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Tuesday, January 06, 2009 Five Questions With...
CREF: How did you get into the real estate business? JM: I worked as a management consultant for over 10 years or so and we were becoming a company that was increasingly more involved in project management. We found project management becoming increasingly more involved in commercial real estate and development. We then decided it was appropriate to formally become a part of the real estate industry. So we added a commercial real estate partner and shifted our focus from moonlighting in commercial real estate to commercial real estate being our main platform. We still provide management consulting services and project management, but our primary platform is as a commercial real estate service provider. CREF: What notable deals have you worked on? JM: One of the deals I'm most proud of is a development and tax exempt financing and leasing of a 40,000 square foot medical clinic in New York City. We're especially proud of that deal because it allowed us to utilize tax exempt and conventional government financing, leasing and project management services in a very complex financial structure. We were able to create a template that has allowed us to do similar deals in New York. Concordis provided turn-key services for construction, planning, development management, consulting, leasing and oversight of the construction. We think that represents the essence of commercial real estate - you're an adviser, a project manager and you're the guy who gets things done. CREF: Why the specialization in office commercial real estate? JM: Office and specifically healthcare non-profit goes to a core of our brokers and consultants who have worked in the large commercial real estate houses in Manhattan and other major metropolitan areas. We've developed a unique practice in healthcare and non-profit largely because many of us volunteer for or sit on boards of healthcare and non-profit facilities so we understand the industry and its issues and the challenges it faces. CREF: How has the industry changed since you've been involved? JM: I think the commercial real estate provider is no longer just a broker anymore. They are now real estate services consultants. Clients expect you to have the knowledge, expertise, sophistication and diligence to understand their transactions from beginning to end. They don't expect you to provide services from A to Z but they certainly expect that you understand the marketplace, the financial implications of a transaction and the fact that real estate is probably the biggest asset category and usually represent the largest risk or investment a company will make. Clients expect that their service provider is not a guy who is simply focused on a commission but someone who is going to become part of their team as a thought leader. CREF: How does the market look over the next 12 months? JM: We're bullish on the market. We believe the commercial real estate market is fundamentally sound and that, particularly in places like New York, there are issues of not having sufficient commercial space. So we're very bullish on it, we think commercial real estate will continue to be a major component of any investment portfolio. We feel that people will continue to recognize that it's still the place in the marketplace that deserves attention. Filed Under: Five Questions With... E-mail this article to a friend | Printer friendly format| DIGG this| Post to del.icio.us Comments on this article
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