The Promote Podcast

This week, we look back at the skyline-shaping impact of 2 starchitects who’ve just left us – Robert A.M. Stern and Frank Gehry – and then jump into a broader discussion about the pros & cons of name-brand architects. We dive into the industrial deal of the year, EQT’s 9M sf sale to Aum gobbler Artemis. And we have an exclusive tick-tock of a hotel megadeal in San Francisco, Newbond & Conversant's heist of 3,000 rooms in one fell swoop – it's a great window of what it takes to get a distressed CMBS trade across the finish line.To advertise: Reach out to partnerships@thepromote.comFor feedback: Write us at podcast@thepromote.com And please rate us and write a review on Apple.Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15Further reading/listening:Hiten on Bloomberg's Odd Lots discussing the ultra-luxury marketInside the Hotel Heist of the YearSixth Street's AUM GobblingPostscript: Robert A.M. Stern, the Limestone JesusPostscript: Frank Gehry

In our special mailbag episode, co-host Will Krasne tackles your most unhinged CRE questions: who'd be the dream cast of a CRE version of Million Dollar Listing, the best projects through which to launder funds, and which industry niches are IQ-optional.To advertise: Reach out to partnerships@thepromote.comFor feedback: Write us at podcast@thepromote.com And please rate us and write a review on Apple.Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Take 10% off annual subscriptions by using this link: https://www.thepromote.com/upgrade?offer_id=b700858f-21e0-47a2-9695-a93055d3ed15

Explore the dramatic rise and fall of Martin Selig, a titan of Seattle's skyline. His early life and bold entrance into real estate reveal a maverick spirit. Discover how clever zoning laws and high-stakes construction loans fueled his empire. Learn about his aggressive leasing tactics and risk appetite that shaped his career. The pandemic's impact on empty towers leads to a valuation crisis, highlighting structural shifts in office demand. Will legacy and succession plans save him from losing it all?

Explore the troubling landscape of midsize multifamily REITs as many opt for privatization or liquidation. Dive into Marriott's shocking dissolution of its partnership with Sonder, reflecting on the rise and fall of this proptech company. Witness a riveting discussion on the Mooch's Opportunity Zone fund, mired in fundraising failures. From valuation struggles in New York's office REITs to the operational challenges faced by hotels, this conversation offers crucial insights into the current state of real estate and proptech.

The discussion dives into the chaotic world of senior housing, highlighting Blackstone's fire sale of a $1.8B portfolio and the challenges operators face. Brooklyn's skyline is at stake as Jonathan Landau attempts to raise funds for a new condo, navigating a complex cap stack amid high local prices. Meanwhile, Boston Properties is making moves, selling off legacy assets to finance high-end developments, positioning themselves for future success. Tune in for insights on these high-stakes real estate maneuvers!

Dive into the fascinating world of real estate with insights on Blackstone's Chad Pike's significant industrial takeover. Discover why major US developers, like Hines, are now rapidly expanding into the Gulf region, capitalizing on lucrative mega-projects. Plus, get the lowdown on why CRE secondaries are stealing the spotlight as new players emerge and traditional fund structures evolve. It's all about navigating capital flows and seizing opportunities in a shifting market!

Explosive mortgage fraud allegations shake two major regional banks, exposing vulnerabilities in the system. Meanwhile, Walmart embarks on an ambitious mall acquisition strategy, aiming to reshape retail experiences while sidestepping local opposition. On the skyscraper front, serious structural issues emerge at 432 Park Avenue, raising urgent questions about accountability in luxury condo development. The hosts delve into the intricate dynamics of financing, building supertalls, and the potential for regulatory changes to reshape the industry.

This week, we have a special episode diving deep into the skyscraper that encapsulates our political and financial age: 666 Fifth Avenue. Now known as 660 Fifth Avenue, this tower brings together a dizzying array of characters – from Jared and Charlie Kushner to the former finance minister of Qatar and an imprisoned Chinese mogul – and elements such as cocky scions, insane appraisals, overheated CMBS, hardball pref, media wars, White House wildcards, and so much more. We trace the history of the building from being Jared Kushner's splashy and later disastrous buy to the Brookfield bailout and ultimate redemption. Next, we look at a botched condo buyout in Miami and the opportunities and dangers of that playbook. And finally, we examine how Banco Santander is playing rough with borrowers it inherited from Signature Bank.Sponsor: This episode is sponsored by Bullpen, a talent shop solely dedicated to the commercial real estate industry. Bullpen can recruit trusted CRE pros at all levels, from analysts to C-suite, and can fill both fractional and full-time positions. The Promote listeners get $1,000 off their first search when you mention who sent you. Check out at bullpenre.com to get started.To advertise: Reach out to partnerships@thepromote.comFor feedback: Write us at podcast@thepromote.com and please rate us and write a review on Apple or Spotify.Promote Insider: Our premium tier for CRE insiders is now live. To lock in Founding Member rates, visit https://www.thepromote.com/upgradeFurther reading:Jared Kushner profile - NYMAgBehind the record deal for 666 Fifth Avenue - TRD Jared Kushner, a Trump In-Law and Adviser, Chases a Chinese Deal - NYTKushners, Trump In-Laws, Weigh $400 Million Deal With Chinese Firm - NYTCharlie Kushner, Unfiltered- TRDDeal Gives Kushners Cash Infusion on 666 Fifth Avenue - NYT660 Reasons to Smile - The PromoteBanco Down to Brawl - The PromoteFlorida Supreme Court denies rehearing in condo buyout case- TRD 

Exploring the complexities of New York's office-to-residential conversions, hosts dive into the financial viability amidst current distress signals. They discuss how Amancio Ortega's purchases redefine market pricing, impacting various sectors. The conversation takes a sensational turn with the story of David Bren, examining his controversial fundraising and the challenges of leveraging family credibility in real estate. Insights on how tax incentives affect investment incentives add another layer to this intriguing discussion.

This week, we discuss an intriguing deal in the data-center space – TeraWulf is raising $3B in debt to build data centers for Google, in an intertwined transaction that's becoming a prototype for getting these massive developments going. We dive into the maverick mogul behind Terawulf, Paul Prager, who's using his heft to turn Maryland's Eastern Shore into the new Hamptons. We then take stock of the carnage in San Francisco's multifamily market, where the biggest players are winning and losing thousands of units all at once – and leaving their lenders in the lurch. Finally, we explore why institutional investors are finding alpha between the low-thread-count sheets in the extended-stay space. Sponsor: This episode is sponsored by Bullpen, a talent shop solely dedicated to the commercial real estate industry. Bullpen can recruit trusted CRE pros at all levels, from analysts to C-suite, and can fill both fractional and full-time positions. Check them out at bullpenre.com to get started.To advertise: Reach out to partnerships@thepromote.com For feedback: Write us at podcast@thepromote.com and please rate us and write a review on Apple or Spotify.Promote Insider: Our premium tier for CRE insiders launches Oct. 15. To lock in Founding Member rates, visit https://www.thepromote.com/upgrade