No Cap by CRE Daily

Season 4, Episode 2: Jack Stone and Alex Gornik sit down with Rick Schaupp, Managing Director at Clarion Partners, for an inside look at one of the country’s largest private real estate investment managers. Rick traces his path from architecture and urban design to managing Clarion’s $70B platform, shares what it was like to start his career during the tech bust and 9/11, and explains why Clarion is expanding into semi-liquid funds for retail investors. He also breaks down today’s biggest investment themes—from multifamily and warehousing to senior housing and industrial outdoor storage—and reflects on where we are in the real estate cycle. TOPICS 00:09 – Rick’s Architecture Roots and Move to Clarion 02:00 – Asset Management During the Tech Bust and 9/11 06:10 – Shifting From Institutional to Private Wealth 07:20 – Semi-Liquid Fund Structure and Daily NAV 12:01 – Investment Themes Across Housing, Industrial, Healthcare 15:30 – Office Reality vs. Winners and Losers 20:30 – Alternatives Like IOS, Self Storage, Senior Housing 25:51 – How Clarion Allocates Across Credit, Equity, Regions 31:14 – Capital Strategy and New Products 35:00 – Where We Are in the Cycle 38:34 – Career Advice for Recent Grads Shoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily 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.

Season 4, Episode 1: We’re back with a brand-new season of No Cap — and we’re starting big. Jack Stone and Alex Gornik sit down with Owen Thomas, CEO of BXP and the largest office landlord in the United States, to launch Season 4 in style. From a Virginia dairy farm to Morgan Stanley, Lehman Brothers, and now leading the country’s largest office landlord, Owen shares the pivotal moments that shaped his career. He discusses succeeding Mort Zuckerman at BXP, the evolution of office demand, work-from-home and hybrid dynamics, BXP’s 343 Madison project, and how AI may reshape the future of office space. TOPICS 00:10 – Introduction 01:00 – From Virginia roots to Morgan Stanley Real Estate 04:33 – Leading in Asia and the 2008 financial crisis 06:15 – Lehman Brothers board and the largest bankruptcy in history 14:36 – Rise of REITs and capital markets 15:42 – Taking over as CEO of BXP and succeeding Mort Zuckerman 21:05 – Office demand, work-from-home, and hybrid dynamics 30:00 – Gateway markets, regional differences, and 343 Madison 41:00 – Development challenges and suburban vs. urban performance 47:32 – AI’s impact, leadership lessons, and the future of BXP Shoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily 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.

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.

Season 3, Episode 11: In this episode of No Cap, Jack Stone and Alex Gornik sit down with MaryAnne Gilmartin, Founder and CEO of MAG Partners, to talk about the pivotal moments, high-stakes decisions, and unconventional moves that have defined her career and shaped New York City’s skyline. From her Brooklyn roots to steering some of Manhattan’s most high-profile projects, MaryAnne shares what it takes to lead in real estate’s most competitive market, how she approaches affordable housing, and where she still sees opportunity when others hesitate. TOPICS 00:09 – Introduction 00:42 – Brooklyn roots and early career steps 02:51 – Koch era New York and the public sector 04:59 – Why retail matters to a project’s success 10:21 – The West Side before Hudson Yards 12:18 – Bruce Ratner and the Forest City years 21:06 – Leading through high-stakes moments 29:49 – Mentors and management lessons 43:18 – Working with communities and affordable housing 47:21 – Closing and thank you Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. For more episodes of No Cap by CRE Daily visit: https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily 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.

Jon Siegel, Partner and CIO at RailField, shares his journey from Fannie Mae to navigating tough market cycles in multifamily real estate. He discusses the importance of strategic partnerships and why staying active in real estate is crucial. The conversation turns to the rise of private credit, the myth of distress deals, and current investment opportunities. Siegel also emphasizes the significance of vintage deals and maintaining strong investor relations amid market complexities while expressing a long-term bullish outlook on multifamily housing.

Craig Deitelzweig, CEO of Marx Realty, is revolutionizing office spaces by blending them with hospitality concepts. He discusses how signature scents, concierge services, and unique amenities are transforming tired Class B assets into trendy destinations. Craig shares insights on successfully revitalizing New York's 10 Grand Central and how adding features like house cars and rooftop lounges not only enhances tenant experiences but also maximizes ROI. The conversation paints a vibrant picture of the evolving landscape of urban office environments.

Season 3, Episode 8: Jonathan Kaufman Iger is turning Sage Realty into the first true commercial real estate brand. In this episode, the CEO of Sage shares how a 100-year-old family business is evolving to meet the demands of modern office users. From tenant experience to hospitality-driven operations, Jonathan explains why most landlords are getting it wrong—and what it takes to build trust, loyalty, and a competitive edge in today's bifurcated market. We discuss: – Sage’s shift from ownership to brand identity – Lessons from leasing, portfolio resets, and UK exits – Workplace services that actually matter to tenants – The real reason gyms and lounges often fail TOPICS 00:00 – Cold open and NYC credibility 03:10 – Family roots in New York real estate 11:00 – Taking the long road to Sage 21:00 – Building UrbanGrad and early Facebook ads 28:30 – The conversation that changed everything 35:15 – Refocusing the portfolio on NYC office 43:20 – Lessons from WeWork and building a brand 50:15 – Turning Sage into a tenant-first platform 58:00 – How Sage personalizes service at scale 1:07:00 – Final thoughts on hospitality and vision Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily 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.

Janet LePage, CEO of Western Wealth Capital, shares her incredible journey from flipping homes in Phoenix to managing over 30,000 rental units. She discusses how her firm thrived amid rising interest rates, employing bold strategies like a washer-dryer installation that significantly boosted property value. Janet recounts her decision to vertically integrate during COVID in just 26 days, and reveals her first acquisition in three years at a remarkable price. Tune in for her insights on strategic growth and overcoming market challenges!

Andy Weiner, CEO of RockStep Capital, shares his expertise in transforming overlooked malls into lucrative investments. He argues that the retail apocalypse is overhyped, highlighting the actual data behind retail resilience. The conversation dives into the challenges of chasing national tenants and innovative repurposing strategies like converting retail spaces into healthcare and entertainment venues. Weiner emphasizes the long-term benefits of investing in secondary and tertiary markets while navigating the complexities of CMBS debt and market dynamics.

In this engaging discussion, Brian Cohen, CEO of Andover Properties, shares his journey in scaling a self-storage empire while focusing on alternative investments. He highlights why self-storage thrived during the Global Financial Crisis and discusses the challenges of lease-up timelines post-COVID. Brian reveals compelling insights about avoiding third-party management and the allure of buying properties below replacement costs. With wild anecdotes from the self-storage world and a deep dive into AI strategies, he offers a fresh perspective on emerging opportunities in real estate.