NEW YORK CITY—Commercial real estate, it goes without saying, is a people business. On the subject of people, it has tended to attract a number who could best be described as larger than life. If there have been game-changing events over the 15 years that GlobeSt.com has been on the Web, then there certainly have been game-changing people.
As part of our ongoing 15th-anniversary celebration, we asked members of editorial advisory board to weigh in on some of the game-changing figures of commercial real estate. We've collected some of their thoughts here, with the game-changers arranged in alphabetical order.
Tom Barrack: “He certainly helped create the idea of the contrarian investor in real estate by buying all those bad S&L loans, and many other investors have followed.” (Faith Hope Consolo, chairman of the Retail Group at Douglas Elliman Real Estate)
“Applied the lessons of the 1990s to exploit the current market with great success.” (Sean O'Shea, managing director of the net lease group, BRC Advisors)
Ben Bernanke: “I suppose you'd have to say the Fed Reserve chairman who helped get us through the worst downturn since the Great Depression is a game changer.” (Consolo)
“Not so much a 'game changer' as 'a principal' to keep the game going!” (O'Shea)
“Guided us through the crash and the early stages of recovery. He has not received enough credit.” (Mark Rose, CEO, Avison Young)
Debra A. Cafaro: “A woman REIT CEO (who's not a member of a founding family) is a game changer by definition.” (Consolo)
“Debra is very smart and helped to make healthcare real estate investing cool. Her aggressive M&A strategy raised the level of awareness and her results were even better!” (Rose)
Andrew Farkas: “He helped create the mega-real estate firm with the merger of his Insignia and CB Richard Ellis. Now we have a number of multinational real estate services firms.” (Consolo)
“His business model for CMBS special servicing is the main driver behind the 'non use of affiliates' that exists in CMBS today. He virtually created an affiliate for every aspect of defaulted CRE loans.” (Ann Hambly, founder and CEO of First Service Solutions)
Jonathan Gray: “Very smart and is now synonymous with the biggest real estate fund in the world. He has the gravitas to raise money at will.” (Rose)
Ethan Penner: “Inventing the CMBS market automatically would qualify you for any game-changing list!” (Consolo)
“Ethan Penner invented many of the unique structuring aspects to CMBS. He would always take a challenge and figure out a solution and then it would be implemented in the industry. (Hambly)
“Trendsetter and true visionary.” (O'Shea)
Glenn Rufrano: “Perfect selection to bring decades of professional credibility, as problem solver, and 'Man of Integrity,' to ARCP challenges.” (Rose)
Larry Silverstein: “Largely due to his unfailing dedication to rebuilding the World Trade Center—other developers would have walked away, and no one would have blamed them. Larry did not, and Lower Manhattan and all of New York City is remade.” (Consolo)
Sam Zell: “Simply for the sheer size and diversity of the empire he built.” (Consolo)
“Savvy, seasoned, role model for many in terms of seeing the opportunities when others do not. Great strategic thinker. Equity Group series of deals verifies one of the greatest value plays ever; in terms of market timing skill sets. He pays attention. Trend forecaster (that he keeps to himself, usually).” (O'Shea)
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