CPE Podcasts

Commercial Property Executive

CPE Podcasts is a multi-series channel produced by Commercial Property Executive, exploring issues and trends across the U.S. commercial real estate industry. Find out more on our website: www.cpexecutive.com

  1. 6d ago

    Step Into My Office: New York’s Flight to Experience

    Office recovery continues to gain momentum in New York City and demand is spreading beyond newly built and extensively repositioned properties. The Plaza District has stabilized, activity around Penn Station continues to grow and demand is reaching Midtown South and the Financial District, according to Sage CEO & President Jonathan Kaufman Iger. For existing office buildings, he believes the next competitive phase is shifting from flight to quality to what he calls “flight to experience.”  In this episode of Step Into My Office, CPE’s Olivia Bunescu talks with Kaufman Iger about how that shift is changing the way New York office properties are operated. While an improved workplace experience cannot resolve an unsustainable capital structure or eliminate the need for physical upgrades, he argues that well-maintained older buildings can compete through consistent service, relevant amenities and stronger support for tenants and their employees. Here’s what they touched on: Why New York’s office recovery is stronger than headlines suggest (01:40)Where stronger operations can change an asset’s prospects (04:32)From flight to quality to flight to experience (06:00)Capital reinvestment and the needs of older buildings (09:52)The small details behind hospitality-driven service (14:33)Inside Sage’s flagging model and “surprise and delight” element (15:43)Measuring the return on amenities and services (20:34)How better operations can strengthen tenant loyalty (26:57)Looking beyond the first response (29:27)Why branded office properties could become more common (35:31)

    Step Into My Office: New York’s Flight to Experience
  2. Sep 8

    Investment Matters: Frank Talk About Opportunity

    Frank Forte was the kind of kid who was already fascinated by Wall Street by the time he was about 15. He was a whiz at math, and rather precociously, he also loved reading about options, derivatives and the market. But even back then commercial real estate was on his radar, too. After a few well-timed twists and turns early in his career, he made his path into real estate investment. Ten years ago, he co-founded a private equity investment firm that he named Lucern Capital Partners, which he runs with David Hansel, the firm's co-founder and managing partner. Since then, he’s been involved in transactions valued at more than $380 million across a wide swath of the East Coast. Lately he’s been finding attractive opportunities in the burgeoning small-bay industrial market at a time when he believes the larger industrial sector has become overbuilt. Forte discusses the economic climate that's impacting the decision-making of his customers and prospects. He talks about the bid-ask gap and his strategy for underwriting potential deals. In our conversation, my guest addresses what it takes to build a successful commercial real estate investment business and offers caveats about the traps that new participants can fall into. He emphasizes the importance of taking a clear-eyed view of market opportunities. And he cautions against buying into the myth that commercial real estate is some kind of get-rich-quick scheme. He told me that "what people don't see is (that) to really generate the value, you need to roll up your sleeves, and you need to be a good operator.” Yet for all the hard work that success demands, Forte doesn’t think of it as being a grind. As he puts it: “I feel like I never work a day in my life, so I'm very lucky.” Take a listen. Follow, rate and review CPE’s podcasts on Spotify and Apple Podcasts, and don’t forget to subscribe to CPE’s YouTube channel! Episode highlights: (1:47) Launching a new investment platform(4:28) What’s in a company name(7:06) Career origins, from Wall Street dreams to private equity success(11:05) Finding big opportunities in small-bay(16:02) Lucern’s geographic sweet spot(17:29) Caveats for new investors: play the long game(19:30) The keys to operational excellence(23:48) Navigating capital market complexities(26:16) How volatility is impacting leasing velocity(29:46) Inside the bid-ask gap(32:28) Underwriting in an unsettled market(34:01) Plan for powering through ’27 and ’28(36:32) Executive off the clock: it’s a shore thing

    Investment Matters: Frank Talk About Opportunity

About

CPE Podcasts is a multi-series channel produced by Commercial Property Executive, exploring issues and trends across the U.S. commercial real estate industry. Find out more on our website: www.cpexecutive.com

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