Icons of DC Area Real Estate

Toby is Regional Partner for Transwestern Development Company and is based in Washington. In this role, he oversees and directs the company’s development pipeline in the Mid-Atlantic region.

Throughout his nearly 30-year career, Toby has developed over 15 million square feet of residential, office and retail space. Prior to joining Transwestern, Toby was Senior Vice President at Brookfield Properties, where he oversaw the development pipeline in the Mid-Atlantic and Southeast regions. Prior to Brookfield, he was Senior Vice President at Vornado Realty Trust, creating and leading the multifamily development group for Vornado’s Washington division. Earlier in his career, Toby owned and operated Agora Development, a development and homebuilding company, and worked for Washington-area developers EYA and Abdo Development.

Toby earned a bachelor’s degree from Cornell University and a master’s in city and regional planning from the University of North Carolina, Chapel Hill.

Joining Transwestern (00:06:37)
Toby shares his recruitment to Transwestern and his role overseeing development activities.

Overview of Transwestern’s Operations (00:07:05)
Toby explains his responsibilities and the scope of projects in the mid-Atlantic region.

Business Development Strategies (00:08:39)
Discussion on joint ventures and project strategies in competitive markets.

Toby’s Family Background (00:09:20)
Toby shares insights about his family and their careers in engineering and consulting.

Influence of Childhood Experiences (00:12:14)
Toby reflects on how his childhood experiences shaped his interest in urban planning.

Early Inspirations in Urban Design (00:15:19)
Toby discusses a pivotal lecture by architect Andres Duany that solidified his passion for urban planning.

Education at Cornell University (00:18:08)
Toby talks about his experience at Cornell and how he focused on urban planning.

Graduate Studies at UNC (00:22:03)
Toby shares his decision to pursue a master’s degree in city planning at UNC Chapel Hill.

Engineering Coordination in Large Projects (00:23:10)
Discussion on coordinating various engineering disciplines for significant projects like Boston’s Big Dig.

International Project in India (00:24:49)
Overview of planning an interstate highway project in Karnataka, India, including city development.

Zoning Analysis for Office Park (00:26:33)
Toby describes conducting a zoning analysis for an office park acquisition outside Boston.

Transition to Real Estate (00:28:45)
Toby reflects on his motivation to shift from planning to the real estate side.

Interview with Toll Brothers (00:29:53)
Details of Toby’s interview process with Toll Brothers and his introduction of GIS technology.

GIS Implementation at Toll Brothers (00:31:22)
Toby explains how GIS was used for site acquisition and planning in unfamiliar markets.

Learning Land Acquisition (00:33:11)
Toby shares insights gained from his experience in land acquisition at Toll Brothers.

Joining EYA (00:34:17)
Toby discusses his transition to EYA and the company’s early successes in urban development.

Infill Development Strategies (00:36:29)
Insights on innovative design and development strategies in urban infill projects.

Bryan School Project (00:41:14)
Toby recounts the adaptive reuse project of the Bryan School on Capitol Hill.

Partnership with Jim Abdo (00:43:40)
Toby describes forming a partnership with Jim Abdo and working on notable projects together.

Senate Square Project (00:45:23)
Discussion of the Senate Square project, including its historic building conversion and unique architecture.

Impact of the Financial Crisis (00:46:22)
Toby reflects on the financial crisis in 2008 and its effects on his career and projects.

Moving to Upstate New York (00:47:50)
Decision to relocate to Finger Lakes region for personal and professional reasons during the economic downturn.

Starting Agora Development (00:48:59)
Toby shares plans for his new company focused on prefabricated construction in college towns.

Transition to Vornado (00:50:08)
Toby receives an offer from Vornado to lead a multifamily development platform, prompting a career shift.

Difficult Decision to Leave (00:51:42)
Toby discusses the challenges of leaving his entrepreneurial venture for a more stable job at Vornado.

Vornado’s Development Opportunities (00:53:31)
Overview of Vornado’s existing development sites and the potential for future projects.

JBG Merger Rumors (00:55:21)
Toby learns about the impending merger with JBG and its implications for the development team.

Joining Martin Ditto (00:57:09)
Toby explores a partnership with Martin Ditto, focusing on innovative design and development projects.

Brookfield Acquisition of Forest City (01:00:06)
Toby transitions to Brookfield after its acquisition of Forest City, overseeing development in the mid-Atlantic.

Working with Debbie Ratner Salzberg (01:00:54)
Collaboration with Debbie Ratner Salzberg at Brookfield and involvement in significant development projects.

Transitioning to Transwestern (01:03:40)
Toby discusses his move to Transwestern Development Company, seeking a blend of stability and entrepreneurial spirit.

Transwestern Development Company Rebranding (01:08:14)
Discussion on the rebranding of Perseus TDC to Transwestern Development Company and its market perception.

Bob Cohen‘s Retirement (01:09:16)
Toby shares insights about Bob Cohen’s retirement and transition plans within the company.

Family Culture at Transwestern (01:10:24)
Toby describes the family-like culture at Transwestern and its connection to previous experiences.

Market Perception of Transwestern (01:10:59)
The need for educating the market on Transwestern’s full capabilities beyond brokerage and property management.

Financing Process Overview (01:11:40)
Toby explains the financing structure and relationships with equity partners and capital markets.

Recent Projects Overview (01:15:04)
Discussion on completed and upcoming projects, including “The Six” and “Capital Rose.”

Managing Development Projects (01:18:22)
Toby outlines the structure and management of the development team handling multiple projects.

Focus on Residential Development (01:19:53)
Insights on the current focus on residential projects rather than commercial developments.

Challenges in Development (01:21:12)
The complexities of developing residential projects in urban areas and navigating entitlement processes.

Site Evaluation Criteria (01:24:10)
Toby discusses the characteristics and considerations for evaluating potential development sites.

Identifying Project Potential (01:26:17)
The importance of recognizing upside potential in projects and historical examples of success.

Impact of Market Factors (01:29:13)
Discussion on how work-from-home trends and the affordability crisis affect development and operations.

Technological Innovations in Development (01:30:23)
Toby highlights the slow adoption of new technologies in construction and their potential benefits.

Market Viability and Dynamics (01:31:17)
Discussion on the challenges of making projects viable and understanding market dynamics.

Predicting Market Demand (01:32:01)
Exploration of the difficulty in predicting future market demand for real estate projects.

RCKRBX Software Insights (01:32:17)
Introduction of a predictive analytics software aimed at understanding tenant preferences and future trends.

Urban Development Trends (01:32:56)
Toby discusses instinctual predictions about urban development trends and consumer preferences.

Post-Pandemic Market Changes (01:34:15)
Impact of the pandemic on living arrangements and changing utility needs in urban spaces.

Co-working Spaces in Apartments (01:34:29)
Emergence of co-working spaces as essential amenities in residential buildings.

Amenity Wars and Market Adjustments (01:35:32)
Trends in apartment amenities and the reduction of unnecessary features like pools.

Hotelization of Residential Properties (01:36:26)
Discussion on the merging of hotel design elements into residential properties.

Current Urban Development Dynamics (01:38:01)
Insights on how urban development is primarily driven by residential demand in DC.

Future of Office Development (01:38:38)
Speculation on the resurgence of office development amid changing federal employment dynamics.

Hiring Characteristics and Company Culture (01:41:09)
Toby shares the key characteristics he seeks in new hires for his company.

Balancing Career and Family (01:43:06)
Toby reflects on the challenges of balancing work, family, and community engagement.

Advice for Young Leaders (01:45:10)
Toby offers career planning and business performance advice for young professionals.

Acquisitions vs. Development (01:48:03)
Discussion on the differences between acquisitions and development in real estate.

Biggest Wins and Losses (01:49:41)
Toby shares his biggest career win and loss related to starting his own company.

Surprises in Career Path (01:50:42)
Toby reflects on unexpected shifts in his career trajectory from urban planning to real estate development.

Advice to Younger Self (01:52:23)
Toby shares what he would tell his younger self about education and career choices.

Advice on Education and Career (01:53:27)
Toby discusses the importance of planning education and recommends pursuing an MBA or real estate program.

Community Support for Career Planning (01:54:05)
John shares his initiative to help individuals with career planning and skill development after college.

Billboard Message on Simplification (01:54:30)
Toby suggests a simple message, “Just simplify,” emphasizing the complexity of real estate development and personal life.

The Value of Simplicity in Life (01:55:30)
Toby reflects on the importance of maintaining simplicity in personal life to manage professional complexities effectively.

Closing Remarks and Gratitude (01:56:15)
John expresses gratitude for Toby’s insights and contributions during the podcast episode.

Gary brings a third generation of the Cohen’s family leadership to the management of Willco with over 25 years of experience in many facets related to real estate. He spent the last 20+ years running Willco Residential developing more than 500 units throughout Washington, DC. In his current role, Gary works closely with the CEO setting management policy and developing the strategic business plan for the ongoing and future success of Willco with a focus on acquisitions and development.  Prior to Willco Residential, Gary held positions at Axent Realty in Maryland and Newmark Companies in New York City where he was involved in property management, leasing, and construction.

Gary has also been active in charter schools in Washington, DC serving on the board of KIPP DC and was the founding Board Chair of Inspired Teaching Public Charter School. Gary received a B.S. degree from Syracuse University and a M.A. degree from Pace University in New York. He is also a member of the Economic Club and Federal City Council.

Oliver Carr serves as Carr Properties’ Chief Executive Officer and is a member of its Board of Directors. Oliver serves on the Executive Committee of the Federal City Council, serves on the Advisory Board of Housing Nantucket, is the former Chairman of the Executive Board of the Massachusetts Institute of Technology Center for Real Estate, and is a member of the Real Estate Roundtable. Prior to founding Carr Properties, Oliver served as Chairman and CEO of Columbia Equity Trust (NYSE:CEO), where he and his team successfully took the company public in 2005. During his career, Oliver has completed over $7.5 billion of property acquisitions, developments, mergers, joint ventures, and financings. Oliver received his Master of Science in Real Estate Development from the Massachusetts Institute of Technology and his Bachelor of Arts in Urban Studies, with a concentration in Economics from Trinity College.

In February, 2020, Oliver Carr was interviewed just before the COVID Pandemic began (See Episode #10). Because of our long time relationship and the considerable changes to the market and to Carr Properties’ portfolio, this is a sequel episode to update on his activities during the pandemic and its aftermath. As you will hear, he is quite optimistic about the future after a difficult period from 2020 until earlier this year, where he believes that the market has “bottomed out.” Please enjoy this episode!

As referenced in the introduction, if you are interested in learning more about the Iconic Journey in CRE, please click on this link.

Shekar Narasimhan is the Managing Partner at Beekman Advisors which provides strategic advisory services to companies and investors involved in real estate, mortgage finance, affordable housing and related sectors.  Shekar is a Co-Founder for the Remergent Communities Fund, an Opportunity Zone Fund, focusing on small towns and cities in the Southeast U.S.  He also serves as Chairman of Papillon Capital, focused on sustainable infrastructure investing.  Prior to Beekman Advisors, Shekar Narasimhan was a Managing Director of Prudential Mortgage Capital Company, one of the nation’s leading providers of commercial mortgage financing. Immediately prior to Shekar’s time at Prudential, he was Chairman & CEO of the WMF Group, a publicly traded, commercial mortgage financial services company. WMF was one of the largest such firms in the country before being acquired by Prudential in 2000.

Shekar is a former Chairman and Commissioner for the Virginia Housing Development Authority.  Previously, he also served as a Member of the Board for Housing and Community Development in Virginia, and as a Commissioner on President Obama’s Advisory Commission on Asian Americans and Pacific Islanders.

Shekar is currently serving on the boards of Broadstone Net Lease, Inc., Enterprise Community Partners, Inc., Democracy Alliance and the Sorenson Institute for Political Leadership.  He is on the Advisory Committee for the Bipartisan Policy Center’s J. Ronald Terwilliger Center for Housing Policy, the Council of Advisors for the Center for American Progress and is a member of the Urban Institute’s Policy Leadership Council.  He has served on many boards, including the Low Income Investment Fund, the Community Preservation and Development Corporation, the National Housing Conference and the National Multi Housing Council.  Shekar also served several terms on the Mortgage Bankers Association of America (MBA) Board of Directors, was the first Chair of the MBA’s Commercial/Multifamily Board of Governors (COMBOG) and founded its Multifamily Steering Committee. He was elected as the first Chair of the Fannie Mae DUS Advisory Committee.  He is a sought-after speaker on housing finance and affordable housing and is considered a leading expert on rental housing issues in the United States.

Shekar co-founded and is President of the Dharma Into Action (DhIA) Foundation, an association of Dharmic American leaders and philanthropists collaborating to create a community-based think tank that identify and respond to urgent needs in the community by providing resources, knowledgebase and relevant information to serve Americans in need.  He was on the founding board of Indiaspora, a nonprofit organization founded by community leaders to unite Indian Americans and to transform their success into meaningful impact in India and on the global stage.  Shekar was also Co-Founder of Upakar Foundation, a higher education scholarship fund. 

Shekar has received numerous awards and recognition in the real estate industry including the MBA’s highest honor in 1999 and the Fannie Mae Lifetime Achievement Award in 2003.  In 2010, he was the recipient of the Dean H.J. Zoffer Distinguished Service Medal from the University of Pittsburgh.  Shekar holds a BS in Chemical Engineering from the Indian Institute of Technology, New Delhi, India and an MBA from the Katz Graduate School of Business, University of Pittsburgh, Pennsylvania.  He has earned the designation of Certified Mortgage Banker (CMB).

As referenced in the introduction, if you are interested in learning more about the Iconic Journey in CRE, please click on this link.

Gwen Wright was the former Director of the Montgomery County Planning Department of the Maryland-National Capital Park and Planning Commission. She held that position from 2013 until October, 2022. In this role, Ms. Wright oversaw a wide range of projects that aim to improve the quality of life in Montgomery County by conserving and enhancing the natural and built environment. Montgomery County is one of the largest jurisdictions in Maryland with over 1 million residents and has a key role in the dynamic Washington D.C. metropolitan growth area. Ms. Wright also worked for the Montgomery County Planning Department from 1987 to 2008. During this period, she served as the Chief of Countywide Planning, including supervising the Environmental Planning, Transportation Planning and Historic Preservation Sections, as well as serving as Acting Planning Director.

Prior to her appointment as the Montgomery County Planning Director in 2013, Ms. Wright was Chief of the Development Division for the City of Alexandria Department of Planning and Zoning for five years. In this position, she reviewed development proposals throughout the City of Alexandria and shepherded a wide variety of projects – from urban infill to major brownfields reclamation – through the regulatory process and implementation.

Ms. Wright began her career in Texas as the Director of Architectural Design and Redevelopment for the Galveston Historical Foundation in Galveston, Texas. She has degrees in Architecture and Architectural History from Yale University and has spoken at numerous national and regional conferences on a wide variety of planning issues.

Ms. Wright lives in the Cleveland Park neighborhood in Washington D.C., where she is co-chair of the Cleveland Park Historical Society Architectural Review Committee. She is a member of Lambda Alpha and a graduate of ULI Washington’s Regional Leadership Institute.

Daniel Klein serves as President of Klein Enterprises, a 4th generation developer, owner, and operator of commercial real estate throughout the Eastern region of the United States.

Daniel runs the Company with a focus on optimizing the performance of the existing portfolio while implementing a strategy for longer term growth. During his tenure as President, he has overseen the growth of the Klein Enterprises portfolio to almost 60 assets totaling over $1.25BN in gross asset value. In 2021, Daniel established Sundeck Capital to manage and grow the Klein family office.

Daniel graduated from Boston University with a BS in Communication and a concentration in Economics. Daniel serves as a member of YPO (Young President’s Organization), ICSC (Innovating Commerce, Serving Communities) and the Urban Land Institute (ULI).

Additionally, Daniel serves as the President of the Philip and Harriet Klein Foundation and has served on numerous philanthropic boards.

As of July 15, 2024, Rachel Flynn is the Deputy City Manager of Intentional Growth and Strategic Infrastructure for the City of Greeley, Colorado. She will support the city council’s plans for improving key areas such as water and sewer, economic development and urban revitalization. 

Prior to moving to Greeley, CO, Rachel was the Deputy County Executive of Fairfax County, Virginia, responsible for public works, transportation, code compliance, and planning and development departments, along with the park authority from 2019 until her recent move.

Prior to Fairfax County, Rachel had two private sector positions. The most recent was as Director of Design Management, Planning and Entitlements for Google, in Mountain View, CA. She led several real estate planning initiatives there. Prior to Google, she worked on a large military base privatization effort in Concord, CA by Lennar, a large homebuilder she started with in 2016.

Prior to Lennar, she was the Planning Director for the City of Oakland, CA starting in 2013. Prior to Oakland, she was working for the Government of Abu Dhabi in the UAE to help in their planning efforts. Prior to the foray to the Middle East, Rachel led the Planning Departments of the City of Richmond, VA and the City of Lynchburg, VA. Prior to her career in government planning, she practiced as an architect in several urban markets.

She received her BA in Architecture from Catholic University in Washington, DC and subsequently, a Masters in Public Administration from the Harvard Kennedy School of Government.

Brian Allan Jackson (AJ) is President of LEO Impact Capital. He was previously Head of Social Impact Investing at JBG SMITH, where he led the formation of the Impact Pool, an investment platform that was named the Best ESG Investment Fund: Real Estate by ESG Investing. Prior to joining JBG SMITH, AJ spent fifteen years in real estate development and investment, leading more than one billion dollars of double- and triple-bottom line urban infill real estate development, including projects that received ULI’s Jack Kemp Excellence in Affordable and Workforce Housing Award. Earlier in his career, AJ served as Chief of Staff to the Administrator of the U.S. General Services Administration (GSA). AJ serves on the Affordable Housing Advisory Council for Fannie Mae, the Executive Committee of Up For Growth Action, the Workforce Housing Committee for the National Multifamily Housing Council (NMHC), and the Affordable/Workforce Housing Product Council of the Urban Land Institute (ULI). AJ earned a B.A. with honors from the University of Alabama and an M.B.A. with distinction from Harvard Business School.

Prior to his retirement at the end of 2021, Brad Olsen had been active in the area of international real estate investment for more than 40 years. During that time, he has represented investors, investment managers and developers from the U.S., Germany, The Netherlands, the U.K., Canada and Japan on transactions valued in excess of $10 billion.

In 1995, he established Atlantic Partners, Ltd., an independent advisory firm, and he served as President of the company until his retirement.

Before forming Atlantic Partners, Mr. Olsen was a principal of Richard Ellis, Inc., the US affiliate of a major international real estate advisory firm, and a shareholder of the international holding company. At Richard Ellis, he served as the director of the firm’s investment advisory group which advised domestic and international investors.

Mr. Olsen was a founder and principal of The Lexington Company, a Chicago‐based independent real estate investment advisory and consulting firm. His responsibilities included acquisitions and dispositions, asset management and property finance. Richard Ellis acquired the company in 1989.

From 1980 through 1983, Mr. Olsen served as senior vice president and regional manager of the Chicago office of Richard Ellis, Inc. He supervised real estate acquisitions, dispositions and management in the Midwest and was responsible for the firm’s business development efforts nationwide.

Before joining Richard Ellis, Mr. Olsen was a practicing real estate lawyer. He served as general counsel of a real estate development and construction company and was in private practice. His assignments involved various aspects of real estate development, financing and property management.

Mr. Olsen is a graduate of Princeton University and Harvard Law School. He was the author of numerous articles on international real estate investment and a frequent lecturer at leading universities and professional conferences, including Expo Real, the USA Conference in Frankfurt and the Global Property Market conference in Toronto. Mr. Olsen was a longtime member of the Association of Foreign Investors in Real Estate (“AFIRE”) and a member of the European Association for Investors in Non-Listed Real Estate Vehicles (“INREV”).

Prior to his retirement at the end of 2021, Brad Olsen had been active in the area of international real estate investment for more than 40 years. During that time, he has represented investors, investment managers and developers from the U.S., Germany, The Netherlands, the U.K., Canada and Japan on transactions valued in excess of $10 billion.

In 1995, he established Atlantic Partners, Ltd., an independent advisory firm, and he served as President of the company until his retirement.

Before forming Atlantic Partners, Mr. Olsen was a principal of Richard Ellis, Inc., the US affiliate of a major international real estate advisory firm, and a shareholder of the international holding company. At Richard Ellis, he served as the director of the firm’s investment advisory group which advised domestic and international investors.

Mr. Olsen was a founder and principal of The Lexington Company, a Chicago‐based independent real estate investment advisory and consulting firm. His responsibilities included acquisitions and dispositions, asset management and property finance. Richard Ellis acquired the company in 1989.

From 1980 through 1983, Mr. Olsen served as senior vice president and regional manager of the Chicago office of Richard Ellis, Inc. He supervised real estate acquisitions, dispositions and management in the Midwest and was responsible for the firm’s business development efforts nationwide.

Before joining Richard Ellis, Mr. Olsen was a practicing real estate lawyer. He served as general counsel of a real estate development and construction company and was in private practice. His assignments involved various aspects of real estate development, financing and property management.

Mr. Olsen is a graduate of Princeton University and Harvard Law School. He was the author of numerous articles on international real estate investment and a frequent lecturer at leading universities and professional conferences, including Expo Real, the USA Conference in Frankfurt and the Global Property Market conference in Toronto. Mr. Olsen was a longtime member of the Association of Foreign Investors in Real Estate (“AFIRE”) and a member of the European Association for Investors in Non-Listed Real Estate Vehicles (“INREV”).