2019 Real Estate Forum Program

Washington and Lee University 2019

Real Estate Forum

October 10-11 Washington, D.C. Sponsored by the W&L Williams School, W&L Office of Alumni Engagement, and W&L Office of Career and Professional Development

go.wlu.edu/realestateforum | #WLURealEstateForum

Agenda

Agenda

All events take place in the Capital View Ballroom of the Key Bridge Marriott.

Time

Event

Time

Event

7:30 a.m.

Breakfast

10 a.m.

Housing Affordability Panel

8 a.m.

Host: Taylor Lawch ’09 Vice President of Real Estate Development (JBG SMITH)

Introductory Remarks

Jenny Hope Director of Neighborhood Programs (Healthy Neighborhoods, Inc.)

Beau Dudley ’74, ’79L Executive Director of Alumni Engagement (W&L) Taylor Lawch ’09 Vice President of Real Estate Development (JBG SMITH) and 2019 Real Estate Forum Chair 8:15 a.m.

8:30 a.m.

9 a.m.

9:45 a.m.

AJ Jackson Executive Vice President, Social Impact Investing (JBG SMITH)

W&L Real Estate Society Update

Helen McIlvaine Director, Office of Housing (City of Alexandria, VA)

Joe Gagnon ’20 and Tyler Royston ’20 Co-Directors

McLean Quinn President (EYA, LLC)

Federal Reserve Economic Trends

11 a.m.

Break

Alex Marré, Ph.D. Regional Economist (Federal Reserve Bank of Richmond, Baltimore Branch)

11:15 a.m. Office Trends Panel Host: Liz Koteles ’09 Vice President - Commercial Investments (FCP)

Keynote Address

Michael Burke Vice President of Real Estate and Development (Convene)

Jodie W. McLean Chief Executive Officer (EDENS)

Esko Korhonen Managing Partner (FCP)

Introduction by Geordy Johnson ’05 Chief Executive Officer (Johnson Development Associates)

Robert Ward President and Chief Executive Officer (Skanska USA Commercial Development)

Break 12:15 p.m. Lunch Service Begins

Agenda Time

Keynote Speakers Event

12:30 p.m. Luncheon Keynote Conversation David Ritchey ’99 Executive Vice President, Director of Asset Management and Commercial Leasing (JBG SMITH) Colin Connolly ’98 President and Chief Executive Officer (Cousins) Facilitated by Kelly Nagel ’00 Regional Vice President (Aimco) 1:30 p.m.

Closing Remarks John Jensen ’01 Dean of Career and Professional Development (W&L)

2-4 p.m.

W&L Real Estate Society Case Competition All attendees are encouraged to support our students by staying for the case competition.

Jodie W. McLean Chief Executive Officer (EDENS) Jodie W. McLean is chief executive officer of EDENS, one of the nation’s leading private owners, operators and developers of retail real estate. With a more than 25year tenure at EDENS, she has established herself as a key player in the company’s growth and expansion to its current marketplace leadership, capitalized by blue chip investors and assets valued at $6.5 billion.

Jodie is responsible for EDENS’ strategy to move the portfolio to major urban centers, creating a portfolio of assets that are the center of community life. She was named chief investment officer in 1997, President in 2002 and CEO in 2015. Overall, she has been responsible for the development, redevelopment, acquisition and disposition of more than $12 billion in retail assets.

She passionately believes that retail should evolve beyond a shopping experience, and advocates for connectivity to the communities surrounding the company’s retail centers. To ensure this, each EDENS development is crafted to serve as an authentic gathering place, including a unique merchandising mix and welcoming design elements, fostering a sense of engagement with its neighbors.

A native of Chicago, IL, Jodie holds a B.S. in finance and management from the Moore School of Business, University of South Carolina and a degree from South Carolina Honors College. McLean serves as trustee and executive board member of the International Council of Shopping Centers (ICSC) and trustee of Urban Land Institute (ULI). She serves on the boards of Cushman & Wakefield, The Real Estate Round Table, Wofford College and Extended Stay America, as well as boards of several other institutions and charities. Jodie is a member of the Liberty Fellowship (Aspen Institute) Class of 2009.

Keynote Speakers Colin Connolly ’98 President and Chief Executive Officer (Cousins Properties) In February 2019, Colin Connolly was elected to the Board of Directors of Cousins Properties, in addition to his election to the role of president and Chief Executive Officer in January 2019.

Colin joined Cousins in September 2011 as senior vice president, focused on acquisitions and dispositions. He became senior vice president and chief investment officer in May 2013, executive vice president and chief investment officer in December 2015, and executive vice president and chief operating officer in July 2016. Prior to joining Cousins, Colin served as executive director with Morgan Stanley from December 2009 to August 2011 and as vice president with Morgan Stanley from December 2006 to December 2009.

Prior to joining Morgan Stanley, Colin worked in the Investments Group at CarrAmerica Realty Corporation where he worked on the acquisition and disposition of office properties.

Colin holds a B.S. in business administration and accounting from Washington and Lee University and an M.B.A. from the University of Virginia’s Darden School of Business.

Keynote Speakers David Ritchey ’99 Executive Vice President, Director of Asset Management and Commercial Leasing (JBG SMITH)

David B. Ritchey is executive vice president and director of commercial leasing and asset management at JBG SMITH. In this role, he is responsible for leading all aspects of commercial leasing and asset management for the company’s operating office portfolio, which consists of approximately 11 million square feet, in addition to a substantial under construction portfolio and future development pipeline throughout the Washington, D.C. region.

Mr. Ritchey leads a team of professionals whose core responsibilities include leasing and marketing strategy, asset repositioning, and other operating functions.

Mr. Ritchey joined the JBG Companies in January 2017 following the announcement of the pending spin-off/merger with the Washington, D.C. portfolio of Vornado Realty Trust/Charles E. Smith. He played a leading role in the successful merger of the two companies with a focus on the integration of the office operating teams.

Mr. Ritchey’s accomplishments also include active participation in the marketing and transaction negotiation process which led to the successful award of Amazon’s new headquarters in National Landing, located in Arlington, Virginia. He is now part of the team who is responsible for the continued transformation of a six million square foot operating office portfolio within the urban submarket.

Prior to joining JBG SMITH, Mr. Ritchey was a senior vice president at CBRE, Inc. where he completed a wide range of office leasing, investment sales, and national consulting assignments. He represented several of the region’s most prominent landlords in their repositioning, rebranding and leasing strategies.

Prior to CBRE, he worked as a development executive at Clark Realty Capital in acquisitions and development. He began his career as a commercial real estate broker for The CAC Group, a boutique commercial real estate services firm in San Francisco, CA, which was subsequently acquired by CBRE. He holds a master’s in real estate development from the Massachusetts Institute of Technology (MIT) and a B.A. in European history from Washington and Lee University.

SPeakers Michael Burke

Senior Vice President of Real Estate Development (Convene) Michael is the senior vice president of real estate and development at Convene. In this role, he leads cross functional teams responsible for strategic planning and global growth of Convene’s business.

Michael is a member of the executive leadership team and is on the company’s investment committee.

Prior to joining Convene, Michael spent over 10 years in the commercial office industry working on behalf of landlords, private sector tenants and state and local governments. He has successfully negotiated over three million square feet of commercial office leases and sales.

Michael studied for his masters in real estate finance at Georgetown University and holds a B.A. in economics from Villanova University.

He dedicates his spare time to several non-profit boards in the disability space and was a former member of the national board of trustees for United Cerebral Palsy. He is an avid golfer, average fisherman and lives in Arlington with his wife Megan.

Jenny Hope

Director of Neighborhood Programs (Healthy Neighborhoods, Inc.) Jenny Hope is the director of neighborhood programs at Healthy Neighborhoods, Inc in Baltimore.

Hope was recently a project manager at Telesis Baltimore Corporation working on rental and homeownership redevelopments in the Barclay neighborhood. Prior to Telesis, Hope was a project manager for the Maryland Department of Housing and Community Development’s Community Legacy and Neighborhood Business Works programs and the executive director of Chesapeake Habitat for Humanity.

She earned a B.A. from University of Maryland in sociology and master’s in social work from UMB with a concentration in community organizing. She has volunteered for numerous nonprofit organizations in Baltimore including the Neighborhood Design Center and Neighborhood Housing Services.

Speakers AJ Jackson

Executive Vice President, Social Impact Investing (JBG SMITH) AJ Jackson serves as the executive vice president, social impact investing of JBG SMITH where he leads the Washington Housing Initiative and manages the Impact Pool, an investment vehicle that provides secondary financing for affordable workforce housing.

Prior to joining JBG SMITH, Mr. Jackson was a partner with EYA, a Washington, D.C.-based urban infill development company. At EYA, he led EYA’s participation in more than $1B of double and triple bottom line social impact projects.

Mr. Jackson has extensive experience in the creation of programs and policies supporting mixed-income housing. He played a key role in the creation of a nationally recognized workforce housing program and was called upon to advise local governments, public institutions, and the National Association of Homebuilders on mixed-income housing policy.

Mr. Jackson is an active member of ULI, serving as a Global Governing Trustee, and formerly as Chairman of the Public Private Partnership Council. He holds a LEED Green Associate credential from the US Green Building Council and is a member of the African-American Real Estate Professionals Association. Mr. Jackson received a B.A. with honors from the University of Alabama and an M.B.A. with distinction from Harvard Business School.

Geordy Johnson ’05

Chief Executive Officer (Johnson Development Associates) Geordy Johnson returned to Johnson Management in 2014 and became CEO of Johnson Development in 2015. Previously, he served as manager of investment services at AvalonBay Communities, Inc. During graduate school, Geordy interned with BlackRock on their Securitized Assets Investments team. Prior to joining Johnson Management in 2008, he worked for the Black Creek Group in Denver, CO and Mexico City. Geordy began his career as an Investment Banking Analyst at Wachovia Securities.

Geordy received a B.A. in English from Washington and Lee University, where he serves on the Board of Trustees. Additionally, he holds an M.B.A. from UNC’s Kenan-Flagler Business School where he serves on the Advisory Board for the Wood Center for Real Estate Development. Geordy is a member of the Real Estate Roundtable.

SPeakers Esko Korhonen

Managing Partner (FCP) Esko Korhonen has company responsibilities in commercial investment, capital markets and fund raising. He has more than 33 years of experience in real estate investment and development and serves on the Investment and Executive Committees for FCP. Prior to founding FCP, Mr. Korhonen was a principal of The Carlyle Group where he served on the company’s real estate fund’s Investment Committee. Before joining Carlyle, Mr. Korhonen was vice president of ING Group, where he was responsible for ING’s North American real estate portfolio. He began his real estate career with the Trammell Crow Company.

Mr. Korhonen served on the Board of Directors of Tower Realty Trust, Inc. (NYSE-TOW), the Board of Trustees of The Maret School in Washington, D.C., founding member and advisor for Fair Chance Fund, and currently is co-chair of The Northwestern University Leadership Council, Washington, D.C., regional board member of the Northwestern University Campaign Committee and a trustee of the MD-DC chapter of The Nature Conservancy. Mr. Korhonen is a member of the Pension Real Estate Association, Urban Land Institute and District of Columbia Building Industry Association. He received his M.B.A. from the J.L. Kellogg Graduate School of Business at Northwestern University and B.A. from Colgate University.

Liz Koteles ’09

Vice President, Commercial Investments (FCP) Liz Koteles, located in FCP’s Atlanta, G.A. office, focuses on sourcing and executing FCP’s commercial investments and developments throughout the Southeast. Prior to joining FCP, Ms. Koteles was a vice president of leasing for JLL, where she was a top producer for the firm in Atlanta.

Prior to JLL, Ms. Koteles was a manager of corporate strategy and business development for Novelis, Inc., an $11 billion aluminum manufacturer. Ms. Koteles began her career in investment banking with VRA Partners focusing on M&A and private placement advisory services. Ms. Koteles graduated magna cum laude from Washington and Lee University with degrees in business administration and Spanish. Ms. Koteles is an active member of NAIOP.

Speakers Taylor Lawch ’09

Vice President of Development (JBG SMITH) Taylor Lawch is a vice president of development at JBG SMITH with ten years of experience in commercial real estate finance and development. Taylor joined JBG SMITH in 2014 to develop mixeduse urban infill projects. After delivering Central Place, a 377-unit apartment building and a 530,000 square foot office tower, he focused on the master-planning of JBG SMITH’s National Landing portfolio in conjunction with JBGS’s spin-merge and the Amazon HQ2 pursuit.

Taylor is now managing Pen Place, which will comprise 2.1M square feet of Amazon’s HQ2 campus in National Landing. In addition, Taylor is managing Central District Retail, JBG SMITH’s first phase of National Landing redevelopment that includes a nine-screen Alamo Drafthouse Cinema, specialty grocer, and 50,000 square feet of new street-fronting retail. Taylor is active in Arlington County civic activities; he serves as an Arlington County Board-appointed commissioner to the Crystal City Citizen Review Council and is an active participant in Crystal City and Rosslyn BID activities.

Prior to joining JBG SMITH, Taylor worked for Walker & Dunlop and MidCap Financial, financing multifamily, seniors housing and skilled nursing projects throughout the Country. Mr. Lawch graduated from Washington and Lee University with a B.S. in business administration.

SPeakers Alex Marré

Regional Economist (Federal Reserve Bank of Richmond) Alex Marré is a regional economist at the Baltimore branch of the Federal Reserve Bank of Richmond. He monitors and briefs the public on regional economic conditions and conducts research on economic issues in the Fifth Federal Reserve District. Previously, he was an economist at the U.S. Department of Agriculture, tracking economic conditions in rural America, and managed a research portfolio focused on human capital and rural economic development.

Marré was elected chair of the Community and Regional Economics Network (20132015) and selected as a rural development topic leader for the Agricultural and Applied Economics Association (2017-2018). His research has informed the White House Rural Council, the National Academies of Sciences-Geographical Sciences Committee, the National Science Foundation, the Southern Legislative Conference, and the American Association of Community Colleges’ Commission on Small and Rural Colleges, among others. His papers have appeared in the Journal of Economic Geography, the Journal of Regional Science and the American Journal of Agricultural Economics. Marré earned a doctorate in agricultural and resource economics from Oregon State University in 2009, a master’s degree in economics from Fordham University in 2004, and a bachelor’s degree in economics with a minor in mathematics at Seattle University.

Helen McIlvaine

Director, Office of Housing (City of Alexandria, VA) Helen McIlvaine has been Alexandria’s housing director since 2015; she was deputy director beginning in 2006. As director, McIlvaine leads implementation of Alexandria’s Housing Master Plan, supports citywide planning initiatives to increase the preservation and production of affordable housing and works with nonprofit and private developers, as well as the local housing authority to structure and finance developments that include affordable housing. Since 2017 McIlvaine has been part of City and regional efforts to enhance housing affordability in anticipation of Amazon HQ2 and the Virginia Tech Innovation Campus.

McIlvaine is co-chair of the Metropolitan Washington Council of Government’s Housing Directors Advisory Committee and a member of VHDA’s Rental Advisory Board. In 2018, McIlvaine was honored by the Center for Nonprofit Advancement with the Phyllis Campbell Newsome Public Policy Leadership Award. Prior to her tenure with the City, McIlvaine was the Director of Real Estate Development at APAH, Executive Director of Habitat for Humanity of Northern Virginia and Executive Director of Catholics for Housing. McIlvaine practiced law before transitioning to housing work.

Speakers Kelly Nagel ’00

Regional Vice President (Aimco) Kelly Nagel serves as a regional vice president for Aimco, a Denverbased apartment REIT, and manages all investments for Aimco’s east coast holdings from Philadelphia to Miami. This includes major redevelopment projects in Washington D.C., Philadelphia, PA, and Miami, FL markets, as well as covering the Nashville, TN and Atlanta, GA markets.

Prior to joining Aimco, she developed luxury apartments at AvalonBay Communities and Archstone, and has overseen new high-end apartment developments with a total investment of over $1B. Kelly serves on the executive committee of the Urban Land Institute (ULI) Women’s Leadership Initiative (WLI) and is a member of the ULI UDMUC Bronze Product Council. She has an M.B.A. from Kenan-Flagler Business School at the University of North Carolina–Chapel Hill, and a B.S. in business administration and accounting from Washington and Lee University.

McLean Quinn President (EYA, LLC)

McLean Quinn is the president of EYA, LLC. He oversees corporate management and strategy, investor relations, acquisition and development strategy and project stewardship, and chairs the Partnership Committee. Prior to becoming president in February 2019, McLean served as a vice president of acquisitions and development and was responsible for acquiring, entitling, and developing numerous townhome, mixed-use, and mixed-income projects for EYA. His strategic leadership in the early phases of planning have been critical to the successful development of several EYA neighborhoods, including Montgomery Row, Westside at Shady Grove Metro, and The Brownstones at Chevy Chase Lake. McLean also led EYA’s expansion into multifamily rental housing with the development of The Daley and The Lindley. Active in ULI, McLean has participated in the ULI Washington Regional Land Use Leadership Institute and Leadership Montgomery.

Prior to joining EYA, McLean held private equity and investment banking positions with Morgan Stanley, Wells Fargo, and Wachovia. He earned a B.A. in political science from Davidson College, where he was elected Phi Beta Kappa, and an M.B.A. with Distinction from the Kellogg School of Management, where he was an Austin Scholar.

SPeakers Robert Ward

President & CEO (Skanska USA Commercial Development) Rob Ward is the president and chief executive officer (CEO) of Skanska USA Commercial Development. In this role he oversees the company’s commercial and multi-family development operations in the United States, applying his over 20 years of experience in the real estate development and construction industries.

Prior to serving as CEO, Rob was the chief operating officer (COO) for Skanska USA Commercial Development. As COO, Ward drove several key elements of the company’s development operations including evaluating all project investments, refining national leasing and customer strategy, exploring new market opportunities and managing the group’s strategic service functions.

Earlier in his Skanska tenure, he served as executive vice president (EVP) of development operations in Washington, D.C. and Houston. In 2009, Ward helped launch the company’s commercial development business in the U.S. and was instrumental in the completion of the company’s first self-financed office development, 733 10th, completed in 2011 Ward is on the Board of Trustees of the Federal City Council; the Washington, D.C. Developer Roundtable; and the Board of Directors of the First Tee of Washington, D.C. He is a graduate of Virginia Polytechnic Institute and State University and serves on the Virginia Tech Program on Real Estate Advisory Board.

Speakers Joe Gagnon ’20

Co-Director (W&L Real Estate Society) Joe is a member of the class of 2020 from Potomac, MD majoring in accounting. In addition to serving as the Co-Executive Director for the Real Estate Society, he is the group head for the Basic Materials sector group in the Williams Investment Society.

This past summer Joe interned at Johnson Development Associates in the industrial real estate division and will be returning full time after graduation.

Tyler Royston ’20

Co-Director (W&L Real Estate Society) Tyler is a senior majoring in business administration and mathematics. He has been a member of the Real Estate Society since his freshman year, and previously served as the group head for the Office and Healthcare Group.

This past summer, Tyler interned at MidCap Financial, where he worked with the Commercial Real Estate and Asset Based Lending groups.

volunteer Committees

VOlunteer COmMittees

Honorary Host Committee

Steering COmmittee

Gerry Barousse, Jr. ’80

Geordy Johnson ’05

Taylor Lawch ’09, Chair

Hal Shaw ’02

Wes Boatwright ’86

Kelly Nagel ’00

Taylor Callaham ’05

Paul Wallace ’02

John Case ’86

Phil Norwood ’69

Helen Clay ’17

Taylor Williams ’09

Don Childress ’70

Helen Sanders ’04

Victoria Coates ’15

Paul Davey ’86

Howard Smith ’80

Alexander Curlet ’02

Thad Ellis ’82

Hap Stein ’74

Liz Koteles ’09

Johnny Folsom, Sr. ’73

Jim Underhill ’78

Blair Priest ’01

Monarch Real Estate Advisors, Inc. Avison Young Premier

Childress Klein Balcara Group

Cousins Properties, Inc. Colliers International, Inc.

Henry Fonvielle P ’17 ’21 The Rappaport Companies

Johnson Development Associates, Inc. Aimco

Haviland Capital LLC Hughes Development Corporation Walker & Dunlop

Regency Centers Corporation CRESA

JBG SMITH

OTO Development LLC JLL

JBG SMITH

CBG Building Group FCP

Walker & Dunlop

Christopher Santoro ’09

Johnson Development Associates, Inc.

KSL Capital Partners Berkadia

Williams Development Group

Students in attendance Riley Bartlett ’20

Jonathan Hsu ’22

Quinn Cahill ’21

Nate King ’21

Robert Cooley ’20

Pranam Patel ’20

Matt Dross ’20

Tyler Royston ’20

McLean Fonvielle ’21

William Salchert ’21

Joe Gagnon ’20

Sarah Sanchez ’20

Greer Gordon ’20

Cole Sanford ’20

Barrett Graham ’21

Sam Smiley ’21

Benjamin Graham ’21

Ian Treger ’20

Hudson Hamill ’20

Bridget Zhang ’21

Joseph Hoskins ’21

Thank you •

Frank Sands ’89 and Emily Freije of Sands Capital for hosting Thursday’s opening reception

•

Student Real Estate Case Competition Judges Blair Priest ’01 (Walker & Dunlop) Wes Boatwright ’86 (Avison Young) Kelly Nagel ’00 (Aimco)

•

Hosts of student Real Estate Career Trip Victoria Coates ’15 and Taylor Lawch ’09 (JBG SMITH) Howard Smith ’80 and Blair Priest ’01 (Walker & Dunlop) Hal Shaw ’02 (KSL Capital Partners)

Notes