Healthcare has become a major asset class for commercial real estate. Little wonder as spending in this sector, which totaled $3.5 trillion in 2018, is expected to grow more than 5% per year for the next decade. The people who navigate this asset class are a special breed, not only able to stay up to date on current real estate trends but also able to navigate the regulatory developments for healthcare and best practices for operators. You can meet the top players in this space, from individuals to teams to organizations, in the following pages.
JONATHAN BOYAJIAN As a principal at Echo Development Group, Jonathan Boyajian has been an innovator in the intersection of healthcare real estate and retail. He is a leader in the market, executing on value-add acquisitions, ground-up development deals and programmatic growth for urgent care, dental and behavioral health providers. In the last three years, Boyajian has acquired or developed $50 million in assets. His most recent projects include a medical office development in Colorado Springs, an office building redevelopment in Chicago and roll outs for smaller clinical providers. As a result, Echo Development's portfolio has grown to $100 million in assets. He is an alumnus of Purdue University and the Charles H. Kellstadt Graduate School of Business at DePaul University, as well as an active member of the real estate alumni association.
MIKE CONN Mike Conn has been integral in growing Meridian into one of the leading healthcare developers for creative ambulatory healthcare real estate solutions in California. At the firm, he focuses on developing much-needed outpatient clinics, redeveloping real estate assets into healthcare and fostering relationships with healthcare providers. Conn was recently promoted to EVP, allowing him to focus on areas outside of development. He is now responsible for all aspects of underwriting, capitalizing, closing, asset and property management and disposition. Due to his success in the industry, he has been recognized as a HREI Insights Awards winner from 2013 to 2018. He is also greatly involved in the company's mentor program and encourages diversity within the firm, including an all-female management team.
REED GRIFFITH Reed Griffith has built an esteemed reputation as one of the leading healthcare leasing brokers in the Charlotte, NC market. With 20 years of experience, Griffith serves as a partner and EVP of leasing and brokerage at Flagship Healthcare Properties, where he has negotiated a long list of noteworthy lease deals, including 50,000 square feet at Eastover Medical Park III in Charlotte, 70,000 square feet at Streets of Toringdon Medical Park in Charlotte, 60,000 square feet at Park Medical Plaza in Huntersville, NC, and 90,000 square feet at Professional Medical Center in Greensboro, NC. Aside from negotiating some of the biggest deals on the market, Griffith leads a team of real estate brokers and oversees department operations for the firm.
GUY LEIBLER A development veteran of more than 35 years, Leibler has focused on the healthcare industry since he served as chairman of White Plains Hospital in 1997 and led its repositioning, which included the development of a cancer treatment center and orthopedic institute and the expansion of the maternity program to include a neonatal intensive care unit. For the last six years, he has served as the president of Simone Healthcare Development, where he has been responsible for the acquisition and development of more than one million square feet of healthcare projects throughout the tri-state New York region. Outside of the office, he is on the board of directors of The Neustadt and is actively involved in his community.
TODD PERMAN In his 29-year career, Todd Perman has focused exclusively on the healthcare industry; working in a broad spectrum of healthcare niches. He has advised on more than 200 health systems, some of the largest medical practices in the country and has participated in more than 400 transactions, valued in excess of $2 billion. In 2004, he launched Healthcare Real Estate Advisors and he currently serves as vice chairman of global healthcare services at Newmark Knight Frank, where he is focused on building a team to reduce costs, raise capital, navigate regulatory issues and improve patient care for its health clients. This year, he aligned the global healthcare services team with his healthcare and alternative real estate assets platform, which together completed $15 billion within the past three years.
DANNY PROSKY Danny Prosky has closed more than $16 billion in transaction volume throughout his impressive 26-year career. As a leader in healthcare real estate investment, he has been involved in the establishment of four public healthcare REITs, raising more than $7 billion in equity from thousands of individual investors, which has been deployed to acquire approximately $10 billion worth of hospitals, medical office buildings, senior housing and assisted living facilities throughout the US and the UK. In 2011, he served as a founding partner for American Healthcare Investors, which has become one of the largest privately-held healthcare real estate investment management firms in the world. He plays an integral role in raising capital, property evaluation, acquisition and asset management. In the last three years, he has also established Griffin-American Healthcare REIT IV and Griffin-American Healthcare REIT III, which handles a portfolio valued in excess of $3.5 billion.
BERNARDO RIEBER As the CEO of Rieber Developments, Bernardo Rieber develops innovative healthcare and senior living properties in South Florida. His latest project is 12|12 Aventura, a mixed-use project with offices for medical professionals, a luxury senior living component and vibrant dining and shopping. The property is adjacent to Ivory 214, a medical and professional office building with an accompanying Tapestry Collection by Hilton, which Rieber is also developing. The campus is the first of its kind in the South Florida market, and indicative of Rieber's vision for the future of healthcare real estate: amenitized, LEED-certified, highly designed projects. His developmental perspective is derived from his diverse background as a civil engineer, a licensed general contractor and a real estate broker.
JOSEPH SHULL Joe Shull joined Flagship Healthcare Properties when it launched in 2010. As a partner and EVP of property management, he oversees the property management and maintenance departments throughout the Southeast and Mid-Atlantic regions, leveraging his 20-year career in medical, office and retail operations and management to grow the business. In 2018, Shull developed the company's relationship with OrthoCarolina, establishing a partnership to manage more than 30 properties throughout North and South Carolina. In addition, he has grown the company's management services portfolio to nearly four million square feet with more than 460 tenants, and he has also expanded the team by more than 25 new employees in the last three years. He is a Certified Property Manager, Institute of Real Estate Management, Certified Commercial Investment Member and a licensed real estate broker.
MARK WEISS Mark Weiss has built a career advising some of the top healthcare transactions in the northeast market. His roster of impressive clients include Memorial Sloan-Kettering Cancer Center and the New York Proton Center, and a partnership between Mt. Sinai Hospital, ProHealth, MSKCC and Montefiore Hospital. He has been vital in the evolution of healthcare lease deals, helping to establish synthetic leases and other hybrid structures. Weiss currently serves as executive vice chairman at Cushman & Wakefield, where his most recent successes include leading the 800,000-square-foot assemblage block transaction at Memorial Sloan-Kettering Cancer Center and Hunter College and the New York Proton Center. The deal involved eight parties and a land swap. His successes don't stop at the deal table. Weiss is a published author, on the commercial board of directors for the Real Estate Board of New York, a chairman on the board of directors for The Achilles Track Club and sits on the Board of Directors of The New York Society for the Prevention of Cruelty to Children.
DEAN WILLIAMSON Under Dean Williamson's leadership, the development and investment firm, Frauenshuh has experienced unprecedented growth within healthcare property management and healthcare corporate services. As president, Williamson has driven a culture of transparency with his PrecisionHealth program, providing physician groups full visibility into their built-environmental decisions and expanding the platform to more than 5 million square feet under management. As a result, Frauenshuh is one of the largest healthcare management firms in its home state of Minnesota. In the last three years, Williamson has expanded the firm, adding two million square feet to its portfolio while forging partnerships with Harrison Street Real Estate Trust, Twin Cities Orthopedics and Park Dental. He has worked at the company for the duration of his 27-year career, starting as an intern and working up through the leadership ranks.
|HEALTHCARE TEAMS
CBRE The healthcare team at CBRE serves hospitals and healthcare providers by offering guidance and real estate solutions. With a combined 68 years of experience, the team includes John Poulos, national healthcare director of global workplace solutions; Chris Bodnar, vice chairman of US healthcare capital markets; Lee Asher, vice chairman of US healthcare capital markets; Ryan Lindsley, senior director of US healthcare capital markets; and Sabrina Solomiany, senior director of US healthcare capital markets. Bodnar and Asher founded the group in 2010 and have executed on more than $11.6 billion worth of assignments, across more than 623 healthcare facilities
throughout 39 states. The team currently manages 7,000 healthcare facilities across more than 190 million square feet, and has administered 12,250 healthcare provider leases. Last year, the team executed the record sale of a 490,000-square-foot, eight-building, medical office portfolio in the Chicago suburbs, which was anchored by the nation's largest physician practice and also arranged the accompanying $96 million permanent loan for the buyer.
DAVIS Healthcare real estate leader, Davis provides strategic planning, brokerage, development and investment services within the industry. Mark Davis, CEO and principal; Jill K. Rasmussen, principal of brokerage; and Michael Sharpe, principal of business development, serve as the leadership team behind the company. The executive team has earned the firm's reputation as an industry influencer through developments such as the medical community at CityPlace, a mixed-use commerce space in Woodbury, Minnesota. For the project, the Davis team proposed adding specialty medical facilities to the space/center, to provide a service-driven amenity. In 2017, the firm also completed the redevelopment of a nine-acre parcel into the 148,000-square-foot, three-story HealthEast Clinic and Specialty Center in Maplewood, Minnesota. On each project, the Davis team seeks to create a premier healthcare environment that is fresh, new and inviting.
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