The last twelve months have proven to be a roller coaster ride for the healthcare real estate industry sector. Like office, medical office buildings lost tenants as physicians closed operations and reduced their space. Unlike office, this niche then rebounded admirably not long after the pandemic began. It quickly became clear that medical office buildings were a solid investment that would withstand the vagrancies of the pandemic. Kudos must go to the men and women who navigated this minefield. On the following pages you will read about these experts we have selected based on a range of criteria, most fundamentally the impact they have made in their industry in the last twelve months.

INDIVIDUALS

BEN APPEL Throughout his 12-year career, Ben Appel has advised on medical office and healthcare real estate transactions in excess of $2 billion annually, including some of the nation's most notable, recent medical office transactions. As an executive managing director of Newmark's healthcare real estate capital markets team, Appel specializes in medical office building sales, equity placement and financings. His experience includes medical office sales, recapitalizations, joint-venture equity, physician and hospital monetizations and facilitating developer selection processes. During his career, Appel has represented core funds, public and private REITs, pension funds and advisors, developers, family offices, private equity firms and healthcare providers. Appel and his team pride themselves on fostering deep personal and professional relationships with public and private companies and healthcare providers, which allows the team to execute unique and customized solutions to meet client objectives. Appel has been involved in some of the most notable healthcare real estate transactions around the country throughout the past three years, including the largest single-asset medical office sale in the U.S. and the second-largest medical office portfolio sale in the U.S., both in terms of sale price. Appel is highly involved in his community by participating with organizations, such as Habitat for Humanity to help restore, improve and build homes in his local community. In addition, Appel previously served on the board of the Philadelphia Holocaust Remembrance Foundation, which revitalized, reimagined and renovated the oldest Holocaust memorial in the country, prominently located just a few blocks from Philadelphia's City Hall.