Active and Achieving: Executive of the Year Runners-Up Innovate, Invent
By Suzann D. Silverman, Editor-in-Chief
The CPE Executive of the Year Awards this year recognized two runners-up in most categories in addition to the first-place winners. These top executives have drawn on extensive experience to explore new avenues, transact deals, pull back where prudent and break out of the box, devising market-leading strategies.
Net Lease Property Executive of the Year
Chairman & Managing Partner, U.S. Realty Advisors L.L.C.
A member of the net lease industry since 1968, Richard Ader is a pioneer in the field of corporate sale-leasebacks, over the years devising a number of different net lease structures, including the sandwich lease, stepped rents and accrual leases. Since founding U.S. Realty Advisors, he has overseen acquisitions and management of more than $18 billion worth of net lease properties, and has acquired and/or operated more than 20 million square feet of office, retail and industry property and 32,000 residential units.
Bruce Beal Jr.
Executive Vice President, The Related Cos.
While Bruce Beal grew up in real estate, he declined to go into the family business in Boston, instead joining a Dutch pension fund in Atlanta before moving to New York City in 1995 to work for The Related Cos. In his 15 years there, Beal, who oversees day-today development of projects nationwide as well as the Related Affordable division and all of the New York residential development, has made his mark on both the company and the industry through such initiatives as developing luxury condominiums in the mid-’90s, creating a model for combined forsale/ rental residential buildings and more recently forging partnerships to pursue additional ventures.
Female Leader of the Year
Senior Vice President & Shareholder, Colliers Meredith & Grew, and President, CREW Network
Kristin Blount has spent her career with service provider Colliers Meredith & Grew, leaving only briefly to earn her Master’s degree in real estate from the Massachusetts Institute of Technology. Her initial stint was in the Property & Asset Management Department, but she returned in 1998 as part of the brokerage team, representing corporations, developers and owners in acquisitions, dispositions and leasing. This year’s North American president of CREW Network, she is also a former recipient of NEWIRE’s Professional Service Award, was the 2004-2005 president of NEWIRE (New England Women in Real Estate) and has been named a CoStar Power Broker.
Mike Bush Diversity
Executive of the Year
President, The Minority Resource L.L.C.
A one-time corporate lawyer and corporate real estate executive for Giant Food, Mike Bush has made a career out of paving a path for minorities in real estate. In 1997, he founded the Real Estate Associate Program, a non-profit organization targeted toward helping black professionals find opportunities in the commercial real estate industry. His success is evident in the more than 75 graduates of the program that work as professionals in numerous well-known firms across the industry. Bush remains a senior mentor for the organization he ran for 12 years, but has since launched The Minority Resource L.L.C., which he founded last year to open paths for minorities in commercial real estate, banking and construction. That venture provides consulting services as well as a pro bono practice offering counseling on career paths and placement and producing the TMR Business Scholars Program to reach talent in colleges.
Developer of the Year
Chairman, The Durst Organization
The Durst Organization, long known for New York City development, continues to add space to the city to which it has contributed through four generations, with third-generation company head Douglas Durst leading the charge. It is perhaps best known in recent decades for Four Times Square and One Bryant Place, both exemplary of its focus on sustainability, but the company is pursuing other types of projects as well, including residential housing through its Durst Fetner Residential partnership with Sidney Fetner Associates, The New School’s University Center at 65 Fifth Ave., mixed-use plans for the block within 11th and 12th avenues and 57th and 58th streets, as well as Carvel, a 2,300-acre site in nearby Dutchess County, N.Y.
T. Wilson Eglin
Net Lease Property Executive of the Year
President, CEO, COO & Trustee, Lexington Realty Trust
T. Wilson Eglin joined Lexington Realty Trust as COO with its formation in 1993, becoming a trustee in 1994, president in 1996 and CEO in 2003. He continues to grow its portfolio with a two-pronged strategy, either buying properties through sale-leasebacks or purchasing those already under net leases, providing capital to corporations through the sale of their real estate and to developers offering build-to-suits for corporate users. It also makes mortgage and mezzanine loans secured by single-tenant buildings. Properties include office, retail and industrial assets throughout the United States. Eglin is also CEO of affiliate Lexington Realty Advisors Inc., which provides net-lease-related advisory and asset management services to institutional investors.
Investor of the Year
Office Property Executive of the Year
President & CEO, Vornado Realty Trust
Michael Fascitelli has been president of Vornado Realty Trust since 1996 and CEO since May 2009. Recent activity has included the purchase of 9.9 percent of the common stock of J.C. Penney Co., the acquisition of a 26.2 percent stake in LNR Property Corp. and the sale of 45 percent of 1299 Pennsylvania Ave. and 1101 17th St., N.W., in Washington, D.C., to the Canada Pension Plan Investment Board. Previously a partner with Goldman, Sachs & Co. and a member of the Whitehall Investment Committee, he also worked for Bristol Myers Co. and McKinsey & Co. Fascitelli is a trustee of the Urban Land Institute and chairman of the Samuel Zell and Robert Lurie Real Estate Center at the Wharton School at the University of Pennsylvania.
Hotel/Hospitality Property Executive of the Year
President & CEO, Strategic Hotels & Resorts
Laurence Geller is well entrenched in the hotel industry, with 45 years of experience that included stints at Hyatt Development Corp., Holiday Inn and Grand Metropolitan Hotels before he founded Geller & Co. in 1989 to specialize in domestic and international hotel, corporate and real estate development, financing and structuring. He later formed Strategic Hotels & Resorts, a New York Stock Exchange-listed owner and asset manager of high-end hotels and resorts in North America and Europe. He is the recipient of numerous accolades, among them the American Hotel and Lodging Association’s Award For Outstanding Contributions to Education, The C. Everett Johnson Award for Lodging Industry Service and The IREFAC Award for Contributions to Lodging Real Estate and Financing.
Service Executive of the Year
CEO, Newmark Knight Frank
A principal of Newmark Knight Frank since 1978 and CEO since 1979, Barry Gosin has been instrumental in much of its growth, both nationally and through its 2006 global partnership with Knight Frank. Recent M&A growth includes the addition of Denver’s Frederick Ross Co. in October and Northern California’s Cornish & Carey in August, contributing to a strategy of strengthening the full-service firm’s presence in regional markets around the country. Now with more than 220 offices worldwide, the firm last year completed transactions valued at more than $32 billion and achieved revenues of more than $811 million. Among the many complex transactions Gosin has overseen have been deals for Sesame Workshop; the National Basketball Association; SEIU 32BJ; Kramer Levin Naftalis & Frankel L.L.P.; Mintz Levin Cohn Ferris Glovsky and Popeo P.C.; Claremont Prepatory School; Paul, Weiss, Rifkind, Wharton & Garrison L.L.P. (the largest lease in New York City in 2009); and Orrick, Herrington & Sutcliffe L.L.P.
Service Executive of the Year
Former President & CEO, Marcus & Millichap Real Estate Investment Services Inc.
In April, Harvey Green announced his retirement from Marcus & Millichap Real Estate Services after 29-and-a-half years of service. Named COO in 1996 and president & CEO in 2000, he oversaw significant national expansion; the company grew from 22 offices and 424 agents completing just over 1,000 transactions in 1996 to 76 offices and more than 1,200 agents today. Last year, the firm completed more than 3,400 transactions. Brokers complete deals nationwide, in a wide variety of property areas. These include hospitality/golf, manufactured housing, net lease, retail, seniors housing, student housing, land, multi-family, office/industrial, self-storage, healthcare and special assets services. The company also provides research reports on specific property areas and markets, as well as larger industry issues.
Sustainability Executive of the Year
Chairman, President & CEO, Liberty Property Trust
A 10-year veteran of Liberty Property Trust, Bill Hankowsky became president in 2002 and attained his additional titles a year later. Under his guidance, the company has made green building a way of life, with more than 7 million square feet of LEED space—35 projects in all—completed or under construction, including both new and retrofit office and industrial space. The focus extends to building operations, as well; the company seeks ways to improve operating efficiencies and decrease emissions, and Hankowsky has committed to decreasing energy consumption by an average of 30 percent by 2012 in buildings in which the company controls energy management. It is now instituting a building wide area network, a system the company developed using existing technology to monitor and control remotely energy use across multiple markets and utilities.
Female Leader of the Year
Managing Director & Head, AEW Direct Investment Group
In 28 years with AEW Capital Management L.P., Pamela Herbst has served in a variety of positions spanning asset management, portfolio management and acquisitions. Now head of the direct investment group, she oversees all of the firm’s investment activities on behalf of core and value-added clients, with a current asset and portfolio management pool valued at $12.4 billion. The 32-year industry veteran is also a member of AEW’s Management Committee, Investment Committee and Investment Policy Group. Marc Holliday Investor of the Year CEO, SL Green Realty Corp. During his nearly seven years as president & CEO of SL Green Realty Corp., Marc Holliday has expanded the company to become the largest owner of office properties in Manhattan, with 61 properties totaling more than 29 million square feet. Under his stewardship, the company has been focused on repositioning and upgrading its portfolio to larger avenue properties housing higher-quality tenants. The company is selectively acquiring and disposing of properties, as well as joint venturing and pursuing structured finance initiatives. Third-quarter activity included the purchase of 125 Park Ave. for $330 million, the sale of 19 W. 44th St. for $123.2 million, four structured finance investments totaling $242.7 million as well as 510,463 square feet of Manhattan office leases and 206,666 square feet in the suburbs.
Diversity Executive of the Year
Founder & Chairman, The RLJ Cos. The founder of Black Entertainment Television, Robert Johnson now heads a diverse business network that owns or holds interests in a variety of industries, with the common goal of targeting undiscovered or underserved markets and exercising solid management to achieve results. Business areas include real estate, financial services, private equity, automobile dealerships, entertainment, professional sports and video lottery terminal gaming. Among the company’s real estate interests is RLJ Development L.L.C., a privately held investment company focused on upscale select-service and compact full-service hotels in major North American markets. Its RLJ Urban Lodging Funds owns 124 hotels valued at about $2 billion.
CEO, William Macklowe Co.
William Macklowe branched out on his own this summer with the formation of William Macklowe Co., reportedly focused on investment and lending ventures in and outside the New York market. Macklowe was previously heading his father’s development firm, Macklowe Properties, and reportedly brought two of its assets to the new firm, 610 Broadway and 400 Madison Ave., both of which he recently worked to refinance. Longtime New York owner Macklowe Properties gained its most recent press when it was forced to sell the GM Building to repay debt following the purchase of a large Equity Office portfolio from The Blackstone Group.
Executive of the Year Innovator of the Year President, Malkin Properties,
W&H Properties, Malkin Holdings L.L.C. & Malkin Securities Corp. This fourth-generation leader of the Malkin family companies is not just following in his father’s footsteps. Although they work together—with father Peter the chairman of the companies that bear their name— Tony Malkin has some strong ideas of his own about how to shape the portfolio for the future. Among his efforts have been refocusing the New York City portfolio around pre-war trophy office buildings and trophy Class A suburban office space. Other initiatives include a distribution-hub-focused industrial venture and a market-rate and affordable residential transit-oriented development project a block from Stamford, Conn.’s railroad station in partnership with Jonathan Rose Cos., with ground broken on phase II in October. Malkin has attracted particular attention with his initiative to develop a sustainable design plan that would not just improve energy efficiency in Manhattan’s iconic Empire State Building but provide a blueprint and financing options for other investors and developers.
Retail Property Executive of the Year
CEO, General Growth Properties Inc.
Formerly an independent director of General Growth Properties Inc., Adam Metz was appointed CEO in late October 2008, in the face of looming maturing debt—$27 billion in all. Together with president Tom Nolan, he has guided the company through 18 months of bankruptcy reorganization and two acquisition offers, one an aggressive effort from Simon Property Trust that was repeatedly rejected. In late October 2010, the company received approval of its reorganization plan, which entails $6.8 billion in equity commitments from a team including Brookfield Asset Management, Fairholme Funds, Pershing Square Capital Management, the Blackstone Group and the Teacher Retirement System of Texas, restructuring of $15 billion of projectlevel debt and a splitting of its business, with its master-planned communities and developable land to be operated as the Howard Hughes Corp.
Industrial Property Executive of the Year
Chairman & CEO, AMB Property Corp.
Hamid Moghadam has carved a niche for his company focusing on High-Throughput Distribution facilities, a name it has registered to represent its industrial property locations near airports, seaports and ground transportation systems. The focus has kept it active worldwide, although with the recent recession im30 December 2010 | Commercial Property Executive pacting trade to an unprecedented level, Moghadam and his team cut back on investment and development activity and focused on strengthening their balance sheet last year. Industrial activity has picked up throughout this year, and AMB has been steadily leasing space, raising capital and both disposing of and acquiring properties, including buying its first three land parcels in Brazil through a partnership with Cyrela Commercial Properties.
Industrial Property Executive of the Year
Chairman, Panattoni Development Co.
Longtime industrial real estate developer Carl Panattoni remains a leader in the sector even as he continues to expand his company both globally and into other property areas. Founded in 1986, Panattoni Development now does business in more than 200 markets in the United States, Canada and Europe, serving more than 500 clients with projects incorporating industrial, office and retail space. It has completed 75 million square feet in the past five years, including industrial, office and retail parks and build-to-suit facilities. Among its largest recent transactions, development arm Panattoni Europe in October formed a joint venture with Pramerica Real Estate Investors (the real estate investment and advisory business of Prudential Financial) to develop as much as 100 million euros (about $137.9 million) worth of Class A logistics warehouse space in Poland, the Czech Republic and Slovakia.
John Pelusi Jr.
Financier of the Year
Executive Managing Director & Managing Member, Holliday Fenoglio Fowler L.P.
John Pelusi has been an executive managing director of Holliday Fenoglio Fowler L.P. since 2001 and managing member since 2003, as well as a director, vice chairman & CEO of HFF Inc. since its formation in January 2007. In these roles, he helps to guide a firm that has consistently been a leader among U.S. commercial real estate capital intermediaries. Business services include investment banking and advisory, investment sales, loan and distressed asset sales, entity- and project-level equity service and placements and structured finance solutions, debt placement solutions and commercial loan servicing.
Executive of the Year
Chairman, CEO & Founder, The Related Cos.
In the nearly 40 years since Stephen Ross founded The Related Cos., it has developed more than $20 billion in real estate and broken a variety of new ground for the commercial real estate industry, from its upscale urban mixed-use projects to hybrid buildings, online apartment leasing, advanced applications of green initiatives and use of renowned architects. Today, it owns more than $15 billion in assets, including luxury apartments, affordable housing, retail properties, offices and trade show space. In recent years, it has expanded its partnerships to include a variety of major U.S. and foreign investors and has continued to develop in the face of the recessionary economy.
Hotel/Hospitality Property Executive of the Year
Chairman & CEO, Ian Schrager Co.
No name is more synonymous with boutique hotels than Ian Schrager. Schrager introduced the concept in 1984 with former business partner Steve Rubell, launching Morgans Hotel Group. Since then, he has continued to roll out new concepts, among them the ideas of lobby socializing, “cheap chic,” the urban resort, the urban spa, the hotel as home away from home and as theater and the indoor/outdoor lobby. Schrager left Morgans in 2005 and founded his current firm, which owns, develops, manages and brands hotels, along with residential (40 Bond and Gramercy Park North in New York City) and mixed-use projects in gateway cities worldwide. Three years ago, Schrager formed an unexpected partnership with Marriott International to create a new brand combining the personal and unique boutique approach with global-scale expansion.
R. Scot Sellers
Multi-Family Property Executive of the Year
Scot Sellers joined Archstone as chief investment officer in 1994, becoming CEO three years later. During his tenure, he has achieved some very significant strategies for the company: It went from being a midsize owner of apartments in secondary and tertiary cities to the largest publicly traded owner of urban high-rise apartments in top U.S. cities, transacted three mergers and a large portfolio purchase, and in October 2007 was privatized by Tishman Speyer Properties and Lehman Brothers. At the time of the privatization, it had a total capitalization above $22 billion and in the 10 years leading up to that date achieved a 468 percent total return, higher than the NAREIT Apartment Index. It also claims to have been the only publicly traded apartment company with a significant international presence, with more than $1.5 billion worth of apartments in Germany.
Innovator of the Year
President & CEO, Monday Properties
Since creating Monday Properties out of Max Capital Management Corp. in 2004, Anthony Westreich has been focused on identifying the right acquisitions. While his focus has been on New York City and Washington, D.C., in October 2009 the company signed an agreement to become asset manager of Lehman Brothers’ Broadway Partners portfolio, expanding its purview to San Francisco and Boston. During the difficult economy, though, the company has been more focused on internal growth, such as refurbishing 230 Park Ave. in New York City to achieve a LEED EB Gold certification from the U.S. Green Building Council, terming it the first pre-war office building in the city to achieve that rating.