No Cap by CRE Daily

BXP CEO on Office Comeback, Hybrid Work and Boosting Productivity

Season 4, Episode 1: We’re back with a brand-new season of No Cap — and we’re starting big. Jack Stone and Alex Gornik sit down with Owen Thomas, CEO of BXP and the largest office landlord in the United States, to launch Season 4 in style.From a Virginia dairy farm to Morgan Stanley, Lehman Brothers, and now leading the country’s largest office landlord, Owen shares the pivotal moments that shaped his career. He discusses succeeding Mort Zuckerman at BXP, the evolution of office demand, work-from-home and hybrid dynamics, BXP’s 343 Madison project, and how AI may reshape the future of office space.TOPICS00:10 – Introduction01:00 – From Virginia roots to Morgan Stanley Real Estate04:33 – Leading in Asia and the 2008 financial crisis06:15 – Lehman Brothers board and the largest bankruptcy in history14:36 – Rise of REITs and capital markets15:42 – Taking over as CEO of BXP and succeeding Mort Zuckerman21:05 – Office demand, work-from-home, and hybrid dynamics30:00 – Gateway markets, regional differences, and 343 Madison41:00 – Development challenges and suburban vs. urban performance47:32 – AI’s impact, leadership lessons, and the future of BXPShoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed.For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Brookfield’s Strategy to DOMINATING Alternative Investments w/ Ben Brown

Season 3, Episode 12: In this episode of No Cap, Jack Stone and Alex Gornik sit down with Ben Brown, Co-President of Brookfield’s Real Estate Group and Head of the Americas, to talk about the pivotal moments that shaped his career and the strategies behind some of Brookfield’s biggest deals.From breaking into Brookfield during the financial crisis to leading $10B+ acquisitions like GGP and Forest City, Ben shares the lessons learned, the risks taken, and the culture that keeps Brookfield ahead in a shifting real estate market. He also opens up about where he sees opportunity today, from retail and housing to data centers and hospitality.TOPICS
00:10 – Introduction01:39 – Early career and first steps in real estate07:58 – Joining Brookfield during the financial crisis12:30 – Why 2018 became a record year of deals15:05 – Inside the GGP acquisition and retail strategy25:00 – How Brookfield structures capital29:33 – Forest City and investing in urban cores36:57 – Shifts in apartments, logistics, and strategy42:28 – Where Ben sees opportunity now49:00 – Hospitality plays in the US, India, and Europe53:42 – Brookfield’s edge in capital markets59:02 – Culture and teamwork at scaleShoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment.For more episodes of No Cap by CRE Daily visit: https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered “No Cap” look into the industry’s biggest trends and the money game behind them. Each week, co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily), which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest-growing media brands in commercial real estate.

The Art of Placemaking in NYC w/ MaryAnne Gilmartin, MAG Partners

Season 3, Episode 11: In this episode of No Cap, Jack Stone and Alex Gornik sit down with MaryAnne Gilmartin, Founder and CEO of MAG Partners, to talk about the pivotal moments, high-stakes decisions, and unconventional moves that have defined her career and shaped New York City’s skyline.From her Brooklyn roots to steering some of Manhattan’s most high-profile projects, MaryAnne shares what it takes to lead in real estate’s most competitive market, how she approaches affordable housing, and where she still sees opportunity when others hesitate.TOPICS00:09 – Introduction00:42 – Brooklyn roots and early career steps02:51 – Koch era New York and the public sector04:59 – Why retail matters to a project’s success10:21 – The West Side before Hudson Yards12:18 – Bruce Ratner and the Forest City years21:06 – Leading through high-stakes moments29:49 – Mentors and management lessons43:18 – Working with communities and affordable housing47:21 – Closing and thank youShoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment.For more episodes of No Cap by CRE Daily visit: https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered “No Cap” look into the industry’s biggest trends and the money game behind them. Each week, co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE DailyCRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily), which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest-growing media brands in commercial real estate.

Fannie Mae to Half a Billion: Jon Siegel on Surviving and Thriving in Multifamily

Season 3, Episode 10: In this episode of No Cap, Jack Stone and Alex Gornik talk with Jon Siegel—Partner and CIO at RailField—about building through one of the toughest market cycles, what went wrong after early success, and why staying active matters more than ever.They also get into the private credit boom, the myth of distress deals, and where real opportunities still exist.TOPICS00:09 – Opening and Jon’s Background04:22 – Starting RailField with $50M of Institutional Capital06:03 – Early Deals and Gaining Credibility10:18 – The Rise of Preferred Equity and Private Credit14:15 – Why Distress Hasn’t Hit and What Happens Next20:00 – Market Timing, Cycles, and Staying in the Game24:08 – Vintage Deals, Underwriting, and What Still Works27:00 – Portfolio Strategy and Working with Institutional Capital32:58 – Long-Term Bullishness on Multifamily36:41 – Final Thoughts and Outlook for 2025Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

What Happens When Office and Hospitality Combine?

Season 3, Episode 9: Craig Deitelzweig is redefining office real estate—one scent, doorman, and house car at a time.In this episode, the CEO of Marx Realty shares how he's leading the hotelization of office buildings—and why most landlords are stuck in the past. From signature scents and concierge-level service to rooftop lounges and Porsche house cars, Craig explains how his team is turning tired Class B assets into high-demand, high-rent destinations.TOPICS00:00 – Alec Baldwin and Barber Chair Banter02:00 – From Lawyer to CEO: Craig’s Path to Marx Realty07:15 – 10 Grand Central: Turning a Drag Into a Destination14:00 – House Cars, Gelato, and Hospitality That Converts19:00 – How Amenities Deliver ROI (and Surprise Revenue)23:00 – Baccarat Branding and the “Club” Office Experience28:00 – Midtown’s Strength vs Downtown’s Struggles33:00 – DC’s Turnaround and What It Means for CRE42:00 – Retail Expansion and What’s Powering It48:00 – Capital Markets Outlook and the Return of LPsShoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Why Most Landlords Get Office Tenant Experience Completely Wrong w/ Jonathan Kaufman Iger

Season 3, Episode 8: Jonathan Kaufman Iger is turning Sage Realty into the first true commercial real estate brand.In this episode, the CEO of Sage shares how a 100-year-old family business is evolving to meet the demands of modern office users. From tenant experience to hospitality-driven operations, Jonathan explains why most landlords are getting it wrong—and what it takes to build trust, loyalty, and a competitive edge in today's bifurcated market.We discuss:– Sage’s shift from ownership to brand identity– Lessons from leasing, portfolio resets, and UK exits– Workplace services that actually matter to tenants– The real reason gyms and lounges often failTOPICS00:00 – Cold open and NYC credibility03:10 – Family roots in New York real estate11:00 – Taking the long road to Sage21:00 – Building UrbanGrad and early Facebook ads28:30 – The conversation that changed everything35:15 – Refocusing the portfolio on NYC office43:20 – Lessons from WeWork and building a brand50:15 – Turning Sage into a tenant-first platform58:00 – How Sage personalizes service at scale1:07:00 – Final thoughts on hospitality and visionShoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

From 0 to 29K Units: Janet LePage on Building One of North America's Largest Private Apartment Firms

Season 3, Episode 7: Janet LePage, CEO of Western Wealth Capital, joins the show to share how she scaled from flipping homes in Phoenix to managing over 30,000 units across the Sunbelt, with $4B in real estate transactions under her belt.In this episode, Janet opens up about the pressure of navigating one of the fastest interest rate hikes in modern history and how her firm managed to stay aggressive in the Sunbelt while others pulled back. From installing washers and dryers to unlock millions in value to vertically integrating WWC in just 26 days during COVID, Janet breaks down how bold decisions and operational precision kept her portfolio alive when others were sinking.We discuss:– Her journey from flipping homes to building WWC– The moment she felt “truly wealthy” (hint: it involved a pickle sandwich)– How her 83-point checklist drives fast, repeatable value-adds– Why she vertically integrated WWC during COVID in just 26 days– The first deal she’s bought in three years—and why it's 43% below replacement costTOPICS00:00 – Janet’s Start: From Coder to First Flip05:00 – Flipping Homes While Working a 9-to-512:00 – Buying 23 Units 26 Days Before Birth18:00 – Scaling Through Systems and Syndication25:00 – Raising Millions and Launching WWC32:00 – The Washer-Dryer Strategy That Changed Everything38:00 – Breaking Into Texas and Going Institutional45:00 – Vertical Integration and COVID Shifts51:00 – Lessons from Rate Hikes and Bridge Debt55:00 – New Opportunities: Buying 43% Below ReplacementShoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Why Dying Malls Might Be the Best CRE Opportunity Today

Season 3, Episode 6: Andy Weiner, CEO of RockStep Capital, joins the show to explain why the retail apocalypse was overhyped and how his firm is turning overlooked malls into long-term cash-flow plays.With 50+ shopping centers under management, Andy walks through the real risks, the CMBS fallout, and why Class B markets still offer upside, if you know how to operate.We discuss:– Why “retail is dead” doesn’t hold up in the data– The problem with chasing national tenants– How to convert retail boxes into healthcare and entertainment– Why CMBS debt caused lasting damage to retail.TOPICS00:00 – Cold Open and Retail Misconceptions02:20 – Andy’s Path and RockStep’s Strategy07:00 – The Retail Apocalypse Was Overblown10:30 – Picking Markets and Making Malls Work15:45 – Why Big Boxes Can Hurt NOI20:10 – CMBS Mistakes and Risk Discipline26:00 – Repurposing Retail Into Healthcare and Entertainment32:00 – Leasing Timelines and Tenant Credit Today37:50 – Anchor Replacements and Nontraditional Uses44:30 – Pricing Gaps, Cap Rates, and Lender Pullback50:00 – What’s Next for Retail in 2025Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Self-Storage vs. Other CRE Assets – What's the Better Bet?

Season 3, Episode 5: Brian Cohen, CEO of Andover Properties, joins the show for a candid deep dive into how he scaled a self-storage empire and why the best buying opportunities today are in the asset classes no one wanted a decade ago.From distressed storage deals and long lease-ups to launching a credit platform with Angelo Gordon, Brian breaks down what makes Andover different and why data, automation, and institutional discipline give them a lasting edge.We discuss:– Why self-storage outperformed during the GFC– How lease-up timelines have doubled post-COVID– What most operators miss about private credit– Wild stories from inside storage unitsBrian also shares why he avoids third-party management, what makes below-replacement-cost deals so compelling, and how Andover uses AI to make smarter decisions across all verticals.TOPICS00:00 – Intro and Sleep Tech Rant02:00 – From Tishman Speyer to Self-Storage06:00 – Lack of Sophistication in Early Storage Industry10:00 – Lease-Up Timelines and Developer Distress14:30 – Loan Acquisitions and Launching a Lending Platform19:00 – Why They Avoid Third-Party Management22:30 – Drug Busts, Guns, and Other Storage Finds26:00 – The Car Wash Thesis and Token Economics30:00 – AI Tools and Andover’s Data Strategy34:00 – Buying 50% Below Replacement Cost38:00 – Cycle Outlook and What’s Next for AndoverShoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Why Principal's $100B Real Estate Strategist Is Bullish on Office While Others Panic

Season 3, Episode 4: Rich Hill, Global Head of Real Estate Strategy at Principal Asset Management, joins the show for a candid deep dive into the state of CRE in 2025, from CMBS and construction lending to the hype around AI data centers.With over $100B in real estate under management, Rich explains why office isn’t dead, where multifamily pricing is off, and how investors are recalibrating their return expectations.We discuss:– Why debt is suddenly back in favor– What’s fueling (and threatening) the data center boom– Where office sentiment is quietly shifting– The truth behind the “housing shortage” narrativeRich brings clarity to the chaos, offering a rare look at how one of the industry’s largest real estate platforms is navigating 2025.TOPICS00:00 – Intro & Birthday Surprise03:00 – Rich’s Career Path + Joining Principal06:00 – How Principal Allocates Capital in Today’s Market10:30 – Debt, Construction Lending, and CMBS Strategy15:40 – Data Centers, AI Demand, and Market Caution22:30 – Office Outlook and Why Originations Are Ticking Up28:00 – Living Strategies, Seniors Housing, and Multifamily Mispricing33:50 – US vs. Europe: Capital Sentiment and Cross-Border Strategy39:20 – Tariffs, Onshoring, and Resilient Cash Flows43:00 – Return Expectations for CRE in 2025 and Beyond47:00 – Final Thoughts on Alternatives and OutlookShoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.