Learning from the Stars

Lessons from industry achievers

By Suzann D. Silverman on Mar 28, 2012 in News

The commercial real estate industry can learn a lot from its rising stars. Still young enough to be idealistic and take advice from their mentors, industry under-40—and sometimes under-30—achievers are able to turn it into successful business. Unfortunately, it is human nature to forget or lay aside ideals with age and experience—but doing so may result in unwittingly also passing up potential for even better performance in the long term.

Years of interviewing industry up-and-comers has brought to my attention the fact that in reality there are only a few basic tenets that come up again and again, regardless of property sector or business segment: Aside from the obvious hard work and development of market knowledge, these include such characteristics as taking an ethical approach to business (honesty counts); seeking to build relationships with clients over the long term rather than focusing on the deal at hand; striving to please not just the client, tenant or customer but the other side of the table as well—along with passion, creativity, teamwork, accountability, attention to detail and a continued interest in learning and growing.

Twenty years ago, such concepts might have been brushed aside as impractical and idealistic. Today’s more sophisticated strategies probably lend themselves better to retaining such a list and making it part of regular business practices. A holistic approach to corporate clients that includes saying “no” to bad or unnecessary deals as well as “yes” to those that may be less lucrative for the broker but smarter for the client pays off in the long run in the form of a longer and bigger relationship. Likewise, a more holistic consideration of a building’s or even a portfolio’s processes can result in greater efficiency and therefore lower cost of operation.  Leasing to the right tenants makes them more likely to remain—and maybe even take more space—for a longer period of time.

These theories prove out in the experiences of the rising stars that incorporate them into their business mantras. Rachel Rosenberg is a case in point. A 34-year-old retail broker with RKF who specializes in representing restaurant clients, she won such respect from Chipotle Mexican Grill real estate manager Ginny DiBias early on that as the exclusive Los Angeles broker for the restaurant chain she has transacted well over 30 deals and is now exploring possibilities in Las Vegas, Chipotle’s only broker that serves it in more than one state. DiBias praises her “super high energy,” honesty, cleverness, market knowledge and ability to think strategically, as well as her tough negotiating skills. Rosenberg’s boss, RKF president of Southern California Robert Cohen, compliments her “innate ability” and “amazing intuition” in understanding people, calling her a “great listener, a student of the game in terms of being open-minded, listening, understanding clients’ objectives, what they need and how they like to be serviced,” with relationships on both the landlord and tenant sides.

Brookfield Office Properties vice president of leasing David Cheikin, 36, has won the loyalty of tenants at the World Financial Center and other New York City properties with a similar interest in considering the needs of both sides, ensuring the tenant is benefiting from the deals he proposes, according to CBRE Group Inc. executive vice president Bruce Surry. And Ryan Kass’s interest in tenant needs—along with attention to detail, knowledge of the asset and work ethic—likewise win praise from such well-respected clients as Anthony Malkin, for whom the 30-year-old Kass and his team at Newmark Knight Frank represent the Empire State Building and One Grand Central Place in Manhattan, and Gerard Nocera, for whom they are leasing up 292 Madison Ave., a newly repositioned asset. Last year, Kass’s team leased more than 1 million square feet in the Empire State Building alone, quite an accomplishment in a difficult economy.

Surely such successes speak for themselves. Yet it amazes Bryce Aberg, 37, who last year closed the largest industrial sale in San Diego as an institutional landlord specialist for Cassidy Turley BRE Commercial, that more people aren’t interested in the accountability tool he’s developed. A process that requires third-party tracking of calls, deals and results that proves to the client how much has been accomplishes and at the same time ensures accountability to teammates, he has striven to educate colleagues and competitors alike about its value. But among more experienced brokers, he has met with little enthusiasm for something he has found to be a valuable tool.

It would seem, however, that the basic—and sometimes even idealistic—tenets embraced by the young are valued in today’s market. Those brushing them aside would do well to reconsider.

Suzann D. Silverman is editorial director of Commercial Property Executive. CPE selected 12 Stars to Watch this year. More background on and insights from these rising stars of commercial real estate is featured in “Stars to Watch: Rising Leaders in Commercial Real Estate” on CPExecutive.com.