Lisa Picard is a woman with a vision. Thanks to technology, the office development space has evolved from a B2B market to B2C, and she’s on the front lines of in an industry resistant to change.“We’re really not producing products per say; we’re creating ideas. And so, … organizations’ access to ideas is really through collaboration, connection, of having really high-quality talent.”CuriosityLisa grew up in Southeast L.A. County with her twin sister and Depression-era parents who taught her to cherish and respect her resources. This instilled in her a fascination for her urban environment, and she went on to study Urban Planning at California State Polytechnic University.After graduation, she worked closely with the City of L.A., and she saw how developers had a different view book than she did. She wanted in and applied to MIT to dive deeper into development, planning, urban economics, and finance.Just before heading to MIT, at the age of 22 her father suddenly died and her mother the summer after, and Lisa had what she calls her mid-life crisis at 22. As painful as the grieving process was during her time at MIT, it taught her the importance of embracing each moment fully and staying true to herself.Navigating the Development FieldAfter MIT, Lisa moved back to San Francisco and began her journey with the Bristol Group where she had the freedom to grow and learn what a deal looked like and how to create one. From there, she joined the Hines team in Seattle and rode out the rollercoaster of the dot-com era. Next, she was approached by Canyon Ranch, where she learned the power of experience and brand.“Humanistically, there’s always got to be an invitation… when I say an invitation that’s the brand piece, that’s the promise of whatever it is, when I have that engagement with a piece of real estate.”When she was let go by Canyon Ranch, she felt like she had lost her sense of identity. She moved back to Seattle, and learned how to value herself as simply “Lisa Picard.” She started Muse Developments focused on multi-family development, and was soon approached by Skanska to expand their business in Seattle. She agreed and joined them in merchant building.Her vision for bringing humanity and experience-driven spaces into each of her projects made a big impact on Seattle, but she felt called to influence other cities. So when Equity Office approached her, she was ready to join them.TodayAs the CEO of Equity Office, Lisa is focused on the vision and positioning of projects, like the Willis Tower in Chicago, in a way that satisfies the desires of the market.She looks at it with the mindset that every worker needs a balanced diet of productivity: concentration space, collaboration space, and community space. This is what the modern workforce desires, and that is the value and level of service she is striving to deliver as she repositions assets.Being a WomanAt first, Lisa admits that she tried to fit in. But thanks to her mentors who instilled confidence in her and empowered her to believe in herself, she learned her worth. She hopes to do this for other women.AdviceWhen you work in the urban environment and real estate, what you put into the environment affects people. It changes the urban environment and you have to give a sh*t. You have an obligation to people and your surroundings.

Jon Geanakos grew up in Ipswich, Massachusetts, raised mainly by his Greek immigrant grandparents. They gave him a strong sense of ethnicity and hard work, speaking Greek predominantly in their home and running a local grocery store and ice cream parlor. He was recruited to play lacrosse at the University of Lowell and it was there that he found himself embracing leadership. As the captain of his lacrosse team, he excelled at helping the right people work together to achieve their goal.His lacrosse coach introduced him to the president of the local bank, Lowell Institution, and that set him on the trajectory to real estate.   “It’s fascinating how one person just at that pivot point in a young person’s life can guide you to what your life’s work is. You never understand the profoundness at the time when it happens, you obviously realize it when the years have passed.”Jon’s Leadership JourneyAfter a few years at the bank, he was approached by some of the bank’s investors to join them in starting The Tallard Group. This gave him his first entrepreneurial experience. When they closed their doors shortly after, he applied to join Copley Real Estate. There, he took a job as a portfolio manager of failing properties in Texas, and later in Ohio.At Copley, he remembers sitting at meetings amongst Ivy League executives and feeling like he didn’t belong or deserve to be there. However, each time he would make a successful decision, he felt his confidence slowly building.   “When somebody says, ‘This is a really difficult job, you might fail at it,’ I always tell people ‘You must take the tough job because that’s where the upside is… and you’ll learn something from it.’”When Copley and AEW merged, he faced a fork in the road: his mother was diagnosed with cancer and he was ready to move into a more brokerage-focused role. While she was in surgery, he contacted 150 names in the hopes of finding a position in New York, and this initiative landed him at Secured Capital.After gaining experience in brokerage, Trammell Crow approached him and he moved back into closing deals in capital markets. When CBRE merged with Trammell Crow in 2006, Jon trusted his gut and joined Houlihan Lokey where he discovered a new dimension of real estate. During his time at Houlihan Lokey, one of his clients who he was advising on capital raising opportunities, Anthony Westreich, invited him to join Monday Properties as a partner.At Monday Properties Jon began identifying emerging gateway markets like Nashville, Portland, and Denver, which had the potential for large profits. He had a vision for how this could become a viable business, and Cabot Street Capital Partners was born. While this new venture was exciting, it was also lonely. When JLL pursued him, Jon knew it was time to move on to the next step in his career and realized this was it – it was the perfect opportunity.In Jon’s position at JLL, he finds himself employing everything he has learned over the years, as he oversees all sales and financings for the firm’s Capital Markets platform in the U.S., Canada, Latin and South America. This involves everything surrounding investment baking and executing transactions on ownership. While he spends the majority of his time in the U.S. and Canada, his dashboard and longstanding relationships with investors bring him around the world to places like Europe, the Middle East and Asia.Jon identifies JLL’s technical proficiency and expertise, global connection, and wonderful client management as key differentiators among their competitors in the industry. An intentional and active focus on their communication and culture has also lead to huge growth, client satisfaction, and success.Jon’s Advice“You have to be as selfless as you possibly can. It really isn’t about you, it’s about them.”His tips for leadership and managing a team include:Be as selfless as possible and remember it is not about you, it’s about them.Be patient.Simplify things whenever possible.Be forthright and truthful, even when it is hard.Be consistent.Besides working hard and being competitive, Jon says that intellectual curiosity is key to success. You must be open to asking more than the obvious, linear questions. He also identifies increased diversity and ever-evolving technology as game-changers that will transform the future of real estate for the better.Additional LinksPlease check out our coverage from GlobeSt.com. You can read the article, “Eight Ways to Succeed in Real Estate” here.Real Estate Is For YouJon names real estate as a career that is only limited by your own imagination and work ethic. Outwork everyone around you, network aggressively, align yourself with mentors, and remember that you can always find new paths to learning.

Ron Terwilliger’s outstanding career and legacy didn’t end when he retired from Trammell Crow, it only grew.Coming from a low-income family with little expectations of wealth, he wanted to give back and affordable housing seemed to be the most natural place for his philanthropic interest to bloom.   “As I started to get wealthy in my late forties and fifties, I began thinking: what should I do with my time and wealth?”From his $100 million legacy gift to Habitat for Humanity, chairing Habitat’s international Board and the Enterprise Community Partners board to name a few, Ron gives generously of his money, time, and expertise.Public PolicyWhile he is very active in the private sector, his role in the public sector has made a serious impact. After being invited to give a lecture at Harvard on Housing Policy in America, he became inspired by the great Shortage of affordable housing in this country. He characterized this shortage as a housing crisis formed a foundation and started meeting with senators and congressman to change federal housing policies and transform the system.He shares how he has found that unfortunately, the time and resources that the government have devoted to this crisis have been scarce, and housing affordability has not been given the attention and effort it deserves and needs.   “The bottom line to me with this growing shortage of affordable workforce housing is the way we are going to address itis by providing more creative subsidies for construction and more income subsidy. I’m pleased to see that some of the state’s Governors as well as mayors of major cities are paying attention.”When people hear “low-income housing” or “affordable housing,” they often mistakenly think of people who are unemployed or aren’t working. Ron has opted to call it “affordable workforce housing,” however, as it is actually our nurses, firefighters, and policemen who fall into this category and often have to make a serious commute to work because they can’t afford to live close to their job.The Importance of LeadershipRon believes strongly in the importance of selfless, kind, generous leaders who people trust. These were the types of leaders he tried to attract at Trammell Crow, and he credits their ability to give honest feedback and work hard for creating a “utopia-like” work environment.Two great CEO’s who inspire him and who he works with closely today are Jonathan Reckford at Habitat for Humanity and Terri Ludwig at Enterprise.Ron serves on 11 boards and is actively engaged in offering advice, money, and time. He admits that initially as he entered philanthropy, he was embarrassed to talk about how much he gives away, but he has been encouraged that by telling others about his philanthropy it will inspire others to give generously of their time and talent.Ron’s Advice:Find something to do that you really love. Discover the breadth of real estate, see where you can fit, and don’t be afraid to change roles or direction as necessary to do what you want.

In today’s episode, Ron Terwilliger, a great influencer in the apartment sector and dedicated philanthropist, shares part one of his story: his leadership at Trammell Crow Residential and how he literally spawned the next generation of the business.A Strong FoundationRon TerwilligerRon Terwilliger grew up in Arlington, Virginia in the late forties and fifties. He played baseball and basketball at Wakefield High School, and despite a back defect which was thought to be the end of his playing career, he went on to play for the Naval Academy. There, he was named an Academic All American in basketball.Post-graduation, he spent five years in the Navy before getting his MBA at Harvard.“I had one real estate class and I really liked it. I have a fairly good feel for numbers and how they relate and how to think about the quantitative side of the business.”His first real estate job was at Sea Pines Company at Hilton Head Island, where he met colleagues who would go on to work with him closely over the years. When the economy shut down and Sea Pines went bankrupt, he was almost frightened out of real estate. However, he also credits the intensity of the experience at Sea Pines, the recession, and their youth for creating such strong relationships between him and his co-workers.After Sea Pines, he joined the Henry C. Beck Company in Dallas as CFO where he helped grow the business. While in Dallas he was invited to join Trammell Crow Residential by Terry Golden (a business school classmate).Trammell CrowTrammell Crow’s offer required him to take a significant pay cut, but he would have a 40% share in the company. He remembered how his father never took a risk and realized that if he didn’t take this shot, he would never become an entrepreneur. Dick Michaux, a former Sea Pines associate, was his first partner. When Ron completed his first apartment project he made his first million.He credits Charlie Fraser of Sea Pines and Trammell Crow as his two mentors and emphasizes the importance of leaning on people who have a lot of experience in the business to teach you the ropes.He spent most of his time cultivating relationships with investors and lenders, managing core partner relationships, and hiring. Individuals who stood out to him were often MBA’s, smart, had a good feel for numbers, an engaging personality, a healthy balance of work and pay, with a strong commitment to support their families.At Trammell Crow, Ron shares that his vision was to get rich slowly by avoiding over-leveraging and to think of your partnership as lasting for a career.Overcoming the Savings & Loan Crisis and a Tanked EconomyIt was a desperate time for a lot of people in real estate. At Trammell Crow, they didn’t have any recurring income or assets other than a property management business that was cash flowing, so they had to make salary cuts and let people go which he says was incredibly difficult. These people didn’t deserve to lose their job, but it was just a fact of life and necessary to save the company.This challenging time however brought about growth in a new way.As the market got back on its feet, they began developing again. Ron attended a conference with his colleague Chuck Berman, where they met with Fred Cavan about doing a REIT in the Northeast.This series of events led to the creation of AvalonBay with Dick Michaux, Bryce Blair, and Tim Naughton serving as CEOs. Gables with Marc Bromley was formed six months later. Four years later Leonard Wood left to form Wood Partners and about that same time Bruce Ward started Alliance.As these tree branches from the family tree of Trammell Crow grew, Ron continued to build it back and strengthen the roots. After the recession in 2008, Ron retired and set his sights on philanthropy, which we will dive into on next week’s episode!

Chip Conley started one of the country’s first boutique hotel chains, Joie de Vivre, when he was just 26 years old. After selling the company, he joined the startup Airbnb at age 52, despite the fact that the young founders were primed to disrupt his industry.Read more about Chip’s leadershipRead more about Chip’s role at AirbnbPre-order Chip’s newest book, Wisdom @ Work: The Making of a Modern ElderLearn more about Chip’s other books*This is a rebroadcast of our previous interview with Chip Conley.

Clara Brenner is the Co-founder and Managing Partner of the Urban Innovation Fund, a venture capital firm that provides seed capital and regulatory support to the tech startups addressing the challenges facing urban dwellers. Clara and I had a wide-ranging discussion about her career, business, and the startups and technologies in which her firm has invested.Real Estate and GovernmentGrowing up in Washington, D.C., Clara was surrounded by real estate and government, and found herself drawn to both. Her undergrad thesis explored the historic relationship between real estate developers and local government in Lower Manhattan.“Ultimately, I decided to go down the real estate development path because it seemed like you were equally influential and you got to have more fun, be more creative, and make more money.”After four years of working in real estate, Clara realized she wanted to be her own boss. She returned to school at MIT Sloan with a vision to start her own real estate development firm.Shaping the Future of CitiesClara and her friend Julie Lein crossed paths at MIT Sloan and realized they both had a fascination with companies that were tackling meaningful challenges in cities. After some in-depth research, they discovered that these companies were facing a lot of similar challenges, around issues such as fundraising challenges, physical space, and regulatory and political hurdles.This sparked the creation of their investment vehicle and accelerator Tumml.“I think real estate is a great career if you want to have an impact on the physical environment around you, which is I think is something so many people want now, they want to feel like and see the influence of their work every day.”Tumml paved the way for Clara and Julie to found the Urban Innovation Fund, a more sustainable, long-term investment vehicle that writes larger checks, is involved in multiple rounds of investing and takes board seats. This $24.5 million dollar fund has a diverse portfolio that Clara says aligns with their vision for creating scalable solutions that shape the future of cities. This looks like everything from Milk Stork, a breast milk shipping service for the traveling businesswoman, to Udelv, a driverless delivery service.Their set of investors are more traditional, financially motivated entities who they refer to as “impact curious.”Clara highlights the fact that today, people often look to technology as the changemaker; however, she points to politics and policy as the place where real, slow, painful change happens. Identifying transformative technology is very important, but you still need to vote and be politically engaged to create real change.

Karl Polen did not start out with his sights on real estate. He left his Midwest roots for Nashville at 19, eventually playing with the likes of Charlie Daniels and Johnny Cash.“One of the highlights of my life is that I actually met and chatted with Johnny Cash. He was an incredibly gracious guy.”Karl credits music for shaping his professional career by teaching him the type of discipline and focused effort it takes to become successful.Opening New DoorsWhen he needed a steadier paycheck, Karl went on to work in accounting and received his MBA at Vanderbilt. He was drawn to an entrepreneurial culture, worked with Ed Robson of Robson Communities in the 1980’s, and then joined Francis Najafi, Founder of Pivotal Group, as a partner in real estate investment. Working with these driven entrepreneurs was incredibly fulfilling, and Karl thrived in his role as he helped focus and implement the larger vision.Arizona State Retirement SystemKarl had long intended to work in public service after being inspired by his work on various boards over the years, and during the global financial crisis in 2010, he left Pivotal Group and transitioned from the board to staff with AZASRS.Here, he has transformed their approach to real estate by focusing on demand-driven investing.“We eliminated a middleman, we were able to have more control over our destiny in terms of selecting the type of deals we wanted to do, and then we also have more control to be able to exit an investment or increase an investment, depending on how things are going.”Because they are a small staff of nine, they work closely with their consultant RCLCO to identify the right markets and partners for success.Karl’s Advice:Follow your bliss. Experiment. Find out what means something to you, then dig as deep as possible, become the best you can be, and find a market for it.Don’t be afraid to take risk.Be prepared to reinvent yourself and be ready to adapt.Links from the EpisodeArizona State Retirement Systems InvestmentsArizona State Retirement Systems Strategic Asset Allocation (2018)Karl Polen’s GitHub page

Note from the host- In this episode, you will actually hear me being interviewed, rather than me doing the interview. Jeff Large is the editor of Season 2 of Leading Voices. He interviewed me on his podcast, The Jeff Large Podcast, where he talks about tech, podcasting, and running a business. I get to discuss how this relates to real estate from both a recruiting and leadership standpoint. Enjoy!Terra Search PartnersI founded Terra Search Partners in 2006, a highly consultative executive search firm specializing in the real estate industry. Clients hire Terra as an advisor and consultant to help them understand and hire leaders for their firm.True LeadersCuriosity, humility, a deep understanding of others and their industry, and people who talk about mentors and teams are traits that I consistently see in true leaders. All of them come from some depth of knowledge in the industry that they grew up in.“They don’t just land on the moon and become a leader. They grow up in the industry and they grow up by being exceptional through the pathways that they grow.”People have built amazing companies in the real estate industry. In Leading Voices, I have had the opportunity to interview some amazing folks who have built great businesses. Indeed, I have gained inspiration and insights from most of the interviews. A few to call out are Fred Tuomi, Gadi Kaufman, Keith Oden, Mary Ann Tighe, Sam Zell, Jonathan Rose, John Rahaim, Jane Graf, Steve Wilson and many others.I’ve found that my own leadership strength lies in being a thought leader within the industry and an advisor who listens well and tries to continually add value for clients, candidates, and colleagues.Why Podcasting“My success and my happiness becomes not just about my own contribution, but actually about having a company around me that I can teach and work and mentor and have those that love it as much as I do… Teaching that is something that inspires me a lot.”When ULI asked if I wanted to be their “Terry Gross”, I didn’t realize the level of passion and desire I would have for hosting a podcast series. I find that the breadth of knowledge that I’ve gained over the 20 years I’ve spent in the industry is very useful as I interview the leading minds in real estate.For me, podcasting is a great way to grow a business through thought-leadership and credibility, but most importantly, I am passionate about showing the diverse value that real estate companies and leaders add to their cities. It’s inspiring both for leaders already in the business as well as young people thinking about careers in the industry.My AdviceFind a meaning and a purpose in the work you do. Come to your job with a passion and interest day in and day out, and you will bring things to the next level.

Joe Fraiman and Andrew Kitchell, the Co-Founders of Lyric, While it is tempting to compare their startup business to Airbnb, it is actually quite different. Lyric is a highly curated, highly designed, professionally-operated version of rentals where they have total control over the supply, design, and experience of their guests.The Connection:With a background in software and finance, Joe moved West and started Tastemaker, a company created to help people find the right interior designer. At this time, Andrew was managing Beyond Stays and reached out to Joe at Tastemaker to remodel their properties.They had lunch and quickly realized they shared a passion for the possibilities at the intersection of technology, data, and real estate. They saw that people want to live and travel in a more flexible, experience-driven way and they decided to learn: what does this transition look like, what are the challenges, and how can they solve them?Building Trust:Bridging the trust gap with apartments and short-term rentals was an immediate challenge. However, by identifying the underlying reasons for mistrust between apartments and short-term renters, Lyric was able to implement strategies that built trust, like background checks.As the relationships blossomed, Lyric secured the high-quality product they wanted while providing apartments with new revenue streams for their portfolios, valuable amenities for their residents, and an additional conversion funnel.“The most interesting thing is that we have the ability to serve all kinds of different types of customers and use cases… Everything from the two-day leisure trip, the five-day business trip, the 30-90 day relocation or home displacement, all the way to the much longer pattern,” said Andrew.Growing the Company:From the beginning, Joe and Andrew knew the importance of securing investors – which include NEA, Fifth Wall Ventures, Barry Sternlicht, and Signal Fire – who would help them scale, build up their real estate expertise, grow their brand, double down on data, and accelerate growth.“It’s about having the passion and the curiosity to say ‘Hey, I believe there is something behind that mountain and we’re going to hike in that direction, and we’re going to learn things along the way, and course correct,’ and I think that’s what investors are looking for,” said Joe.Andrew and Joe are quick to admit that it would be challenging to run a company of Lyric’s scope by themselves. They credit their complementary skill sets and ability to discuss things with the other as vehicles for helping them move quickly, test things, and solve problems.

Ken grew up in Northern California’s Bay Area, eventually receiving his M.B.A. and Ph.D. from Stanford in Business. Simultaneously, he obtained a California Brokers License because he was drawn to real estate. He was aware of the self-storage industry in California, but when he moved out to Boston after college he saw that there was a gap in the market on the East Coast. This piqued his interest in the industry.After opening up the first Extra Space Storage in Billings, MT in 1977 in a partnership with his boss at the time, Ken went on to teach at Brigham Young University (BYU) in Utah. There, he continued growing Extra Space, until sky-high interest rates slowed down development in the early 1980s and again in the early 1990’s.“I didn’t think it through very well… but you know, sometimes when you’re an entrepreneur you don’t have a good long-term strategy. You’re just trying to survive.”The Modern Extra SpaceInspired by the corporate strategy class he was teaching, Ken realized in 1998 he was serious about growing Extra Space. He needed money, a good management team, and a partner to help him. Diane Olmstead of Arthur Anderson Real Estate Capital Markets Group helped Extra Space bring a financial partnership with Prudential Real Estate Investors. Spencer Kirk joined as a partner in order to put the team together, while Ken as CEO focused on acquisitions, development, and financing.“We spent a lot of time working with employees, employee benefits, and employee motivation, and I think that that has paid huge dividends for us. Second of all, we always had a philosophy of being fair in any business transaction… we really internalized the idea that when you have a contract or business relationship, you’re always fair to the other guy.”In the same way that you trust a Marriott Hotel, Ken recognizes that the secret sauce for success lies in the reputation of their business name.Because its tenants don’t talk to one another, Extra Space can leverage technology to offer different prices and promotions based off of certain customer’s characteristics and the self-storage product they want to purchase. He credits this sophistication and tailored-pricing to why they are outperforming others in their industry.Advice:Woolley is a serial entrepreneur and has a plethora of experience in industries including airlines, technology, mining, fast food, and more. But storage is the one thing he knows best and to be successful in real estate, he puts a lot of emphasis on having a good education and a lot of experience.“If you want to be in real estate, there are two ways to approach it. Number one is start from the ground up. And that means you start developing small things with small partners. The other way is to get a job with a real estate company, learn the ropes, and then go off on your own.”LinksExtra Space StorageEntrepreneur Leadership Video 01Entrepreneur Leadership Video 02Entrepreneur Leadership Video 03