What are the top CRE firms today generating impressive entrepreneurial talent?
Which top CRE firms are generating impressive entrepreneurial talent today? Some examples of past firms that come to mind include Trammell Crow Company, JMB Realty, and Massey Knakal. I'm curious to know your thoughts.
I’d say Related. Will Blodgett was at Related then co-founded Fairstead, left and now started Tredway. Jamar Adams, worked at Related, went off to start Essence Development. Pretty sure there are more guys who I don’t know of.
I’ve also seen some recent Blackstone and Goldman Sachs alums either branch off to start their own shop or basically leave BX/GS to head up a real estate platform within a mid-sized or large institution.
He comes from a lot of fucking money - will blodget does
His wife's family has money, he grew up very poor lol.
How is moving from a big corporation to a smaller corporation to run their RE platform entrepreneurial lol
Not sure if this is a serious question. If an ex-GS/BX left their large firm to go start a RE platform at another PE shop (regardless of size) that traditionally only participated in corporate M&A, how is that not entrepreneurial? An example I could give is Waterfall Asset Management. An ex-GS banker is running their new RE credit team. Prior to him, they didn’t do direct lending. They mainly were buyers of B-pieces or NPLs. I consider that entrepreneurial.
Related's affordable group in particular has done well. Probably because affordable has a lower barrier to entry on the capital side. One of the founding partners of Lincoln Ave Capital was a Related alum. Ditto Alpha Verde.
No clue. Will let you know in ten years. Honestly it’s not usually about who is developing talent, but when the senior members of the team with money can support and do support the younger members to go out on their own. There is always money behind them. It’s usually the senior people from the firm.
Wouldn’t they be averse to letting their own talent go out into the market and start their own shops as opposed to keeping them for themselves ?
Some would. But most employees are replaceable and many but not all people like to help others succeed and achieve their dreams.
Osso Capital
Basically every executive at JBG besides Matt Kelly has left since they went public, either to start their own shop or to become Principals at other firms. It's interesting to watch so many alumni spread out at once.
Not really. You see it happen all the time with mergers. The executives may have been let go. May have been told someone else will take their spot. Probably had a big payday. And then left. The merger left them less opportunity to make money or created a different type of corporate environment.
Not really what? Interesting to watch? I guess I would disagree. I think it's cool to watch dozens of executive level development folks spread out in one city all at once and start to create their own platforms / models.
Most of them did not get a payday because the real money was in the OpCo and they stopped giving out pieces of that a long time ago. The ones I know left because some combination of the shift from a promote driven to a public co model (like you said), the fact that their funds / platform got too big to create meaningful returns while constrained to one market, the fact that they leaned into becoming a fee developer for Amazon, and the fact that they were still super office heavy and it's going to be a long painful shift.
Not sure that this is still the case but Jamestown has had several guys spin off and start their own firms.
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