down with Bert van den Hoek, Senior Portfolio Manager of North America for Bouwinvest Real Estate Investors, whose New York office he opened in 2020. Bouwinvest specializes in managing real estate portfolios for institutional investors and currently manages €15.1 billion in assets across Europe, North America, and Asia-Pacific. During our conversation, Bert and I discussed: Why life sciences and data centers were some of the first investments Bouwinvest North America madeWhy real estate is still a relationship businessHow Bouwinvest hopes to influence other U.S. managers to move towards a more sustainable investing model that balances societal and financial returns. Links: Bouwinvest Juniper Square Brandon on LinkedIn Provide feedback for the podcast Topics: (00:00:00) - Intro (00:02:08) - Bert’s background and career (00:09:30) - Bert’s investment philosophy (00:12:20) - The scale of Bouwinvest (00:17:00) - Approaching programmatic JVs (00:18:29) - Profiling a manager to invest with (00:20:59) - What investment strategies are you focused on today? (00:23:18) - Investments in Europe, Asia and Australia (00:26:50) - How did you develop your investment thesis? (00:29:19) - Do you use consultants in your work? (00:30:58) - Bert’s acquisition process (00:33:32) - How to find great managers (00:35:39) - Expectations of managers (00:45:24) - What are your predictions for the market over the next 24 months? (00:49:38) - What advice would you have for investors and managers? (00:51:48) - How can people contact you?

Sabina Reeves is Chief Economist & Head of Insights & Intelligence for CBRE Investment Management. She is responsible for the firm’s 30-member real assets research team and has a specific role in selecting the economic scenarios and macro risk assessments that power the firm’s proprietary real assets forecasts. In addition, Sabina has executive responsibility for the firm’s 20-member Analytics and Risk Measurement team. Links: Sabina on LinkedIn Sabina on X CBRE Investment Management Juniper Square Provide feedback for the podcast Brandon on LinkedIn Topics: (00:00:00) - Intro (00:01:49) - Sabina’s career and background (00:04:36) - Insights and intelligence at CBRE (00:06:31) - How AI is impacting their work (00:08:59) - What are the main themes you’re hearing from clients as it relates to markets? (00:11:11) - Geopolitical issues having a downstream impact on CRE (00:15:45) - Demographic shift impacts on CRE (00:18:57) - The macroeconomic environment in Europe & the United States (00:27:17) - Predictions for the future (00:29:15) - Looking back on the real estate environment of previous cycles (00:32:24) - The impact of GDP growth in the USA (00:35:55) - Thoughts on US consumer debt (00:39:50) - Other issues investors and operators should be thinking about (00:43:43) - Office market fundamentals (00:51:15) - Trends in US asset classes (00:56:55) - Thoughts on infrastructure (01:02:42) - Technology trends for CRE and infrastructure (01:05:39) - What people need to be asking about right now (01:07:13) - Where to reach Sabina

In this episode of ​​The Distribution by Juniper Square, Brandon Sedloff spoke with Ilene Goldfine, Chief Digital Strategy Officer at Hines, one of the largest privately held real estate investors and managers in the world. In her role, Ilene is responsible for new digital strategy initiatives throughout the company, using technology and data to empower employees, engage clients and partners, optimize operations and transform their products and services. During their conversation, the two discussed: How technology is evolving to solve more meaningful problemsThe four pillars of Hines’ data strategyHow data warehousing can change the real estate industry Links: Ilene on LinkedIn Hines Provide feedback for the podcast Topics: (00:00:00) Intro (00:01:44) Ilene’s background and role at Hines (00:09:26) What does the organization look like today? (00:10:46) Who is the primary client you build for? (00:13:41) What makes Hines such a special place? (00:19:22) Defining Proptech (00:24:28) What pain points are you trying to solve for the end user? (00:29:53) What does the infrastructure of a data organization look like? (00:42:06) How do you think about change management? (00:49:02) Diversity of Thought (00:54:42) What are your thoughts on the market?

After 12 years as an operator (Bonobos, TellApart, Floored, CBRE), Dave is now a full-time investor with Zigg, a global investment organization with a singular mission: to accelerate the combination of real estate and technology, improving our collective quality of life, work, and community. On this episode, Brandon and Dave discuss: Links: Zigg Capital Dave on LinkedIn & Twitter Hello@Ziggcap.com Juniper Square Provide feedback for the podcast Brandon on LinkedIn Topics: (00:00:00) Intro (00:01:27) Dave’s background and Zigg Capital (00:04:26) - What are some of the big differentiators of the different chapters of your career? (00:08:30) What was your experience transitioning into entrepreneurship and becoming an operator? (00:12:17) Zigg Capital (00:18:22) How do you source deals? (00:20:05) Where do you think we are in the innovation of real estate technology? (00:23:03) Where are you seeing the highest level of technology adoption? (00:24:50) Are there niches where you hope the flywheel will start picking up? (00:27:42) How would you describe your approach to portfolio construction? (00:38:14) Where do you think capital will come from for those investing in real estate? (00:41:18) Why would a company select Zigg for capital? (00:47:42) What’s your take on AI and where we will be in the next decade from an innovation perspective? (00:51:32) What must change in order for the industry to achieve the Cambrian explosion?

On today’s episode, I sit down with Taylor Mammen, CEO of RCLCO Fund Advisors (RFA). RCLCO Fund Advisors (RFA) is a real estate advisory service for institutional investors on all aspects of their complex real estate investment portfolios, from strategy development to underwriting and asset management. Taylor helped pioneer this business beginning in the aftermath of the Global Financial Crisis, when several prominent pension funds turned to RFA with the goal of constructing better performing and more resilient real estate portfolios, and has grown it to become a highly respected institutional real estate advisor, working with some of the largest and most dynamic institutional investors in the world.… On today’s podcast, we have a wide-ranging discussion covering how RFA operates as a consultant, the macroeconomy, the role real estate plays, and the importance of operational leverage going forward. RFA is a data-driven consultant and I enjoyed hearing Taylor’s perspective on investors changing appetite and need for alpha, what to look for in a partner who has a strategic approach to investing along with the importance of communication in managing LP and LP advisor relationships. Let’s get into it. Links: Connect with Taylor RCLCO Fund Advisors Connect with Brandon on LinkedIn Juniper Square Provide feedback for the podcast Topics: (00:01:50) Taylor’s background and RCLCO Fund Advisors (00:04:00) The role ROLCO plays on behalf of LPs (00:07:28) How do you compare and contrast your firm with the traditional consulting model? (00:10:24) What’s the general appetite for US real estate in this economic state? (00:21:51) What is the RFA view on a potential recession? (00:25:31) How are you thinking about the future of closed-end fund investing? (00:34:05) How are you thinking about the performance of niche sectors and their role in portfolio creation for a typical institutional investor? (00:38:55) What’s your process for Manager selection? (00:44:00) What can folks do to be different when they meet with consultants or LPs? (00:48:41) What is important to you once an investment has been made in terms of building relationships with investors? (00:52:20) Parting advice

Lisa Picard is the former CEO of EQ Office and currently serves as an advisor to Sway Ventures. Lisa’s 25-year career spans nearly every area in real estate, having developed $8+ billion in complex ground-up projects. Most recently, she was the CEO of Blackstone’s office investment platform, EQ Office, leading the 200-person organization and strategy for a portfolio valued at over $27 billion. Lisa has a track record for innovative, high-quality projects that push the market in areas of customer experience and sustainability. Lisa holds two master's degrees from MIT and continues to lecture on topics including design thinking and mindful leadership, as well as driving innovation and understanding risk. Prior to Blackstone, she opened the West Coast office for Skanska Commercial Development, launching four development deals in five years valued at over $3 billion (with successful exits to institutional investors). Lisa has also held leadership positions at Canyon Ranch Resorts and Hines and spent several years developing investment strategies for three different institutional funds on new and existing multifamily and industrial assets. Links: Lisa on LinkedIn Lisa's Medium page Brandon on LinkedIn Juniper Square Provide feedback for the podcast Topics: (00:02:25) Lisa’s background and career (00:14:00) What was your experience at Blackstone and moving into PE from development? (00:21:49) Leadership Lessons from the Pandemic (00:24:46) What are you hoping to unlock in real estate through technology? (00:33:21) What should founders know about the RE technology sector? (00:37:20) What are you predicting for the future of Office? (00:46:33) What is your thesis on the fundamental health of gateway cities? (00:50:13) What happens to some of these obsolescent assets? (00:52:57) What advice would you give to operators?

In this episode of The Distribution by Juniper Square, Brandon Sedloff sat down with David Howard, CEO of the National Rental Home Council (NRHC). Founded in 2014, NRHC is a non-partisan organization dedicated to advocating on behalf of the single-family rental (SFR) industry. As CEO, David is responsible for managing all aspects of NRHC’s operating priorities and directing the organization’s legislative and public policy objectives. During their conversation, the two discussed: How SFR compares to traditional multifamily propertiesTrends in the SFR market, including the difference between scattered sites and build-to-rent The affordability crisis and other trends driving demand for single-family rentals Links: David on LinkedIn The National Rental Home Council Buildforrenthomes.com Dhoward@rentalhomecouncil.org Brandon on LinkedIn Provide feedback for the podcast Topics: (00:01:18) David’s career and background (00:09:31) What is rental housing and how do you differentiate SFR and build to rent? (00:20:44) What are you seeing in supply vs. demand for rental housing? (00:29:52) Is there a new category of renters-for-life? (00:35:14) Do you see any Multifamily firms merging into SFR? (00:40:02) What is some advice for folks in multifamily looking to get into residential? (00:46:23) Why has rental housing become politicized?

On today’s episode, I sit down with Sean Burton, CEO of CityView, a vertically integrated real estate investment management and development firm focused on workforce and attainable housing in the Western U.S. Sean joined CityView in 2003 first as the firm’s Chief Operating Officer and then as President from 2008 through 2015. Now, as CEO, Sean is focused on the strategic direction and day-to-day operations of the company. In our conversation, we talked about… Demographic shifts and the important roles that cities play in our societyDifferences between headlines and reality - LA needs 57k new units per year to maintain stasisHow to navigate uncertainty around a recession Links: Sean on LinkedIn Cityview Brandon on LinkedIn Provide feedback for the podcast Topics: (00:01:17) Sean’s career and an overview of Cityview (00:03:29) Why has the term ‘urban infill’ fallen out of favor? (00:04:25) What does it mean to be a specialist investment manager? (00:07:05) Have you branched out into 3rd part Property Management? (00:08:02) How has the discourse around returning to cities impacted the markets you work in? (00:11:00) What other markets are you in besides Los Angeles? (00:13:30) What’s most surprised you about a market when you entered it? (00:14:48) Why have you not expanded east from Texas? (00:16:21) What’s happening on the ground in Los Angeles given what people say about the city in the national media? (00:19:53) The Measure ULA Transfer Tax (00:23:05) Who are your partners at Cityview and what are the headline stats of the organization? (00:27:55) How do the fundamentals of all the different markets you’re in compare to one another? (00:33:28) How does the discourse around the state of the economy affect developers? (00:36:21) Would you buy distressed value-add opportunities? (00:37:33) How are you perceived by the institutional investment community as a specialist? (00:40:19) Where is capital coming from in your fund? (00:43:59) Sean’s Role in the Biden Administration (00:48:00) What’s something interesting about LAX that most travelers might not know? (00:49:51) What is your priority over the next 18 months?

BentallGreenOak is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services with approximately $83 billion of assets under management. BGO serves the interests of more than 750 institutional clients with expertise in the asset management of office, retail, industrial and multi-residential property across the globe. BentallGreenOak has offices in 28 cities across fourteen countries with deep, local knowledge, experience, and extensive networks in the regions where we invest and manage real estate assets on behalf of our clients. BentallGreenOak is a part of SLC Management, which is the institutional alternatives and traditional asset management business of Sun Life. Sonny Kalsi was a co-founder of GreenOak Real Estate in 2010 and, together with the GreenOak Real Estate team, grew the business organically to $12 billion of assets under management in 10 countries with over 100 employees, prior to its 2019 merger with Bentall Kennedy. Before co-founding GreenOak Real Estate, Sonny was the Global Co-Head of Morgan Stanley’s Real Estate Investing (MSREI) business and President of the Morgan Stanley Real Estate Funds until 2009. At its peak, the MSREI platform had approximately $100 billion of assets under management in 33 countries. Sonny has oversight responsibility for BentallGreenOak’s U.S., European and U.K. businesses and is a senior member of the Firm’s global Investment Committees. Sonny is a graduate of Georgetown University and continues to be very involved with the school in advancing academic initiatives. He has been cited by Private Equity Real Estate magazine as one of the “30 Most Influential” people in private equity real estate globally. Sonny is on the board of several organizations including Georgetown University, Teaching Matters, Room to Read, Asia Society and the Hirshhorn Museum. Links: Sonny on LinkedIn BGO Provide feedback for the podcast Brandon on LinkedIn Timestamps (00:01:28) Sonny’s career and background (00:03:58) What was your experience working at Morgan Stanley? (00:06:58) What did you learn from experiencing the previous RE downturns? (00:09:03) How did your career take you to BGO? (00:19:53) How do you think about the unified vision of BGO? (00:24:41) What are investors looking for in this market environment? (00:28:35) What are things that BGO can do to maintain and nurture investor relationships? (00:29:54) How would you describe what’s happening on the ground right now? (00:34:57) What’s working really well in your portfolio? (00:37:53) What are you seeing in Office? (00:44:11) How are things progressing with your environmental goals? (00:47:16) How are you going about achieving gender parity at BGO? (00:51:42) What advice would you get to other CEOs and Founders on getting started with ESG initiatives?

On today's episode, I sit down with Ted Martell, a Co-Founder, and Principal at Maverick Real Estate Partners, a firm he started in 2010 with his partner David Aviram. Maverick is a real estate private equity fund manager that invests in commercial real estate credit in New York City. Since its founding in 2010, Maverick has invested 730 million across 130 loans. They have developed and deployed proprietary algorithms that convert data into actionable intelligence, uncovering hidden opportunities, pricing risk, and optimizing decision-making. In our conversation, we talk about the founding story of Maverick and the painstaking efforts that Ted and David went through to get their initial set of data, the current state of debt markets in New York City, and what may happen with the Signature Bank loan portfolio, and why a focus on a singular market and strategy has been fundamental to Maverick's success. This conversation was recorded in June of 2023. I enjoyed the conversation with Ted and learning more about how a local sharpshooter like Maverick has scaled their business and found success both on the deal side and by raising capital from some of the smartest and most sophisticated institutional investors in the market. Links Maverick Real Estate Partners Ted on LinkedIn Learn more about Juniper Square Provide feedback for the podcast Connect with Brandon on LinkedIn Timecodes (00:01:45) Ted’s career and Maverick (00:10:09) How are you focusing your energy to find opportunities in the current market? (00:16:12) Are there any indicators that will help us get unstuck in this environment? (00:19:41) When do you think we will start to see transactions on the Signature Bank portfolio? (00:21:02) How do rent regulations play a factor in underwriting? (00:24:34) Would someone buy the entire portfolio at that scale or divide it? (00:26:50) The evolution of Mavrk’s data-driven investment approach. (00:34:25) What are you seeing from investors right now? (00:37:49) What’s the most common question you get from investors? (00:41:27) How are you assessing the fundamentals of the RE environment in NYC? (00:47:38) What are some leading indicators you’re focused on to strike when the opportunity presents itself?