Ben Brown, Co-President of Brookfield’s Real Estate Group, shares his insightful journey through the real estate landscape, emphasizing his pivotal role during the financial crisis. He discusses Brookfield’s groundbreaking acquisitions, including General Growth Properties and Forest City, and explores how low-interest rates in 2018 fueled record deals. Ben delves into current opportunities in retail, housing, and hospitality, highlighting Brookfield's unique approach to capital structure and market adaptation while underscoring the importance of teamwork and culture in navigating challenges.
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question_answer ANECDOTE
Cold Call That Launched A Career
Ben cold-called New Boston Fund as an undergrad and landed an internship that turned into a full-time job.
That hustle kept him in Boston and jump-started his real estate career during the pre-GFC era.
question_answer ANECDOTE
Crisis Duty Shaped Early Experience
During the financial crisis Ben moved to Florida to work out condo developments and manage lender relationships.
That painful period taught invaluable lessons and shaped his next career moves toward Brookfield.
insights INSIGHT
Big Deals Need Long Preparation
Large, headline transactions require many stars to align across financing, market timing, and prior knowledge of the asset.
Brookfield often buys businesses they've studied for years, not on impulse.
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Season 3, Episode 12: In this episode of No Cap, Jack Stone and Alex Gornik sit down with Ben Brown, Co-President of Brookfield’s Real Estate Group and Head of the Americas, to talk about the pivotal moments that shaped his career and the strategies behind some of Brookfield’s biggest deals.
From breaking into Brookfield during the financial crisis to leading $10B+ acquisitions like GGP and Forest City, Ben shares the lessons learned, the risks taken, and the culture that keeps Brookfield ahead in a shifting real estate market. He also opens up about where he sees opportunity today, from retail and housing to data centers and hospitality.
TOPICS
00:10 – Introduction
01:39 – Early career and first steps in real estate
07:58 – Joining Brookfield during the financial crisis
12:30 – Why 2018 became a record year of deals
15:05 – Inside the GGP acquisition and retail strategy
25:00 – How Brookfield structures capital
29:33 – Forest City and investing in urban cores
36:57 – Shifts in apartments, logistics, and strategy
42:28 – Where Ben sees opportunity now
49:00 – Hospitality plays in the US, India, and Europe
53:42 – Brookfield’s edge in capital markets
59:02 – Culture and teamwork at scale
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About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered “No Cap” look into the industry’s biggest trends and the money game behind them. Each week, co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily), which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest-growing media brands in commercial real estate.
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