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Nancy: [00:00:00] Hi everyone and welcome back to Real Estate Capital. I'm your host, Nancy Lashine. One of the things I love most about hosting this show is the chance to sit down with the people who are actually shaping our industry. Not just talking about it, but living it every day. And this past year has been exceptional.

From investment bankers orchestrating billion dollar mergers to brokers who've redefined what's possible in New York City. From architects reimagining our urban future to public servants taking on the challenge of managing massive pension systems, we've had the privilege of learning from some of the sharpest minds in real estate.

Today, I wanna look back at a few of those standout conversations, pull out some of the wisdom that stayed with me, and then look ahead to the incredible guests we have lined up for 2026. 

Let's start with Drew Murphy from Berkshire Global Advisors. Drew is the go-to investment banker [00:01:00] for real estate investment management, M&A, and we have had a fascinating discussion about the wave of consolidation sweeping through our industry. Drew shared his perspective on GP stakes, operating company acquisitions, and what defines success in these complex transactions. One of his guiding principles really stuck with me. Try to be handshake people, always lead with honesty, even when it's not what clients want to hear. That integrity is why Drew touches more M&A transactions than anyone else in our space. 

We also spend time with Tom Gilbane, co-president of RockPoint. Tom's career traces the evolution of real estate private equity from his start at Merrill Lynch through Westbrook Partners and now RockPoint. We talked about the complexities of market timing and how as he says, you can't market time, but you can get things wrong. Tom also gave us the inside story on some legendary deals including [00:02:00] 299 Park Avenue, the doubled in value in just 18 months. 

Then we had the skyscraper queen and quote herself, Darcy Stacom. Darcy has facilitated over 150 billion in transaction volume over her 40 plus year career, including iconic deals like the GM building and the 5.4 billion Stuyvesant Town, Peter Cooper Village Sale.

What struck me most was how Darcy carved out her place in what was very much a man's world. Not by following the rules, but by bringing something different to the table. She told us about spotting millennials, commuting to the suburbs from Grand Central before anyone else noticed, proving that the best research comes from simply observing the world around you.

We also heard from Diane Hoskins, global co-chair of Gensler, the world's largest architecture and design firm. Under Diane's co-leadership with Andy Cohen. [00:03:00] Gensler grew from 200 million to over 2 billion in revenue. We discussed their unique culture of co-leadership that permeates the entire organization, how they're tackling massive challenges like climate change and the future of work, and why Diane believes bringing people together in physical spaces is more important than ever in our post COVID world.

Brad Briner, the newly elected North Carolina State Treasurer, shared his remarkable journey from co-CIO of Willett Advisors, where he commuted from Chapel Hill to New York five days a week for 12 years to running for public office.

Brad is now the sole trustee of a $127 billion pension system, and we talked about his plans to transform the portfolio's performance, the challenges of moving from the private sector into politics, and his vision for creating a permanent governance structure that will serve North Carolina for generations to come.[00:04:00] 

And Gunnar Branson, CEO of Afire brought his unique 30,000 foot view of the industry. Gunnar shared lessons from his unconventional path from growing up in Alaska to working at GE Capital to leading two major real estate trade associations. His insight about marketing really resonated. Your limitations are actually the key to understanding your power. Every weakness can be expressed as a strength if you're willing to be honest about it. 

So what's coming in 2026? We're kicking off the year with an exciting new format, a special episode where we'll provide some insights into the Park Medicine Partners 2026 Outlook. Our annual white paper that highlights our predictions for the year ahead in real estate capital markets.

And then we've got some truly powerhouse guests lined up. We'll hear from Ryan Cotton, partner and head of real estate at Bain Capital, about how one of the world's premier investment firms approaches real [00:05:00] estate and what they're seeing in today's market. Jennifer Wenzel, investment director at Texas Teacher's Retirement System, will share her perspective as an allocator at one of the largest pension systems in the country.

John Atwater, co-founder of Prime Finance. We'll discuss the evolution of real estate, debt markets and the opportunities he sees ahead. And Diego Lopez, founder of Global Sovereign Wealth Funds, will give us an inside look at how sovereign wealth funds are thinking about real estate investment globally.

But that's not all. We've got conversations coming with a pioneer in urban air mobility, someone who has traversed banking, investing, and politics, and one of the most successful multifamily operators in the country. I can't wait to share these conversations with you. The real estate industry is evolving faster than ever, and the conversations we're having on this show reflect that change.

Whether you are an investor trying to navigate uncertainty, a [00:06:00] developer rethinking your strategy, or just someone fascinated by the intersection of capital and the built environment, I think you'll find something valuable in what's ahead. So stay with us, subscribe if you haven't already, and if there's someone you think we should be talking to or a topic you want us to explore, reach out. This show is as much yours as it is mine. I'm Nancy Lashine and I can't wait to share these conversations with you in 2026.