Business Management Corporate Profiles
March 1, 2008
In a year that saw history-making deals until the credit crunch stymied the market, ingenuity and persistence ruled for the United States' leading brokers. Whether arranging record rents in Manhattan, leasing an award-winning office tower in Miami or landing ownership rights to an ocean liner in California, CPN's Hot Brokers form an impressive lot indeed.
Alexander Scores Major Deals, But Maintains Open Mind
As CB Richard Ellis Inc.'s top-performing broker for six of the past eight years, including 2007, 28-year industry veteran Robert Alexander scored big again last year despite a tough market.
The New York City tri-state area chairman points to leasing up more than 1 million square feet vacated by Verizon at 1095 Ave. of the Americas, including 440,000 square feet to anchor tenant Metropolitan Life Insurance Co. for its world headquarters. The building's total average rent went well into triple digits, Alexander reported, calling it the highest average ever recorded for a block of more than 1 million square feet.
Having spent his entire career in the same office—though its name has changed through mergers and acquisitions, from Edward S. Gordon to Insignia/ESG Inc. to the current CB Richard Ellis—Alexander also arranged Verizon's sale of the 1.1 million-square-foot 375 Pearl St. to Taconic Investment Partners L.L.C. for $172 million last year. "Bob is a high-energy guy," said Lee Brathwaite, vice president of real estate for Verizon. "His creativity and focus add real value for his clients."
And yet Alexander—who has arranged more than 50 million square feet of real estate leases and sales throughout his career and counts Deutsche Bank AG, Beacon Capital Partners L.L.C., JPMorgan Chase & Co. and AllianceBernstein L.P./AXA among his many major clients—does not take future success for granted. "You've never learned everything," he said. "You've got to keep an open mind and pass on what you know. But you've never got it all nailed down. There's always more to learn."
—Russ Colchamiro
Coppola Scores in Long Term With 'Get It Done Now' Approach
By practically any yardstick, R. Craig Coppola, principal for the Phoenix office of Lee & Associates, put up impressive numbers in 2007, transacting 155 sales and leases totaling $320.9 million. But he registered the most satisfaction about more permanent footprints, both through his work and his charitable activities. "I am a third-generation Arizonan, and I have kids, and I want to make this a better place to live," he said. Despite his long-term horizon, though, he recognizes that to stay ahead of his competition, he has to complete deals in a narrowing window of time. "Five or 10 years ago, if you did 30 transactions in a year, that would be a lot," said Coppola, who has been a broker since 1984. "The speed of the business is so much faster today."
JDA Software Group Inc. leveraged Coppola's market savvy when it moved its headquarters from Phoenix to North Scottsdale in 1998 and again when it purchased the building in 2004, said Paul Mehlhorn, the firm's vice president of finance. JDA Software has been an active acquirer of companies during recent years, and it has called on Coppola to advise on the real estate aspects of these deals. "He's my reality check," Mehlhorn said. "If we acquire a company in San Francisco and I want to know about the Bay Area market, I'll call Craig."
Indeed, the people aspect of the business is what Coppola says gives him the most pleasure. "We have quality clients," he said. "You deal with CEOs and vice presidents on a daily basis but also with small law firms and entrepreneurial companies."
—Eugene Gilligan
Koury Swings Retail Megadeal
During a year marked by megadeals, Jim Koury arranged a whopper of a retail sale in 2007. As managing director & national director of retail for Jones Lang LaSalle Inc., he led a team that sold a 25-property, 2 million-square-foot Massachusetts shopping center portfolio for $377 million. The deal capped his total sales volume of $583 million for the year, all in retail and retail/office assets. "(Koury's) energy for what he does is very impressive," said Terry Tedeschi, president of the portfolio's seller, Tedeschi Realty Corp. He cited the broker's straight talk, financial acumen and flair for marketing. To drum up interest, Koury marketed the Tedeschi portfolio in three chunks: supermarket-anchored centers, neighborhood strip centers and non-food centers. The resulting buzz drew 39 bids. Denver-based Dividend Capital Total Realty Trust Inc. won the competition and elected to buy the entire portfolio.
Koury proved a natural to market the complex Tedeschi portfolio, given his pioneering status. He kicked off his retail investment sales career in the middle of the 1980s, years before the niche won recognition as a viable investment category in New England. When Koury started at Hunneman Commercial Co. in 1986, he spent more than a year photographing and cataloging scores of shopping centers in Eastern Massachusetts. He joined Spaulding & Slye 10 years later and stayed on after Jones Lang LaSalle acquired the firm in 2005.
And after all these years in the business, Koury still likes a hands-on approach. He took the pictures for the Tedeschi portfolio marketing campaign himself.
—Paul Rosta
Fast Starter Gohari Thrives in Manhattan
Of the many aspects of his job as vice president & director of commercial assets for The Moinian Group, Daniel Gohari admits to a favorite: "I love to negotiate." Last year, he relied on his flair for the deal to wrap up more than 1.5 million square feet of office and retail leases for the company's properties, landing blue-chip tenants like JPMorgan Chase & Co., Columbia University and Comedy Central.
At 29, Gohari is already 12 years into an accomplished career. During his senior year of high school, he participated in a work-study assignment at a Moinian-owned Manhattan hotel. When the manager left, Gohari took his place, and occupancy quickly jumped. Impressed, company founder Joseph Moinian saw to it that Gohari kept working for the firm while earning a finance degree at New York University.
Gohari continued his quick rise at the company and after graduating was soon directing leasing for the firm's Midtown Manhattan portfolio. One 2007 highlight was a deal with American Eagle Outfitters at 417 Fifth Ave; shortly after signing the clothing retailer to a 10,000-square-foot, two-year office lease, Gohari also negotiated a long-term, 50,000-square-foot expansion at the space.
Newmark Knight Frank executive vice president Jeffrey Roseman, who has represented both Moinian and its tenants, admires Gohari's precocious poise and his knowledge. "He's definitely got very, very keen insight into the business," he said. As for the future, Gohari said that greater involvement in acquisitions could figure into his plans.
—Paul Rosta
Financial Focus Takes Goldmacher To Money Capitals Around World
Given his focus on representing financial services firms, Newmark Knight Frank executive vice president & principal Neil Goldmacher finds today's market interesting. With clients spanning such cities as New York, San Francisco, Los Angeles, London, Hong Kong and Sao Paulo, he oversaw 925,000 square feet of transactions valued at $575 million during 2007.
One of the 20-year industry veteran's major deals last year was a 23-property retail portfolio sale for Citibank. Both the number of sites and their disparate locations across New York City and its suburbs complicated the deal. Plus, the buyer group was constrained for time by a 1031 exchange. But the venture, backed by life insurance and pension company AEGON, acquired the 215,000 square feet of mostly standalone properties for $150 million, which represented a cap rate of less than 5 percent. "Neil is always hyperprepared for every meeting, every discussion," said Citibank managing director for real estate Tom Santiago, who called on Goldmacher again this year to help dispose of another 47 retail assets. "The service mind-set he brings to the table is a big differentiator. He takes time to understand your company."
Goldmacher spent seven years with Williams before it joined GVA Worldwide, then moved to Newmark. He was intrigued with the industry early on, when a family member worked in New Jersey real estate. "It was very enticing listening to the stories, and as someone with an accounting and finance background, I thought it would be interesting to apply that discipline to the bricks and mortar of real estate," he recalled. "I was right."
—Russ Colchamiro
Hanrahan, Hilton Score Big in St. Louis
After teaming up seven years ago and specializing in capital placement across the country, Michael Hanrahan and Paul Hilton established themselves as leading investment brokers who have made a major impact on St. Louis and other cities in the central United States.
In the past 18 months, the senior vice presidents & principals for Colliers Turley Martin Tucker's investment services group closed 30 deals totaling $1 billion. Their clients included The Procter & Gamble Co. and Duke Realty Corp. In their biggest deal of 2007, the duo represented FULCRUM Asset Advisors L.L.C. and Angelo, Gordon & Co. in the $90 million sale of a 575,000-square-foot St. Louis office portfolio.
And on behalf of Duke Realty, the brokers sold a 15-building, 865,000-square-foot St. Louis industrial portfolio to Blue Real Estate for $65 million. Whit Annibali, assistant vice president for the buyer, noted that a sale of this magnitude requires in-depth knowledge of the product type and strong relationships with a deep pool of qualified investors. "Their attention to detail, high level of personal commitment and integrity and effective marketing techniques enabled them to push and exceed our expectations," Annibali said. RREEF director of dispositions Jim Toney also championed their approach: "(Sellers) are looking for brokers who know how to point out value to the prospective buyers."
Hilton claims that the duo's success stems from hard work, market knowledge and a habit of being responsive to all parties. Hanrahan, meanwhile, stated that their overall philosophy—serving as consultants, not brokers looking for deals—makes the difference. "We build relationships that withstand the test of time," he said. "Clients view us as trusted advisors."
—Elena Gontar
Passion Continues to Burn For 'Larger-Than-Life' Johnson
Brookfield Asset Management Inc. vice president Michael Speer recently joked that the best way to market its Dallas-area Convergence Office campus would be to place a life-size likeness of Johnny Johnson outside the 1.1 million-square-foot complex. "(He) has a great personality, and he's always quick with a memorable saying, and he knows everybody," Speer noted of Johnson, the property's leasing agent and a principal for CAPSTAR Commercial Real Estate Services. "Johnny is a larger-than-life figure."
Indeed, Speer appreciates Johnson's passion, referring to the 20-year real estate veteran as a "champion" of the office complex. Johnson even helped select the architect, and he spearheaded its refurbishment. He also signed Fidelity Investments to a 160,000-square-foot lease in March 2007, four months after Brookfield Asset Management acquired the property. Speer credits that deal with quickly putting the property on the right path.
Johnson has closed 8.5 million square feet of transactions during his career and stated that the passion to deliver for his clients still burns bright. "I love the deals, and I love the people. Every day in this job is different, and every deal is different." He especially values landlords that are open to his advice on marketing their buildings. "You offer your experience and good ideas and strong recommendations. Then the challenge is to go out and execute."
—Eugene Gilligan
Jones & Co. Deliver Details
Stan Jones had a banner 2007. Not only did the vice president of investments & senior director for Marcus & Millichap Real Estate Investment Services Inc.'s national multi-family group arrange more than $1.2 billion worth of deals last year, he also closed the firm's largest single-asset transaction of the year: the $140.5 million sale of Solaire, a 260-unit apartment property in South San Francisco.
A 28-year Marcus & Millichap veteran, Jones is quick to credit his team, including his partners Sal and Phil Saglimbeni, as integral to his success. "I have a great team ... and we probably just pay attention to detail a little more than some and work very diligently," Jones noted. "We have a tendency to be very hands on and have an extreme amount of client interaction with both buyers and sellers."
Jones' team has been heavily active in Northern California recently but has done deals as far away as Denver and Texas and has kept up the fast pace in 2008: So far it has closed three transactions and is marketing a fourth property. "Stan is extremely knowledgeable about his markets and is a very effective facilitator," said RREEF director of acquisitions Jane Maushardt, who has worked with Jones on several deals, most recently the purchase of a five-property, $184 million portfolio of properties in Sacramento and the San Francisco Bay Area. "He (is) very well-informed, and his team really understands the apartment business."
—Adam Perrotta
Linares Brings Leasing Heat to Miami
Danet Linares knows how to manage a trophy tower. The vice president of marketing and leasing for Wealth Capital Management served as the force behind the jump in occupancy in Miami's Bank of America Tower at International Place from 73 percent in 2004 to a building-high 97 percent last year, garnering the property the Miami chapter of BOMA International's 2007 Building of the Year award for the 500,000- to 1 million-square-foot office category. During 2007, she secured 177,000 square feet of leases for the 600,000-square-foot building, including Downtown Miami's largest lease for the year, law firm Carlton Fields' early 11-year extension and expansion totaling 76,000 square feet.
Linares received her degree from St. John's University and then worked for Shorenstein Realty Services L.P., Hines and CB Richard Ellis Inc., for which she served as the leasing broker for Miami's 1.3 million-square-foot Wachovia Financial Center trophy building. She joined Wealth Capital, formerly Blue Capital Management, in 2003.
Through all these assignments, commercial real estate continues to excite Linares. "It's always changing," she said. "You never know where a deal is going to go." Foram Group Inc. recently hired her to oversee leasing for Brickell Financial Centre, a 1.5 million-square-foot complex now being developed. The project marks the culmination of a career still on the rise. "She has great communication skills (and) a sense of humor and delivers info well on both sides," said CresaPartners L.L.C. vice chairman & founding partner Barbara Liberatore Black, who has known the broker for 15 years. If you are working on a deal, "you'll get it done with her."
—Amanda Marsh
Lechter Scores with "Just Ask" Approach
When Studley Inc.'s top performers arrived at a Costa Rica resort last winter and learned that Andre Agassi was hosting a clinic there, a group of them headed for the tennis courts. Andrew Lechter found a chance to ask Agassi's wife, fellow tennis pro Steffi Graf, to volley, and she agreed. "In my business, you've got to ask," he said.
The Studley executive vice president applied that same logic with the Atlanta Convention and Visitors Bureau. In 2007, the high-profile tenant had five years left on its Peachtree Center lease but needed to expand. Lechter viewed the situation as an opportunity for both the tenant and its new landlord, America's Capital Partners. "I get a lot of calls, (but Lechter) had a lot of good ideas," observed visitor's bureau senior vice president Gregory Pierce, who described Lechter as a good listener who kept him free of any major hurdles. The landlord wanted to use the organization's existing site for retail and open space, and in June the bureau agreed to lease two floors elsewhere in the complex for 15 years. It completed its move last month.
In his 10 years working for Studley, Lechter has earned a reputation for transacting large, complex deals and for building up the company's law firm clientele in the Southeast with partner and mentee Josh Hirsch. He has also managed the Atlanta office since 2002. With $220 million and 630,000 square feet of deals tallied in 2007, Lechter plans to keep doing what he is doing, he said. "I have fun doing my job."
—Suzann D. Silverman
Mulvihill Knows How to Win
At 33, just four years after joining Grubb & Ellis Co., Matt Mulvihill last year became one of the firm's youngest senior vice presidents and was named its No. 3 industrial broker. "I go into each meeting knowing I need to earn the business, not with an attitude that I deserve the business," said Mulvihill, who specializes in industrial sales and leasing in Chicago's O'Hare submarket. "I try to learn as much as I can about my client's industry and operation so that I can best meet their needs." In 2008, he plans to make his team more efficient and achieve a broader reach in order to place it in front of more opportunities.
In a year in which he completed 21 transactions totaling 1.9 million square feet worth $122.2 million, Mulvihill highlighted Nippon Express USA's $30 million redevelopment of the 11-acre Interstate Steel Co. site on the northern border of O'Hare International Airport. He also represented BAX Global Inc. in a $20 million airport-property sale to KTR Capital Partners. "Matt came to (us) with several interesting ideas for us to save money and move off airport," said BAX Global director of real estate Michael Merk. "What makes Matt special is that he is extremely diligent and process oriented. He is very persistent but also tactful in driving home solutions for the benefit of the customer."
—Elena Gontar
Olson Proud of Queen Mary Deal
Tom Olson is no stranger to recognition. Coldwell Banker Commercial recognized the senior vice president & principal of its San Diego office as its top salesman in 2005 and 2006. And in 2007, he successfully completed an extremely complex and high-profile deal for the leasehold rights to Long Beach, Calif.'s Queen's Seaport development, which included 43 acres of bayfront property and the Queen Mary ocean liner that is permanently docked on the site. "It was probably the most unique and difficult deal I've worked on in 34 years (in the real estate business)," Olson said of the transaction, which won several industry awards.
According to Olson, a commitment to forging and maintaining strong relationships enables him to complete such deals. "This whole business is based on relationships. If I do the best job I can for the client and work as hard as I can for them, the rest seems to take care of itself."
Scott Kaohu, CFO of ITEC Properties, has worked with Olson on three 1031 exchanges in the San Diego area. "Tom is very professional and connected," Kaohu said. "He marketed our properties in a very organized manner and generated buyer interest. We felt we got what the properties were worth or more."
—Adam Perrotta
Strauss Scores Hotel Insider's Edge
After working summers during his childhood at his aunt and uncle's restaurant and hotel south of Munich, John Strauss knew the hotel business was for him. He graduated from Cornell University with a degree in hotel administration and then worked in operations for Four Seasons Hotels and Resorts before moving on to PKF Consulting Corp.
Now celebrating his 10th year working for Jones Lang LaSalle Hotels, Strauss believes his varied experience gives him an advantage. "Many investment sales brokers don't have this type of background," he said, noting that he understands the hotel sector's dependency on operational efficiency. "I can read a P&L statement and understand the inner workings of a hotel."
Strauss was instrumental in closing more than $1.6 billion worth of West Coast hotel sales in 2007, naming as the year's highlight the sale of the Laguna Cliffs Marriott Resort & Spa in Dana Point, Calif., to Cornerstone Real Estate Advisers L.L.C. for $194 million. The asset was priced before the credit crunch, but by shopping it to both domestic and international bidders, Strauss attracted 20 offers and achieved its optimal price.
Steve White, director for Angelo, Gordon & Co., worked with Strauss to sell a Hilton Garden Inn in Emeryville, Calif., to JPMorgan Chase & Co., for an undisclosed price. "John is very effective at finding commonality between buyer and seller," White said. "(He) keeps the pressure on to get a deal done."
—Eugene Gilligan
Main Street, Wall Street Intersect with Trainor
Despite the volatility of the capital markets, Gerry Trainor, managing director for Transwestern's institutional commercial group in Washington, D.C., closed $500 million worth of transactions during 2007. Among them were the $66 million sale of 2001 L St., N.W., and the $62 million redevelopment and sale of 1129 20th St., N.W. He has $550 million in deals under contract.
Trainor has garnered many accolades, including recognition as Transwestern's top producer in 2006 and top-five spots in 2005 and 2007. From 2005 to 2006, he sold 38 Downtown D.C. office buildings, more than any other broker in the city. After earning degrees from Virginia Tech and Carnegie Mellon University, he worked for Westinghouse Credit Corp., USF&G Realty Advisors and St. Paul Properties before joining Transwestern, where he has brokered deals totaling more than 20 million square feet since 1998.
"Real estate is all about the people, the excitement of doing deals and the strong relationships I have with various clients," he said. Trainor has brokered many of his deals for Cambridge Holdings, including the $75 million sale of 10 S. Howard St. in Downtown Baltimore, as well as another $200 million in pending transactions. "I like Gerry's intensity and intelligence as a player," said Cambridge Holdings chairman & CEO Andrew Czekaj. "He knows how to quickly underwrite an asset and understands the market. With him, Main Street meets Wall Street."
—Amanda Marsh
Breakups Mean Big Sales for Walter
Breaking up may be hard to do, but it enabled Faris Lee Investments president Richard Walter to register $1.9 billion worth of retail asset sales last year. In 2007, he flipped a 177,933-square-foot portion of the Plaza at Puente Hills shopping center in City of Industry, Calif. The $44 million transaction generated a $4 million profit for Walter's client, SCI Real Estate Investments L.L.C., which had owned the property for two years. Moreover, the deal vindicated his strategy of breaking up it in 2005, when he marketed the center as eight parcels. SCI Investments bought three for $40 million, and the remaining parcels fetched a total of $10 million from multiple buyers in separate transactions.
"His skill set is not only his ability to understand value and ... creatively close transactions. ... On the other side of the coin, he has tremendous financial (knowledge) with regard to loan fundamentals and loan assumption," said Patrick Cox, a senior vice president for Steadfast Cos., an investment firm that Walter represented in several transactions last year.
Walter built a 22-year career in real estate investment banking before bringing his financial expertise to Faris Lee. In 1989, he founded Real Estate Institutional Services, an investment bank that he merged with Faris Lee in 2000. He fosters teamwork rather than competition among brokers. "The goal is to have as many good ideas as we can," he said.
—Paul Rosta
Legal Mind Nets Williams Long-Term Clients
Lynn Williams was honored when Latham & Watkins L.L.P. and its exclusive broker, New York City-based Scott Gamber of CB Richard Ellis Inc., hired her team for its relocation from Los Angeles' US Bank Tower last year. The Cushman & Wakefield Inc. executive vice president of brokerage services and her partner, Jeff Welch, helped move the international law firm into 292,328 square feet at 355 S. Grand Ave. Since then, Gamber and the law firm have called on Williams twice more in other cities.
Williams has a reputation for representing major law firms around the world, but she has also represented such other clients as banks and Pepperdine University. Among her top 2007 deals, she and her partnersrelocated O'Melveny & Myers L.L.P.'s San Francisco office to Two Embarcadero Center in a three-part deal that will give it 185,909 square feet by 2010.
In the past 20 years, Williams has worked with O'Melveny & Myers around the world. "The more complicated a deal, the more useful Lynn becomes to us," observed O'Melveny real estate partner David Cartwright, who added that her background helps her communicate with attorneys. As a real estate lawyer, "I really enjoyed getting out and talking to people in the business," recalled Williams, who joined the client side as executive assistant for John Cushman in 1985 at high-level boutique Cushman Realty Corp.
Williams transacted 1.5 million square feet of deals last year and is regularly among her global firm's top brokers, but she still enjoys getting to know her clients—and learning with them as they grow internationally.
—Suzann D. Silverman
In a year that saw history-making deals until the credit crunch stymied the market, ingenuity and persistence ruled for the United States' leading brokers. Whether arranging record rents in Manhattan, leasing an award-winning office tower in Miami or landing ownership rights to an ocean liner in California, CPN's Hot Brokers form an impressive lot indeed.
Alexander Scores Major Deals, But Maintains Open Mind
As CB Richard Ellis Inc.'s top-performing broker for six of the past eight years, including 2007, 28-year industry veteran Robert Alexander scored big again last year despite a tough market.
The New York City tri-state area chairman points to leasing up more than 1 million square feet vacated by Verizon at 1095 Ave. of the Americas, including 440,000 square feet to anchor tenant Metropolitan Life Insurance Co. for its world headquarters. The building's total average rent went well into triple digits, Alexander reported, calling it the highest average ever recorded for a block of more than 1 million square feet.
Having spent his entire career in the same office—though its name has changed through mergers and acquisitions, from Edward S. Gordon to Insignia/ESG Inc. to the current CB Richard Ellis—Alexander also arranged Verizon's sale of the 1.1 million-square-foot 375 Pearl St. to Taconic Investment Partners L.L.C. for $172 million last year. "Bob is a high-energy guy," said Lee Brathwaite, vice president of real estate for Verizon. "His creativity and focus add real value for his clients."
And yet Alexander—who has arranged more than 50 million square feet of real estate leases and sales throughout his career and counts Deutsche Bank AG, Beacon Capital Partners L.L.C., JPMorgan Chase & Co. and AllianceBernstein L.P./AXA among his many major clients—does not take future success for granted. "You've never learned everything," he said. "You've got to keep an open mind and pass on what you know. But you've never got it all nailed down. There's always more to learn."
—Russ Colchamiro
Coppola Scores in Long Term With 'Get It Done Now' Approach
By practically any yardstick, R. Craig Coppola, principal for the Phoenix office of Lee & Associates, put up impressive numbers in 2007, transacting 155 sales and leases totaling $320.9 million. But he registered the most satisfaction about more permanent footprints, both through his work and his charitable activities. "I am a third-generation Arizonan, and I have kids, and I want to make this a better place to live," he said. Despite his long-term horizon, though, he recognizes that to stay ahead of his competition, he has to complete deals in a narrowing window of time. "Five or 10 years ago, if you did 30 transactions in a year, that would be a lot," said Coppola, who has been a broker since 1984. "The speed of the business is so much faster today."
JDA Software Group Inc. leveraged Coppola's market savvy when it moved its headquarters from Phoenix to North Scottsdale in 1998 and again when it purchased the building in 2004, said Paul Mehlhorn, the firm's vice president of finance. JDA Software has been an active acquirer of companies during recent years, and it has called on Coppola to advise on the real estate aspects of these deals. "He's my reality check," Mehlhorn said. "If we acquire a company in San Francisco and I want to know about the Bay Area market, I'll call Craig."
Indeed, the people aspect of the business is what Coppola says gives him the most pleasure. "We have quality clients," he said. "You deal with CEOs and vice presidents on a daily basis but also with small law firms and entrepreneurial companies."
—Eugene Gilligan
Koury Swings Retail Megadeal
During a year marked by megadeals, Jim Koury arranged a whopper of a retail sale in 2007. As managing director & national director of retail for Jones Lang LaSalle Inc., he led a team that sold a 25-property, 2 million-square-foot Massachusetts shopping center portfolio for $377 million. The deal capped his total sales volume of $583 million for the year, all in retail and retail/office assets. "(Koury's) energy for what he does is very impressive," said Terry Tedeschi, president of the portfolio's seller, Tedeschi Realty Corp. He cited the broker's straight talk, financial acumen and flair for marketing. To drum up interest, Koury marketed the Tedeschi portfolio in three chunks: supermarket-anchored centers, neighborhood strip centers and non-food centers. The resulting buzz drew 39 bids. Denver-based Dividend Capital Total Realty Trust Inc. won the competition and elected to buy the entire portfolio.
Koury proved a natural to market the complex Tedeschi portfolio, given his pioneering status. He kicked off his retail investment sales career in the middle of the 1980s, years before the niche won recognition as a viable investment category in New England. When Koury started at Hunneman Commercial Co. in 1986, he spent more than a year photographing and cataloging scores of shopping centers in Eastern Massachusetts. He joined Spaulding & Slye 10 years later and stayed on after Jones Lang LaSalle acquired the firm in 2005.
And after all these years in the business, Koury still likes a hands-on approach. He took the pictures for the Tedeschi portfolio marketing campaign himself.
—Paul Rosta
Fast Starter Gohari Thrives in Manhattan
Of the many aspects of his job as vice president & director of commercial assets for The Moinian Group, Daniel Gohari admits to a favorite: "I love to negotiate." Last year, he relied on his flair for the deal to wrap up more than 1.5 million square feet of office and retail leases for the company's properties, landing blue-chip tenants like JPMorgan Chase & Co., Columbia University and Comedy Central.
At 29, Gohari is already 12 years into an accomplished career. During his senior year of high school, he participated in a work-study assignment at a Moinian-owned Manhattan hotel. When the manager left, Gohari took his place, and occupancy quickly jumped. Impressed, company founder Joseph Moinian saw to it that Gohari kept working for the firm while earning a finance degree at New York University.
Gohari continued his quick rise at the company and after graduating was soon directing leasing for the firm's Midtown Manhattan portfolio. One 2007 highlight was a deal with American Eagle Outfitters at 417 Fifth Ave; shortly after signing the clothing retailer to a 10,000-square-foot, two-year office lease, Gohari also negotiated a long-term, 50,000-square-foot expansion at the space.
Newmark Knight Frank executive vice president Jeffrey Roseman, who has represented both Moinian and its tenants, admires Gohari's precocious poise and his knowledge. "He's definitely got very, very keen insight into the business," he said. As for the future, Gohari said that greater involvement in acquisitions could figure into his plans.
—Paul Rosta
Financial Focus Takes Goldmacher To Money Capitals Around World
Given his focus on representing financial services firms, Newmark Knight Frank executive vice president & principal Neil Goldmacher finds today's market interesting. With clients spanning such cities as New York, San Francisco, Los Angeles, London, Hong Kong and Sao Paulo, he oversaw 925,000 square feet of transactions valued at $575 million during 2007.
One of the 20-year industry veteran's major deals last year was a 23-property retail portfolio sale for Citibank. Both the number of sites and their disparate locations across New York City and its suburbs complicated the deal. Plus, the buyer group was constrained for time by a 1031 exchange. But the venture, backed by life insurance and pension company AEGON, acquired the 215,000 square feet of mostly standalone properties for $150 million, which represented a cap rate of less than 5 percent. "Neil is always hyperprepared for every meeting, every discussion," said Citibank managing director for real estate Tom Santiago, who called on Goldmacher again this year to help dispose of another 47 retail assets. "The service mind-set he brings to the table is a big differentiator. He takes time to understand your company."
Goldmacher spent seven years with Williams before it joined GVA Worldwide, then moved to Newmark. He was intrigued with the industry early on, when a family member worked in New Jersey real estate. "It was very enticing listening to the stories, and as someone with an accounting and finance background, I thought it would be interesting to apply that discipline to the bricks and mortar of real estate," he recalled. "I was right."
—Russ Colchamiro
Hanrahan, Hilton Score Big in St. Louis
After teaming up seven years ago and specializing in capital placement across the country, Michael Hanrahan and Paul Hilton established themselves as leading investment brokers who have made a major impact on St. Louis and other cities in the central United States.
In the past 18 months, the senior vice presidents & principals for Colliers Turley Martin Tucker's investment services group closed 30 deals totaling $1 billion. Their clients included The Procter & Gamble Co. and Duke Realty Corp. In their biggest deal of 2007, the duo represented FULCRUM Asset Advisors L.L.C. and Angelo, Gordon & Co. in the $90 million sale of a 575,000-square-foot St. Louis office portfolio.
And on behalf of Duke Realty, the brokers sold a 15-building, 865,000-square-foot St. Louis industrial portfolio to Blue Real Estate for $65 million. Whit Annibali, assistant vice president for the buyer, noted that a sale of this magnitude requires in-depth knowledge of the product type and strong relationships with a deep pool of qualified investors. "Their attention to detail, high level of personal commitment and integrity and effective marketing techniques enabled them to push and exceed our expectations," Annibali said. RREEF director of dispositions Jim Toney also championed their approach: "(Sellers) are looking for brokers who know how to point out value to the prospective buyers."
Hilton claims that the duo's success stems from hard work, market knowledge and a habit of being responsive to all parties. Hanrahan, meanwhile, stated that their overall philosophy—serving as consultants, not brokers looking for deals—makes the difference. "We build relationships that withstand the test of time," he said. "Clients view us as trusted advisors."
—Elena Gontar
Passion Continues to Burn For 'Larger-Than-Life' Johnson
Brookfield Asset Management Inc. vice president Michael Speer recently joked that the best way to market its Dallas-area Convergence Office campus would be to place a life-size likeness of Johnny Johnson outside the 1.1 million-square-foot complex. "(He) has a great personality, and he's always quick with a memorable saying, and he knows everybody," Speer noted of Johnson, the property's leasing agent and a principal for CAPSTAR Commercial Real Estate Services. "Johnny is a larger-than-life figure."
Indeed, Speer appreciates Johnson's passion, referring to the 20-year real estate veteran as a "champion" of the office complex. Johnson even helped select the architect, and he spearheaded its refurbishment. He also signed Fidelity Investments to a 160,000-square-foot lease in March 2007, four months after Brookfield Asset Management acquired the property. Speer credits that deal with quickly putting the property on the right path.
Johnson has closed 8.5 million square feet of transactions during his career and stated that the passion to deliver for his clients still burns bright. "I love the deals, and I love the people. Every day in this job is different, and every deal is different." He especially values landlords that are open to his advice on marketing their buildings. "You offer your experience and good ideas and strong recommendations. Then the challenge is to go out and execute."
—Eugene Gilligan
Jones & Co. Deliver Details
Stan Jones had a banner 2007. Not only did the vice president of investments & senior director for Marcus & Millichap Real Estate Investment Services Inc.'s national multi-family group arrange more than $1.2 billion worth of deals last year, he also closed the firm's largest single-asset transaction of the year: the $140.5 million sale of Solaire, a 260-unit apartment property in South San Francisco.
A 28-year Marcus & Millichap veteran, Jones is quick to credit his team, including his partners Sal and Phil Saglimbeni, as integral to his success. "I have a great team ... and we probably just pay attention to detail a little more than some and work very diligently," Jones noted. "We have a tendency to be very hands on and have an extreme amount of client interaction with both buyers and sellers."
Jones' team has been heavily active in Northern California recently but has done deals as far away as Denver and Texas and has kept up the fast pace in 2008: So far it has closed three transactions and is marketing a fourth property. "Stan is extremely knowledgeable about his markets and is a very effective facilitator," said RREEF director of acquisitions Jane Maushardt, who has worked with Jones on several deals, most recently the purchase of a five-property, $184 million portfolio of properties in Sacramento and the San Francisco Bay Area. "He (is) very well-informed, and his team really understands the apartment business."
—Adam Perrotta
Linares Brings Leasing Heat to Miami
Danet Linares knows how to manage a trophy tower. The vice president of marketing and leasing for Wealth Capital Management served as the force behind the jump in occupancy in Miami's Bank of America Tower at International Place from 73 percent in 2004 to a building-high 97 percent last year, garnering the property the Miami chapter of BOMA International's 2007 Building of the Year award for the 500,000- to 1 million-square-foot office category. During 2007, she secured 177,000 square feet of leases for the 600,000-square-foot building, including Downtown Miami's largest lease for the year, law firm Carlton Fields' early 11-year extension and expansion totaling 76,000 square feet.
Linares received her degree from St. John's University and then worked for Shorenstein Realty Services L.P., Hines and CB Richard Ellis Inc., for which she served as the leasing broker for Miami's 1.3 million-square-foot Wachovia Financial Center trophy building. She joined Wealth Capital, formerly Blue Capital Management, in 2003.
Through all these assignments, commercial real estate continues to excite Linares. "It's always changing," she said. "You never know where a deal is going to go." Foram Group Inc. recently hired her to oversee leasing for Brickell Financial Centre, a 1.5 million-square-foot complex now being developed. The project marks the culmination of a career still on the rise. "She has great communication skills (and) a sense of humor and delivers info well on both sides," said CresaPartners L.L.C. vice chairman & founding partner Barbara Liberatore Black, who has known the broker for 15 years. If you are working on a deal, "you'll get it done with her."
—Amanda Marsh
Lechter Scores with "Just Ask" Approach
When Studley Inc.'s top performers arrived at a Costa Rica resort last winter and learned that Andre Agassi was hosting a clinic there, a group of them headed for the tennis courts. Andrew Lechter found a chance to ask Agassi's wife, fellow tennis pro Steffi Graf, to volley, and she agreed. "In my business, you've got to ask," he said.
The Studley executive vice president applied that same logic with the Atlanta Convention and Visitors Bureau. In 2007, the high-profile tenant had five years left on its Peachtree Center lease but needed to expand. Lechter viewed the situation as an opportunity for both the tenant and its new landlord, America's Capital Partners. "I get a lot of calls, (but Lechter) had a lot of good ideas," observed visitor's bureau senior vice president Gregory Pierce, who described Lechter as a good listener who kept him free of any major hurdles. The landlord wanted to use the organization's existing site for retail and open space, and in June the bureau agreed to lease two floors elsewhere in the complex for 15 years. It completed its move last month.
In his 10 years working for Studley, Lechter has earned a reputation for transacting large, complex deals and for building up the company's law firm clientele in the Southeast with partner and mentee Josh Hirsch. He has also managed the Atlanta office since 2002. With $220 million and 630,000 square feet of deals tallied in 2007, Lechter plans to keep doing what he is doing, he said. "I have fun doing my job."
—Suzann D. Silverman
Mulvihill Knows How to Win
At 33, just four years after joining Grubb & Ellis Co., Matt Mulvihill last year became one of the firm's youngest senior vice presidents and was named its No. 3 industrial broker. "I go into each meeting knowing I need to earn the business, not with an attitude that I deserve the business," said Mulvihill, who specializes in industrial sales and leasing in Chicago's O'Hare submarket. "I try to learn as much as I can about my client's industry and operation so that I can best meet their needs." In 2008, he plans to make his team more efficient and achieve a broader reach in order to place it in front of more opportunities.
In a year in which he completed 21 transactions totaling 1.9 million square feet worth $122.2 million, Mulvihill highlighted Nippon Express USA's $30 million redevelopment of the 11-acre Interstate Steel Co. site on the northern border of O'Hare International Airport. He also represented BAX Global Inc. in a $20 million airport-property sale to KTR Capital Partners. "Matt came to (us) with several interesting ideas for us to save money and move off airport," said BAX Global director of real estate Michael Merk. "What makes Matt special is that he is extremely diligent and process oriented. He is very persistent but also tactful in driving home solutions for the benefit of the customer."
—Elena Gontar
Olson Proud of Queen Mary Deal
Tom Olson is no stranger to recognition. Coldwell Banker Commercial recognized the senior vice president & principal of its San Diego office as its top salesman in 2005 and 2006. And in 2007, he successfully completed an extremely complex and high-profile deal for the leasehold rights to Long Beach, Calif.'s Queen's Seaport development, which included 43 acres of bayfront property and the Queen Mary ocean liner that is permanently docked on the site. "It was probably the most unique and difficult deal I've worked on in 34 years (in the real estate business)," Olson said of the transaction, which won several industry awards.
According to Olson, a commitment to forging and maintaining strong relationships enables him to complete such deals. "This whole business is based on relationships. If I do the best job I can for the client and work as hard as I can for them, the rest seems to take care of itself."
Scott Kaohu, CFO of ITEC Properties, has worked with Olson on three 1031 exchanges in the San Diego area. "Tom is very professional and connected," Kaohu said. "He marketed our properties in a very organized manner and generated buyer interest. We felt we got what the properties were worth or more."
—Adam Perrotta
Strauss Scores Hotel Insider's Edge
After working summers during his childhood at his aunt and uncle's restaurant and hotel south of Munich, John Strauss knew the hotel business was for him. He graduated from Cornell University with a degree in hotel administration and then worked in operations for Four Seasons Hotels and Resorts before moving on to PKF Consulting Corp.
Now celebrating his 10th year working for Jones Lang LaSalle Hotels, Strauss believes his varied experience gives him an advantage. "Many investment sales brokers don't have this type of background," he said, noting that he understands the hotel sector's dependency on operational efficiency. "I can read a P&L statement and understand the inner workings of a hotel."
Strauss was instrumental in closing more than $1.6 billion worth of West Coast hotel sales in 2007, naming as the year's highlight the sale of the Laguna Cliffs Marriott Resort & Spa in Dana Point, Calif., to Cornerstone Real Estate Advisers L.L.C. for $194 million. The asset was priced before the credit crunch, but by shopping it to both domestic and international bidders, Strauss attracted 20 offers and achieved its optimal price.
Steve White, director for Angelo, Gordon & Co., worked with Strauss to sell a Hilton Garden Inn in Emeryville, Calif., to JPMorgan Chase & Co., for an undisclosed price. "John is very effective at finding commonality between buyer and seller," White said. "(He) keeps the pressure on to get a deal done."
—Eugene Gilligan
Main Street, Wall Street Intersect with Trainor
Despite the volatility of the capital markets, Gerry Trainor, managing director for Transwestern's institutional commercial group in Washington, D.C., closed $500 million worth of transactions during 2007. Among them were the $66 million sale of 2001 L St., N.W., and the $62 million redevelopment and sale of 1129 20th St., N.W. He has $550 million in deals under contract.
Trainor has garnered many accolades, including recognition as Transwestern's top producer in 2006 and top-five spots in 2005 and 2007. From 2005 to 2006, he sold 38 Downtown D.C. office buildings, more than any other broker in the city. After earning degrees from Virginia Tech and Carnegie Mellon University, he worked for Westinghouse Credit Corp., USF&G Realty Advisors and St. Paul Properties before joining Transwestern, where he has brokered deals totaling more than 20 million square feet since 1998.
"Real estate is all about the people, the excitement of doing deals and the strong relationships I have with various clients," he said. Trainor has brokered many of his deals for Cambridge Holdings, including the $75 million sale of 10 S. Howard St. in Downtown Baltimore, as well as another $200 million in pending transactions. "I like Gerry's intensity and intelligence as a player," said Cambridge Holdings chairman & CEO Andrew Czekaj. "He knows how to quickly underwrite an asset and understands the market. With him, Main Street meets Wall Street."
—Amanda Marsh
Breakups Mean Big Sales for Walter
Breaking up may be hard to do, but it enabled Faris Lee Investments president Richard Walter to register $1.9 billion worth of retail asset sales last year. In 2007, he flipped a 177,933-square-foot portion of the Plaza at Puente Hills shopping center in City of Industry, Calif. The $44 million transaction generated a $4 million profit for Walter's client, SCI Real Estate Investments L.L.C., which had owned the property for two years. Moreover, the deal vindicated his strategy of breaking up it in 2005, when he marketed the center as eight parcels. SCI Investments bought three for $40 million, and the remaining parcels fetched a total of $10 million from multiple buyers in separate transactions.
"His skill set is not only his ability to understand value and ... creatively close transactions. ... On the other side of the coin, he has tremendous financial (knowledge) with regard to loan fundamentals and loan assumption," said Patrick Cox, a senior vice president for Steadfast Cos., an investment firm that Walter represented in several transactions last year.
Walter built a 22-year career in real estate investment banking before bringing his financial expertise to Faris Lee. In 1989, he founded Real Estate Institutional Services, an investment bank that he merged with Faris Lee in 2000. He fosters teamwork rather than competition among brokers. "The goal is to have as many good ideas as we can," he said.
—Paul Rosta
Legal Mind Nets Williams Long-Term Clients
Lynn Williams was honored when Latham & Watkins L.L.P. and its exclusive broker, New York City-based Scott Gamber of CB Richard Ellis Inc., hired her team for its relocation from Los Angeles' US Bank Tower last year. The Cushman & Wakefield Inc. executive vice president of brokerage services and her partner, Jeff Welch, helped move the international law firm into 292,328 square feet at 355 S. Grand Ave. Since then, Gamber and the law firm have called on Williams twice more in other cities.
Williams has a reputation for representing major law firms around the world, but she has also represented such other clients as banks and Pepperdine University. Among her top 2007 deals, she and her partnersrelocated O'Melveny & Myers L.L.P.'s San Francisco office to Two Embarcadero Center in a three-part deal that will give it 185,909 square feet by 2010.
In the past 20 years, Williams has worked with O'Melveny & Myers around the world. "The more complicated a deal, the more useful Lynn becomes to us," observed O'Melveny real estate partner David Cartwright, who added that her background helps her communicate with attorneys. As a real estate lawyer, "I really enjoyed getting out and talking to people in the business," recalled Williams, who joined the client side as executive assistant for John Cushman in 1985 at high-level boutique Cushman Realty Corp.
Williams transacted 1.5 million square feet of deals last year and is regularly among her global firm's top brokers, but she still enjoys getting to know her clients—and learning with them as they grow internationally.
—Suzann D. Silverman
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