Real Estate Fourm - Womenofinfluence

Lean In T Success
o
By Sule Aygoren
omen have certainly come a long way in commercial real estate. Take a look at major industry events, or within CRE offices around the country, and its evident that the sector has become more diverse. Yet as many advances have been made, theres still more to be done to achieve full equality. The good news is the next generation of leadership, along with the new classes coming into the business, has it in their hands to change the status quo. Commercial real estate is a great profession for women, and women tend to be very good at it, says Gail S. Ayers, president and CEO of the CREW Network. Still, she adds, While youre seeing more women in the top levels of commercial real estate, youre still not seeing anything close to the levels that would make you think that the industry is ready for women at the top-level decision-making range. I think thats where youll see the next 10 years progress. When that happens, youll see women at all levels in all sectors of the industry. CREW surveys the industry on gender equity every five years. Its latest survey, conducted in 2010, polled 2,901 individuals in 2010, up from 1,834 in 2005. The split between women and men remained similar, with women comprising 69% and 64% of the respondents, respectively. Between 2005 and 2010, those polled reported a 7% increase in the number of women in their organizations, with the gains concentrated in those with 20-plus years and less than five years of work experience. Women also seem to be better compensated in the latest survey versus the prior five years. Whereas only 8% of women surveyed in 2005 earned between $100,000 and $250,000, by 2010 that figure had increased to 11%, while the percentage of men in the same compensation category had decreased from 34% to 31%. These findings, combined with Census data, indicate that women earned 82.8% of the median weekly wage of men in 2009, which is
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Women of Influence
Theres something to be said about the hubbub over the book Lean In. Ask any successful woman in commercial real estate and shell tell you that the key to achievement is to speak up and take risks.
the highest ever recorded, up from 76.1% just a decade earlier. Still, CREW reports that the survey results debunk the theory that womens lower salaries are due to their lack of experience or more recent entry into commercial real estate. Both the 2005 and 2010 surveys found a gap in earnings by gender, especially among those earning less than $75,000 and more than $250,000, even when controlling for age and years of experience. It is interesting to note that while women are entering the industry in greater numbers than men and at similar rates of compensation, soon after entry the compensation gap widens, CREW researchers write. Men earn more than women in the industry almost from the beginning of their careers. When the organization did its first study 10 years ago, Ayers notes that it was shocking to find out that most of the women surveyed thought they were getting paid the exact same as their male counterparts. In reality, there was 20-25% gender disparity in pay, depending on the specialization. The fact that womens salaries run 10-20% behind mens, she says, is pretty shocking in todays era, when youd really expect everyone would be paid according to their abilities and experience. It isnt unique to CRE, of course, and a lot of the reason behind it, studies show, is because women tend not to negotiate as hard going into a job. When I talk to CEOs and HR people, theyll often say, If someone doesnt ask you for a salary, who is going to go out there and make it happen? says Ayers. I encourage women to negotiate and know what salaries are in their fields. When asked to rate significant barriers to career advancement, both men and women indicated the lack of promotion opportunity as the greatest challenge in 2010. All respondents, though, said smart, hard work leads to success, which is also influenced by effective negotiation skills, business development/revenue generation and a relationship with an internal mentor. Interestingly, women
July/August 2013 Real Estate Forum 39
Having someone to guide them helps young women move more quickly up through the industry.
Gail Ayers
CREW Network
placed more importance on mentorship as a key to future success. Thats why CREW puts as much emphasis on mentoring as it does on its scholarships. A CREW scholarship comes with mentoring, and its usually a CREW member whos in the same specialty as the mentee, says Ayers. Having someone to guide them helps young women move more quickly up through the industry. And more women leaders are willing to mentor the next generation of leaders. In the organizations C-Suite Program, we identify women who are ready to enter the C-suite. Theyre looking for mentors, women who are already in the C-suite. We usually identify more mentors than mentees. While respondents reported that men hold about 70% of senior-level positions, more people are reporting to female managers. Particularly, CREW found a remarkable 62% of female managers direct reports were women, whereas only 45% of direct reports to male managers were women. With more women in management-level positions, its reasonable to assume the younger generation of workers will bring with them a different set of priorities. In fact, the trend is already evident, as CREW found when it asked survey respondents Rosemary Scanlon Schack Institute of Real Estate about ideal job characteristics. In terms of top five at New York University qualities they feel are most important in their careers, both women and men listed job enjoyment, challenging job and co-worker respect. But while maximizing earnings potential and career achievement rounded out womens lists, men gave importance to level of decision making and time for familyindicating that perhaps men seek a work-life balance as gender to speak up for themselves and take risks. As Ayers puts it, Much of life is a risk. CRE is a business that encourages and rewards women did in prior years. To a certain extent, says Ayers, the more men who put impor- appropriate risk-taking. Networking is also a risk. Women arent partance on work/family balance, the more possible it would be that ticularly comfortable with self-promotion, but its necessary. However, she reminds, Women are not victims. We are particithis wont be seen as a womens issue. Theres also a greater number of younger, more diverse people pants in our own destiny. We at CREW continue to urge women to entering the industry. The CREW data show that between 2005 and step up, but understand that there is discrimination in many fields 2010, the percentage of all survey respondents with five or fewer today. We have a smaller percentage of women in the executive years of experience in commercial real estate jumped from 13% to levels, and thats not by accident. We have work to do. 17%. There are also more women going into once male-dominated For more from Gail Ayers and Rosemary Scanlon, visit www.globest.com. fields, such as development/development services and financial/ Reprint orders: www.remreprints.com professional services.
A look at some of the top commercial real estate Masters programs in the country will illustrate those findings. Rosemary Scanlon, divisional dean of the Schack Institute of Real Estate at New York University, says shes seen her classes grow both in size and diversity over the past several years. Since seeing off its first class in 1990, the program, which offered the first Masters in Real Estate in New York City, has amassed well over 3,000 alumni around the world. Its students tend to be existing practitioners, with some of the biggest names in real estate among them. Since its inception, the program has seen its class numbers go up from 25 or 30 in 1990 to about 200 in 2005, to around 550 as of this past spring. Women accounted for about a quarter of the student body this semester, and will make up 28% of the fall class. Whats interesting, adds Scanlon, is that 42% of my international students are women. And more women are going into non-traditional fields, such as development and construction management, she adds. Its a major difference for Scanlon, who started her career as an economist for the Port Authority of New York and New Jersey in 1969. Back then, there were few women in property-related fields, and the Port Authority itself was a very male environment, she says. Early in her career, Scanlon tells of publishing her first reports under her initials, simply so they could be read more broadly. In short, most women in positions of success urge others of their
Whats interesting is that 42% of my international students are women.
40 Real Estate Forum July/August 2013
20 Years O Influential Women

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hen Real Estate Forum introduced its Women of Influence feature 20 years ago, it created a buzz. After all, it represented the first time any commercial real estate publication had focused solely on womens achievements in the business. The January 1993 issue featured 104 notable women in the industry. At the time, some readers quipped that the editors gathered up every woman in CRE. Not quitebut not a stretch, either. Since then, many things have changed. For one, women make up a larger proportion of the business. There are more women in senior-level roles today than ever before, and the new crop of employees coming into sector is increasingly more diverse in both gender and ethnicity. This year, Forum received nearly 400 nominees for the annual Women of Influence roundup. Combined with our own shortlists, about 500 women were considered altogether. In the end, about 115 women of distinction are featured on the pages of this magazine, from a variety of fields, regions and experience levels. Each individual was chosen based on her achieve-
ments in, contribution to and reputation in the business. This being the 20th anniversary, we decided to present this years Women of Influence in a unique manner. In addition to our standard listing of successful women, we also featured a list of those we consider to be Legends in the industry. That is, those professionals who have become icons in the business, with no firm affiliation necessary. We also feature 20 Women to Watch, young professionals who are on track to assume leadership positions in the future. Finally, to get a better sense of exactly who some of these Women of Influence are, we decided to profile a number of them in a special section we called Parallels. The initial thought behind it was to ask some industry legends to select a woman they admire to appear together in a profile. Many of the icons we spoke with chose to appear with their protgs or mentees, others chose a colleague within the industry and one legend chose her own mentor. Regardless of experience level, all the women who appear in the Parallels feature are truly Women of Influence.Sule Aygoren For the full interviews, and to learn more about the profiled executives, view our expanded coverage on GlobeSt.com.
THE LEGENDS Kim Burke Managing Director, Public Institutions Jones Lang LaSalle Colette English-Dixon Principal and Co-Leader, National Dispositions Program Prudential Real Estate Investors MaryAnne Gilmartin President and CEO Forest City Ratner Cos. Merle Gross Ginsberg Founder Association of Real Estate Women Sheli Z. Rosenberg Of Counsel Skadden, Arps, Slate, Meagher & Flom LLP
WOMEN OF INFLUENCE Ellen Brown EVP, Acquisitions and Development Denihan Hospitality Frances Delgorio Managing Director, Leasing Jack Resnick & Sons Karen Dome Senior Associate Marcus & Millichap Real Estate Investment Services Shari Linnick Vice President, Client Services Trepp Inc. Soultana Reigle Managing Director Prudential Real Estate Investors Janet L. Rice SVP, Public Institutions Jones Lang LaSalle WOMEN TO WATCH Melissa Roman Burch EVP, Commercial and Residential Development Forest City Ratner Cos. Marnie Glassman Gale SVP, Public Institutions Jones Lang LaSalle MacKenzie Landers Director, Asset Management and Development HFZ Capital Group
Parallels
Debra Cafaro Chairman & CEO Ventas Inc. Faith Hope Consolo Chairman Douglas Ellimans Retail Group Brooke Denihan Barrett Co-CEO Denihan Hospitality Annemarie DiCola Chief Executive Officer Trepp Inc.
Leaders
the past, present and future of
The
Leadership among CRE women

he Association of Real Estate Women is the longest-running organization dedicated to womens support and advancement in the commercial real estate industry. Its the brainchild of Merle Gross Ginsburg, who in 1978 decided to form the group when the Real Estate Board of New York and other industry organizations would not allow her to become a member due to her gender. The position of women in the industry has come a long way since then, and groups like AREW have played a major role in those advancements. Its mission is to provide educational and networking opportunities to help grow the careers of both men and women in all segments and levels of the real estate industry. Its also known for its charitable contributions to the community, as well as annual scholarships to young CRE professionals who are continuing their education at New York institutions. Soon after the group celebrated its 35th anniversary, Real Estate Forums Sule Aygoren spoke with its founder and first president. Although shes retired from the business, Ginsburg remains active with AREW, which now operates as a chapter within the CREW Network. She was joined in the interview by Frances Delgorio, who served as president of AREW during its 30th year, and MacKenzie Landers, who recently joined the organization. Currently a managing director with Jack Resnick & Sons, 30-year industry vet Delgorio is a past recipient of an AREW scholarship, awarded when she was a student at the New York University-Real Estate Institute. Landers, director of asset management and development for HFZ Capital, is one of the first two recipients of the Merle Z. Gross Ginsburg scholarship, created by AREW in honor of its founder. Today, she sits on the membership committee for AREW. The women discussed their start in the
business, the changes theyve seen over their careers and the role support networks play in helping them to achieve their goals. Looking back on their collective years in the industry, its amazing to see how much has changed. MERLE GROSS GINSBURG s career started in an unlikely manner. Growing up in a small town in Galveston, TX, she says she often left her mother dismayed because I always wanted to do things that werent considered feminine. During a time when women became teachers or nurses before settling into family life, When I graduated college I wanted to go to law school. Those plans didnt pan out and eventually she did marry, have children and become active in her community. She and her husband bought a rooming house in Manhattans Upper West Side, which they ran by themselves. That rooming house, combined with a new federal government program that provided tax abatements to rent-stabilized apartment buildings, led her to more opportunities and eventually, Ginsburg wound up investing in the multifamily buildings and, in the process, stabilizing neighborhoods. I ended up doing the first brownstone co-op in New York City. I learned on the job and I was so young and nave I didnt know I couldnt do it, she admits. Things were going well, but when interest rates skyrocketed within a year and her husbands business faltering, I realized I had to get a job. A stint as an assistant at a small real estate firm led her to a bigger gig in 1974as the part-time right-hand man, so to speak, to the president of a small real estate leasing and management firm, Edward S. Gordon. The following year, a divorce and the need to support her children spurred her decision to work full time.
In Ginsburgs words, Gordon gave her one of the most important lessons shes ever learned when he asked her to abstract leases for all the tenants in the buildings the firm managed. So, I sat with this stack of 50 leases and after two hours of sitting and sweating I said, well, I guess thats the end of my job, she relates. And Gordons response? He said, Let me tell you something. Im afraid of people who do something when they dont know what theyre doing. Im not afraid of somebody who says, I dont know what Im doing. I would prefer that they ask for help. After some tutelage, Ginsburg went back to that stack. I understood them. I loved the whole concept of it and from that moment on, I tried to respond to any challenge that was given to me, and there were many. During this period, all the leasing brokers in the office were men, with women serving as bookkeepers and secretaries. I thought, Gosh, Id love to have somebody to talk to, but the men in the office thought of me as an attractive nuisance, Ginsburg says. Meanwhile, Ed was on a roll, she says. The more he did, the more he got. They landed management of the Chrysler Building in 1977. She started the companys management division and got a fancy title, director of property management. Her success, combined with her reputation, led her to become a partner at the company. Yet that doesnt mean there werent hardships along the way. As the firms reputation grew, so did its assignments. The men running the corporations and big banks would come in to interview Ed and say, We know you do the leasing, but who
Photos by Nick Koutoufas
runs the buildings? When hed direct them to me, they thought he was joking. After about a year of dealing with this, he came to me and said, I really feel I need to get a man to run the division. Id love for you to stay on and go into leasing or sales or whatever else you want to do. That was truly, absolutely, honestly, heartbreaking. Gordon did hire a man to run property management. In fact, he went though four men in four years and doubled the size of the department without doubling the staff. And Ginsburg went into leasing and sales and did just fine, though I still really loved buildings. I really wanted to be a developer. But, shes quick to add, I dont blame Ed. He wasnt doing it to hurt me. And it wasnt because I wasnt qualified. He just couldnt sell an unknown entity. There were other disappointments. Ginsburg tried to join the Young Mens Real Estate Association, but the bylaws kept her out. She tells of the first REBNY dinner that she attended with Gordon, which consisted of 1,800 men and three other women. Jokes about no bathroom lines aside, she acknowledged there was a major problem in the industry. As much as she wanted to get in touch with her counterparts, there was simply no way to meet other women. And real estate brokerage is a very competitive field. The men, frankly, were not interested in helping a woman in management. It just wasnt on their list of priorities. So I had this idea about getting together with other womenbut I didnt know how to do it. Ginsburg approached three very successful women in the industry about potentially forming a group to enable women in the industry to communicate with each other and have their voices heard. She recalls, One was a woman who was the only successful real estate broker in the city at that time. She told me, I have fought and clawed my way to the top, why would I want to help another woman do that? Another was a woman whod developed the General Motors Building and was now trying to develop the Red Brick Building on 58th Street. She said she didnt have the time. The third woman was simply not interested. She approached other women, who were skeptical, at best. Ginsburgs response to them? Will there be a headline on the cover of Real Estate Weekly, saying, Womens Group Fails? No. If we fail, we fail. But if dont try, how are we ever going to get ahead? That was the birth of the Association of
Real Estate Women. About 175 women showed up for the first luncheon in 1978, which featured high-profile men to speak including Ed Gordon and the then-president of Rockefeller Center and two other industry leaders. That meeting did make headlines as front-page news. The group prospered and became more formal. Every luncheon would have at least 125 professionals in attendance. Educational seminars were introduced. Scholarships were created to help women enter the industry. Committees were formed. The whole point was to help nurture leadership skills and to encourage women once they were comfortable in the real estate businessto knock on doors and insist that the other organizations let us in. In 1980, the group became large enough to be independentuntil then it was being sponsored by REBNYand womens stature not only in real estate but also in the fields of finance and business had risen exponentially. Sometime in the 1980s, I found I was no longer in need of joining the Young Mens Real Estate Association. It had become the Young Mens and Young Womens Real Estate Association. On the one hand, Ginsburg says its shocking that there is still prejudice among firms and many men still believe that women cant be as smart, as financially equipped, as knowledgeable or experienced as men are. Consequently, they dont look to women to rise as high in their firms as they would look to a man. I still think women have to work harder and produce more to be considered equal to a man. On the other hand, that trend is quickly diminishing. Although there is still prejudice, theres a tremendous amount of respect for hardworking people that know what theyre doing in the business, she says. If youre willing to roll up your sleeves, assist someone and learn from them, youd be surprised at how much further you can go in six months to a year. Comparing this new generation of women entering the industry to prior ones, Ginsburg notes that one big difference is the amount of education, experience and sophistication the younger cohort possesses. And its particularly refreshing, she adds, to see the enormous sense of energy, excitement and enthusiasm from the current crop of leadership. You can feel it, you can touch it; I get a sense of great optimism. Women are much more confident now than 35 years ago. Its very exciting.
FRANCES DELGORIO came into the industry in what she calls an unusual way. Through the 1970s and early 80s, she worked as a paralegal for matrimonial and family lawyers. She did a lot of work with spouses dividing their real estate holdings, and continued to handle real estate when she moved into the health and hospital fields. It was here that she GINSBURG learned about the industryat least, from a legal angle. She was in New York when she was approached by the head of the real estate investment arm of German electronics giant Siemans AG. He was looking for a full-time paralegal who knew real DELGORIO estate, since he was looking to invest Siemens pension fund monies in third-party assets. I t s f u n n y, Delgorio recalls. I ultimately wanted to go to law school, but now its been several years and Im knee deep in working on this LANDERS portfolio, on the road 50% to 60% of the time. I basically became a portfolio manager very early on in my career there. She remained at Siemens for 11-plus years, then moved on to work for the Prudential Insurance Co. of America before it became public. That gig led to several othersincluding other Siemens operating groups, working on creating value from its corporate campuses nationally; the Ashforth family, which managed a suburban office portfolio for the General Motors pension fund; and Cohen Brothers Realty Corp. in New York. Delgorio ultimately ended up with Jack
Resnick & Sons as managing director of leasing, overseeing an approximately sixmillion-square-foot portfolio. At the same time, she was pursuing a Masters program at NYU when a colleague nominated her for a scholarship from AREW. She was chosen as a recipient. When I received the scholarship I went to this great luncheon where I was overwhelmed by the amount of women there, she recalls. Until then, I had no idea that there were that many women in the industry. She quickly immersed herself with AREW. It was a great opportunity to work with women in the industry from whom I actually learned things. Some of us did business together over the years. We were all helping each other out. Youd get the AREW membership direc-
MACKENZIE LANDERS was one of the very first recipients of the Merle Z. Gross Ginsburg Scholarship in 2010. She became used to working in the male-dominated business of real estate from a young age. One summer job during college was as a grunt worker for a mason. I stocked the block, I built the scaffolding and I picked up the deliveries, she says. I was the only female on the jobsite. I wore Carhart pants and steel-toed boots every dayit was great. In that role, she helped to build the Draper Museum of Natural History, in Cody, WY. It was incredible to not only see a beautiful building being constructed but also to go inside of it to see what it brought to the community, Landers explains. It was exciting to know that I had helped build that. From there, she started doing more work
commercial real estate market and history and came across the AREW scholarship in 2009. I wasnt familiar with AREW before that. I applied and when I went into the interview, there were probably 10 women around a table ready to interview me. I had an instant heart attack at that moment. I remember Merle asking me what I plan on doing with the money if I won, and I just sat there thinking of all the different ways I could answer that question, she goes on. I walked out of there and thought, This went awful. This was one of the worst experiences of my life. This was unsuccessful. Then Merle called me one night and I was almost in tears when she told me that I won. The women welcomed me with open arms. It was just overwhelming, the excitement they shared in having me involved and wanting to
tory, she continues, and there was not a person that you wouldnt be able to call that either could help you or would know someone who could help you. Delgorio went on to co-chair several AREW committees and its charitable fund. She then became a member of the organizations board and ultimately was voted in as the president for AREWs 30th year, the same year the Merle Z. Gross Ginsburg Scholarship Fund was founded. Like Ginsburg, Delgorio helped to choose the recipients of the AREW scholarships. She says the knowledge base young people bring to the industry today is impressive. When were reviewing the scholarship prospects, the committee is always amazed at the breadth of what the students put together, much more so then when I went to NYU many years ago. As for her own experience, Delgorio is pleased to admit she didnt have as many roadblocks as her predecessor. Part of this she attributes to her unconventional entry into the businesshaving come in from the law side, where women had a greater presence. At the same time, she stresses, To get what you want out of your career, youve still got to bring the knowledge to the table.
for the business. It was around 2000, and she helped to usher the company into the 20th Century. I updated the books, got the company on computer programs to automate the processes and make it more efficient, she recalls. Shed work for four days on job sites and do accounting on Fridays. She did the same the next summer. At school, Landers started studying finance because I knew that no matter what I did, I needed to know how the numbers worked. That would be a good foundation. My stepfather was an engineer-turned-general contractor, so I started helping him out in building apartment complexes in Kansas. After graduation, she moved to San Diego and started working as a financial analyst with Sony Electronics. When youre 22 in San Diego, you take what you can get, she says. It doesnt necessarily have to be a great job, but it can help you learn and help narrow down what it is you want to do. Sick of sitting in a cubicle for 15 hours a day, she quit the job at Sony, found her way to New York and started attending NYU. I wasnt from this area and knew nothing about real estate in New York. I threw myself into NYU. I joined committees and ran the peer mentoring committee. Landers tried to learn as much as she could about the citys
help me out as much as possible. Numerous women helped me with my thesis, trying to get information to turn it into something tangible, which involved a womens community facility for education in the real estate industry, Landers adds. Things took off from there. I got involved in committees and thats where I am today. She also graduated and ended up working for the NYC Department of Design & Construction, working on major multi-million-dollar projects. She ultimately found her way to HFZ Capital, which Landers says has been an evolving process. Ive been there for a year now. Im pretty much running all the sales and marketing for our developments. Were doing over 2.2 million square feet right now in Manhattan. Having only been in the industry for five years, Landers admits she doesnt have a huge track record to look back on in terms of seeing dramatic changes in the business. However, she says the mentoring shes received over the years has been invaluable, and she works hard to pay it forward. Ive been fortunate enough in my life to have a lot of mentors, and now I find myself in that role. Its been such an experience for me.Sule Aygoren For the full story, visit www.globest.com.
Gilmartin
Burch
Collaborators
These
development superstars apply the same approach to work as they do to life in general
The
orest City Enterprises is one of the most well-known development firms in the country, with $11 billion in assets and a massive footprint. Its New York Strategic Business Unit, Forest City Ratner Cos., has been responsible for some of the largest and most visible develop-
ment projects in the cityincluding Brooklyns Metrotech Center, the Barclays Center, the New York Times building and the ongoing Atlantic Yards. This past April, FCRC named MaryAnne Gilmartinan almost 20-year veteran of the firmas its president and CEO, succeeding Bruce Ratner. Not only the public face of one of the countrys most prolific developers, Gilmartin is also a role model to women in the industry and her firm. One of those individuals is Melissa Roman Burch, who took over as EVP of commercial and residential development when Gilmartin rose to CEO. A cold call to the company landed her an internship at FCR in 2002, which led to a full-time role. Since then, shes been a vital part of a women-heavy team thats been dominating the male-controlled world of NYC development.
SULE AYGOREN: Development has always been a gritty, male-dominated business. Did either of you encounter any challenges in your careers? MARYANNE GILMARTIN: Being underestimated is one of the great benefits of being a woman. Its amazing what you can accomplish, especially with a powerful platform. This is a development company, and the leadership here is willing to create an inclusive culture and thats allowed Melissa and myself to show what we can do. Its a great opportunity and responsibility for us to continue this tradition of meritocracy. MELISSA ROMAN BURCH: One of the most exciting things is that women really arent tokens in this business anymore and theyre more willing to support each other. Its good to know you can really be part of a movement being created around women in real estate and the workforce in general. AYGOREN: The face of CRE seems to be changing as a whole breed of young people, who seem to have the same goals and priorities, enters the sector. GILMARTIN: When I went into real estate, it wasnt a place to which talent flocked. Having said that, the resumes that come
across my desk these days are like objects of beauty. The problem with development is you have to build to know, and in this town it takes almost a decade to do anything substantial. Thats why the platform and relationships you have are so important. BURCH: This is definitely an apprenticeship business. Having somebody willing to sponsor you has been a huge boost. I actually consider MaryAnne to be a part of the new generation were talking about because in many ways shes brought a lot of flexibility to the company. Shes coined a motto, Youre not at work, youre on work. Technology and employers willingness to let people work from wherever has helped immensely. GILMARTIN: In the old days, you had to be at your desk. I was able to test those notions, because they believed in me enough to let me try it. I probably was one of the early trailblazers in trying to show up as a mother in the same way that I wanted to show up as a professional. I call it a seesaw, because its never really a balance. Every once in a while you get it right, and then its out of whack again. Its not a perfect science, but I feel in leading by example for the other women here, so they can recognize it didnt have to cost me all those things to become a CEO.
For the full interview, visit www.globest.com.

AYGOREN: Weve all seen the reports about how women are better, or worse, than men in business for various reasons. Do you think that women bring something different to the table than men? BURCH: I have been completely amazed at how motherhood has changed my entire approach to work. I used to think if you put in enough work, if you tried hard enough, if you prepared enough, you could somehow get all the work out perfectly. Having kids has made me realize that you just cant control it all, even if youre prepared. You cannot control all outcomes. But its also taught me the importance of relying on people and on relationships. It really does take a village, to both raise a child and to get a real estate development built. GILMARTIN: I think this idea of collaboration is fundamental to being a parent. Its also so important in the business of development. Women tend to, by their nature, collaborate and were in a business where collaboration is fundamentally a key to success. Its like an orchestra. Nobodys trying to do anybody elses job and its incredible what you can accomplish together.
Achievers
The best way to achieve excellence is to surround yourself with it. Thats how
in their fields. these executives rose to become legends
The
hen looking at success stories, these two are hard to overlook. As chairman and CEO of Ventas REIT, Debra A.
Cafaro took a troubled organization and transformed it into one of the largest and most profitable REITs in the industry, delivering 32% compound annual returns for 13 years. Sheli Z. Rosenberg blazed a trail as CEO of Rosenberg & Liebentritt, Equity Group Investments internal law firm, overseeing some of the biggest real estate deals ever made. Today shes of counsel at Skadden, Arps, Slate, Meagher & Flom LLP. Its fitting, then, that when asked to choose a woman she admires, Cafaro chose her own mentor (and Ventas board member), Rosenberg. The women share not only a strong business relationship and friendship, but also a commitment to serve as role models to others in the industry.
ROSENBERG
CAFARO
SULE AYGOREN: How did each of you find your way into commercial real estate? SHELI ROSENBERG: I became a lawyer in 1966. I had no intentions of being in commercial real estate. A lot of it was very good happenstance. I met Deb because we did work with Barack Ferrazzano, a law firm, and Deb was one of the young stars there. I didnt know her, but she got assigned to the tasks that we were hiring the firm for and we have worked together ever since. DEBRA CAFARO: I was planning to be a corporate securities lawyer, and after a judicial clerkship in 1983, I moved to Chicago. I wanted to find something where the legal market was at its peak in terms of expertise and deals of sophistication. I ended up going to a premier midsized firm that did a lot of real estate. There was a group of real estate lawyers who took a great interest in me, and I really enjoyed working with them. They were the best at what they did nationally. Thats how I became a real estate lawyer. ROSENBERG: While were talking parallels, I suspect my answer and Debs answer for people of my generation and her generation would be very similar. Namely that by the time Deb was thinking career, it was much more focused, and the opportunities seemed much more available than to people of my generation. You need only to look to Sandra Day
OConnor. She couldnt get a legal job when she finished law school. CAFARO: I always advise the young professionals in any career that the most important thing is to be with people who are great at what they do, whom you respect and wholl invest in you. Thats always very motivating. ROSENBERG: Deb makes a very important point. If you work with people who know their business and who are doing the top work, the likelihood of being captivated by the best deals and having the most sophistication seems like a natural consequence. AYGOREN: Did either of you encounter any difficulties or bias in your career? ROSENBERG: Of course. I was asked a lot to serve the coffee, and the typical comment in return is that at my hourly rate, Id be glad to. Its going to cost you $270 a cup. But in fairness to the world at that time, women werent around. I could go weeks without dealing with another woman. CAFARO: It would be disingenuous to say that I have not faced barriers or restrictions in my 30-plus year career that are gender-based. Everybody has advantages and disadvantages, but you take the world as it comes and you try to make the best of the package of skills and personality traits.
AYGOREN: What are the biggest differences in the industry from when you started compared to today? ROSENBERG: REITs didnt exist. When you talk about what real estate is like today versus the 80s, let alone the 90s, which is when a number of REITs became public, the world is totally different. CAFARO: In general its more global, liquid and slightly more disciplined. REITS in particular have changed the game and led the way in terms of performance, liquidity, transparency, governance, etc., within real estate. ROSENBERG: And its permitted a whole group of potential investors to have an interest in real estate where before, it was primarily owned by investors having a significant amount of capital. By making them public companies, it gives the little guy the opportunity to play in this sector. AYGOREN: What do you see as the biggest contributor to your success? ROSENBERG: A willingness to work hard, to control ones ego to the point of permitting others to participate and an opportunity to enjoy deals. CAFARO: I would add, for Sheli, intelligence, sense of humor, good judgment and a great way with people. ROSENBERG: Its fair to say the most intelligent person is not necessarily the most successfu. You need a number of these skills. For the full interview, visit www.globest.com.
DiCOLA
Linnick
Navigators
T
The
Their paths to their current roles took a winding course, but today, these women are among the most sought-after financial thought leaders in the industry
he paths they took werent identical, but AnneMarie DiCola and Shari Linnick both describe their journey to Trepp LLC as circuitous and fortuitous. Starting out on the legal side, DiCola imagined herself becoming a partner at a law firm. She came to Trepp, a former
client, as a legal counsel in the early 1990s and has since risen to become CEO. Linnickarmed with a degree in classical musicfound herself helping landlords renovate and lease live/work loft space in the gentrifying neighborhoods of Brooklyn. A financial course she took while obtaining her masters degree at NYU got her hooked on CMBS, and after a stint at Fitch Ratings, she found herself at Trepp, where today she is VP of client services. Outside of work, shes 2013 president of NYCREW and sits on the Education Committee for CREFC. As thought leaders at one of the biggest financial data providers in the business, DiCola and Linnick have seen their stars rise meteorically. They not only share a passion for what they do and the industrys direction, but also for mentoring all young people entering the business.
SULE AYGOREN: As successful women in the business, talk a bit about the importance of mentorship. ANNEMARIE DiCOLA: The day I started working for Rick Trepp, he said, Youre more valuable to me when you disagree with me. Rick was right 23 years ago, and encouraged me to do that. Since I was given that kind of advice from a male founder of the company who then served as a mentor and still does, Im hard pressed to say I think I was underestimated or discouraged because I was female. Now, I also know that Im fortunate. I know there are women who would say the opposite, and theyd be justified. SHARI LINNICK: I met one of my greatest mentors, Larry Longua, at NYU, where he taught a capital markets class at the Schack Institute. That course changed my entire existence; I knew I wanted to work in CMBS and Ive been teaching that course at NYU for the past seven years because he encouraged me. I also learned a lot during my time at Fitch. I have a lot of former students with whom I meet on a fairly regular basis, just to talk about their careers. Im perfectly willing to do that, and I encourage it.
AYGOREN: Theres a whole movement behind the book Lean In. What advice do you give young women? Dicola: Heres one of the many reasons I think the book is spot-on. I think there are unconscious things women do that derail them. My mentor, many years ago, took me aside after a meeting. He complimented my contributions, then he said something very interesting: When youre in a meeting, get to your point faster. Be more succinct. Dont start talking by qualifying what youre saying so much. Although I hate generalizations, one of the ways that women communicate is to qualify or set some stage because they want their comment to be well-received or they want to make sure no one takes offense. Its one little thing, but its big. LINNICK: I completely agree with you on how you speak and how you communicate, especially if you want to become a person in a leadership role. I also think that presencethe way you sit, dress, even look at peopleis a major factor in terms of how people receive you, and whether they respect your ideas or consider you to be somebody of value at the table.

AYGOREN: Where do you see the industry headed? DiCOLA: The younger generation of people entering the industry includes a generation of men who, like women, want to get home for the school recital or coach the soccer team. Theyre very focused on their work-life balance, too. So this is not just the purview of women. I see it with men here at Trepp. Its a good trend that well continue to see. Its a generational thing. LINNICK: Our niche, structured finance, is a fairly young industry. When you look at the senior levels, a good number of them are held by women. Its rewarding, being surrounded by extremely accomplished women who dont seem to have ever hit a glass ceiling and are very much respected by their male counterparts. In the classes I teach, women typically do very well. There really is no gender bias in that generation. Its just all knowing your stuff and being proactive in terms of what you want to do and where you want to go. Its a sink or swim environment for them.
Support Team
In
the business world as in life, a great support system can make all the difference
The
English Dixon
sk most people to name successful women in institutional real estate, youd be hard-pressed not to find Collete English Dixon and Soultana Reigle on that list. Dixon, a principal with tor
Prudential Real Estate Investors and co-leader of the firms national dispositions program, oversees a team that completed over $9 billion in portfolio asset sales since 2008. PREI managing direcReigle is responsible for defining and executing the investment strategy and portfolio management strategy for a $2.2-billion value-added real estate portfolio. Dixon and Reigle work in separate officesChicago and Madison, NJ, respectivelybut they share a common cause, which is to help the industry diversify its ranks. They also share a unique relationship as part of an ad-hoc support system both to each other and other women looking to advance their careers.
Reigle
SULE AYGOREN: You both kind of straddle CRE and capital markets, fields that have been considered an Old Boys Club. Howd you make your rise? COLETTE ENGLISH DIXON: Ive been in this business a lot longer than I care to admit, and I have to acknowledge that the industrys gone through a lot of changes in that time. I believe that my experience is probably impacted by both my ethnicity and my gender. Joining this industry in the early 80s as an African American female in the South was an interesting combination of things. There were a lot of times where people were a little surprised when I showed up at meetings, not having met me before but having talked to me on the phone. Then suddenly I show up, and theyre thinking maybe I should be somebodys admin assistant. It took being engaged and having support from the people I reported to that really allowed some of those surprised looks to at least be hidden better than they might have been initially. But I do think the industry has a lot of challenges with respect to the advancement of women. Soultana REIGLE: Ive always been on the investment management side, so Ive not personally experienced it. But men tend to dominate the industry by being able to bond with people. Yet weve determined that some of this gender bias is more generational. As you get a new generation of leaders, things will continue to improve, just because its out of the network now.
AYGOREN: What do you think of the gender stereotypes that exist? ENGLISH DIXON: There are probably a couple of drawbacks that are perceived to be challenges for women. I dont think every woman falls into this category, especially younger ones. Its important to be engaged in doing the things that make you known, that are creating your own brand, and not thinking that putting your nose to the grindstone and getting it done is enough. REIGLE: As important as it is to crunch those numbers at your desk, or read that last research report, its also important to hear peoples real-time data points on whats going on in the market and brainstorm and bounce ideas off of people. Thats a positive women dont really focus on, because were so geared to the notion of getting that gold star and finishing the term paper. ENGLISH DIXON: Yet women seem to have stronger team-building and collaborative working styles. That can be very beneficial to many aspects of this business and should not be suppressed by trying to maintain an individualistic approach. Women are also great at developing relationships when they put their minds to it, and the kind of emotional intelligence that appears to be a more female characteristic can be incredibly beneficial in this business, especially when you have to interface with clients and partners. REIGLE: We view communication as a very fundamental quality in order to be success-
ful, on a lot of different levels, whether its within your own team or the industry itself. AYGOREN: Talk a bit about the importance of mentorship and support system. REIGLE: Im a big advocate of mentorship. Once youve gotten to a certain level in your career, we all have a responsibility to pay forward everything that we have experienced, be it positive or negative, to help the next generation take the shortcut, if you will, and learn from our mistakes or learn from the things we did well. Its important at any point in your career to have somebody that you can go to just for guidance and as a sounding board. Its a very important relationship. ENGLISH DIXON: I cant honestly say Ive had a career filled with mentors. Ive benefited by creating ad hoc mentor opportunities through the great network of women Ive managed to get to know through my career and reaching out to them. Id like to think that in addition to mentorship, its even more important to identify a sponsor. Mentoring is a wonderful thing, and Soultana and I both do it for a lot of people in and out of the industry, but the real key to moving forward is to not just have mentors, but to develop that relationship with someone who is willing to put their political capital on the line to help you move ahead. Those are harder to develop.

Dome
Consolo
Iron Ladies
W
The
Theyve made a name for themselves in the often-cutthroat world of commercial brokerage
hen one thinks of New York City retail space, the first name that comes to mind is Faith Hope Consolo. Not only a retail broker, shes a brand unto herself, complete with her own motto. Yet things werent always this way; she was an anomaly when
she entered the business. Hard work and a strong willnot to mention her signature pink flairhelped her climb to the top of a traditionally male-dominated field and become the go-to agent in the retail community. Her colleague and friend, Karen Dome, came up in a similar environment. Representing Sumitomo Realty & Development, she had to play on the same field as some of the most aggressive commercial brokers in the city, handling a portfolio of several million square feet of class A office space. She rose in the ranks to her current role as a senior associate with Marcus & Millichap, handling sales in a variety of property sectors. She also makes sure to pay her success forward; a past president of NYCREW, she is active in many industry and nonprofit organizations. Both Consolo and Dome not only survived the tough world of New York City brokerage, but they thrived as well. Forum sat down with the brokers to discuss their careers, how they handled challenges they encountered, their friendship and where they see the business going.
SULE AYGOREN: Brokerage has traditionally been a male-dominated field. What was it like when you started out? FAITH HOPE CONSOLO: I decided I was going to make it like a game. When I went to my first meeting, the Retail Committee at the Real Estate Board of New York, I was the only woman. There were about a dozen men. I walked into the room and one of the guys came over and asked me what I was doing there. I told him, I just thought it would be fun to hang out with you guys. Its funny now, but it was very difficult. Its like anything elseyou prove yourself. I started to make deals, and they didnt totally accept me, but they tolerated me. I joined all the organizations. I immersed myself in the business. I became involved, I volunteered, I organized. I made myself an asset. Even today, its a work in progress, because there are new tenants, new developers, new playersand more women coming into the business. Of course, I tell them, you want to be a broker? You have to have nerves of steel.
KAREN DOME: My struggle was a little bit different because I represented male owners and had to deal with them all the time. They needed me to be part of their teams. I was often the only woman in the room. In some ways, that made it easier. I took it as an opportunity to be recognized. And then had to work twice as hard. You have to push yourself to pursue your passions. AYGOREN: Youve both mentioned the lack of women in your early support systems. Does that drive your decisions to give back? DOME: Its absolutely a requirement to help women in real estate. I had no women mentors, and that was one of the reasons I felt the need to join NYCREW, which was late in life. Its the first organization of women that I actually joined and said, The sole reason why Im doing this is to mentor young women. Then I got some of the top leaders of our industry, such as Faith, involved in the program and sign up to be mentors. CONSOLO: We keep growing and divesting, and reaching for the stars, but its
time to nurture other people. Women talk about helping women, about nurturing, but I think the important thing is not to be judgmental and have a trust factor. You just have to put your arm around someone and say, Ill help you. With no judgments or questions. Karen did that for me years ago, and it was very big thing to me. AYGOREN: Whats the biggest piece of advice youd give to any young person in this business? DOME: Continue to dream, continue to work hard, dont give up, take the challenges and make them the opportunity of a lifetime, and follow that passion. CONSOLO: Have resolve. You have to draw a lot of inner strength and gather as much knowledge, because thats where the power lies. I came into the business not knowing anything, but I not only learned through work experience, I made sure to go back to school and get my degree in real estate. DOME: Education is so critical.

DENIHAN BARRETT
BROWN
Risk Takers
B
The
Success is achieved through taking chances; Denihan Hospitality is testament to that. Heres a look at how fearlessness can sometimes yield surprising results.
rooke Denihan Barrett is co-CEO of Denihan Hospitality Group, one of less than a handful of women in the country to own and operate a hotel management and development company. Since 2006, when she and her brother and co-CEO Patrick Denihan
acquired the company from other family members, they have more than doubled the size of its portfolio and continuously grown the firms RevPAR index year-over-year. In her current role, Denihan Barrett oversees 2000 employees and approximately 3400 rooms. One key member of the companys executive team is Ellen Brown. As EVP of acquisitions and development, she handles the firms dealmaking and expansion efforts efforts across the country, including its $910-million JV with Pebblebrook Hotel Trust in 2011, its $500-million dollar recapitalization in 2006 and its 2008 acquisition of the James brand and the James Chicago. As the Denihan Hospitality celebrates its 50th anniversary, Denihan Barrett and Brown sat down with Forum to discuss their careers, their firms and the overall hospitality business.
SULE AYGOREN: Have you always wanted to be in this business? BROOKE DENIHAN BARRETT: My start was serendipitous because its a family business. But my career track was the mommy track. As soon as I was old enough, I was taught to sew at the family cleaners and dryers, not necessarily because I was interested in it, but thats what was expected of girls and young women at the time. This had absolutely nothing to do with CRE, but that was where I was career tracking. Then I got divorced in my 20s, had two kids and had to go back to work. So, I went into the business and worked in different areas in hotels. I learned I really liked it and was good at it. Ellen Brown: Growing up, hotels always fascinated me. Every time you check into a hotel its like a new adventure. After I graduated from college, I worked on the opening team of a hotel in operation. I quickly realized that I wasnt good at it and was anxious to be part of the bigger picturecreating a business and adding value to it. I was fortunate to work for several advisory firms, which prepared me well to move into the principal
side of the business. Working on the real estate side of hospitality is fascinating. Every deal, every city, every property is different. AYGOREN: Having so many women in high-level positions, is gender disparity in business something youre sensitive to? DENIHAN BARRETT: Its not 50/50, but we have a good balance of women in this company. If you dont have a diverse workforce, I dont think theres good balance. Brown: I will share one thing, and its very indicative of Denihan. Midway through my interviews here, I learned that I was expecting my second child. Even though I didnt have to, I decided it would be unfair to not disclose that information. I called Brookes former partner, Dan Denihan, to excuse myself from the interview process and told him why he said, Whoa, that happens to women all the time! It happened to my wife five times! So they hired me, and I probably worked for two weeks before I went into labor early. Denihans belief in and commitment to me is indicative of the kind of company it is and I am fortunate to part of it.
AYGOREN: How important is mentorship in this business? DENIHAN BARRETT: When I started work there were no mentors. It was trial and error: you learn what worked and what didnt. It was probably just as important to have a bad boss as it was a good one because you learn what not to do. I learned over time that the carrot works better than the stick. AYGOREN: What advice would you give to someone entering the business today? DENIHAN BARRETT: You have to be committed and work hard and promote yourself. I think women still have a tendency to be too humble. I dont mean they should be braggarts or arrogant, but they should have a good sense of themselves and their abilities. Brown: I echo that. I often think about what a mentor once said to me: What would you do if you werent afraid? Have goals and believe that you can achieve them. DENIHAN BARRETT: My mottos been whats the worst that could happen?

Cross-Overs
Though
they moved into the private sector,
Burke
The
these professionals are still making a difference in their public-sector work
hese three JLL executives have a unique perspective: theyre all former public sector employees who now serve that field from positions in the private sector. With 25 years of experience in fed-
eral real estate, privatization and federal budgeting/financial management, managing director Kim Burke leads Jones Lang LaSalles Public Institutions practice in the Washington, DC office. She also heads up the Mid-Atlantic chapter of JLLs Womens Network, its national employee resource group
GALE
dedicated to the female workforce. Shes a close mentor as well to two SVPs in the PI practice whom she also considers good friends. Janet Rice (not pictured) has had a 14-plus relationship with Burke even before JLL. Among other duties, she consults the US Department of Transportation out of DC. Marnie Gale, an SVP in the Boston office, has known Burke since joining JLL seven years ago. Today she focuses on affordable housing solutions for US military veterans. The three sat down to discuss the differences between their former and present lives.
SULE AYGOREN: Do you think that there are more opportunities for women in the public sector, or it attracts more women? KIM BURKE: When I started with the government, some of the women leaders that I worked with and my bosses were women. The government is very forward thinking as far as women in leadership positions. I was lucky to have that as kind of a role model. The public sector is a really big market, but it isnt as glamorous. It seems like women were able to get a better foothold in it. MARNIE GALE: The PI Group is unique in that were obviously real estate focused, but we touch on so much more. On a day-to-day basis, were consultants, which differentiates us from a lot of the real estate industry. JANET RICE: Weve also all worked in government at some point in our careers. Thats the thing thats always attracted me to the real estate work we do in the commercial world. Were engaged in helping our clients help otherstheyre all government agencies with missions. As a woman, thats very important to me. I want to feel like what I do makes a difference. AYGOREN: You have a very strong mentor-mentee relationship. Whats that done for you?
BURKE: I had a few mentors when I worked in the government. At Kenneth Leventhal, where I was prior to JLL, there was a man named Robbie Little who was my absolute mentor and taught me everything about real estate and consulting, andonce we moved to EYhow to operate within a big firm. I credit him with a lot of the way that I approach things. RICE: Kim is a big reason Ive been in this career for so long. GALE: I absolutely agree. Ive been very fortunate to have my mentor also be my manager for the past seven years. AYGOREN: What do you have to say about the perceived double standards in the private sector? BURKE: In the beginning of Lean In, Sheryl Sandberg talks about women who get promoted because of their accomplishments, while men get promoted because of their promise. I think thats true everywhere. GALE: The workplace can be hard for women. It certainly helps when the people at the top set the tone in the right way and are supportive of flexible worker needs. I have a small child and one on the way. I put in my hours, but they may not always be the exact same times as all of my colleagues.
AYGOREN: Where do you see the industry trends heading? BURKE: I have to say JLL is putting its money where its mouth is as far as the womens perspective. It starts at the top. Our CEO, Colin Dyer, is very adamant about diversity and women, and making sure the firm is a leader in that field. I for one am really proud of the firm for taking that perspective. The leadership of the firm has been very open and supportive in terms of allowing us to go out and chase our dreams, and chase after the types of work that we want to do in real estate. The environment contributes to that in a very positive way. RICE: Theres also something about the fact that JLL feels like a very young environment. You dont have to be 55 before you get promoted to managing director. I think we have a lot of young people in fairly senior positions, both men and women. I think this generation of men is also somewhat different. They see the world a different way, maybe look at life through their daughters eyes, and have a better appreciation about creating opportunities for women.

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Women of Influence: Legends
Women
of
Distinction
The professionals on the following pages need little introduction. They are women whose names today are recognizable without affiliations with any organization. They have made their mark on the business and have paved the way for others of their gender to achieve their goals. They are individuals who have established benchmarks of success and repeatedly appear on our rosters. They are legends of the industry.
Dorothy Alpert Formerly the national sector leader for real estate at Deloitte, Dorothy Alpert today is one of three deputy managing partners for the firms Northeast region. She is active in Deloittes womens initiative, for which she led an effort to raise $1.5 million to endow the Ellen Gabriel Chair for Women and Leadership at the Simmons School of Management, and was the dean of Leading Edge, a development program for high-potential women partners. Outside of Deloitte, over the past year she has been part of the executive and steering committees for ULIs Womens Leadership Initiative, watching the program become a reality. She also recently joined New York Women Executives in Real Estate, an invitationonly association of executive-level professionals. Fostering a desire to build a team of leaders, Alpert says, Senior women in the industry need to create an environment to help other women. We need to push women to support one another in all aspects of their careers. Debra Stracke Anderson Twenty years into a career with firms such as Insignia/ESG and Compass Management and Leasing, Debra Stracke Anderson launched her own firm, Sloan Street Advisors, in 2000. It focuses exclusively on corporate tenants and buyers in the Washington, DC metro area as well as internationally. Three years later, Sloan Street was selected as the DC regional affiliate of International Tenant Representative Alliance Global, and Anderson has long since made her mark upon the organization. She was elected chairman of the board for ITRA Global for two terms, the first woman to hold the seat in the history of the organization. Under her leadership, ITRA Global expanded significantly abroad; it now has 10 European affiliates and one in Asia. She is serving a second year as chairman emeritus and in 2009 she received the Exemplary Service Award presented by ITRA Global to recognize outstanding leadership.
Sharon Dworkin Bell As senior staff VP for multifamily at the National Association of Home Builders, Sharon Dworkin Bell has virtually become the face of the organization in the industry. She has primary responsibility for multifamily policy and issues advocacy as well as the continued expansion of educational, research, and business services to multifamily builders, developers, owners and managers. During her tenure, membership in the NAHB Multifamily Leadership Board has dramatically expanded to represent the top national firms involved in the ownership and development of market-rate and affordable rental housing as well as multifamily for-sale properties. Before joining NAHB, Bell was with the office of investor relations at Fannie Mae. A 20-year veteran of the housing industry, she also has served as CEO of Dworbell Inc. and as associate director of the National Housing & Rehabilitation Association. Barbara Liberatore Black Black is founding principal of what is now Cresa South Florida and was one of three founding partners of Prev Liberatore & Barton, which became Cresa Partners in 1993. Its now the largest firm of its kind in North America, with more than 50 offices across the US and Canada. Along with securing hundreds of leases totaling more than eight million square feet during a three-decade career, Black has distinguished herself for industry leadership and mentoring young commercial real estate professionals. Although Black got her start at a time when women in the industry were few and far between, today she sees commercial real estate as wide open for women in every field and theres nothing stopping women from great opportunities. I dont believe there is a glass ceiling in this industry, as it is very entrepreneurial in nature. If you work hard, you will benefit.
Tere Blanca Tere Blanca left her job running Cushman & Wakefields South Florida offices in 2009 to launch her own firm, Blanca Commercial Real Estate Inc. It was seen as a risky move in the midst of a recession but the idea, Blanca told the Miami Herald earlier this year, was to return to her brokerage roots. The gamble paid off quickly when the firm landed the leasing assignment for the newly built 1450 Brickell, now 95% leased. Blancas longstanding reputation as a force to be reckoned with in South Florida commercial real estate undeniably helped matters. Before joining C&W, she spent 14 years with Codina Realty Services/ONCOR International, where she was consistently among the firms top producers. Today, she receives many industry accolades and is considered one of the regions top dealmakers. Ann Hambly Recognizing a need for a borrower advocate in commercial real estate loan restructuring and assumptions, Ann Hambly created 1st Service Solutions in 2005. Loan servicing is a subject Hambly knows better than most, having not only served as head of servicing for Prudential, Bank of New York, Nomura and Bank of America, but also as a participant in devising the CMBS standards that are in place today. Shes a sought-after author of articles and featured speaker for conferences aimed at CMBS borrowers, lenders and attorneys. Hambly is currently on the Federal Reserve Bank of Atlantas think tank for commercial real estate, and recently was asked to do a presentation to the Fed about some of the issues facing the CMBS sector and commercial real estate in general. In 2003, she served as the chair of the Mortgage Bankers Associations commercial board, the first woman to do so. Deborah Harmon Co-founder (in 2009 with Penny Pritzker) and chief executive officer of Chicagobased Artemis Real Estate Partners, Harmon has a long track record in the business. She previously spearheaded the acquisition of $27 billion in assets as president and chief investment officer of the J.E. Robert Cos. During her tenure there, she oversaw a joint venture with Goldman Sachs for more than $7 billion in non-performing loans and real estate and more than $4.5 billion in equity investments across eight private equity funds. For the eight years preceding JER, Harmon was a managing director at Bankers Trust Co. in New York City, working in both the corporate finance and real estate groups. She has long been active on the public-service side as well, serving at various times on the boards of the National Childrens Research Center, Beauvoir the National Cathedral Elementary School and Sidwell Friends School, all in Washington, DC. Currently shes a commissioner on the Presidents Commission on White House Fellowships.
Sharon Harper Harper is regarded as one of the foremost experts in medical office, commercial office, senior living, research and biotechnology real estate in Arizona and the Southwest. Her firm, Plaza Cos., which she co-founded in 1982 and leads as president and CEO, is regarded as a leading force in development, leasing and property management in several key market sectors in the region. In the healthcare arena, for instance, Plaza has made brokerage hires in recent months that have more than doubled the size of the companys leasing and brokerage portfolio. Approximately 30 new properties have been added to Plazas leasing assignments since the beginning of 2013 and more are projected to follow. The caliber of organizations that have partnered with Plaza over the yearsamong them are Banner Health, John C. Lincoln Hospital, USAA Real Estate Co. and Arizona State Universityattests to the stature of the company Harper has built. Leslie Himmel Considered the highest-ranking female landlord in New Yorks commercial real estate marketplace, Himmel co-founded Himmel + Meringoff in 1985 with Stephen Meringoff. The firm has since amassed a portfolio of more than two million square feet of class B office space. Himmel, who began her industry career sourcing state pension funds as commercial mortgage lenders, focuses on acquiring and financing properties that are suitable for repositioning, along with day-today operations and marketing and leasing initiatives at H + M. She founded the Real Estate Board of New Yorks Economic Development Committee in 1992, and continues to serve as cochair. In 2011, she received REBNYs Bernard Mendik Lifetime Leadership Award. Her long-term goal is to double H + Ms portfolio in the next few years, meanwhile continuing to mentor young women through speaking engagement opportunities from Harvard Business School, Wharton Real Estate classes and professional real estate groups. Nora Hogan A change in both industry (from medical devices to CRE) and climate (from Chicago to Dallas) was the catalyst for a career path that, for Hogan, has meant completing more than 22 million square feet in transactions since 1984 and becoming a principal with Transwestern. Three downturns later, she is recognized as a leader in Dallas/Fort Worth and nationally, and although her specialty is transactions and consulting for corporate clients, she has also helped many smaller tenants that other brokers would pass by. In fact, she weathered one market slump in the 1980s by completing 60 deals of no more than 2,000 square feet each. Among her goals is to help Transwestern hire the best brokers available and to help individual brokers elevate their practice. She has long been involved with mentoring young women, some of whom are now successful in their own right, and plans to continue doing so.
Grace Huebscher Since starting Beech Street Capital in late 2009, president and CEO Grace Huebscher has built the company into one of the most successful and well-regarded commercial real estate lenders in the country. For instance, in 2012, Beech Street once again doubled its performance with $4 billion in originations. Before founding the company, she held several management positions in multifamily housing at Fannie Mae. Prior to that, Huebscher was the CEO of National Cooperative Bank Mortgage Co., where she expanded its secondary market capabilities by building the first CMBS platform for originations in the days before RTC market activity. Shes also been active in lending in New York City for Security Pacific and Chase Manhattan Bank. She currently serves on the Fannie Mae DUS Advisory Council, is vice chairman of the Mortgage Bankers Associations Multifamily Steering Committee and is on the ULIs Multifamily Silver Council and the Real Estate Roundtables Presidents Council. Lenore Janis There may be someone, somewhere, whos in the architecture/engineering/construction business or CRE industry, who has been buried under a rock for the past 33 years and hasnt heard of Lenore Janis and Professional Women in Construction, but one would be hard pressed to find him or her, says Andy Frankl, CEO of Ibex Construction. If the person hasnt heard of Lenore, he or she is sure to have felt her influence. A pioneer in an industry where women were barely acknowledged, if at all, Janis was among a dozen founders of Professional Women in Construction 33 years ago. In the early 1980s, she lobbied Washington, DC and Albany to set percentage goals for womanowned business enterprises at a time when there were no such goals. Since 1995, she has devoted herself full-time to PWCs growth and development; during her presidency, the organization has added chapters up and down the East Coast. Jean Kane As one of the only female CEOs in Twin Cities commercial real estate, leading 300plus Colliers International | Minneapolis-St. Paul and Welsh employees in disciplines ranging from brokerage to construction, Jean Kane has become an industry leader and integral member of the sector. She led Welshwhere shes worked for 26 of her 28 years in the industryto its 2011 affiliation with Colliers as president and COO, and after becoming CEO last year she made the strategic decision to take a majority shareholder position in the company she runs, helping to position it to apply for a Womens Business Enterprise National Council certification. Kane was the first woman to serve on NAIOPs national executive committee, and was nominated and selected by NAIOP to become vice chairman and executive director in 2013. Shell become the national organizations chairman in 2014.
Mary Ann King Coming to Moran & Co. in 1983 after leading a team of workout specialists that handled busted condo deals for Continental Illinois National Bank, Mary Ann King brought a similar skill set to bear for her new employer. Following the multifamily overbuilding of the mid-1980s, she restructured the debt and equity on more than 5,000 apartments. After Moran & Co. formed its brokerage division in 1994, King sold the first apartment property ever listed by the firm. Since then, she and her team have been responsible for about 50% of its sales volume, along with establishing the standards for how assets are valued and marketed. She became the companys president in 2002 and also oversees the California region as its managing partner. From 2006 to 2008, King was chairman of the National Multi Housing Council, and remains on the organizations executive committee. Laurie Lustig-Bower Laurie Lustig-Bowers industry career has been with one firm: CBRE, where shes been a superstar of investment sales. She has handled more than $5 billion in multifamily property sales in the Los Angeles area, including $500 million worth over the past 12 months. Early in her CBRE tenure, she wrote a business plan proposing the team she then formed and now leads. Lustig-Bower is the lead on marketing Metropolis, a full-city block entitled for 1.65 million square feet of high-rise development in Downtown Los Angeles, and is also marketing a full block in Glendale, CA for Citi Bank. For 2010, 2011 and 2012, she ranked as the top producer nationwide in CBREs Private Capital Group. Not only the numbers have earned Lustig-Bower recognition: she has been honored by CREW with its Renaissance Award for an outstanding career, and within CBRE with the Larry Perrish Award for ethics and integrity. Constance Moore At BRE Properties in San Francisco, Connie Moore has served as president since 2004, and added the CEO title a year later. Her association with the firm, however, goes back longer than that: it was where she began her industry career in 1977 as an entry-level analyst while still an undergraduate. Before her 2002 return to BREa West Coast multifamily REIT with $3.5 billion of assets as of Dec. 31, 2012she was managing director of Security Capital Group & Affiliates. Between 1993 and 2002, Moore held several executive positions with Security Capital Group, including co-chairman and chief operating officer of Archstone Communities Trust. She held the same position at Security Capital Atlantic Inc., a predecessor of Archstone, playing an instrumental role in its IPO. Moore chaired the National Association of Real Estate Investment Trusts in 2009 and currently is chair of the Fisher Center for Real Estate & Urban Economics Policy Advisory Board at the University of California at Berkeley.
Bliss Morris Amid the S&L meltdown and the formation of the Resolution Trust Corp. in 1989, Bliss Morris launched First Financial Network, and the loan sale advisory firm counted the RTC among its biggest clients in its early years. A sunset clause shuttered the RTC in 1995, but under Morris leadership, FFN has been an industry pioneer, handling sales of loans and other assets in 28 countries. Over the past five years, FFN has executed over 33 transactions for the FDIC where Morris worked from 1985 until launching FFNtotaling $13.6 billion. For nearly a quarter century, Morris has been directly involved in assisting government agencies, central banks and money center, regional and community banks in developing strategies for selling performing and non-performing loans. Jeanne Myerson Since joining the Swig Co. in 1997, Jeanne Myerson has implemented a strategy that has significantly broadened the companys scope. Under her leadership as president and CEO, the company has made a smooth transition from its roots in the hotel sector to become a recognized urban office investor and manager. It now controls a portfolio of more than nine million square feet concentrated in coastal gateway markets, including its native San Francisco as well as New York City. Yet Myerson is not one to sit still. Among my more specific goals: to guide my company in taking
advantage of changing market and capital-market opportunities to create tremendous value...and insure that we are known for our work quality, smarts and integrity, she tells Real Estate Forum. Mary Jane Olhasso A recognized leader in economic development, Mary Jane Olhasso has a track record of promoting growth. She was the City of Ontarios ED director for 12 years, helping make it one of the fastest-growing regions in SoCal. She then spent three years as Economic Development Agency administrator for the County of San Bernardino, implementing programs that led to major development projects, corporate relocations and expansions and an increase in job opportunities for residents of the county, the largest in the US by area. Currently shes assistant executive officer of finance and administration for the County of San Bernardino, responsible for all its fiscal and financial administrative operations. Nancy Pacher As the first female attorney at Katten Muchin Gitles Zavis Pearl & Galler, Nancy Pacher helped pave the way for the women attorneys who came thereafter. The mid-1970s law firm stint also determined her future career path: commercial real estate. She left Katten in 1980 to take a job at tenant rep firm Howard Ecker & Co., where her skills as a tough negotiator became appar-
ent. Her former employer became a beneficiary of that dealmaking acumen when she represented Katten in its move from Chicagos East Side to anchor 525 W. Monroe, the Tishman Speyer project that spurred office development west of the Chicago River. In 1984, Pacher joined US Equities Realty, where she became director of real estate consulting and brokerage, charged with growing the nascent division. Since 1993, when Pacher was made a principal and partner at US Equities, she has also been its president and COO. Daun Paris As president of Eastern Consolidated, which she co-founded in 1981 with Peter Hauspurg, Daun Paris is among the few women leading a commercial brokerage. She has led the New York City-based firm, which garners annual sales of up to $4 billion, both by mentoring brokers individually and providing strategic direction for the company as a whole. For example, before the recession set in, Paris recognized the market opportunities to come and launched the Loan Sales and Turnaround Group. She was instrumental in creating Easterns Retail Sales Division, hiring veteran broker Adelaide Polsinelli to run it; sales for that division topped $200 million in its first quarter of operation. What we see in real estate today is actually a microcosm of society as a whole, with women branching into the many areas that had been typically male dominated, she comments. Women are no longer a rarity. Anne S. Pfeiffer A JPMorgan employee since 1979, Anne Pfeiffer joined the firm as senior finance officer, coming to the company from Coopers & Lybrand, where she was a supervising accountant. She has since served JPMorgan in several capacities, including the head of the Finance Group, senior asset manager and acquisitions officer. Now a managing director, Pfeiffer is the head of US Real Estate Commingled Funds and is the portfolio manager responsible for the overall management and performance of the JPMorgan Strategic Property Fund. She calls upon extensive experience in the acquisition and management of institutionalquality real estate in a variety of property types and locations. Between 2002 and 2008, she was on the board of directors of the National Council of Real Estate Investment Fiduciaries, including serving as NCREIFs president in 2007 and 2008. Karen Pribnow For more than 25 years, Karen Pribnowwho joined the company in a clerical role in 1969has been in charge of NorthMarq Capitals commercial loan servicing. During this time, she grew the servicing platforms staff from five employees to more than 100, and the servicing portfolio from $500 million across 500 loans to over $41 billion and 5,600 loans on behalf of 50 life insurance companies, Freddie Mac, Fannie Mae, Ginnie Mae and more than a dozen CMBS conduits. Within NorthMarq, Pribnow is seen as the primary reason that the company consis60 Real Estate Forum July/August 2013
tently gets high ratings from borrowers and numerous capital sources. For Freddie Mac in particular, Pribnows department has achieved an Above Average primary servicer rating from Standard & Poors. At years end, Pribnow will retire from NorthMarq after more than 40 years of service to the industry. Elysia Ragusa In a long list of leaders with whom hes workedincluding Jim Didion, Michael Colacino and Roger Staubachplus a roster of 25 leaders of various client firms, Elysia Ragusa is in the top three or four, says Kenneth Sandstad, senior managing director of the Sandstad Group. She is dynamic, smart, driven, tough, inquisitive and very persuasive, he says. She learned the industry at Staubachs side, serving as his first lieutenant at the Staubach Co. as it grew dramatically from 2001 to 2007, eventually merging with Jones Lang LaSalle. Today, as a senior managing director, Ragusa runs JLLs Austin, TX office. The recipient of two masters degrees, Ragusa is simply one of the most outstanding professionals in the business. Sonia Ransom Among the leading CRE attorneys on the West Coast, Sonia Ransom is co-chair of the land use practice at Allen Matkins, based in San Francisco. Shes highly regarded for her extensive experience in this area, handling multiple major development projects throughout Northern and Southern California. Currently Ransom serves as land use counsel on the redevelopment of the former Boeing/NASA site in Downey, CA into a mixed-use project of more than 1.5 million square feet, and as lead land use lawyer representing Hillwood Development Co. LLC in the entitlement of a 1,770-acre development in Simi Valley, CA. Among other accolades, she has been recognized by CREW-LA as a woman in real estate who has transformed the real estate landscape of Los Angeles. Lynn Reich Not one to rest on her laurelseven after arranging more than 40 million square feet of transactions in recent yearsLynn Reichs production over the past 12 months has totaled $85 million and seven million square feet of transactions. Even during the busy holiday season, she completed two lease transactions totaling 1.4 million square feet and a total consideration of $34 million with one major client. During this same time, Reich, an SVP at Colliers International, was named a top 10% national broker by Colliers, out of nearly 2,000 across the US. Additionally, she was appointed to the advisory board for Industrial Women in Real Estate. In more altruistic endeavors, in June 2012 Reich led an 11-person team of women in commercial real estate to walk 39 miles in the Avon Walk for Breast Cancer. The team raised over $60,000 collectively, while Reich created a separate giving page and became the number-one fundraiser for the entire event, which drew 2,800 participants.
Dale Ann Reiss One of the most recognizable women in commercial real estate, as the Wall Street Journal described her in 2008, Dale Ann Reiss counts more than 40 years experience in finance and CRE. In 1985, she founded the Chicago office of Los Angeles-based Kenneth Leventhal, which 10 years later merged with Ernst & Young. Reiss became national leader of what was then known as the Ernst & Young Kenneth Leventhal Real Estate Group in 1999, replacing Stan Ross. That title, and sphere of responsibilities, eventually expanded to global and Americas director of real estate, a position she held until retiring from E&Y in 2008. Retirement from a high-visibility post has hardly meant winding down her activity. Reiss is managing director of Artemis Advisors, her restructuring and consulting firm, and serves as senior managing director of Brock Capital Group LLC as well as chairman of its affiliate, Brock Real Estate LLC. Lynn Schenk Commercial real estate has long been considered one of the last male bastions in the service industries, says Lynn Schenck. It was especially true in 1978, when the future managing director of Jones Lang LaSalles St. Louis office decided to exchange her wings as a flight attendant for a career in CRE. Back then, many of the men running commercial real estate properties would steer females to administrative posi-
tions or property management. Women getting into sales were usually encouraged to try residential first, which has never been an avenue into commercial brokerage. Yet through perseverance, Schenck landed a spot as a commercial broker. At her first SIOR meeting, she had to inform male colleagues that sheand not her husband, who also attended the meeting was the broker. She went on to serve as the organizations first female president. Darcy Stacom Darcy Stacom was crowned the Queen of the Skyscrapers by the Wall Street Journal in 1997, an accolade that came her way even before she crafted deals that have entered Manhattan record books. In 2006, Stacom helped to arrange the $5.4-billion sale of the Peter Cooper Village/Stuyvesant Town apartment complex on behalf of owner and developer MetLife. Four years later, she was instrumental in putting Midtown South on the map with Googles $1.8-billion purchase of 111 Eighth Ave., where the Internet giant was already the biggest tenant. She has completed more than $60 billion in sales, financing, joint venture, leasehold and development transactions in her career, and was named CBREs top producer globally for 2012. Co-head of CBREs Investment Properties Institutional Group in New York City, Stacom has been a leader in advancing the inclusion of women in the industry, and is a past recipient of the firms Womens Networks Endurance of Spirit Award.
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Named one of RealEstate Forums 2013Women ofInfluence
Named one of RealEstate Forums 2013Legends
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Tara Stacom Leasing assignments dont come any higherprofile than the tallest building in the Western Hemisphere, but serving as leasing agent for One World Trade Center is just one feather in Tara Stacoms cap. In a 32-year career, she has arranged more than 40 million square feet of office transactions that range from gross and net leases to synthetic and ground leases, build-to-suits and property acquisition and dispositions. The executive vice chairman at Cushman & Wakefield consistently ranks among the firms top producing brokers nationally and regionally. With three overarching career goals on her agenda, Stacom has achieved two of them: ranking as C&Ws top brokerage professional globally and securing the Real Estate Board of New Yorks Henry Hart Rice Award. The third is to be remembered for her leasing work at One World Trade, as her father, Matthew Stacom, is known for steering the leasing at the Sears Tower in Chicago. Seena Stein Against the backdrop of last years acquisition of Newmark Grubb Knight Frank by BCG, Stein completed leases on more than 400,000 square feet of space in the past 12 months. As a principal at NGKF and a senior officer in the New Jersey office, Stein handles large deal brokerage and trains and mentors staff. Shes doing good things too, it seems, in her down
time: she won the 2012 Humanitarian Award from the American Conference on Diversity and she was awarded the NAIOP 2012 Humanitarian Award. Stein was a founding member of Industrial/Commercial Real Estate Women and SIOR. She serves on the boards of directors for the Industrial & Office Real Estate Brokers Association and NAIOP, and is on the NJ governors real estate advisory board. Mary Ann Tighe Among the first names one associates with the phrase CRE legends, Tighe has been a key player in transforming New Yorks skyline over the past 28 years. After working as a curator at the Smithsonian Institute, an arts advisor to then-Vice President Walter Mondale and an executive in the television industry, she profiled her future boss, Edward S. Gordon, for Manhattan Inc. magazine before coming to work for him. Her signature deals in recent years have included Conde Nasts relocation into 1.2 million square feet at the new One World Trade Center and Coachs acquisition of a 740,000-square-foot office condominium in what will be the first tower at Related Cos. Hudson Yards. CEO of the New York tri-state region at CBRE, Tighe is a seven-time winner of the Real Estate Board of New Yorks Deal of the Year awards, and in 2010 began a three-year term as the associations first female chairman.
n O r T h m A r q p r O u d ly C O n G r AT u l AT E S
Karen Pribnow
on being recognized as a
rEAl ESTATE lEGEnd

as part of Real Estate Forums 20 th Anniversary Women of Influence
Real Estate Capital

33 OFFICES COAST-TO-COAST
northmarq.com
WoI: 20th Anniversary Edition
Women
of
Influence
Meet 45 of the most powerful and prominent female executives in commercial real estate today. Chances are, you know them already.
Donna Abood Chairman & Founding Partner Colliers International South Florida Coral Gables, FL Call her a pioneer. For years, Donna Abood was the only female CEO of a Colliers partnership worldwide. The 28-year commercial real estate veteran got her start at Abood & Associates in 1989, birthing the skills shed need to lead Colliers through the ups and downs in Florida. A dealmaker at heart, Abood still works on transactions every day, even while mentoring the next generation of CRE pros. Shes inked more than 50 million square feet of office leases in South Florida over the years and has a reputation for her ability to lease any kind of office building. She sits on too many boards to list here. Gender has become less and less of an issue for both men and women at negotiating tables, Abood says. The attributes of womens empathy, ability to listen and ability to naturally multi-task make them more likely to be a strong player in commercial real estate. Robin Abrams Executive Vice President Lansco New York City Robin Abrams has been in the commercial real estate world for 34 years at Lansco, where she specializes in Northeast retail leasing. She oversees business development at the firm, acting as a mentor to 20 brokers. She became a partner at the firm in 1999 and is the only principal at Lansco who was not one of the six founding male partners, rising through the ranks after starting as an administrative assistant. Abrams has traveled extensively in the last year through Asia and Europe to meet with prospective tenants, all with an eye to translating them to the US. Its an extremely exciting time for women to be involved in the retail industry, particularly retail leasing, she comments. Because retail leasing tends to be very
instinct-driven, with retailers focusing as much on physical appearance and location of a space as they do costs, the number of women in the industry will continue to grow. BK Allen Managing Partner BA Realty Advisors Laguna Nigel, CA BK Allens 30-year career in the business began in residential real estate. She gained her license in just 60 days and made her first sale in 30 days. During her time as an agent, she was given an opportunity to list and sell an apartment complex. It was then that she went on to obtain her brokers license, pursue the CCIM designation and start her own commercial real estate company, BK Allen Real Estate. Allen was one of two women in 1980 to receive the CCIM designation and was part of the initial startup community of women involved in the CRE business in the early 1980s. In 2011, she decided to focus on real estate gifting and moved from the Washington, DC area to Orange County, CA, where she founded her own practice focusing on providing non-profit organizations with counsel and support around real estate gifting. She helps 501c3 charities set up their real estate gifting programs on a daily basis, fostering her motto, Helping Make the World a Better Place for All. Heidi Barath Executive Director, Transaction Real Estate EY Dallas Heidi Barath got her start at EY 18 years ago and worked her way up the ladder. Today, shes the highest-ranking female executive in the firms US Transaction Real Estate Practice. Barath works with many of EYs REIT, hospitality, real estate development opportunity fund and mortgage banking clients. Within the past year, shes been involved with multi-national deals involvJuly/August 2013 Real Estate Forum 63
ing large corporate client mergers, IPOs, REITs and private companies. Her focus is on workplace flexibility and inclusion and on advancing women in EY and the greater industry. Globalization is the most important trend in the industry today, she comments. Succeeding requires unprecedented flexibility, agility and tolerance for ambiguity. The diversity of perspectives and skills that women bring to commercial real estate is an under-utilized resource. Baraths 24 years of experience includes appraisal and research jobs with McRoberts & Co. and CBRE. She also does work on behalf of organizations including the March of Dimes and United Way. Maridee Bell Vice President, Leasing and Marketing Sunbeam Properties Miramar, FL Commitment. Dedication. Perseverance. These are the qualities that make Maridee Bell a woman of influence in South Floridas commercial real estate market. This no-nonsense leader climbed the ranks from an administrative assistant to her current role at Sunbeam, where the 21-year veteran oversees leasing and marketing at Miramar Park of Commerce, one of the largest business parks in Florida. Over the past 12 months, she reduced the vacancy rate at the park from 8% to 3% through her hands-on, customer service-oriented approach to developing plans for tenants who need to expand or downsize in a changing market. There are successful women throughout the industry who have paved the way for new women leaders and that is something to be proud of, Bell says. Karen Bellantoni Executive Vice President RKF New York City Karen Bellantoni has more than 25 years of experience in retail, retail leasing and merchandising. She represents tenants and landlords across the country and is currently focused on leasing New Yorks South Street Seaport and finding homes for several fashion brands. She also manages many of RKFs brokers on a daily basis. Her current goal is to expand her focus internationally. Bellantoni began her career as an import program designer for the May Co. in St. Louis and buyer/merchandiser for the Belk Stores of Charlotte, NC. Women have already changed the business. They have grown into a big percentage of the dealmakers in retail as a whole, both on the brokerage side and the landlord side. Phyllis Cafaro Vice President, Marketing Cafaro Co. Youngstown, OH Phyllis Cafaro began assisting her familys business while raising her three children, and joined full-time as vice president of marketing in 1991. She was the first female department head at Cafaro and oversees a team of 55 market64 Real Estate Forum July/August 2013
ing professionals and an in-house agency that service over 30 million square feet of real estate. In the past year, Cafaro helped to create Rock the Mall Midnight Balls across the Cafaro Co.s huge shopping center portfolio, successfully launched the new Ohio Valley Mall in St. Clairsville through a highly targeted grand re-opening program and secured Erie General Electric Federal Credit Union as partner of the Millcreek Mall Childrens Play Area. In addition to mentoring young women in the industry, Cafaro has also spearheaded an industry-wide push to prevent bullying through her Captain McFinn and Friends program, which was recently adopted by over 400 shopping centers for a national anti-bullying campaign during the month of October, national Anti-Bullying Awareness month. Elizabeth Cooper International Director Jones Lang LaSalle Washington, DC Elizabeth Cooper is a consistent top producer, achieving top 10 ranking over multiple years and negotiating more than 25 million square feet of leases during her 16 years at Jones Lang LaSalle. The 26-year industry veteran has quadrupled the size and doubled the volume of JLLs law firm group during her tenureand personally closed more than $5.7 billion in leases. Her work spans the globe to ensure JLL teams provide strong tenant rep support to some of the worlds most preeminent law firms. Part of her success is knowledge. Cooper launched her career as a commercial real estate attorney at an AmLaw100 firm in 1987. Cooper is known for nurturing the next generation of women in real estate: I advise young women to know their own brand, to develop both personal and professional networks, she says, and to define success on their own terms, finding their own path to a sustainable and fulfilling career. Barbara Crane Vice President & Associate Director Newmark Grubb Knight Frank San Antonio Thirty-year industry veteran Barbara Cranes resume includes jobs at Newmark Grubb Knight Frank (formerly Grubb & Ellis) and Johnson-Rast & Hays. Shes also worked on behalf of nonprofit organizations including the American Heart Association and Birmingham Museum of Art. Additionally, Crane has taught at the CCIM Institute since 2005; shes the 2013 Chairman of the CCIM Institutes Course Curriculum committee and recipient of the institutes Robert L. Ward Instructor of the Year award. Cranes on-the-job activities include brokerage, agency leasing services, tenant representation, consultation and client development. Her current focus is on General Services Administration lease transactions and the sale of income-producing office properties. Unlike the late 1970s when Crane got her start, today, women are fully engaged in all aspects of the business and professional world, she remarks.
Paula Crowley Founder & Chief Executive Officer Anchor Health Properties Wilmington, DE As CEO of Anchor Health Properties, Paula Crowley is responsible for the management of day-to-day development and operations, new business development and, most importantly, pushing for new and creative facility solutions for the healthcare industry. Under her leadership, Anchor Health achieved a milestone of close to two million square feet of healthcare real estate both developed and under development. With the Rouse Co. before co-founding Anchor Health, this three-decade commercial real estate veteran continues to meet changing facility needs of healthcare providers, balancing them with the demands of the healthcare consumer. Crowley is a board member and member of the Investment Committee at the High Cos. in Lancaster, PA. She represents a recent direction in the industry whereby women have brought new ways of thinking and executing real estate projects by combining strategy, design, construction and financial objectives. Karen Ellzey Head, Global Occupier Consulting CBRE Group Inc. Boston Karen Ellzey is a leader in various strategic development and consulting capacities, winning recognition as a best practice, organizational solution and process design guru. She leads a team organized to deliver tailored solutions to occupiers of commercial real estate through a core team of platform consultants, as well as account-based and consulting practice leaders and worldwide teams. She joined CBRE when the company acquired Trammell Crow in 2007. She spearheaded CBREs Workplace Strategies initiatives and helped create CBREs Workshop concept, a system of workplaces that will be accessible to anyone in which time can be bought by the hour through annual memberships. Christiana Foglio Founder & Chief Executive Officer Community Investment Strategies Inc. Lawrenceville, NJ Christiana Foglio likes to say she builds communities for the long-term, rather than just bricks and mortar. Since 1994, when she founded Community Investment Strategies Inc., Foglio has developed or revitalized around 3,000 units valued at more than $350 million throughout New Jersey. Prior to this, while with the New Brunswick Development Corp., she began changing the perception of public housing communities by using tax credits to help transform them into safe, attractive places. Under her leadership, CIS eventually emerged as a fully integrated commercial real estate company with a focus on multifamily, senior housing and mixed-use redevelopments, as well as market-rate and affordable housing. Her senior-level management team consists of an all-female corps of professionals, and women also oversee the firms portfolio of multifamily properties, acting as facilitators, role models and confidantes.
Ingrid Fulmer Executive Vice President, Office Leasing Coldwell Banker Commercial NRT Boca Raton, FL Ingrid Fulmer has consistently been ranked as a Top Real Estate Producer, and earned the 2007 designation of #1 Sales Associate in the Southern Region of the US for Coldwell Banker Commercial. As executive vice president of office leasing, she has been involved in over 2500 lease transactions in South Florida. To date, Fulmer has represented both landlords and tenants in over 18 million square feet of property negotiations representing over $1.9 billion in real estate transactions. Fulmer is committed to the community via her volunteer and board work with the Rotary Clubs, PROPEL (People Reaching Out to Promote Education and Leadership) and the George Snow Scholarship Fund, where she is active in raising money for much-needed scholarships for young people. Fulmer is also is a past recipient of the Rotary OPAL (Outstanding People and Leaders) Award. Mary Jo George Real Estate Partner Ballard Spahr Washington, DC As an attorney with 27 years of commercial real estate business under her belt, Mary Jo George understands the broader implications of every multifamily transaction and is known for finding creative solutions to get deals done. George joined Ballard 17 years ago and rose to co-leader of the firms housing group in 2007. Over the past 12 months, she has doubled her deal volume while simultaneously expanding attorney recruiting efforts. Her leadership in annual housing conferences has helped raise Ballards profileand her ownin a competitive industry. Shes determined to position Ballards housing group as the premier practice in the nationand herself as the go-to lawyer for handling challenging and creative financings. The increasing participation of women has definitely changed the industry, she remarks, bringing an increased level of collegiality among various participants in any given transaction, and it has fostered an environment that encourages participation and inclusiveness. Alexandra Glickman Area Vice Chair, Managing Director & Practice Leader Gallagher Real Estate & Hospitality Services, Arthur J. Gallagher & Co. Los Angeles With 29 years in the business12 in her current positionAlex Glickman is recognized as an authority in the development and execution of insurance and risk financing programs for clients throughout the world. Glickman created Marsh Inc.s real estate & hospitality group in 1998. In addition to her worldwide leadership responsibilities, she leads a team of 18 people who represent clients ranging from the largest institutional owners to family
enterprises and engages in the placement, claims management and administration of risk financing programs for 104 clients representing more than $70 billion in values. In the past year, Glickman led a team that executed more than $145 million of premiums and the development of new insurance captives designed specifically to cover the risk of tenant defaults. In 2012, the Los Angeles County Bar Associations real estate section gave her their leadership-in-real estate awardthe first time the Bar had ever recognized a woman, as well as a non-attorney or real estate owner. Susan Hill Senior Managing Director HFF LP Houston Susan Hill is a good example of a self-made businesswoman. As a single mother, she started her more than two-decade career as HFFs receptionist, ultimately working her way up to the position of senior managing director. These days, she is primarily responsible for originating debt and equity placement transactions throughout the southern United States across all property types. Hill has consistently been one of the top producers in the Houston office and, to date, has completed in excess of $6 billion in commercial real estate transactions. Hill, who serves as the 2013 president of CREW Network, is active with nonprofit organizations including Womens Resource Center, Camp for All and Child Advocates. Even with more women entering the commercial real estate field, she says her career goal is to encourage advancement of women in the industry. I believe that senior level women in this industry have a responsibility to leverage our positions to support the advancement of other qualified women looking to ascend the ranks, she adds. Judy Maxwell Hoffman Chief Operating Officer Trigild San Diego A longtime industry leader, Judy Hoffman was an entrepreneur in CRE when there were virtually no women in the industry. For nearly 30 years, she has paved the way for other women to follow in CRE. Hoffman now oversees 750 employees and 10 regional offices throughout the country, with a focus on managing and maximizing value for assets in an array of industries. Shes been involved with 600 receivership appointments for more than 2,000 real estate business assets. Hoffman was named marketing coordinator for Trigild in 1984 and worked her way up the company ranks ever since. With her help and involvement, Trigild has evolved from a tiny company with three employees into a full-service real estate services company specializing in property and operations management, receivership/bankruptcy and consulting. Over the past year, Hoffman has helped engineer a long-term alliance with Allegiance Realty Corp. and has been instrumental in Trigild entering into a joint venture with Blu Hotel Investors. Additionally, under her leadership, the firm has expanded its fiduciary services to include bankruptcy service, and she was recently named CRO trustee for a $1.6-billion real estate investment portfolio.
Maribel Koella Owner & Principal Broker NAI Knoxville Knoxville, TN With a 41-year career and over 30 years at NAI Knoxville, Maribel Koella is among the industrys most entrepreneurial pioneers and a household name in the East Tennessee CRE market. From her start in backwoods Appalachia appraising moonshiners properties for foreclosures, she worked her way up to become the first female chair of the NAI Global Advisory board as NAI Global transitioned to CIII ownership. Over the years, Koella broke many barriers to womens involvement in commercial real estateshe was the first female appraiser for the Tennessee Veterans Administration and the first female SIOR in the stateand is a role model to many women today. I knew no women industrial brokers when I started. My models were men, Koella says. The standard response to my ambitions was to suggest Id be happier in office sales rather than showing the dirty warehouses that interested me. Koella is also dedicated to giving back to her community through involvement in numerous civic and charitable organizations. Elizabeth Machen President Institute of Real Estate Management and Machen Advisory Group Chicago Elizabeth Machen likes to point out that many of the professional real estate managers of her generation got there by chance. She was a legal secretary for 15 years and needed a change that allowed her to pick up her young children from school each day. Beginning as a property manager, Machen joined the Institute of Real Estate Management and pursued its prestigious CPM designation. Nearly a quarter-century later, she became the president of IREM, heading the 19,000plus member real estate management organization. Under her direction, IREM has grown its membership by nearly 3% during just the past year and launched an upgraded website that will function as the search engine of the real estate management industry. For over five years, she has also led the Machen Advisory Group, and hopes that small entrepreneurs like her get recognized by the industry as a force in the marketplace. Machen does note that things have changed since she started. For example, the percentage of female IREM members who earn the CPM designation rose from 9% in 1983 to upwards of 50% today. Gayle Matthei Chief Marketing Officer Cassidy Turley New York City Gayle Matthei is chief marketing officer at Cassidy Turley, where she drives the companys marketing and branding, building its leadership image and marketing infrastructure, and serves on the firms transition team for M&A and new markets. She serves on the Board of Trustees for the College of New Jersey and participated in the Campus Town development, a public-private partnership that combines housing for the college and retail for the school
and community. Barriers between clients and consultants continue to blur. Well see partnerships of resources enabling each to keep up with rapid change, both within the industry and the broader economy. Its about creating communities of expertise, then enabling communication and an ongoing conversation between the key players. Client relationships are always paramount. Going forward, delivering value will be about identifying, connecting and managing the best CRE resources to provide each client the best opportunity. Jennifer McLean Chief Financial Officer GFI Capital Resources Group New York City Jennifer McLean has direct oversight of the financial operations of GFI Capital Resource Group and its related affiliates. While she has a national focus in her real estate career, she also plays a critical role in successfully driving turnaround initiatives for companies. Her achievements include successfully orchestrating and completing a two-year turnaround initiative, bringing her organization to profitability as well as increasing portfolio-wide cash flow by an impressive 215% over a three-year period. She began her career in public accounting for real estate developers, investors and managers. The number of women present at the transaction table has grown significantly in recent years, along with the number of women in the industry. Women bring a new viewpoint to the deals. Kathleen McSharry Senior Managing Director Singer & Bassuk Organization New York City Kathleen McSharry has direct client involvement in structuring, analyzing, negotiating and closing all transactions on the Andrew J. Singer team. Shes been involved in more than $10 billion in financings over the past decade. She started in 1982 at Singer & Bassuk as a receptionist, completing her Bachelor and Masters degrees at NYU with honors while working full-time for the firm. Among her credits are arranging a $300-million construction loan on 70 Pine St. in Manhattan and securing a $450-million construction loan for a 60-story, mixeduse project now in the closing stage. The only area in which women have made material progress in real estate in NY, beyond the traditional role as apartment salespeople/brokers, has been banking and leasing. The world of mortgage brokerage has not seen a significant or growing role open to women. Michele Medaglia President & Chief Executive Officer ACC Construction Corp. New York Michele Medaglia has driven ACC to become one of the premiere woman-owned construction management and general contracting firms in New York, establishing a reputation of exceptional quality and commitment to exceedwww.forum.globest.com
ing client expectations and growing a more diverse customer base. She has held every position at the firm, leading such projects as the Durst Lobby at 1133 Ave. of the Americas and the Columbia University Medical Center Auditorium. It is with aggressive helpfulness and a desire to work with our clients for many years to come that drives us. These are the core values. Our goal is to continue to be thorough and transparent in our communications so our clients are informed and comfortable with every aspect of the construction process. We embrace the future as our firm continues to flourish and grow. The shape and form of New York is an ever-changing landscape and we love being on the forefront of that change. Jacqueline Moore Principal & General Counsel DivcoWest Real Estate Services LLC San Francisco Jacqueline Moore has a long history of assembling and managing a US portfolio of properties for the technology industry that began in San Jose, CA almost two decades ago. She has been in the business 28 years and in her current position approximately 10 years. In recent years, she has become a key member of the San Francisco-based DivcoWest executive management and investment team. She helped grow the firm from its inception in the mid 90s to one of the most active institutional buyers of technology-related real estate. Moore was previously a founding partner and general counsel of Wilson/Equity Office, a San Francisco development and management company. She also served as general counsel of Wilson/Cornerstone, a publicly traded REIT. Martha OMara Managing Director Corporate Portfolio Analytics Cambridge, MA A leading authority on the integration of corporate real estate planning with business strategic planning, Martha OMara has been in the industry for more than 25 years, nine at her current position. As co-founder of Corporate Portfolio Analytics, she has influenced decisions on more than 1.5 billion square feet of corporate occupancy. Her firm has also completed portfolio strategies in seven of the 11 regions of the US General Services Administration, including a 90-million-square-foot long-range portfolio strategy for the GSA in the national capital region and three federal-agency portfolio strategies. OMara began her real estate career helping build an interior-design and space-planning business at two national firms. Later, she was appointed assistant professor of real estate development in the fields of management and organizational behavior at the Harvard University Graduate School of Design, where she educated the next generation of real estate leaders and President Obama. After nine years, she left fulltime academic employment to raise three children, write her book, consult to the US GSA and several major corporations and found her advisory firm in 2004. Over the past 12 months, she has led comprehensive headquarters city portfolio strateJuly/August 2013 Real Estate Forum 67
gies for the American Red Cross, the US Department of the Interior, the US Department of Education and the US Department of Housing and Urban Developmentprojects that will lead to a roughly 40% reduction in real estate costs over time while improving workplace quality.
Nancy Olson Partner Skadden, Arps, Slate, Meagher & Flom LLP Chicago For seven years, Nancy Olson has led the Real Estate Group in the Chicago office of Skadden, Arps, Slate, Meagher & Flom LLP, a firm where nearly half of the associates are women. She believes women in leadership positions need to support, mentor and push others to achieve more. Four of her six team members are women and Olson participates in a new Skadden program to assist soon-to-be mothers become working parents. In the past year, Olson represented Spectra Energy Corp. in its $1.5-billion acquisition of the Express-Platte Pipeline System and J.C. Penney with a $2.25-billion term loan by Goldman Sachs. This summer, she was named a leading lawyer in Chambers USA: Americas Leading Lawyers for Business. Still, even though the overall picture for women is brighter, Olson believes the playing field is not close to level.
Carol Patterson Partner Zetlin & De Chiara LLP New York City Carol Patterson is a creative problem-solver who draws on her extensive experience in the construction industry to represent clients in high-profile contract negotiations and litigation involving infrastructure projects, commercial and residential buildings, hospitals, cultural and educational facilities and public buildings. She is responsible for many client relationships at Zetlin & De Chiara, and is a co-editor of Construction Law, a widely used textbook in law schools and engineering and construction management programs. Patterson takes pride in helping to create more opportunities for generations of women to come and encourages young women to pursue careers in construction and real estate. This year, she participated in contract negotiations for new buildings for the Hudson Yards development and others. Carolyn Perrigo Senior Vice President Transwestern San Diego Carolyn Perrigo has worked in nearly every area of commercial real estate over the span of her 27-year career. Well-respected by clients and colleagues alike as an industry expert, she has been instrumental in building Transwestern to
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one of the largest management-service providers in Orange County, San Diego and beyond. She has committed thousands of hours to mentoring her team, teaching IREM and BOMA students and empowering the next generation of leaders. Perrigo oversees property management and leasing activities in San Diego, Orange and Riverside counties, responsible for business development and service delivery. She also oversees team-member training and support programs, as well as quality control, financial reviews and strategic planning of Transwesterns management-services group throughout the West. In the past few months, Perrigo has brought in more than 5.5 million square feet in new property-management assignments along the West Coast. She joins IREM in lobbying on the Hill each year, advocating for clients. Carol Plowman Senior Vice President Lee & Associates - Ontario Ontario, CA With more than 30 years of experience in the industry, 26 at her current position, Carol Plowman was the first woman to achieve the status of principal at Lee & Associates in 1985. She has focused her efforts on the sale and development of office, retail and hospitality properties on commercially zoned land within the west end of the Inland Empire. Plowman has sold land and assisted in entitling nine of the most recent hotel developments as well as in the development of more than 300 acres of land. She has been a consistent top producer since the start of her career and one of the women other women in the industry look to for guidance. Over the past 12 months, Plowman has closed over $27 million in leases and sales. When Plowman began working in commercial real estate in the 1980s, she says she could count on one hand the number of prominent women in her field in Southern California. Today, she can count hundreds. Debbie Pomerantz Assistant Vice President Gebroe-Hammer Associates Livingston, NJ Although Debbie Pomerantz has only been in the real estate business for eight years, she has already made an impression. She joined Gebroe-Hammer as a sales representative in 2011, and after less than a year with the firm, was promoted to assistant vice president. In her first 24 months she has closed sales of more than 625 units worth nearly $50 million and was instrumental in making the company the dominant investment brokerage firms in one of New Jerseys largest cities. And in the past year, she completed the $12.35 million trade of an 84-unit complex where she was awarded the listing and also identified and represented the buyer. A mother of five, her ultimate career goals include increasing her sales volume while maintain a work/family balance. She has, on occasion, brought her children with her on sales calls, and strongly believes in building a rapport with clients by taking an interest in their families
Connie Rankin Chief Executive Officer ITRA Global/CRES Houston Connie Rankin is a veteran of the ups and downs of Houstons dynamic commercial real estate market. But, in 2010 when the recession pushed her 9-year-old firm to the brink of collapse she knew aggressive action was required. She applied, and was selected for the Goldman Sachs 10k Small Business Program. It was an important decision. I learned how to become more profitable, she says. In 2012 my company reported a 320% increase in revenue over 2011 and it looks like 2013 will be even better. Rankin founded CRES after 20 years on the landlord side of the table at PM Realty Group. She is the only certified woman-owned commercial real estate company in the nation to earn LEED Professional Accreditation and developed LEAD 2 Green to help clients create healthy work environments. In 2011, CRES was selected as the Houston Affiliate Member of the prestigious International Tenant Representative Alliance, ITRA Global. In 2001, CRES was one of only 17 woman-owned real estate firms nationally, she says. Im proud to say that number has more than doubled. Camille Renshaw Director Stan Johnson Co. New York City Camille Renshaw works directly with corporate executives to raise money by selling their real estate and then leasing it back. Her work has helped companies grow, purchase other companies, finance expansions, avoid bankruptcy, expand their credit revolvers, save jobs, reduce tax liabilities, and remove debt and improve their balance sheets. She leads a four-person team as the director and lead broker at the firm, with achievements including the American Forest Products portfolio sale in March of this year, a leaseback that saved jobs and expanded the firms credit revolvers for new business. She works hard to hire, mentor and promote younger women within the organization, encouraging them to add real value to the clients assets, corporations and the underlying process in order to truly achieve. Anita Paryani Rice Vice President Marcus & Millichap Capital Corp. Los Angeles There is an increase in women agents Collectively we have advantages in that we bring more of a compassionate side to our business. Combined with the same amount of aggressiveness and results-driven performance as our counterparts, we bring change to the industry. So says 20-year veteran Anita Paryani Rice, who handles the placement of debt and equity for CRE transactions throughout the USwith an annual volume in excess of $300 million. Rice worked as an analyst at Prudential Real Estate Investors before joining Marcus & Millichap Capital Corp. in 2004 to focus on large loans and
structured finance. Between June 2012 and May 2013, she worked on a variety of deals, from a $2-million multifamily loan to a $70-million high-profile office building refinance. During that time, she was also recognized by Marcus & Millichap with a National Achievement Award, the firms most prestigious honor. Debbie Riley Senior Managing Director, Capital Markets GE Capital Real Estate Chicago Debbie Rileys career got off to a quick start. In her early teens she was already helping her parents manage multifamily properties of over 2,000 units. She has been climbing the corporate ladder ever since. Now the senior managing director of capital markets for GE Capital Real Estate, a position she has held for six years, Riley previously led the central region for the companys North America lending business. Over the past several years she has overseen the placement of over $3 billion debt in syndication. More recently, she reintroduced GEs conduit program. The company plans to increase its debt originations activity throughout North America and send its CMBS/conduit program to over $1 billion in the next few years. She believes women need to take such leadership roles and foster diversity as the industry becomes more publically owned and managed. Women often bring complementary skills to the table in the areas of management and communication that can enhance the team-oriented and service role of real estate, she says.
Sue Rogers Principal Cresa Houston Sue Rogers is a principal with Cresa, as well as a board member of the companys Business Development Unit. She also mentors and trains young leaders and new associates. One of her goals is to mentor other woman interested in becoming future leaders in the industry. Though Rogers focus is tenant representation, shes well rounded in all industry areas. Her more than 30-year career began as a research analyst with Horne Co. After receiving her real estate license, she moved to Moody Rambin to learn the development side of commercial real estate. Rogers has also worked for Cushman & Wakefield and Trione & Gordon/ Oncor International. Rogers is active with organizations including CoreNet Global, NAIOP, Greater Houston Partnership, Houston Office Leasing Brokers Association and SIOR. Susan Taymor Sagy Managing Principal & Co-CEO W3 Partners San Rafael, CA Susan Taymor Sagy started her career in the public sector. After several years working for a State Finance Agency called Massachusetts Industrial Finance Agency, she determined that to get a better perspective and to do her job more effectively on the public sector side, some work experience in the private sec-
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tor would be a strategic career move. Her first private sector job was working as a project manager with Rockefeller Group Development Corp. The skills she culled working in the public sector were utilized with Rockefeller as the project was an expansion to the Embarcadero Center in San Francisco. It was an opportunity to participate on a high-profile project and ultimately, she decided that she preferred private-sector work, where she could be more effective shaping cities and how they were built. A 25-year veteran, Taymor Sagy has acquired, developed and redeveloped over 3.8 million square feet of office, industrial and mixed-use properties and is now co-CEO of W3, a real estate operator and investment management firm that was founded in the depths of the recession in 2009. Starting a company and raising a significant amount of capital in a short period of time is a huge accomplishment for any start-up, she says. The true recognition comes when you can bring in third-party investments, as we did with Alliance Bernstein, to validate the business plan and then to successfully round-trip investments at returns that far exceed investor expectations. These are very important milestones. Nancy Scull Partner McKenna, Long & Aldridge LLP San Diego Nancy Scull is one of Californias mostrespected real estate attorneys whose clients include some of the largest developers in the country. She has been lead counsel for
complex hotel, retail,residential, and mixed-use projects within California. With emphasis on urban transit-oriented communities, Scull has represented developers of new urban town centers in California and other states. She is preparing the governing documents for four major new urban communities and has helped developers envision a new way of planning for cities of the new millennium. She is also developing a national solar program for a major residential developer. Scull joined Luce, Forward, Hamilton & Scripps LLP in 1982 and remained with the firm until its 2012 merger with McKenna, Long & Aldridge LLP. Also in 2012, she was recognized as one of the years top 30 real estate attorneys in California by the Daily Journal. Paige Serden Senior Vice President City National Bank Los Angeles For the past decade, Paige Serden and her team have exceeded their yearly business goals. She is a strong proponent of internal training and development and has spearheaded pilot programs in multicultural mentoring, new business initiative projects and credit-training development programs. Serden started her career as a paralegal working for a large L.A.-based law firm in the area of real estate, bankruptcy, litigation and commercial finance. She then obtained a place in the management-training program in credit and lending at
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Union Bank. Currently regional manager for City National Banks real estate division, responsible for Los Angeles, Ventura and Santa Barbara counties, Serden has a team of seven loan originators, two analysts and a deposit team of four account managers. Over the past year, her Los Angeles team originated over $500 million in loan commitments, exceeding their 2012 production goal by 137%. In addition, she has become the cochair of CNBs Womens Caucus steering committee and has been appointed to the Southern California Leadership Network. Lori Shabtai Broker Winick Realty Group New York City Lori Shabtai is a seven-year veteran real estate broker with a focus on retail in the Northeast. She is involved in all of Winicks major marketing, strategic brand planning and positioning projects with both creative and advisory roles. She also is a mentor to many of the firms successful young brokers, sharing her principles for success. Among her highlights last year was acting as a member of the Winick team leasing the 21,000-square-foot retail at 3 Columbus Circle to CVS. She is currently marketing some of New Yorks most prestigious properties, including 428 Broadway and 111 Broadway. Although commercial real estate has historically been a mans world, some of the most successful players have been women, Shabtai comments. We succeed through our brains and our
moxie, of course. But I believe women are tapped into an innate sense of what belongs where and why. Its been part of the female evolution process as much as our commitment to our loved ones. Julie Smith President Bozzuto Management Co. Greenbelt, MD A 27-year commercial real estate veteran who has spent 24 of those years at Bozzuto Management, Julie Smith has professional shoulders as broad as any mans. She oversees a multifamily property management portfolio that includes 35,000 units in 130 communities. Under her leadership, the company has grown from just 15 employees to 850 and has grown its portfolio by an average of 15% a year. Bozzuto is also civic-minded. In addition to the many professional organization she participates in, she is also a board member of Victory Housing, a nonprofit developer and operator of affordable housing for seniors and working families. Her career-long goals: to advance the property management industry by pushing best practices learned from other industries and promoting the industry on a national level. More than 65% of Smiths senior executive team of vice presidents and senior vice presidents are female, providing inspiration and communicating to all women who work in the company that glass ceilings have no place in the Bozzuto house.
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Gayle Starr Senior Vice President, Capital Markets Prologis San Francisco In her 21-year tenure at Prologis, Gayle Starr has successfully designed and originated complex financing structures globally and has orchestrated the corporate- and property-level financing for currencies across 14 countries, totaling more than $12 billion. As SVP of capital markets for the REIT, she oversees all unsecured and secured debt internationally and domestically for Prologis funds and co-investment vehicles. Her career goal is to continue developing unprecedented financing structures on a global scale while influencing lenders to permeate markets that they have not entered. She is also excited to continue encouraging and mentoring women within the organization. The growing number of women in leadership roles has encouraged partners to share in the domestic duties resulting in an overall more productive and satisfied employee base, Starr says. Shari A. Tucker-Gasser Partner & National Director, Retail Investments Sperry Van Ness LLC Phoenix Shari Tucker-Gasser specializes in the acquisition, disposition and leasing of multi-tenant retail properties throughout the Phoenix Metro and Arizona markets. She
also specializes in product council-retail and asset recovery. During the course of her career, Tucker-Gasser has completed more than $2 billion dollars in retail sales transactions. Her varied background includes positions as entrepreneur, retail sales manager and paralegal. Tucker-Gasser began her CRE career in 1999 with Retail Brokers Inc.; during her first year, she was named Rookie of the Year. Within three years, she was promoted to director of sales. She went on to join Sperry Van Ness in 2001. On the community level, Tucker-Gasser was recently elected to the Parish Council of Saint Benedicts Catholic Church and is an advocate to the cause of responsible pet ownership. Tucker supports the Boys Hope Girls Hope Organization yearly through the Brokers For Kids charitable fundraising competition. Amy Wells Partner Cox, Castle & Nicholson LLP Los Angeles As a kid, Amy Wells wanted to be a lawyer because she equated the legal practice with arguing with her five siblings. This past year, the 25-year veteranwho acts as lead legal counsel to the some of largest public pension funds in significant real estate transactionsclosed deals worth several billion dollars. Wells, who has been appointed as a special attorney general for the State of Washington in connection with acting as real estate counsel to the Washington State Investment
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The Institute of Real Estate Management is proud to congratulate our 2013 President Elizabeth Machen, CPM for being honored as one of Real Estate Forums Women of Influence.
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Board, notes that one of her greatest professional accomplishments over the past 12 months includes closing a significant platform joint venture between CalSTRS and Primestor to develop, redevelop and acquire retail properties in lowincome areas with a potential $250 million in commitments. She concurrently closed the first acquisition by the venture of a to-be-developed retail center in Los Angeles for a high-quality retail asset to attract national and regional retailers. Wells also participates in a variety of activities to help disadvantaged women in her community. She has also participated in programs for disadvantaged children to provide stable, adult role models, and has been involved in charity fundraisers for disadvantaged families. Louise Wells Managing Partner Morris, Manning & Martin LLP Atlanta A force of nature may be the best phrase to describe Louise Wells impact on Morris, Manning & Martin LLP, an AmLaw 200 firm with an international reach. She has helped shape the firm into a nationally ranked real estate law player with clients like Wood Partners and Cole. As the firms first female attorney, first female partner and first female managing partner, the 35-year real estate law industry veteran handles strategic planning, targeting new geographic areas, and hiring skilled attorneys. And as one who overcame many
obstacles and challenges inherent to working women and mothers, Wells is on a mission to bring more women into the real estate and legal professions. In 2011, she set a goal to reach a staff thats 20% female by 2015; she managed to accomplish that objective in a single year. In 2012, women made up 38% of new partners hired/promoted, 35% of new hires and over 40% of summer associates. Amanda Witt Sales Associate Coldwell Banker Commercial | McGuire Mears & Associates Janesville, WI A commercial real estate agent that specializes in the retail sector, Mandy Witt has helped to initiate industrial and economic development activities since joining the company in 2004. She was promoted in quick succession from assistant to director of brokerage to sales associate during her tenure. Throughout her career, shes handled deals involving retailers such as Quaker Steak & Lube, Panda Express, Qdoba, Heartland Dental and Verizon. Witts passion for and experience with retail is a perfect pairing of her professional and personal interests. In addition to her career in commercial real estate, she is dedicated to the community in which she lives as a member of the Janesville Noon Rotary.
Camille Renshaw
Director Stan Johnson Company | New York
Real Estate Forum Woman of Influence

We congratulate a respected colleague and top member of our net lease team as one of the nations most influential women in commercial real estate.
THE NET LEASE AUTHORITY
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Women of Influence: Next Generation
Women
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Watch
The individuals on the following pages may not have a long track record but theyve already made a mark in the business. Meet 20 young professionals who have the potential to be future leaders of the industry.
Elysa Berlin, 28 Director, Sales Massey Knakal Realty Services New York City While over the past six years Elysa Berlins team has grown to seven members, shes still the only female working in a salesperson position on the transaction side with Massey Knakal. In 2012, she originated $165.7 million in aggregate property valuations, $29.3 million in active listings and $1 million in property sales. Berlin was also the first female member of Royal Capital Holdings, a real estate networking group. In the industry, she has observed many changes: Previously, women tended to have more of a presence on the residential side, she says, but recently I have seen a significant increase in women transitioning to the commercial side. In particular, a lot more women are working in asset management roles, analyst positions and retail leasing. The networking organization AREW has really been a catalyst in bringing women in real estate together. Elizabeth Braman, 39 Production Officer ReadyCap Commercial LLC Irvine, CA As one of the first four executives at ReadyCap, Elizabeth Braman counts 2013 as a banner year professionally. This latest endeavor fully capitalizes on her over 15 years experience in commercial lending, business development and sales. She was the 2012 president of the Greater Los Angeles Chapter of CCIM and received CREW-LAs Rising Star Award the prior year. Braman teaches courses in real estate at the University of California Los Angeles extension program. At ReadyCap, she is responsible for hiring and managing the entire nationwide sales team, currently numbering 14 direct reports and projected to grow to over 20 by years end. She is steering ReadyCap to be one of the first small-balance lenders to return to securitization in Q4 2013 or Q1 2014. The ever-increasing number of women distinguishing themselves as industry leaders provides a continued infusion of healthy competition, collaboration, innovation and diversity into the business sector, Braman says.
Pamela Abalu, 35 Global Head, Design and Construction MetLife New York City Pamela Abalus appetite for challenges is matched by her intelligence, drive, creativity and perseverance. Those qualities have propelled her from her home in Africa to an already-successful career here in the US at the fairly young age of 35. She currently assumes leadership of the CRE-Global Project Management Group of internal experts and external partners, responsible for all design and construction activities across MetLifes corporate-owned and -occupied property portfolio, comprised of more than 25 million square feet at 2,000 sites in over 60 countries. She is a member of the American Institute of Architects and the US Green Building Council and is active in the Children of Promise Foundation and My Mentor Life. Women are not a minority, she says, but their presence as leaders has been shown to occur in parallel with success on all levels, for companies, nations and globally. Lauren Berkey, 30 Vice President, Global Accounts Cresa Washington, DC Bethesda, MD Currently the vice president of global accounts, Lauren Berkey is on the team that exclusively represents BAE Systems North Americas national real estate portfolio. She is often tasked with educating peers on the various lease administration solutions and conducting training on Cresas proprietary software. Shes a published co-author of the report, Benchmarking the Creative Class in Arlington, VA, and has planned multiple symposiums and events. This year Berkey competed for and retained the national account work for BAE Systems 24-million-square-foot portfolio for a second five-year period; she has served on the account for seven years. She also has started an internal focus group of national account managers to promote collaboration and idea sharing across the company. I have witnessed a 20% increase in women retained for business development and leadership roles in my office alone, she says.
Monetha Cobb, 37 Managing Director Franklin Street Atlanta In 2010, after 10 years of service, Monetha Cobb decided to leave her nationally known company to join a startup looking to open its third office in Atlanta. Through persistence, hard work and a positive attitude, she built Franklin Streets retail tenant services group, which she now heads. Advising top-of-class retailers including PNC Bank, Dollar Tree Stores, Bealls Outlet, Cabelas and Cato, Cobb has completed more than 116,000 square feet in leases worth $9.6 million since June 2012. Shes also involved with Camp Twin Lakes Jr., delivering life-changing camp experiences to over 9,100 children with serious illnesses, disabilities and other challenges. Katie Culp, 36 Managing Director & Principal Cassidy Turley Indianapolis At 23, Katie Culp was the youngest county economic development director in the state of Indiana. She now leads a national consulting practice that assists clients with location analysis and incentives negotiations. With 15 years of economic development experience, shes negotiated over $200 million in incentives for roughly 11 million feet of office and industrial space. Culp manages a team responsible for over $350 million in incentives for 15 million square feet space across the US. She has been nationally recognized as an exceptional site selection consultant by economic development agencies and CRE executives alike. Vanessa Delgado, 37 Director, Development Primestor Development Los Angeles Vanessa Delgados career began in city planning and economic development work for city governments. At Primestor, she manages a staff of six people involved in planning, community relations, sourcing of development sites, project management, construction management and entitlement procurement. Among her projects in active construction are a $100-million, 380,000-squarefoot shopping center and a $30-million office building. Moderator of the ICSC Hispanic Markets Panel and a member of the Mercy Housing Board, Delgado is sensitive to the needs of local communities and works positively to build support for developments. Nicole Evans, 38 Partner Ballard Spahr LLP Salt Lake City Nicole Evans leads a national, broad-based practice in resort and hospitality law that includes everything from resort and timeshare development in North America to fractionals, condominiums and condo-hotels. She has assumed the first chair responsibility for all timeshare work and is the frontline attorney responsible
for the largest engagements within the Resort and Hotel Group. She has spent the past 13 years building an impressive real estate practice with a focus on resorts and hotels. Additionally, Evans has lead outside timeshare counsel for Diamond Resorts International and has assisted with the due diligence of all timeshare assets and firms its acquired since 2007. Over 10 years, shes also dedicated 418 hours to pro bono service, representing people interested in adopting children in the Utah foster system. Kelly Gedinsky, 29 Broker Winick Realty Group New York City Every year I strive to complete as many deals as possible, fundamentally attempting to accomplish twice as much as the previous year, says Kelly Gedinsky. So far, shes been able to maintain that goal, having leased over 500,000 square feet of retail in her six years at Winick Realty Group and becoming a manager and mentor to a younger group of retail brokers. Currently handling the leasing efforts for 1270 Lexington Ave., 353 W. 14th St., 323 Park Ave. South, 2000 Broadway and the retail at Columbus Square, Gedinsky also works with international, national and local retail tenants on their expansion efforts in the Tri-State area and the US. Elisa Konik, 29 Director, Corporate Occupier & Investor Services Cushman & Wakefield New York City Eliza Konik helped to co-found Artemis, C&Ws womens business development group and dayto-day develops and manages the strategic direction of the firms client-facing technology suite. Having joined C&Ws Valuations & Appraisal practice in 2007, Konik worked to develop the firms first business intelligence tool, an interactive web-enabled software that provides colleagues and clients with high touch visibility into portfolio performance, market trends and statistics. She hopes to create an innovative platform of services for clients and inspire a creative, collaborative and supportive workplace for her colleagues. Heather E. McClure, 40 Vice President, Capital Markets Behringer Harvard Addison, TX Heather McClure is responsible for sourcing, structuring, negotiating and managing project and fund-level financings for Behringer Harvard. Since joining in 2008, shes closed over $1 billion in debt financing with Fannie Mae, Freddie Mac, life insurance companies and banks. McClure is also is a Certified Public Accountant and an advisory member of the Real Estate Finance & investment Center at the University of Texas and the Real Estate Council of Dallas. She also mentors students through the Real Estate Finance and Investment Center at U Texas, striving to convey a clear and realistic vision of the opportunities offered by the industry, and introduces students to individuals who can help them begin to build a professional network.
Jessica Ochoa, 36 President CBRE Group Inc. Houston Jessica Ochoa has had considerable success over the past six years, significantly contributing to CBRE winning over 6.2 million square feet of assignments. Handling property marketing, market and financial analysis and lease negotiation for owners, Ochoa has closed on 41 leases totaling 448,623 square feet in the past year alone. She started her real estate career at CBRE in 2003 in an administrative position. Over the next three years, while working full time and with the responsibilities of a single mother, Ochoa went to the University of Houston at night and graduated with a Bachelors degree in business administration. Ochoa invests her free time in mentoring undergraduate business students and Hispanic students at the U of Houstons Bauer College of Business. Lindsay Orenstein, 36 Principal Transwestern Commercial Services New York City Lindsay Orenstein started her career as the marketing director at Staubach and used experience for developing strategies to drive her career. In 2011, Orenstein, together with Patrick Robinson, Transwestern Northeasts president, founded
the firms Northeast division by opening its first office in New York City. She also plays a leadership role for the division, providing guidance in its expansion, branding and team development. In the past year, she completed notable deals, including a 13,581-square-foot lease renewal and expansion for Williams, Jones & Associates and a 10,000-foot lease for Mandell Schools third preschool location. Orenstein has served on the Junior Cabinet for Israel Bonds for more than eight years and has also been a mentor with Trailblazers since 2000. Malloy Peterson, 36 Senior Vice President, Advisory Carter Atlanta A strategic advisor and marketing professional, Malloy Peterson is engaged in strategic consulting for Carters clients, primarily public entities, public-private partnerships and educational institutions. In 2012, she was promoted to advisory SVP, focusing on three primary areas: business development, advisory and strategic business planning. Among other things, she pioneered social media and led the creative direction of the website design/development and Carters rebranding efforts. Peterson is actively involved in several initiatives that would provide opportunities for Carter to enter new development spaces. Thanks to many of the women who have come before her, Peterson says shes able to look around and find women at almost every CRE company across the country.
Real Estate Forums Top Women of Influence
Ingrid Fulmer
View her profile at cbcworldwide.com/ifulmer
Boca Raton, FL
Mandy Witt
View her profile at cbcworldwide.com/awitt
Janesville, WI
Congratulations to Ingrid and Mandy

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2013 Coldwell Banker Real Estate LLC/dba Coldwell Banker Commercial Affiliates. All Rights Reserved. Coldwell Banker Commercial Affiliates fully supports the principles of the Equal Opportunity Act. Each Office is Independently Owned and Operated. Coldwell Banker Commercial and the Coldwell Banker Commercial Logo are registered service marks owned by Coldwell Banker Real Estate LLC. Each agent and broker is responsible for complying with any consumer disclosure laws or regulations arising from participation in this program.
Kristi Simmons, 36 Broker Aquila Austin, TX Currently a broker in Aquilas corporate services division, Kristi Simmons has worked for Hart Land Real Estate and Staubach the Co. during her 12-year career. She achieved her personal best revenue at year-end 2012 and became part of SIOR. She was involved in a 49,000-square-foot lease with RGM Advisors and Qualcomms 54,000-foot Northwest Austin renewal and expansion, among other notable deals. In terms of women in the industry, Simmons says, Its very valuable to have a team consisting of both men and women. It was not long ago that women in CRE served in an administrative or research role. Today, theyre leading brokerage offices and taking the lead on complex assignments. Lindsey Sugar, 34 Senior Vice President Pension Consulting Alliance Los Angeles For the past five years, Lindsey Sugar has been an integral member of the real estate team at Pension Consulting Alliance. She advises large public US pension funds, including California Public Employees Retirement System, Maryland State Retirement and Pension System and others on a wide range of issues including portfolio strategy, management and composition. Sugar started her
career as an investment analyst for Norgo Group, a private equity real estate firm, where she learned the business from the ground up while assessing acquisitions and dispositions for a national portfolio of mixed use properties. Increasing transparency for investors participating in commingled funds is a career goal. Sugar believes that real assetsreal estate, infrastructure and timberwill play a critical diversification role going forward, not just for public pension plans but also for sovereign wealth funds and high-net worth capital. Jennifer Taylor, 40 Founder, President & Chief Executive Officer Atalanta Realty Investments Los Angeles Jennifer Taylor brings over 20 years of experience to her role of president and CEO at Atalanta Realty Investments, a firm she founded in 2012. She leads a collaborative team of real estate professionals, focusing on acquiring properties in overlooked urban areas in major US MSAs with high Asian populations by applying an innovative SRI approach thats built on close collaboration with minority owner/occupiers to grow their businesses. Prior to forming Atalanta, Taylor served as COO for Arroyo Realty Partners. She also co-founded the Filipino in Institution Real Estate and the Los Angeles chapter of African American Real Estate Professionals. She feels that Southern California is an evolving property market that constantly reinvents itself like a Hollywood movie star and Todays investors are seeking relationships with partners who demonstrate sophisticated and sound investment philosophies.
congratulations to
malloy peterson
carters Woman to WatcH in Real Estate Forums Women of influence
investing in client relationships and leadership. Developing mixed-use, multi-family and student housing projects. advising clients with real estate strategy.
www.carterusa.com
Adriana Vesci, 34 Partner Cox Castle & Nicholson Los Angeles In the past 12 months, Vesci has been involved in over $1 billion of transactions. She represented a portfolio lender in a $220-million loan secured by 17 properties and the buyer of an portfolio of 11 distressed loans secured by operating properties in four states, to name but two. Last year, she won the Los Angeles County Bar Association Real Property Section Outstanding Young Lawyer Award. Active in MAMAs (Mother Attorneys Mentoring Association of L.A.), Vesci was made a partner at Cox, Castle & Nicholson earlier this year, achieving a fundamental career goal. Colleen Wenke, 34 Vice President Taconic Investment Partners New York City Since beginning her career at Taconic in 2001, Wenke has been responsible for or directly involved in developing or repositioning over two million square feet of commercial space. After accepting a temporary position at Taconic, she fell in love with the transformative nature of real estate and tangible results of seeing a project come to fruition. She handles project management, design development, contract negotiations, portfolio strategy, marketing, leasing and sales. Recently, Wenke led the planning that ultimately
achieved the Landmarks Preservation Commissions approval for 837 Washington St., a 55,000-square-foot retail and office building in the Meatpacking District. Shes an advocate of educating young women about the industry and how dynamic it is, from as early as high school. Azeemeh Zaheer,33 Head of Institutional Relationships Gatehouse Bank plc London Responsible for raising capital and institutional strategy, Azeemeh Zaheer improves and initiates investment relationships for Gatehouse Bank while maintaining the womens CSR program. Zaheer started her career early through a banking internship run by her high school. She served as a licensed investment specialist while in college and ultimately became a vice consul, Oil & Gas USA sector head for the British Consulate General in Houston, before joining Gatehouse. Over the past couple of years, she developed a new institutional profiling system and raised over $170 million in direct equity for the bank. On behalf of Dr. Suhair Al Qurashi, Womens Education Leader and Dean of Girls College in Saudi Arabia, Zaheer wrote a UK Infrastructure Sukuk abstract submission to Prime Minister David Cameron. For the next five years, her focus will be on building a global institutional wealth management department, while helping to find solutions to the issues facing the Islamic banking industry.
Discover Leadership.
Congratulations to Katie Culp, Senior Managing Director, Location Advisory and Incentive Services Our Real Estate Forum Woman of Influence Woman to Watch.
At Cassidy Turley, we are thought leaders, market leaders, industry and community leaders, like Katie.
Discover excellence in commercial real estate services. Discover Cassidy Turley. www.cassidyturley.com
Tenant Representation / Capital Markets / Corporate Services / Project & Development Services / Project Leasing / Property Management

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