Onward, a Fundrise Production 42: The greatest capital broker in the nation, Simon Ziff
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Jan 2, 2025 Simon Ziff, President of Ackman-Ziff and a key player in over $100 billion in real estate deals, shares his remarkable journey through the evolving landscape of commercial real estate. He reflects on navigating market cycles, the shift from family-run firms to institutional dominance, and the rise of CMBS and private equity. Ziff also addresses current market challenges due to rising interest rates, financing struggles, and emphasizes the importance of relationships and transparent compensation in driving success.
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Joining Ackman Brothers and Singer
- Simon Ziff, President of Ackman-Ziff, joined Ackman Brothers and Singer in 1989 after seeing a newspaper ad.
- He initially wasn't their top choice, but after meeting Larry Ackman and discussing business ethics, Ziff was offered the analyst position.
Working with Multi-Generational Families
- Ziff recalls working with multi-generational families like the Dursts and Sarah Corrine.
- He remembers Mrs. Corrine directing loan rates and securing favorable terms due to her strong relationships with foreign banks, highlighting the importance of connections in that era.
The Rise of CMBS and Its Impact
- CMBS changed real estate finance by valuing income from non-credit tenants similarly to credit tenants.
- Ziff capitalized on this by offering higher leverage loans to shopping center owners with non-credit tenants, marking a shift in the industry.