Leading Voices in Real Estate

This week, Matt speaks with real estate leader Walt Rakowich, former CEO of Prologis and author of the new book, Transfluence: How to Lead with Transformative Influence in Today’s Climates of Change. In the interview, Walt tells his career story, interspersed with leadership lessons along the way. Walt’s true crucible as a leader came first when he was President and COO of Prologis and he found himself unaligned with the style and decision making of the CEO, leading to Walt’s resignation from the firm…and then rejoining the firm, just months later, to restructure and rebuild the business after a crash that he had essentially foreseen. In our conversation, Walt discusses these lessons in leadership but we certainly recommend that you take a deep dive into his philosophy and practice of servant leadership in Transfluence.Prologis is a NYSE company and a member of the S&P 500. Prologis is a leading provider of distribution facilities and services with over $50 billion in assets and operations in the Americas, Europe and Asia. Walt was Co-CEO of Prologis and member of the Board of Directors from June 2011 through December 2012. He was CEO of Prologis from November 2008 through June 2011. He was a member of the Prologis Board of Trustees from January 2005 through June 2011.Prior to becoming CEO, Walt was the President and Chief Operating Officer of Prologis from January 2005 through November 2008. He joined Prologis in 1994. From December 1998 to January 2005, he served as Managing Director and Chief Financial Officer for Prologis. Prior to this position, Walt was the Senior Vice President/Director of the company’s Mid-Atlantic region where he was responsible for expanding the reach of Prologis to the leading logistics markets in the Midwest and Atlantic states.Prior to joining Prologis, Walt spent nine years as a partner and principal with real estate provider Trammell Crow Company in Los Angeles. Before that, he was a senior audit and tax consultant for Price Waterhouse in Pittsburgh, Pennsylvania. Walt received his M.B.A. from Harvard Business School and his B.S., with distinction, in Accounting from The Pennsylvania State University.Walt currently serves on the board of directors of Host Hotels & Resorts, where he is the company’s audit committee chairman and member of the governance committee; Iron Mountain Inc., where he is chairman of the audit committee and member of the governance and investment committees; and Ventas Inc., where he is chairman of the audit committee. All three are companies listed in the S&P 500. He also serves on the advisory council of Gender Fair. He has served as a member of the executive committee and the board of governors for the National Association of Real Estate Investment Trusts (NAREIT), the primary industry group for REITs in the United States.Walt was appointed to The Pennsylvania State University Board of Trustees in 2014 and serves as chairman of the university board’s audit and risk committee. In 2010, the Penn State Alumni Association named Walt a Penn State Alumni Fellow, a lifetime designation and the highest award given by the association, recognizing outstanding professional achievement. He also has served on the real estate advisory boards of the Smeal College of Business at Penn State, The Owen Graduate School of Management at Vanderbilt University and The Kellogg Graduate school of Management. In addition, he served on the Global Leadership Council at Colorado State University.Walt currently serves as chairman of the board of Colorado UpLift and is a member of the board of the Alliance for School Choice in Education (ACE) and of PIVOT, three non-profits focused on educating at risk children in the inner city.About TransfluenceWalt Rakowich brings a real-world perspective to leadership that’s based on experience, not just theory. Walt was CEO of Prologis, the world’s largest owner of industrial warehouses and a critical partner to companies distributing products throughout the global supply chain. The company was near bankruptcy when Walt took over at the height of the Great Recession. While leading Prologis back to prominence, and in the years since, Walt realized leaders today must lean into timeless values and principles, but with a fresh perspective on the new realities of our leadership climates.The modern leadership environment exists at the convergence of three distinct and dynamic climates: the climates of access, diversity, and acceleration. On their own or in the aggregate, these climates produce significant opportunities and tensions that will challenge leaders for generations. With a fundamental understanding of these climates, leaders develop a selfless approach that withstands the toughest storms.Transfluence shows leaders how they can have transformative influence by overcoming their fears and pride, building transparency into their leadership, developing a strong core of authentic values, and passionately pursuing a meaningful purpose. When leaders do this, they seize opportunities, embrace challenges, and make their organizations and communities greater than ever. Learn more or order Transfluence here.

John Helm, Managing Director and Founder of RET Ventures, joins Matt for this week’s episode of Leading Voices in Real Estate. RET Ventures is the first industry-backed early-stage venture fund focused on helping build cutting-edge real estate technology companies for the multifamily and single-family rental industries. John is our third guest from the proptech space (we previously featured Clara Brenner from the Urban Innovation Fund and Brad Greiwe from Fifth Wall). RET Ventures’ business model is differentiated in both its focus on the rental space and that all of their investors are owner-operators, creating a virtuous cycle between clients, customers, and investors. In the episode, John and Matt talk about the impact of technology on the rental housing business, the benefits of tenure and deep relationships in a relationship-oriented business, and John’s fascinating career journey.John also sits on the boards of Smart Rent, GiGstreem, Fernish, Moved, Lexicon, Sight Plan, Funnel and Opiniion. Prior to founding RET Ventures, John was a Venture Partner with DN Capital in Munich, Germany, ran and successfully exited two venture-backed real estate tech startups, was CFO of Marcus & Millichap, and a consultant at McKinsey & Company.

Today’s conversation is a re-release of the inaugural episode of Leading Voices, a conversation with then Mayor of Tacoma, WA and now, in 2021, a newly elected Congresswoman, Marilyn Strickland (D-WA). In this conversation, from 2017, Matt and then Mayor Strickland discuss the strategies for redevelopment that she used in Takoma, balancing neighborhood economic redevelopment neighborhood with the needs of the existing businesses and residents. We are re-releasing this conversation with Representative Strickland the week after last week’s chaos at the US Capitol, cognizant of the need for constructive leadership from our elected officials. As per the Seattle Times, “business friendly Strickland won…in a closely watched race mirroring a nationwide struggle between progressive and establishment liberals” and is the first African American to represent Washington State and the first Korean-American woman elected to Congress.

In this first episode of 2021, Matt interviews Paul Saffo, Silicon Valley based futurist, about long term trends and their impacts on our cities and workplaces. Paul places COVID-19 in perspective and talks about the trends affecting our global civilization, impacts on the real estate business, and the opportunities for the real estate industry “to become good ancestors” through our work in the built environment. This is a look forward — way forward – with the end of COVID in sight and the beginning of new times following 2020.

For the final episode of 2020, Matt speaks with Nancy Lashine, Managing Partner of Park Madison Partners and host of the podcast series, “Innovations in Real Estate”. Matt and Nancy interview each other about their respective careers, highlights from their podcasts, and current wisdom from their respective businesses. Nancy talks about the current drivers for institutional capital into real estate strategies from her perch as a capital raiser at Park Madison Partners and Matt talks about helping build teams and the need for talent in real estate organizations from his recruiting business at Terra Search Partners. This conversation is being released both on Leading Voices and on Nancy’s podcast, “Innovations in Real Estate”.Nancy is the Founder and Managing Partner of Park Madison Partners, a boutique real asset private equity placement firm. The firm is a leading advisor to investment management firms on their business strategy. Park Madison is headquartered in New York City and is a FINRA regulated broker dealer.Nancy has over 35 years of real estate and investment marketing experience. Prior to forming Park Madison Partners, Nancy was a strategic consultant advising leading institutional real estate investment managers on product development and the implementation of institutional marketing initiatives. Clients included Lehman Brothers, Angelo Gordon, ING Clarion, Sentinel Real Estate and JER Partners.Nancy was an early member of The O’Connor Group (1985-1995) and began her finance career at LF Rothschild, Unterberg and Towbin (1981-1985).Nancy earned her MBA at Columbia University Graduate School of Business, and a BFA, cum laude, from Case Western Reserve in Dance Theatre. She serves on several Boards including the Columbia MBA Real Estate Advisory Board, the Gibney Dance Center Board, and is a past board member of the Pension Real Estate Association. She is a member of ULI and WX (Executive Women in Real Estate).

During this episode of Leading Voices in Real Estate, Matt interviews Alan Gold, Executive Chairman of IQHQ, a start-up real estate company serving the life sciences industry. The episode serves as a continued exploration of different niches within the real estate business — serving the biotech/life sciences field requires unique knowledge and relationships and brings a special set of challenges as well as opportunities. Alan is a serial entrepreneur, having been a co-founder of Alexandria Real Estate Equities and then the founder and CEO of BioMed Realty Trust (and its predecessor), which sold to Blackstone in 2016. He is now the Executive Chairman of both IQHQ, started in February of this year, as well as of Innovative Industrial Properties, the only NYSE cannabis REIT. In addition to drilling down on the life sciences real estate business, Matt and Alan talk about the benefits of specialization and of “bringing the band back together” in his companies.Prior to IQHQ, Alan founded Innovative Industrial Properties, Inc. in 2016, the first publicly-traded REIT that provides real estate capital to the medical-use cannabis industry, and he currently serves as its Executive Chairman, a position he has held since its formation. Paul Smithers, CEO of Innovative Industrial Properties, was on Leading Voices in 2019.Additionally, Alan served as Chairman, President and Chief Executive Officer of BioMed, a REIT specializing in acquiring, leasing, developing and managing laboratory and office space for the life science industry, from its inception in 2004 through the sale of the company to Blackstone in January 2016. Alan also served as Chairman, President and Chief Executive Officer of BioMed’s privately-held predecessor, Bernardo Property Advisors, Inc., from 1998 until 2004. In addition, Alan was a co-founder and served as President and a director of Alexandria, an urban office REIT, from its predecessor’s inception in 1994 until 1998. Alan served as Managing Partner of GoldStone Real Estate Finance and Investments, a partnership engaged in the real estate and mortgage business, from 1989 to 1994.Alan currently serves as a member of the board of trustees for the Salk Institute for Biological Studies, a research organization dedicated to fundamental research in biology and its relation to health. Alan received his Bachelor of Science Degree in Business Administration and his Master of Business Administration from San Diego State University.

MultiGreen made a big splash in early 2020 at the World Economic Forum’s 50th Annual Meeting in Davos, announcing its intention to build 40,000 units of attainable, sustainable, tech-enabled workforce housing apartments over the next ten years. In this episode, Matt talks with MultiGreen Founder and Chairman, Randy Norton, who is leading this new venture towards this audacious and important goal. MultiGreen is backed by 60 of the world’s wealthiest families via its partnership with i(x) investments, an impact investment firm that is bringing long term investment to address major social problems like the housing crisisRandy has more than 20 years of real estate experience, namely Real Estate Development and Construction, Building Information Modeling (BIM), Leadership in Energy and Environmental Design (LEED), Smartgrid Cogeneration and Renewable Energy with Intelligent Building IoT. Randy is also a Managing Partner, the Global Head of Real Estate and Alternative Investments at Green Mesa Capital, a single family office based in Henderson, Nevada. Additionally, he currently serves as a Trustee for the City of Henderson Nevada Public Improvement Trust, and is an Advisory Council Member at the UNLV Lee Business School-Lied Institute for Real Estate.Randy is a member of the CAIA Association, CCIM Institute, CFA Institute, Construction Financial Management Association, Institute of Real Estate Management, Sustainable Accounting Standards Board, ULI Greenprint Center for Building Performance, U.S. Green Building Council, and is a Founding Executive Member of the Institute for Real Estate Operating Companies.Randy is a frequent speaker, moderator, and panelist, at industry events, including CalALTs, CAIA, CFA, CFMA, Connex, Context, Crittenden, iGlobal, IMN, IPI Campden, Linkbridge, Markets Group, Marcus Evans, Opal, Super Returns, select Universities, and is an annual ULI PwC Emerging Trends in Real Estate Interviewee.After graduating with University Honors in Korean and Business from Brigham Young University’s Marriott School of Management, Randy completed executive programs at the Harvard University Graduate School of Design, and Columbia Business School-Heilbrunn Center for Graham & Dodd Investing. Randy was previously published in the Real Estate Finance Journal, Forbes, GreenSights, GuruFocus, Yahoo! Finance, and is Author of the pending book: “Applied Value Investing in Real Estate.”

Sheryl Palmer, Chairman and CEO of Taylor Morrison Home Corporation, joins as our second leading voice within the homebuilding industry (after Larry Webb, CEO of the New Home Company). Taylor Morrison is one of the nation’s top-ranked public homebuilders, following the company’s IPO in 2013, which Sheryl oversaw. With her college studies in special education and a career start in the sales and marketing department at McDonald’s, Sheryl shares how she came into the homebuilding business and how these prior, non-real estate experiences have influenced her consumer-first approach to the business. Additionally, we talk about Taylor Morrison and the homebuilding industry’s response to COVID-19 and her prognosis for the sector going forward. Throughout the conversation, Sheryl demonstrates candidness, both as an executive leader in business and in her non-work life, even sharing her personal experience with a life-threatening illness.Sheryl has overseen Taylor Morrison, the Scottsdale, Arizona based homebuilder, since 2007. Sheryl has the organization dedicated to implementing a business strategy focused on three priorities: pursuing strategic growth opportunities to deliver benefits of scale; enhanced operational excellence to drive company-wide efficiencies; and differentiating the customer experience Taylor Morrison provides all team members and homebuyers. Under Sheryl’s leadership, Taylor Morrison has been successful in creating trustworthy relationships with both its internal and external customers. In 2018, the company was named America’s Most Trusted Home Builder for the third consecutive year by Lifestory Research, and a Top 100 Best Places to Work by Glassdoor.Sheryl has spent most of her early career in the Arizona, California and Nevada real estate markets. Prior to Taylor Morrison, Sheryl served as Nevada Area President for Pulte and Del Webb after finishing 10 years as division president at Blackhawk Corporation, a builder of active adult communities based in northern California.Sheryl’s passions extend beyond homebuilding and enter the many realms of: parenthood, including her three children and four grandchildren; leadership and diversity; supporting veterans; solving for homelessness; and health and wellness.Sheryl is currently serving as the 2019-2020 Chairman of the National Board of Directors of HomeAid America, is on the Board of Directors of Interface Inc. and is an Executive Committee Member of the Joint Center for Housing Studies (JCHS) Policy Advisory Board at Harvard University. She is also the Chairman of the Board for the Building Talent Foundation, a non-profit division of Leading Builders of America.

Today Matt interviews David Schless, the President of the American Seniors Housing Association, to discuss the impact of COVID on seniors housing and his thoughts on the future of this business post-pandemic. The first hot spot for COVID in the US was at a nursing home in Washington State; the seniors housing industry has been at the forefront in responding to the crisis for its vulnerable residents and its workers on the front lines. David discusses the tremendous response of the industry and the future of the seniors housing business, for which the demographic trends continue to suggest significant growth and opportunity.David has served as ASHA’s President since its creation by the National Multifamily Housing Council (NMHC) in 1991. With over 30 years of industry experience, David has an extensive understanding of seniors housing research, policy and regulatory issues, and an intimate knowledge of the seniors housing business. He is currently involved with the Alzheimer’s Association Brain Ball Committee, the Cornell Institute for Healthy Futures, the Granger Cobb Institute for Senior Living at Washington State University and serves on the editorial board of the Seniors Housing & Care Journal. David has been honored as a Distinguished Alumnus by both the University of Connecticut and the University of North Texas for his work on behalf of seniors.David holds a Bachelor of Science degree from the Center for Aging and Human Development at the University of Connecticut, and a Master of Science degree from the Department of Applied Gerontology/Center for Studies in Aging at the University of North Texas.

In our Leading Voices in Real Estate season five premiere, Matt is rejoined by Tammy Jones, Co-Founder and Chief Executive Officer at Basis Investment Group, a real estate investment manager primarily focused on debt and structured equity strategies. Tammy was a participant on the Black Voices in Real Estate episode released in June, where she shared her experience as a Black woman in the real estate industry and the opportunities for change in racial equity in our business. Now four months later, this episode continues with a discussion on whether the Black Lives Matter moment offers a temporary or permanent path towards inclusion in our business. Tammy also shares her experience building a career as a Black woman in the business and starting Basis Investment Group as one of the few certified Minority and Woman-Owned Businesses in real estate investment management. Tammy tells us her career journey, from becoming the first female in her family to attend college to founding her own business.Now at 80+ episodes of Leading Voices in Real Estate and in the fall of this year-to-remember, we are embarking on a new Season Five of the podcast. Through the entire Leading Voices series, we have had the opportunity to share the career journeys and countless stories from people, across the wide range of the real estate industry, who have built great companies and made a difference in our built environment. In this time of COVID, social and political change especially around social equity, and new realities quickening around climate change, the impacts on, and responsibilities from, the real estate business are enormous. We will continue, through our conversations in this season of Leading Voices to both tell the career and leadership journeys and lessons that have always been a part of Leading Voices alongside discussions around these real topics deeply affecting our industry. Thanks to our long time listeners for joining us in these conversations.