NAREIM Executive Officers Meeting / Heidi Latsky Dance / Customer Service Excellence

NAREIM Executive Officers' Meeting

What happens when 70 seasoned commercial real estate executives gather in one place?  Well, if it’s the NAREIM (National Association of Real Estate Investment Managers) Executive Officers' Meeting in Santa Monica, CA it becomes a think-tank with ideas being exchanged in a collegial environment.  From March 17-19, 2013, the conversations were not about routine matters.

Since taking over as NAREIM President in 2012, Gunnar Branson, with support from the organization’s Board of Directors, has kicked the content up several notches.  The panels and facilitated discussions challenged attendees to open their minds and consider different solutions to the same old problems.

A particularly animated session tackled the human capital factor:  

• Why do some team members perform better than others?  
• What are employees committed to?  
• How do you retain top performers? 
• Just how important is compensation? 
• Are you addressing succession planning?  
• How does having a diverse team benefit your investors?  

Lively discussion on these and other related subjects appeared to have struck a nerve with many executives. I anticipate these topics are being discussed back in the office!

NAREIM has created an internship opportunity page on their website.  If you are seeking interns this may be an efficient recruitment tool.

Heidi Latsky Dance

Somewhere Over The Rainbow, written for the movie The Wizard of Oz by Harold Arlen and E.Y. Harburg, may be my favorite song of all time.  When I learned of a dance program performed to that song I just had to go.  What an incredible experience.  Heidi Latsky choreographed the dance to various versions of the same song recorded by a diverse group of artists including Metropolis (a barbershop quartet), Jewel, Phoenix Boys Choir, Straight No Chaser, Israel Kamakawiwo’ole (whose performance at the end of the movie Finding Forester has always gotten me teary) and of course Judy Garland who sang it in ‘The Wizard of Oz.’  It was only after the show ended that my friend and I realized the dance company was comprised of mixed-ability dancers, some with physical challenges including muscular dystrophy or prosthetic limbs.

Perhaps it’s safe to say that we all live with some sort of adversity in our lives.  And those things are frequently difficult to accept.  What can help make a difference, as seen in these dancers, is one’s approach to life.  It appears to me that in building a dance troupe around mixed-ability performers, Heidi has invested in the faith of the human spirit. 

Customer Service Excellence

Molyvos Restaurant (871 Seventh Ave @ 55^th St.) in Manhattan was the scene of a terrific customer service experience.  It’s a Greek establishment with a wine list of more than 400 labels, all from Greece.  Wine from that region is not something either my dining companion or I knew much about.  Being that dinner was a celebration of sorts, I wanted it to be special.  After emailing the sommelier, and explaining our lack of knowledge, he replied with a beautifully written and comforting message ending with an offer to help us choose a wine.  What he did in reality was far beyond his simple offer.  

I arrived first and he came to the table, introduced himself, and said he was looking forward to meeting me.  After a brief introductory chat he brought out three different wines and six glasses.  Once my friend arrived, the sommelier proceeded to delight and entertain us with a private wine tasting - including the story behind each wine.  While we did enjoy all three, we both agreed that one stood out. 

Our dinner was outstanding.  We ordered interesting menu items for the first time, enjoyed our choice of wine, and ended up closing the place down!  It’s these types of experiences that are long remembered and shared with friends.  We were made to feel very special. Molyvos will be seeing us again.

On The Road…

April 1 – 2:  Client meetings, Chicago, IL

Apr. 9 -10:  PERE (Private Equity Real Estate Magazine) Global Investor Forum, Los Angeles, CA 

May 29 – 30:  IMN (Information Management Network) U.S. Real Estate Opportunity Fund and Private Fund Investing Forum, New York, NY 

June 4 – 5:  PERE Summit (Private Equity Real Estate Magazine), London, UK 

Disclaimer  

All content in this blog is created for informational purposes only. Content, which includes all text, photos, video and graphics is not intended to malign any religion, ethnic group, club, organization, company or individual.  Steve Felix makes no representations as to the accuracy or completeness of any information on this site or other information as a result of following any featured link to or from this site.  The intention of this blog is to do no harm in regards to injury, defamation or libel. What is written or shown is not to be taken as fact or absolute.  Steve Felix will hold himself harmless for any errors or omissions in this blog’s information; including but not limited to external link information, translation or interpretation of content or incorrect grammar or punctuation. 

Re-Publishing Due To Technical Difficulties - Apologies

PREA Spring Conference

The institutional real estate industry descended on Washington, DC this week for the annual PREA (Pension Real Estate Association) spring conference. If you’re looking for a quick immersion into the pension real estate world, consider attending the next PREA meeting in the fall.

Judging by conversations in the hallways, the commercial real estate industry is HOT. “It feels like time to sell,” suggested the CEO of a nimble private equity real estate firm.  Overall, the energy level inside was reflective of the industry climate outside. Recruiters told me they are busy, as hiring is on an upswing.  Investment managers suggested that those who have remained true to their strategy and delivered consistent solid returns are being rewarded with capital - both from existing investors and those hoping to get in on a good thing. One apartment company executive told me they have 27 new projects in various stages of the development process!  “It’s too pricey to buy properties today.” 

In some ways being in the presence of this energy is stimulating.  But the exuberance feels a little too familiar and possibly suggests we take a deep breath and pinch ourselves to see if this may not be the beginning of another estate bubble.

David Brooks Speaks

New York Times Columnist David Brooks treated PREA attendees to a thought-provoking talk.  His beat is Washington, DC so he included enough anecdotes to keep those political junkies in the audience satisfied.  Of most interest to me, as you might imagine, were his comments about the human condition.

Brooks said, “One of the biggest transformational changes in American society relates to the decline of generational consciousness.”  He then added, “American society is becoming more self-focused; we have lost the sense of modesty and humility.”  Perhaps Brooks was referring to the “Me” generation (aka Baby Boomers born between 1946-1964).  According to Wikipedia’s free encyclopedia, “One feature of Boomers was that they tended to think of themselves as a special generation, very different from those that had come before.” As a Boomer myself, it got me thinking:  was David referring to me?

Another interesting topic was his reference to the Mount Holyoke College Freshman Handbook of 1945, which suggested to the all-female student body, “Go where nobody else wants to go and do what nobody else wants to do.”  David then added the question, “What has life assigned to you?”  No, this was not a sermon, or maybe it was. It definitely made me pause and think about my own purpose - about what it was that I had been put on earth to do?  Have I been successful or at least made good progress?  Mr. Brooks is challenging us to look at ourselves in the mirror – do we like what we see?

No matter what side of the aisle you gravitate towards I am fairly certain you will enjoy listening to a talk by David Brooks.

A Formula for Living Longer

Given that many of us are working on healthy eating, I felt you’d enjoy a portion (no pun intended!) of Chef /Author Rozanne Gold’s February 27, 2013 Huffington Post blog:

“The Mediterranean plan is not so much about weight loss as it is a formula for living longer. It is also so much easier and enjoyable to maintain than many other diet plans, which eliminate large swaths of fresh food groups. It is ‘inclusive’ rather than extreme and faddish. This cuisine naturally exists in areas whose coastlines hug the Mediterranean, including Spain, Greece, Cyprus, parts of Italy and France, and many Middle Eastern countries. And it would behoove us all to take a look at Nancy Harmon Jenkins seminal book called The Mediterranean Diet, written almost 20 years ago. It is as valid as ever and the most sensual way I know to take charge of your health every single day.”

This piece is a good healthy reminder as I’ve been paying more attention to my own food intake. I even made plans to eat at a great Mediterranean / Greek restaurant this weekend!

Byron Wien:  Life Lessons

In February, The Blackstone Group’s Byron Wien published a supplement to his monthly commentary in which he reflects on his first 80 years.  Thanks to those of you who brought this to my attention - it was ‘right up my alley!’  Please allow me to share some points that Byron makes:

·      “Network intensely.  Luck plays a big role in life and there is no better way to increase your luck than by knowing as many people as possible.

·      When you meet someone new, treat that person as a friend.

·      Read all the time.

·      Get enough sleep.

·      Evolve.  Try to think of your life in phases so you can avoid a burn out.

·      Travel extensively. 

·      Take the time to give those who work for you a pat on the back when they do   good work.

·      When someone extends a kindness to you take the time to write a hand-written note, not an email.

·      Never retire. If you work forever you can live forever.”

While I’ve embraced many of Byron’s hints, I will add one lesson from my own life that continues to pay dividends:  there is so much to learn from someone who has been around the block a few times. 

Restaurant of the week

Stella

Macy’s Department Store, Sixth Floor

Herald Square, New York.

Stella offers a delightfully authentic Neapolitan menu and skilled, welcoming service.  A friend and I had lunch there on Monday, just two days after the grand opening.  The food more than satisfied our cravings and the view of the Empire State Building, and très cool interior, provided visual delight.

Trivia:  In Latin and Italian, Stella means ‘star.’  Since 1858, when R.H. Macy opened his first store in New York, their logo has been a star.  The star comes from a tattoo that Mr. Macy got as a teenager when he worked on a Nantucket whaling ship.

On The Road…

Mar. 18 -19:  NAREIM (National Association of Real Estate Investment Managers) Spring Executive Officers Meeting, Santa Monica, CA

April 1 – 2:  Client meetings, Chicago, IL

Apr. 9 -10:  PERE (Private Equity Real Estate Magazine) Global Investor Forum, Los Angeles, CA

May 29 – 30:  IMN (Information Management Network) U.S. Real Estate Opportunity Fund and Private Fund Investing Forum, New York, NY

June 4 – 5:  PERE Summit (Private Equity Real Estate Magazine), London, UK

Disclaimer 

All content in this blog is created for informational purposes only. Content, which includes all text, photos, video and graphics is not intended to malign any religion, ethnic group, club, organization, company or individual.  Steve Felix makes no representations as to the accuracy or completeness of any information on this site or other information as a result of following any featured link to or from this site.  The intention of this blog is to do no harm in regards to injury, defamation or libel. What is written or shown is not to be taken as fact or absolute.  Steve Felix will hold himself harmless for any errors or omissions in this blog’s information; including but not limited to external link information, translation or interpretation of content or incorrect grammar or punctuation.