Real Estate Capital
Nancy Lashine
Real Estate Capital offers candid, one-on-one conversations with some of the most influential people in commercial real estate. Hosted by Nancy Lashine, Founder of Park Madison Partners, the show focuses on real estate investment and capital formation, with in-depth perspectives from some of the most respected decision makers in the institutional real estate community. You’ll learn about successful transactions, investment philosophies, innovative business strategies, real estate operations and technology, and the personal characteristics and skills that have propelled these individuals in their careers.
Episodes
Alicia Glen | MSquared's Founder and Managing Principal
Alicia Glen of MSquared explains how she structured capital stacks and self-funded a platform to scale past founder dependency. Alicia Glen, Founder and Managing Principal of MSquared, returns to catch Nancy Lashine up on her progress building one of real estate's most ambitious affordable housing platforms. Since their conversation in 2024, MSquared has grown to 14 projects across nine states, backed by two funds and a fast-growing base of institutional investors. That growth has taken MSquared into places most developers overlook, including red states like Indiana. Alicia explains why local leaders there are often more pragmatic about mixed income housing than national politics would suggest. [14:28] "It doesn't even matter whether you're a Republican or Democrat. . . It’s really about trying to find that counterparty who wants to be part of the solution and then making sure that actually the math works." She also walks through how her firm makes mixed income housing viable, from tax exemptions in Dallas to GSE products built for mixed income deals. Alicia is candid about the fundraising gap she faced as a woman starting her own platform, even with three decades of experience spanning Goldman Sachs and City Hall: [56:08] "I really thought, naively, with my resume and my background, even during COVID, I would be able to raise a ton of money really quickly. . . . If I were a boy, it would have been completely different. And I will stick by that till the end of my days." Alicia also weighs in on Mayor Mamdani's housing plan and why she's bullish on New York and Los Angeles despite the headlines. She closes with what it will take for MSquared to outlast her. Links Alicia Glen | Real Estate Capital (2024) Alicia Glen | LinkedIn MSquared | Website
Larissa Herczeg | 1 Seed Partners' Founder and Managing Partner
Larissa Herczeg breaks down GP stakes, seeding strategy and building durable real estate partnerships. Larissa Herczeg, Founder and Managing Partner of 1 Seed Partners, joins Nancy Lashine to trace her path from corporate law to building one of real estate's leading GP seeding platforms. Larissa walks through how her firm structures deals, preferring revenue participation over full ownership, and explains why patience and discretion matter more than chasing whatever property type is hot. She's direct about why she avoids partnerships with new groups: [17:46] "Partnerships are loveless, sexless marriages where all you do is talk about money and your children. We like a partnership that's been tested for at least ten years, because it's hard." She's equally blunt about the fee math that many founders get wrong: [35:10] "It constantly baffles me that people will turn away capital because the fee's too low. So instead you're going to make one and a half percent on zero. Somehow that's better than making one percent on $200 million." Larissa also shares how she left Oak Street for Blue Owl before founding 1 Seed Partners in 2024. She points out what she looks for in the operators she seeds and why emerging managers and mega funds each bring real advantages to the table. Larissa closes with her take on how the GP stakes space has evolved since 2016, from a niche few understood to one of the hottest corners of real estate capital markets. Links Larissa Herczeg | LinkedIn 1 Seed Partners | Website
Dennis Lopez | QuadReal Property Group’s CEO
Dennis Lopez, CEO of QuadReal Property Group, discusses platform investing and Quadreal's broader investment strategy. Seeking markets with long-term demand, like data centers and affordable housing, is one of the main ways QuadReal has increased its success during Dennis’ tenure. However, Dennis shares there is a major challenge to supply in a high-demand market, like data centers, right now: [20:02] “The real constraint to supply now is power, and solutions to power take a long time.” To continue to be attractive within the industry, a property needs to have the right population density and location. The conversation goes on to focus on the complexities of global real estate investment, including the challenges faced in international markets, such as China, and how environmental risks like ocean flooding and wildfires are shaping investment strategies. One of the most important things a real estate company can control, Dennis emphasizes, is to invest in its people. [30:00] “The most important thing has been to establish a culture with [your] people. A culture of performance, a culture of responsibility, integrity [...], collaboration.” Dennis’ insights shed light on the strategic pivot towards debt over equity operations, the importance of cultivating new skills, and the intricacies of global real estate. Links Dennis Lopez | LinkedIn QuadRead Property Group
Christopher Merrill | Harrison Street Asset Management's Co-Founder & Global CEO
Christopher Merrill shares the strategy that scaled Harrison Street to $109 billion in assets under management. Christopher Merrill, co-founder and global CEO of Harrison Street Asset Management, joins Nancy Lashine to discuss building one of the world’s largest alternative asset investment firms. Since founding Harrison Street in 2005, Chris has helped grow the firm to $109 billion in assets under management (AUM) across real estate, infrastructure and private credit. Chris traces the firm’s strategy back to his early experience investing in central Europe, where he learned the value of pursuing fragmented markets and building strong teams. That experience shaped a principle that continues to guide Harrison Street’s relationships: [00:06:38] “If you get alignment of interest right, it works.” Chris shares Harrison Street’s early focus on student housing, senior housing, medical office and self-storage, and how local operating partnerships have helped the firm build scale in these sectors. Chris also explains why deeper relationships with universities and health systems are creating new opportunities across real estate and infrastructure. As more capital enters alternative real estate, experience becomes increasingly important to identifying risk. [00:31:23] “No one likes to talk about their mistakes. I do. I try and bring them up a lot of times with investors and say "We've made mistakes in these sectors, and I think those scars are making us stronger.” Across each stage of Harrison Street’s growth, a truth has emerged: scale creates the most value when it strengthens alignment, creates experts and preserves investment discipline. Resources Christopher Merrill | LinkedIn Harrison Street | Website
Katie Grissom | Nuveen Real Estate’s Global Head of Retail
Katie Grissom of Nuveen discusses the retail resurgence and how retailer relationships shape investment decisions. Katie Grissom, Nuveen’s Global Head of Retail, joins Nancy Lashine to discuss the evolution of institutional retail investing. Katie oversees more than $20 billion in retail assets across the U.S., Europe and Asia, and retailer relationships sit at the center of every investment decision at Nuveen. She explains how direct conversations with tenants influence underwriting, market selection and long-term portfolio construction, giving the firm insight that extends beyond traditional market data. [00:18:14] “The retailer is the most important piece of what we do. And having those relationships gives us an unfair advantage.” Partnership and deal structure are incredibly important. Katie shares why convenience-oriented retail continues to outperform, how demographic trends differ across global markets and why investors should look beyond headline returns when evaluating retail opportunities. [00:41:50] “The risk for the retail space is that it is so localized and it’s so granular that you've got to understand where all the risks are.” Katie’s perspective combines the operational knowledge of how retailers think with the discipline of institutional investing. Listen for what’s next in the retail investment space. Resources Katie Grissom | LinkedIn Nuveen Real Estate | Website
Michelle Kleger | Kensington Vanguard's Managing Director of Business Development
Kensington Vanguard’s Michelle Kleger shares how relationships, consistency and follow-through fuel successful careers in real estate. Michelle Kleger is an expert relationship-builder. She joins Nancy Lashine in this episode to share her unconventional path from hospitality into real estate and practical advice on mentorship, follow-up and building a long-term career. Michelle works in business development, where she brings in clients and shepherds their deals through closing. In the title industry, you can’t compete on price because it’s state-regulated. So, Michelle has built a franchise on relationships and trust. She did it by spending years meeting people over breakfast, lunch and drinks with one goal: getting to know them. [00:07:35] “I was talking about the business probably zero. I was developing relationships with people.” Michelle’s love of people has helped her develop lasting relationships across the industry that continue to drive deals and open doors for her today. The conversation also explores commercial title insurance, business development, networking systems and the habits that keep relationships active over time. Michelle also shares about founding Girl Gang CRE in 2017, a community of more than 3,500 women in commercial real estate. [00:24:18] “The one thing I’ve learned from being at the same company for 10 years is the power of relationships.” Michelle highlights how the strongest competitive advantages in commercial real estate are the relationships you build and the value you create before anyone asks for it. Links Michelle Kleger | LinkedIn Kensington Vanguard National Land Services | Website Girl Gang CRE | Website
2026 Midyear Outlook | Park Madison Partners Executive Committee
Park Madison’s executive committee revisits its 2026 predictions and examines the trends shaping real estate for the rest of the year. Park Madison’s executive committee, Rob Kohn, Carrie Coulson, Jack Koch, Brian Di Salvo and John Sweeney, joins Nancy Lashine for a mid-year assessment of the firm's 2026 Outlook. The group examines which themes have played out as expected, where market conditions have shifted and what investors should watch during the second half of 2026. The discussion covers interest rates, fundraising, transaction volumes and the continued importance of distributions as institutional investors gradually return to the market. [00:12:43, Carrie] “There’s a lot more scrutiny on how managers are actually creating value. . . . not just ‘Here’s my track record, here are my returns.’” That scrutiny extends to different asset classes as well. The team talks about why niche operating strategies continue to attract capital, how data centers are navigating growing pushback and why industrial assets with access to power are becoming increasingly valuable. They also question how immune the real estate industry is to developments in AI, especially given that people will always need a place to live, work and play. [00:17:50, Jack] “I do think just generally as an asset class, there is some protection given that we’re humans and we always physically need those three things.” The conversation reinforces that patient capital and operational expertise continue to separate durable investment strategies from opportunistic ones. Resources Park Madison Partners' website 2026 Outlook report
Brendan Wallace | Fifth Wall’s Co-Founder, CEO and CIO
Brendan Wallace discusses how AI is reshaping real estate, venture capital and the future of PropTech. Brendan Wallace joins Nancy Lashine to discuss how generative and agentic AI are fundamentally changing the real estate industry for investors, operators and PropTech companies. The conversation explores why traditional “point solution” software is no longer enough for real estate firms trying to stay competitive. Brendan explains that companies now must integrate AI directly into their operations and decision-making infrastructure rather than treating technology as a separate IT support function. [00:14:18] “If you still conceptualize your business that way, as we have leasing and development and reporting and then tech over here, you've fully lost the plot because what matters to truly capture the value of generative agent AI is you can't think of it as technology. You have to think of it as business.” Brendan also discusses how AI is reshaping venture investing itself, compressing competitive advantages and increasing the concentration of returns among a small number of breakout companies. He argues that firms that are hesitant to adapt will fall behind quickly as the industry undergoes a major transformation. [00:50:30] “Doing nothing around generative and agentic AI, not having a strategy, is an existential mistake at this point.” The episode also covers climate investing, global innovation ecosystems and why Brendan believes the next five years will bring more change to real estate management than the previous two decades combined. Links Brendan Wallace | LinkedIn Fifth Wall’s website
Brian Feldman | Compass Datacenters’ Vice President of Development
Brian Feldman, Compass Datacenters’ Vice President of Development, discusses data center development, power procurement, and the future of digital infrastructure. Brian shares how unexpected opportunities early in his career led him to work with data centers. After graduating from Columbia’s business school, he joined Amazon Web Services’ (AWS) long-range planning team. At AWS, Brian was responsible for buying land for data centers and then procuring the power contract to energize it. He learned that data center location primarily depends on what problem the business is trying to solve. Brian points out that use and sales tax incentives and varying data center governance laws across the U.S. play a key role in site selection, too. [00:15:06] “Data centers like to be next to other data centers [because] . . . [they] are all about interrelational databases and interrelational compute. . . . [T]hat means they can talk to each other almost instantaneously and really almost act like one greater facility.” Brian shares how much data centers permanently boost local economies. They employ thousands of people during construction—people who live, eat and spend money in the community. [00:43:40] “The construction cycle just continues. They're temporary jobs, but what people don't often realize is the level of permanence because these buildings do require constant upgrade and retrofit. And that's one, baked into the economics, and two, based [on] the lease terms.” While the data center boom eventually will slow down, Brian emphasizes that the industry’s fundamental drive is society’s demand for computational power. And things like phone use and the need to interpret data aren’t going anywhere soon. Links Brian Feldman | LinkedIn Compass Datacenters’ website
Daniel McGill | Corporate Development & Infrastructure at Joby Aviation
Daniel McGill of Joby Aviation shares how electric air transit and vertiports could reshape real estate value and development. Daniel McGill of Joby Aviation joins Nancy Lashine to explore how electric vertical takeoff and landing (eVTOL) aircraft could reshape the built environment. With a background spanning Hines, Apple and institutional real estate, Daniel brings a practical lens to what it takes to introduce entirely new vertiport infrastructure into existing cities. [00:16:43] “Literally the way you pick up your phone to call an Uber Black to get to the airport or an event, now there's an option to pick up an aircraft to fly you to said destination.” He explains how landing pads on rooftops and underutilized spaces could become a powerful differentiator for assets, particularly as landlords look for new ways to drive demand and increase value. Daniel outlines how this technology could expand where people choose to live and work, unlocking new geographies by dramatically reducing commute times. He emphasizes that adoption will take time and intentionality, pointing to Waymo’s rollout of its self-driving cars as an example to follow. [00:31:30] “It requires patience. . . . We need to be early and often engaging with the community.” Daniel highlights how forward-thinking real estate owners can position themselves at the forefront of a new mobility paradigm. He goes further than predicting the future of transportation and real estate by giving a glimpse into what is already on the cutting edge. Links Daniel McGill | LinkedIn Joby Aviation | Website
Anthony Scaramucci | Founder of SkyBridge Capital & SALT
Anthony Scaramucci, founder of SkyBridge and SALT, speaks on resilience, manager selection and what tokenization could mean for real estate. Anthony Scaramucci, founder of SkyBridge and SALT, reflects on the early lessons in resilience he learned from his parents. They worked as a makeup artist and a laborer and instilled in him a strong work ethic and a love of people. He shares that his high school guidance counselor had a significant influence on him, too. Without his encouragement, Anthony wouldn’t have gone to Tufts and might not be where he is today. [00:10:36] “You need people to help you. . . . You gotta go through your rite of passage and you don't have to be embarrassed about it.” Anthony shares how his career has evolved and how he learned from his failures as well as successes. When COVID lasted longer than expected, Anthony stuck to playing the long game. [00:16:02] “Everybody's a long-term investor until they have short-term losses. . . . We made a decision, which turned out to be one of the better decisions actually: we pivoted the business into digital assets and started buying bitcoin.” Anthony is full of knowledge and experience. He speaks about stagflation, the possibility of AI productivity lowering interest rates and the factors at play in foreign investors’ willingness to invest in America. Links Anthony Scaramucci | LinkedIn SkyBridge Capital’s website SALT’s website
Sonny Kalsi | BGO’s Co-CEO and Sun Life Capital Management’s President and CEO
Sonny Kalsi, BGO’s Co-CEO and SLC Management’s President and CEO, discusses his real estate investment philosophy, building relationships and the biggest challenge of his career. Sonny shares pivotal moments following his 2009 departure from Morgan Stanley that enabled him to build and scale GreenOak. [00:11:00] “Honestly, my friends and my colleagues from Morgan Stanley rallying to me, my friends and wife came rallying to me . . . that helped out a lot. . . . Resilience is super important.” He explains how that period reshaped both his leadership approach and investment strategy, driving a focus on simplicity, alignment and long-term relationships. As the industry evolves, Sonny emphasizes that success increasingly depends on execution at the asset level and having the right operating capabilities in place. [00:31:44] “You got to make money the old fashioned way, which is you got to roll up your sleeves and do the hard work on the asset.” Sonny’s insights on rethinking platform scale outline how firms can position themselves to compete in a higher-rate, more operationally demanding environment. Links Sonny Kalsi | LinkedIn BGO’s website SLC Management’s website
Laurent Grill | Partner at JLL Spark
Laurent Grill, JLL Spark’s Partner and Managing Member, shares how founder experience shapes venture investing and where AI is transforming real estate. Laurent Grill, JLL Spark’s Partner and Managing Member, joins Nancy Lashine to explore how a founder-first mindset is shaping venture capital in real estate technology. Laurent is unique in the proptech space. He’s been a founder multiple times — he even did a stint on Shark Tank — and now deploys capital into early-stage proptech companies to transform the way the built environment works. He explains that in competitive markets, success often comes down to differentiation at the founder level. [00:32:52] “When you're sitting down in front of a founder, sometimes you just have to ask the question of like, why you? Why you, why your team? What is different about your business and you personally that's actually gonna give you a chance of success in this market?” That perspective carries into JLL Spark’s venture capital strategy: real-world industry pain points and measurable ROI guide investments. Laurent also reflects on the evolution of proptech, the rise of AI as core infrastructure, and what an “AI-native” building could look like. [00:55:32] “AI is . . . not a product, it's a core infrastructure. . . . This is now the fundamental infrastructure of what technology looks like.” From operational efficiency to construction innovation, Laurent outlines what it means to put people before the product, where technology is reshaping the built environment and where the investment opportunities are. Links Laurent Grill | LinkedIn JLL Spark’s website
Moran Cerf | Neuroscientist and AI Consultant
Moran Cerf, neuroscientist and AI Consultant, joins Nancy Lashine to explore how brain science and AI are transforming business, leadership, and investing. Drawing from research on real-time decision making, Moran explains that the brain has no universal formula for optimal performance. Instead, each person operates best under different conditions. The key, he argues, is understanding how decisions actually form in the brain and how leaders can align teams. [00:15:46] “Stories are the best tool to sync brains.” Moran reflects on AI and how it’s reshaping work. He warns that relying on AI uncritically or dismissing it entirely can be dangerous. [00:23:39] “You need to think of AI as a great tool . . . it should be a responder to a question, meaning you ask AI a question, you get an answer, and that is the data you use to make a decision yourself.” From geopolitics and markets to hiring and training, Moran outlines how leaders can adapt their organizations while preserving the uniquely human judgment that defines sound investment decisions. Links Moran Cerf | LinkedIn R.O. AI’s website
Diego López | Global SWF’s Founder & Managing Director
Diego López explains how sovereign wealth funds invest, why real estate remains core, and where global capital is deploying today. Diego López, Global Sovereign Wealth Fund’s (SFW) Founder and Managing Director, explains how sovereign wealth funds deploy capital and what their strategies signal for real estate investors. With insight into roughly $15 trillion in sovereign assets, Diego shares how these institutions have shifted from passive allocators to sophisticated investors. Diego is also an author and a world-renowned extreme open water and ice swimmer who has competed in races on all seven continents. He’s found the grit that it takes to be a great swimmer has served him well in his professional life too. [15:17] “Building on what I've learned from sports and keeping sight on the long-term target, if you stay consistent, if you stay working hard, . . . it's going to pay off at some point.” Diego describes why real estate remains foundational to sovereign portfolios, even as allocations shift toward sectors like data centers and senior housing. As allocations fluctuate, total exposure still continues to rise as sovereign balance sheets expand. [20:06] “Real estate has always been a centerpiece in [sovereign wealth funds’] asset allocation.” Diego explains that sovereign funds are becoming more selective and forward-looking. He emphasizes that sovereigns invest with long horizons and align portfolios with future economic needs. For investors and operators, Diego provides a clear signal. Sovereign capital is growing, becoming more sophisticated, and continuing to view real estate as a critical component of long-term portfolio strategy. Links Diego López | LinkedIn Global SWF’s website
John Atwater | Prime Finance’s Co-Founder and Managing Partner
John Atwater, Prime Finance’s Co-Founder and Managing Partner, explains how credit platforms create yield, leverage, and compete through tech and scale. John Atwater, Prime Finance’s Co-Founder and Managing Partner, shares how he built one of the most established platforms in real estate private credit. He explains why real estate debt looks compelling in today’s environment, particularly for institutions seeking stability and cash flow. As rates reset and equity valuations adjust, credit has offered attractive yields with defined risk parameters. [00:03:50] “Debt in fact has outperformed commercial real estate equity for the last three, five, and 10 year timeframes.” John highlights that structuring and managing back leverage differentiates credit platforms. He walks through how Prime matches term funding and uses CLOs and note sales to protect spread and liquidity. John shares a wealth of wisdom. Exploring AI experimentation, investor demand for yield, and real estate’s evolution, his insights give a roadmap for the future of real estate credit. Links John Atwater | LinkedIn Prime Finance’s website
Jennifer Wenzel | Director at Teacher Retirement System of Texas
Jennifer Wenzel, Director at Teacher Retirement System of Texas, talks alpha-generation, partnership, and strategy through unpredictable cycles. Jennifer Wenzel, TRS (Teacher Retirement System) of Texas’ Director, shares how pension investors approach real estate across cycles, geographies, and structures. Texas TRS is one of the largest and most influential pension investors. In the 16 years that Jennifer has been there, she’s fostered Texas TRS’s real estate platform growth from a 3% allocation to roughly 15% of a $230 billion plan. Jennifer explains why TRS positions real estate as an alpha-generating asset class, leaning more heavily into non-core strategies, co-investments, and programmatic joint ventures. She discusses how the “premier list” framework allows the team to go deeper with fewer partners and respond quickly to new opportunities in niche sectors. like industrial outdoor storage and data centers. [00:18:54] “Getting the fee strategy right is super important. We don’t like to pay catch-ups—ever. That’s kind of been our mantra through the years.” Jennifer shares how Texas TRS adapts to industry shifts, evaluates partners, and balances fee-discipline with being a partner of choice. She emphasizes that trust, direct communication, and innovation remain non-negotiable, particularly when markets are stressed. [00:20:48] “There is no perfect partner, but it’s just a feeling of trust that you get—like, how are they answering your questions? I like people who communicate directly.” Jennifer offers a candid look at how a sophisticated pension investor thinks about risk, resilience, and long-term value creation—a valuable perspective, especially for allocators, managers, and emerging leaders. Links Jennifer Wenzel | LinkedIn Teacher Retirement System of Texas’ website
Ryan Cotton | Bain Capital’s Partner and Head of Real Estate
Ryan Cotton, Bain Capital’s Partner and Head of Real Estate, explains how thematic investing, alignment and curiosity create durable real estate strategy. Ryan Cotton, Bain Capital’s Partner and Head of Real Estate, shares how a “why-first” mindset can help investors avoid cyclical traps and identify durable real estate themes. Ryan shares that his unconventional path to real estate has given him a critical edge. A philosophy major at Princeton, he spent a year working in baseball operations for the Boston Red Sox before joining Bain as a consultant. Following Ryan’s lead, intellectual curiosity and pattern recognition have become key to how Bain deploys capital across alternative real estate sectors. [00:07:03] “Our job is not to traffic in conventional wisdom. . . . It’s to ask ‘why’. . . . When you get some fundamental insight through that interrogation, . . . then you know what you’re really betting on.” From senior housing to hyper-infill industrial, Ryan emphasizes that it’s crucial to understand “why” an asset should exist before deciding “how” to own it. That discipline, he argues, creates resilience across cycles and avoids dependence on cap rate compression alone. Ryan also shares how he thinks about real estate’s role in portfolios, macro risk, and inflation. Drawing on historical parallels, he outlines why real estate can underperform early in inflationary cycles yet recover through income growth when supply tightens. [00:22:16] Real estate is a cyclical business . . . and the people who are exceptional at real estate are first and foremost fantastic macro-economists. For investors and operators alike, Ryan offers actionable steps toward creating portfolio and personnel stability when markets are in flux. Links Ryan Cotton | LinkedIn Bain Capital Real Estate’s website
2026 Outlook | Park Madison Partners Executive Committee
Park Madison’s executive committee shares what investors can expect in 2026, where capital is flowing and how higher interest rates are reshaping strategy. Park Madison’s executive committee—Rob Kohn, Carrie Coulson Naik, Jack Koch, Brian Di Salvo, and John Sweeney—joins Nancy Lashine to break down the firm’s 2026 Outlook and what it signals for real estate investors navigating a slower, more disciplined market cycle. The group explores how interest rates are forcing a reset in capital structures. With the return of transaction activity and improving price discovery, the discussion shifts to delving into why recapitalizations, continuation vehicles and secondaries are core features of today’s real estate markets. [Jack, 00:14:22] “Real estate is cyclical. It goes up, it goes down. [Picture] you're a long-term institutional investor with a 30 to 50-year time horizon. The smoothing effects will take care of the overall long term return.” The group also examines structural shifts shaping 2026: the barbell effect in fundraising, consolidation among middle-market managers, and growing investment in data centers, industrial outdoor storage and manufactured housing. [Rob, 00:20:37] “I think folks are waking up to the fact that one: interest rates are gonna be at the level they're at now for a little bit longer, and your underwriting has to work there. And two: you need to get money back to your investors. . . . Distributions, distributions, distributions.” Taking a global perspective, they highlight why Asia is attracting incremental attention as U.S. political and economic uncertainty rises. Grounded in data and firsthand market experience, the episode offers a 1000-foot view of where real estate is normalizing and where opportunity is emerging for patient investors. Links Park Madison Partners’ website 2026 Outlook report
December 2025 Round-up | Real Estate Capital
Nancy Lashine highlights memorable moments from the second half of Season 3 and offers a preview of the powerhouse guests shaping the future of Real Estate Capital.
Drew Murphy | Berkshire Global Advisors’ Head of Private Markets Advisory
Drew Murphy of Berkshire Global Advisors shares how to attain lasting success in private real estate by balancing capital, people, and purpose. Drew Murphy, head of Private Markets Advisory at Berkshire Global Advisors, sits at the center of real estate’s transformation—from entrepreneurial fund managers to institutional platforms. Named by PERE as one of the 100 most influential people in private real estate, Drew has advised on many of the industry’s headline deals, including Artemis’ sale to Barings, Blue Owl’s acquisition of Oak Street, and Colliers’ purchase of Harrison Street. In this conversation, Drew explains how the wave of manager consolidation since 2021 has been less about exit planning and more about scaling for growth. He breaks down the evolution of the GP stakes market, the rise of insurance-backed capital, and how private equity’s move into wealth and retail distribution is reshaping access to real estate. [15:11] “The market is consolidating. If you look across every report out there, [they are] just about the big getting bigger, and the middle market is getting, to a certain extent, pinched by that reality.” Drew also shares insights on how culture, trust, and alignment determine success long after a transaction closes. [1:06:08] “What we talk about across our firm is [when] providing very close-knit quality and honest advice, that really can't go wrong for you.” His perspective reveals why today’s most effective advisors think like both dealmakers and therapists—balancing capital, people, and purpose. Links: Drew Murphy | LinkedIn Berkshire Global Advisors’ Website
Tom Gilbane | Rockpoint’s Co-President
Tom Gilbane, Co-President of Rockpoint, shares lessons from three decades of private equity—handshakes, home court advantage, and hard work. Tom Gilbane, Co-President of Rockpoint, reflects on a career that traces the evolution of modern real estate private equity—from Merrill Lynch and Westbrook Partners to building Rockpoint into one of today’s leading mid-market firms. Born into a family with deep construction roots, Tom learned early on the difference between a contractor’s 3% fee and a developer’s long-term stake. His career began on Wall Street during the REIT IPO boom of the 1990s before he joined Westbrook and later co-founded Rockpoint in 2003. Along the way, he helped shape a firm known for its focus on “address-level investing” and creating real estate entrepreneurs. [11:00] “You can’t market time, but you can definitely get things wrong.” Tom shares candid insights into cycles past and present—from the boom-and-bust of early opportunity funds to Rockpoint’s strategy of combining macro perspective with deeply local, micro-level execution. He reflects on home court advantage, why supply-demand-pricing power is the key to returns, and how operators have become just as important as capital in driving performance. [27:00] “There might be more equity for office than there is investible office, which sounds counterintuitive, but that’s the reality today.” From memorable deal stories like 299 Park Avenue to climbing Kilimanjaro with his 80-year-old father-in-law, Tom brings perspective, humor, and hard-earned wisdom about building teams, upholding a handshake culture, and playing the long game in real estate. Links Tom Gilbane | LinkedIn Rockpoint Website Rockhill Management Website
Darcy Stacom | StacomSilverstein’s Co-CEO
Darcy Stacom, legendary New York City dealmaker and “Skyscraper Queen,” reflects on her 40-year career, $150B in sales, and launching StacomSilverstein. Darcy Stacom, one of the most recognized names in commercial real estate, shares lessons from her remarkable 40+ year career. Known as New York City’s “Skyscraper Queen,” Darcy has closed over $150 billion in transactions, including the GM Building, the Chrysler Building, Rockefeller Center, and the record-breaking $5.4 billion sale of Stuyvesant Town–Peter Cooper Village. Darcy reflects on her path from starting in the mailroom at Cushman & Wakefield to becoming Chairman of CBRE’s New York Capital Markets Group, where she consistently ranked in the firm’s top 1% of brokers. She discusses the challenges of forging ahead in a male-dominated industry, the importance of mentors, and the power of research and insight as her “secret sauce.” [09:00] “You need mentors—and you can’t build those relationships on Zoom. It’s the little moments that matter.” Now, as co-founder of StacomSilverstein, Darcy is charting a new chapter. She shares her perspective on the future of office, the role of conversions, and how capital stacks and buyer pools have shifted in today’s market. Beyond transactions, she speaks candidly about leadership lessons, owning mistakes, and why building authentic relationships is still the most valuable asset of all. [27:00] “Sometimes the press helps, sometimes it hurts—but in the end, it’s about trust and getting the deal done.” Whether you’re an investor, broker, or young professional, Darcy’s story is a masterclass in resilience, reinvention, and redefining success on your own terms. Links Darcy Stacom | LinkedIn StacomSilverstein Website Darcy Personal Website
Diane Hoskins | Gensler’s Global Co-Chair
Diane Hoskins, Gensler’s Global Co-Chair, discusses the value of collaboration and why design can be the most powerful tool for shaping a better future. Diane Hoskins, Global Co-Chair of global design firm Gensler, shares insights from leading a team of over 6,000 professionals across 53 offices worldwide—and why she believes intentional, collaborative design can be the most powerful tool for shaping a better future. Diane shares Gensler’s research on how vibrant, adaptable cities can strengthen economic performance, attract investment, and improve quality of life. In her current leadership role at Gensler and her former role leading Urban Land Institute (ULI), Diane emphasizes that excellent urban solutions are never the work of one individual. [23:10] “We value collaboration and we call it this “one firm-firm” mindset, which is really the team has to win, not just you. . . For us, it’s about the team winning, not just the individual. It shows up loudly.” Diane reflects on how the pandemic accelerated changes already underway in the workplace and urban environments. She explains how forward-thinking companies are reimagining offices not as places of obligation, but as destinations that foster culture, creativity, and human connection. [01:03:43] “The value [of design] is in creating places where people can connect with each other. . . this idea of single purpose zoning, single purpose buildings, feels less and less like what people are looking for—and value follows people and their experience.” Whether you’re an investor, developer, or city leader, Diane’s perspective offers a roadmap for building spaces and communities that matter to people and the lives they want to live. Links Diane Hoskins | LinkedIn Gensler Website Art’s Principles by Art Gensler Design for a Radically Changing World by Diane Hoskins and Andy Cohen Urban Land Institute’s Website
August 2025 Round-up | Real Estate Capital
Nancy Lashine recaps standout moments so far this year from Season 3 and previews powerhouse guests shaping the future of Real Estate Capital.
Gunnar Branson | AFIRE’s CEO
Gunnar Branson, AFIRE’s CEO, explores the evolution of real estate, capital flows, and the power of emotional intelligence.
Devon Olson | Utah Retirement System’s Former Director of Real Estate
Devon Olson, former Director of Real Estate at Utah Retirement Systems, shares his successes and lessons learned over his 40-year tenure at Utah Retirement Systems.
Brad Briner | North Carolina State Treasurer
Brad Briner, State Treasurer of North Carolina, discusses investment leadership, public finance reform, and real estate strategy in the public sector.
Sara Queen | MetLife Investment Management’s Head of Real Estate Equity
Sara Queen, Managing Director and Head of Real Estate Equity at MetLife Investment Management, dives into leadership and value creation.
Keith Breslauer | Patron Capital Partners' Founder
Keith Breslauer, founder and managing partner at Patron Capital, shares how he built one of Europe’s leading real estate firms from the ground up.
Greg Lauze | NorthBridge Partners’ Managing Partner
Greg Lauze, Managing Partner at NorthBridge Partners, discusses the evolving opportunity set in industrial real estate and the growth of NorthBridge as an institutional manager.
Dennis Lopez | QuadReal Property Group’s CEO
Dennis Lopez, CEO of QuadReal Property Group, discusses platform investing and Quadreal's broader investment strategy
Anthony Frammartino | The Townsend Group's CEO and Chairman
Anthony Frammartino, CEO and Chairman of The Townsend Group, discusses Townsend’s role in the real estate investment management ecosystem and themes investors should be targeting in 2025.
Alan Zafran | IEQ Capital’s Founder
Alan Zafran, Founder of IEQ Capital, discusses the role of real estate in clients' portfolios and where to find the most interesting opportunities.
Alisa Mall | DFO Management’s CIO
Alisa Mall, CIO of DFO Management, discusses her career and underscores the value of resilience and adaptability when building portfolios.
Roy March | Eastdil Secured’s CEO
Roy March, CEO of Eastdil Secured, reflects on his 46-year journey, Eastdil’s legacy, and the outlook for real estate capital markets in 2025.
Jodie McLean | Edens’ CEO
Jodie McLean, CEO of Edens, discusses her journey in retail development, Edens' vision, and the role of community in modern retail.
Michael Levy | CEO of Crow Holdings
Michael Levy, CEO of Crow Holdings, shares insights from his career in real estate investment and leadership.
Heather Fernstrom Border | Alliance Global Advisors’ Co-Founder and Managing Partner
Heather Fernstrom Border, co-founder and managing partner at Alliance Global Advisors, discusses her professional journey in real estate investment management.
Kim Hourihan | CBRE’s Chief Investment Officer
Kim Hourihan, Chief Investment Officer at CBRE Investment Management, discusses the innovative approaches of one of the leading global real estate firms.
Robin Zeigler | Founder and CEO of MURAL Real Estate Partners
Robin Zeigler, founder and CEO of MURAL Real Estate Partners, shares her journey in revitalizing underserved communities through mixed-use developments.
Peter Ballon | CPP Investment Board’s former Head of Real Estate
Peter Ballon, former Head of Real Estate at CPP Investment Board, discusses the growth of CPPIB’s real estate portfolio during his 17-year tenure.
Laura Rapaport | North Bridge’s CEO
Laura Rapaport, CEO of North Bridge, breaks down how CPACE financing can transform the way you fund sustainable real estate projects.
Scott Malpass | Grafton Street Partners’ Managing Partner
Scott Malpass, co-founder and managing partner of Grafton Street Partners, unpacks his incredible journey managing a multi-billion-dollar endowment.
MaryAnne Gilmartin | MAG Partners’ CEO
MaryAnne Gilmartin, founder and CEO of MAG Partners, reveals her inspiring ascent from Rockaway, Queens, to the forefront of real estate development.
Brandon Sedloff | Juniper Square’s Chief Real Estate Officer
Brandon Sedloff, Chief Real Estate Officer at Juniper Square, offers incredible insights into the impact of technology in real estate investment management.
Malcolm Johnson | Langdon Park Capital’s CEO
Malcolm Johnson, CEO of Langdon Park Capital, shares his journey from NFL athlete to becoming a business leader dedicated to affordable housing.
Sean Burton | CityView’s CEO
Sean Burton, CEO of CityView, recounts his extraordinary path from the Clinton White House to mastering the real estate investment landscape.
Chris Green | GreenPoint Partners’ Founder and CEO
Chris Green, founder and CEO of GreenPoint Partners, recounts his remarkable journey from growing up in rural Australia to being at the forefront of real estate and technology investing.
Alicia Glen | MSquared’s Founder & Managing Principal
Alicia Glen, founder of MSquared and former Deputy Mayor of New York City, shares her insights on reshaping cities and creating inclusive communities.