APRI L 2 02 2
F E AT U R I N G
89 Finalists: Commercial Real Estate Awards
PLUS
Pioneer Award Winner John Goff
CEO
THE REINVENTIONOF REX KURZIUS The serial entrepreneur and A S S E T PA N DA
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CONGRATULATIONS for being named D CEO’s Best Commercial Real Estate Award
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Congratulations to all the D CEO finalists and winners. HWH is truly honored to be recognized alongside so many of our region’s outstanding companies and their work.
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Dallas’ most iconic building, Fountain Place, is pleased to announce the addition of its two newest icons— and Steve Penley’s Dallas Icons
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Congratulations to all the 2022 DCEO Real Estate Awards finalists and winners With special thanks to our members and community partners for their continued work that transforms Dallas’ most underserved neighborhoods Southpoint Community Market, a first-of-its-kind neighborhood grocer that provides access to healthy food options, creates job opportunities and fosters local community engagement in South Dallas’ historic Forest District, is a coordinated effort between The Real Estate Council’s Associate Leadership Council Class of 2020, TREC Community Investors and Cornerstone Baptist Church. Together, TREC Community Investors, the commercial real estate community and our neighborhood partners continue to unite in investing in the disinvested, energizing neighborhoods and advancing equity block by block for all who call Dallas home.
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The Link at Uptown | 2022 D CEO Commercial Real Estate Award Finalist Developer: Kaizen Development Partners Architect: BOKA Powell
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CONTENTS APRIL 2022
VO LU M E 1 7 | I S S U E 0 3
52 Rex on the Run Serial entrepreneur and Asset Panda founder and CEO Rex Kurzius transformed his mindset to overcome the odds. story by WILL MADDOX portraits by SEAN BERRY
DEALMAKER
An internship at JLL predecessor The Staubach Co. led Torrey Littlejohn to pursue a real estate career.
58 Shaping the Future As North Texas remains one of the hottest commercial real estate markets in the country, these are the projects and professionals leading the way. story by BRANDON J. CALL portraits by SEAN BERRY
68 P O R T R A I T BY S E A N B E R R Y
Beyond His Wildest Dreams In the 1990s, former accountant John Goff saw an opportunity in real estate—and bet his entire net worth on it. Today, he’s one of the industry’s biggest players. story by CHRISTINE PEREZ
DCEOMAGAZINE.COM
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CONTENTS
83
34 EDITOR’S NOTE
DOSSIER 3 7 YO U N E E D T O K N O W
Linda Silver, Perot Museum of Nature and Science 40 MEET THE 500
Stephanie Chung, Wheels Up
90
4 0 L O C A L LY S O U R C E D
Jenna Owens, Fitish 42 ENTREPRENEURS
Carlton Dixon, Reveal Suits
Catherine Monson, Propelled Brands 4 7 R E TA I L
Ben Jenkins, Warstic
FIELD NOTES
78 THOUGHT LEADER
73 LEADING OFF
Dave Copps, Worlds 74 F I N A N C E
Inflation is hitting North Texas, and historically safe hedges may not always provide the best protection. 76 ON TOPIC
Elaine Agather of JPMorgan Chase, Ted Colbert of Boeing Global Services, and Bob Pryor of NTT Data share the best business advice they’ve ever received.
88
CEOs must provide a clear, positive vision for their teams, says staffing exec Susan Salka of AMN Healthcare.
OFF DUTY 83 PURSUITS
Joanna Ridgway, Santander Bank 84 SNAPSHOT
Monica Greene, Monica’s Mex-Tex Cantina 86 ART OF STYLE
Brad Pritchett, Dallas Museum of Art
F E AT U R I N G
89 Finalists: Commercial Real Estate Awards
PLUS
Pioneer Award Winner John Goff
86 DREAM CAR
Rusty Reid, Chasity Wilson Henry, and Colin Fitzgibbons share their dream cars. CEO
8 8 W E L L T R AV E L E D : PA L M SPRINGS, CALIFORNIA
A S S E T PA N DA
founder transformed his mindset to overcome the odds.
90 ROOTS
Álvaro Montoya, Dallas Stars 92 END MARK
Leo Francis Corrigan Sr.
TOC_0422.indd 30
APRIL 2022
THE REINVENTIONOF REX KURZIUS The serial entrepreneur and
Daniel Taylor, Colliers
030
E N T R E P R E N E U R S R E V E A L S U I T S ; R E TA I L S E A N B E R R Y ; P U R S U I T S M A N D Y M C G E A T H ; W E L L T R AV E L E D P A L M S P R I N G S C O N V E N T I O N & V I S I T O R S B U E R E A U ; R O OT S Á L V A R O M O N T O Y A
47
4 4 O N T H E TA B L E
42
ON THE COVER: Rex Kurzius of Asset Panda, photographed by Sean Berry
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P U B L I S H E R Gillea Allison
EDITORIAL EDITOR Christine Perez EXECUTIVE EDITOR Brandon J. Call MANAGING EDITOR Will Maddox ASSOCIATE EDITOR Kelsey J. Vanderschoot ASSISTANT EDITOR Ben Swanger CONTRIBUTING WRITERS Richard Alm, W. Michael Cox EDITORIAL INTERNS Taysha Billinger, Catherine Rosas, Jencie Tomasek, Nicole Torres
ART DESIGN DIRECTOR Hamilton Hedrick STAFF PHOTOGRAPHER Elizabeth Lavin DIGITAL ART DIRECTOR Emily Olson DIGITAL PRODUCTION ASSISTANT Andrea Chavez
A DV E R T I S I N G ADVERTISING DIRECTOR Rhett Taylor ASSOCIATE PUBLISHER OF PROFESSIONAL SERVICES Kym Rock Davidson SENIOR ACCOUNT EXECUTIVES Cami Burke, Haley Muse MANAGING EDITOR OF SPECIAL SECTIONS Jennifer Sander Hayes DIGITAL REVENUE DIRECTOR Tracy Albertson DIGITAL ADVERTISING OPERATIONS MANAGERS Riley Hill BUSINESS DEVELOPMENT Palmer McGraw DIGITAL ADVERTISING INTERN Sadie West
MARKETING & EVENTS MARKETING DIRECTOR Gigi Ekstrom MARKETING COORDINATOR Natalie Swaim EVENTS PRODUCER Beth Albright EVENTS MANAGER Anja Matukic EVENT COORDINATOR Amber Knowles ADVERTISING ART DIRECTOR Katie Garza EVENT INTERNS Joy Currence, Kayla Smith
AU D I E N C E D E V E LO P M E N T AUDIENCE DEVELOPMENT MANAGER Sarah South SPECIAL PROJECTS MANAGER Sarah Masquelier DATA ENTRY SPECIALIST Jade Osseck SOCIAL MEDIA COORDINATOR Jessica Taber RETAIL STRATEGY MANAGER Steve Crabb MERCHANDISER David Truesdell
PRODUCTION DIRECTOR John Gay MANAGER Pamela Ashby PHOTO RETOUCHER Jasmine Green
BUSINESS CONTROLLER Sabrina LaTorre SENIOR ACCOUNTANT Debbie Travis ACCOUNTS RECEIVABLE COORDINATOR Jessica Hernandez EMPLOYEE ENGAGEMENT DIRECTOR Patricia Martin IT TECHNICIAN Luan Aliji RECEPTIONIST Will Smith
HOW TO REACH US MAIL 750 N. Saint Paul St., Ste. 2100, Dallas, TX 75201 MAIN OFFICE 214-939-3636 WEBSITE www.dmagazine.com/dceo The magazine assumes no responsibility for the return of unsolicited manuscripts. LETTERS TO THE EDITOR feedback@dmagazine.com CURRENT SUBSCRIPTION 800-732-9673 or subscriberservices@dmagazine.com NEW SUBSCRIPTION www.dmagazine.com/requestdceo ADVERTISING 214-939-3636 x 128 REPRINTS 214-939-3636 CUSTOM PUBLISHING 214-540-0113 SUBSCRIPTIONS 11 issues for $54 in the United States, possessions, APO and FPO; $70 per 11 issues elsewhere. Please provide old and new addresses and enclose latest mailing label when inquiring about your subscription.
D M A G A Z I N E PA R T N E R S EDITOR-IN-CHIEF AND CEO Christine Allison PRESIDENT Gillea Allison CHIEF FINANCIAL OFFICER Thomas L. Earnshaw CHIEF OPERATING OFFICER Amanda Hammer CHIEF OF STAFF Rachel Gill FOUNDER Wick Allison
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3/2/22 2:14 PM
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Are You Operating At Best-In-Class Levels?
LETTER FROM THE EDITOR
A Movement to Take Back the Night
Identify blind spots and get on track with your business goals:
Robert Gardner, CEPA, CFEd® Who Business Owners Trust Securities offered through Kestra Investment Services, LLC 972-833-2570 (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an rgardner@gardnerwallace.com affiliate of Kestra IS. Gardner Wallace Financial Solutions, LLC. is not affiliated with Kestra IS or Kestra AS. Neither Kestra IS nor www.GardnerWallace.com Kestra AS provide legal or tax advise and are not certified public
P H OTO G R A P H Y BY E L I Z A B E T H L A V I N
GardnerWallace.com/Business
i spent an unseasonably cold international women’s Day in the Dallas Arts District at a Women U-Night event hosted by 24HourDallas. Founded in 2020 by board president Randall White, the nonprofit has a mission it says is “as clear as a Texas night sky: to make Dallas safer, more inclusive, and more economically and culturally vibrant at night.” Despite the chilly weather, hundreds of women turned out for the event. “We believe that great cities have great nights,” said White, as he welcomed the crowd. “Think of your favorite cities in the world and how much you enjoy them at night. We believe Dallas can have greater nights.” Making the city safer for women, he said, whether they’re working in the city or out on the town socially, would go a long way toward improving the overall nighttime experience. Dallas City Council Member Cara Mendelsohn served as honorary chair. “It’s at night that [women are] most at risk,” she said. “And when we look at crime in Dallas, women make up 61 percent of crime victims. We need to look out for each other, but we also need businesses to do all they can and adopt practices that promote safe spaces for women—both employees and patrons.” Toward that end, 24HourDallas created a Copper Star program as part of its Good Neighbor initiative. It provides tools to promote safety, inclusivity, and community for nighttime businesses in Dallas, be they restaurants and bars, convenience stores, or hospitals. Before attendees dispersed to take in various entertainment options and connect with other nonprofits there to support the cause, Ann Mukherjee, CEO of Pernod Ricard North America, took the stage. She echoed the call for businesses to step up. “As leaders, complacency is simply not an option,” she said. “Dallas is a beautiful, vibrant city. And if we are going to make the city even greater, we need businesses … to cement their commitment to making Dallas a nighttime place for everyone to enjoy.”
Christine Perez Editor
accounting firms.
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DCEOMAGAZINE.COM
3/14/22 5:15 PM
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APRIL 2022
DOSSIER TRENDS
to
WATC H
a n d
NORTH TEXAS NEWSMAKERS
YOU NEED TO KNOW
How Linda Silver is Reimagining the Perot As Dallas’ nature and science museum celebrates its first decade, its CEO aims to deepen its impact through digital offerings, gamification, outdoor programs, and more.
P H OTO G R A P H Y BY T A M Y T H A C A M E R O N
story by KELSEY J. VANDERSCHOOT
DCEOMAGAZINE.COM
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DOSSIER
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she lived for six years before finishing her final two years of leadership remotely from the Middle East. “I was recruited to help the government of Abu Dhabi develop their informal science education platform,” Silver says. The mother of two elementary school-aged children, who moved her family across the world with her, helped the Emiratis design the city’s first science museum, an outreach program for schools, a science festival, and more—all while periodically commuting back to Ohio. “My intent was to go over and do that temporarily and come back to Cleveland,” she says. “But the Middle East was just too glamorous, and I stayed.” Seven years later, Silver got a call from the Perot as a young adult, linda silver wanted and accepted an offer to be its leader in 2017. Since to become a professor. “I studied classics, and I then, she has led the museum through extensive spent my senior year doing archaeological work renovations of its human and engineering halls, in Greece,” she recalls of her undergrad expericreated an open paleontology lab, helped it shift ence at the University of California, Los Angeles. its materials to take a bilingual approach. She also But when she returned from her travels, a job at oversaw development of a state-of-the-art warethe Natural History Museum Los Angeles Counhouse for the Perot’s collections that are not on ty beckoned, rerouting her career plan. “They display but still need to be carefully preserved. were starting a school outreach program that After COVID took hold, the museum was shut used archaeology as a way of getting kids interdown for six months but was well-capitalized; its ested in science,” she explains. board had started a pandemic fund after Ebola Now, Silver is guiding one of the centerpieces broke out in Dallas in 2014. “We were probably in of natural science education in North Texas—the a better position going into [the Perot Museum of Nature and pandemic] than many of our Science—through its 10th year THE MUSEUM’S peer organizations,” Silver says. in business, after steering it BOARD STARTED A Now, the Perot has rethrough the pandemic. PANDEMIC FUND couped nearly 70 percent of its Silver came to Dallas by way pre-pandemic attendance, and of Cleveland and the United AFTER EBOLA Silver is on a mission to deepen Arab Emirates after 13 years BROKE OUT IN the organization’s impact. She with her Los Angeles employer. DALLAS IN 2014. wants to grow the reach of the Her culminating job in Calimuseum’s digital STEM edufornia was vice president over cation assets, augment its outdoor experiences, education and guest relations. While in that role, explore gamification opportunities, and expand she oversaw visitor education and experience into new North Texas neighborhoods. “Digital is at five L.A. locales, including the La Brea Tar what’s going to allow us to become not just this Pits, earned an MBA at Pepperdine University, great regional asset, but a regional asset with a and completed her doctorate at the University growing statewide—if not a national—reputation of Southern California. At 34, she was recruitfor delivering great STEM content and educaed to her first chief executive post. Silver led the tion,” she says. Great Lakes Science Center in Cleveland, where
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Celebrating in Style 2022 is the Perot Museum of Nature and Science’s 10th year in business, and CEO Linda Silver is spearheading a year-long celebration, culminating in an event chaired by Dirk and Jessica Nowitzki. “They are truly parents who use this space,” Silver says. In the months leading up to the big gala, the museum is unveiling several upgrades and new exhibits. In March, it added seven new celebrity athletes to its speed wall, which allows children to race various animals and athletes. It’s also pairing up on programs with Klyde Warren Park, which is marking its first-decade milestone, too. “The last one will be in December when we are projecting to have our 10-millionth visitor,” Silver says.
DCEOMAGAZINE.COM
3/10/22 3:29 PM
Wide open for business.
61 square miles of planning area on U.S. Highway 75 near the intersection of 5 of the region’s major highways.
ANNA
CONGRATULATIONS TO ALL THE 380
We are honored to be recognized among our region’s most exceptional projects.
For more information: Joey Grisham 214-831-5394
McKinney
Plano
DFW INTERNATIONAL AIRPORT
Director of Economic Development
5 75
2022 DCEO REAL ESTATE AWARDS FINALISTS AND WINNERS!
121
75 DALLAS LOVE FIELD AIRPORT
DALLAS
joey@opportunityannatx.com
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DOSSIER
L O C A L LY S O U R C E D
On the Glow
STEPHANIE CHUNG Chief Growth Officer WHEELS UP
tasked with forging new revenue streams and relationships at Wheels Up, Stephanie Chung’s main objective is growth. Through her work, she’s pushing the aviation industry in new directions. “We were the first private aviation company to start a growth department and we’ve paved the way for inclusivity in our industry,” she says. Chung is no stranger to overcoming challenges and busting down barriers. She’s a cancer survivor and was the first Black president of a major aviation company. BIRTHPLACE: Otis Air National Guard Base in Cape Cod, Massachusetts FIRST JOB: “I worked as a research assistant at the University of Denver, but I quit the day my boss asked me to pick up a container of live mice. I quickly learned that it was important to follow my passion and not settle for a job that wasn’t right for me.” BEST ADVICE: “Major decisions about your career are made without you in the room. Create your own personal brand that demonstrates your value and shows your worth. It’s so much more than just putting your head down and doing the work.” DINNER PARTY: “If I could have dinner with any two Dallas business leaders, I’d choose Mark Cuban and Cynt Marshall of the Dallas Mavericks.” DESTINATION OF CHOICE: “I love Cabo. The food is
great; the hotels are amazing; and it’s an easy trip from Dallas. On my bucket list is Zadún, a Ritz-Carlton Reserve resort.” NONPROFIT CAUSE: “My daughter founded a nonprofit called Elevation Society that’s very special to me. It focuses on reducing suicide, bullying, and depression for adolescents by uniting humans to collectively solve issues and showing every individual their life is worth fighting for.” LOCAL FARE: “I love RH Dallas | The Gallery on Knox. My favorite items are the crispy artichokes and the prosciutto and délice board.” FUN FACT: “I started my career in aviation working on the ramp, parking planes, and loading luggage.” TOUGHEST CHALLENGE: “When I got my first big promotion in aviation, I went from being part of a sales team to managing
that sales team. One day I was their peer and the next day I was their boss. As a leadership team, we had a mandate that if we couldn’t turn the company around within 90 days, it would be shut down. I had to make some very tough decisions, including an overhaul of the team. Luckily, we survived.” DREAM CAR: “A Bugatti. I love that they come in a million different colors.” PROUD MOMENT: “Last July, Wheels Up was the first private aviation company to go public on the NYSE.” A BETTER DFW: “I wish we had a Salt & Straw here. It’s my favorite ice cream store, and I’d love to see them here in Dallas.” WALK-UP SONG: “’Run the world (Girls)’ by Beyoncé”
jenna owens named the video workouts and merchandise company she launched in 2017 after one of her favorite self-descriptors—“fitish.” Her goal from the start was to segue into her true passion, skincare. She pitched her idea for a post-workout line of CBD-infused skincare products to Mary Kay CEO David Holl. “I thought, ‘Where are all the post-workout sprays?’” Owens says. “Where’s the spray for my rosacea when I get red as a tomato when I work out, and then still have to go do something after?” Holl politely declined the opportunity but did provide some invaluable connections. Owens launched her first two products, a facial mist and setting spray, in 2018, and now the line is her full-time venture and sold by giants Neiman Marcus and Anthropologie. Fitish has expanded to include hair, personal care, and pet products, and doubled revenue each year since inception. “Now, it’s, ‘How do I transcend my own platform?’” Owens says. —Kelsey J. Vanderschoot
C H U N G BY J A K E M E Y E R S ; LO C A L LY S O U R C E D C O U R T E S Y O F F I T I S H
Former Kidd Kraddick co-host Jenna Owens created CBD beauty brand Fitish for active women.
MEET THE 500
MUST-READ: “Perspective, by Brittany Chung. My daughter penned this book during COVID. It really helps individuals find ways to better themselves.”
BEAUTY BLITZ
Fitish’s line of personal care products includes the Dewing It moisturizer, infused with CBD and botanical extracts.
This Q&A is extended content from Dallas 500, a special edition produced by D CEO that profiles the region’s most influential business leaders. Visit www.dallas500.com for details.
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EXCELLENCE IN ARCHITECTURE & DESIGN FINALIST Proud Partner To These Project Finalists At Home
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DOSSIER
ENTREPRENEURS
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former north dallas high school basketball coach and athletic director Carlton Dixon launched custom-suit maker Reveal Suits in 2016 with the idea of stitching a little something special inside the jackets of college athletes. A year later, he inked licensing agreements with Baylor University and Florida State, then began a national expansion. Today, with 87 university license deals in hand—including the Big 12 Conference, the Ivy League, and the NFL Alumni Association—Reveal Suits has cornered the market on custom-designed suits with linings emblazoned with the colors and logos of teams across the country. Just as things were really taking off for the company, though, COVID created a whole new set of problems. With sporting and in-person events on hold, demand took a nosedive, Dixon says. Orders from a few universities that opted to buy suits for their graduating athletes were enough to keep the company afloat, but the entrepreneur knew his team would need to innovate if it wanted to stay in business—let alone grow. After all, how do you measure for a bespoke suit if people are reluctant to get close to a stranger or travel for a fitting? “We figured out how to conduct a virtual fitting,” Dixon says. “We had no problem doing a fitting with a client in New York, Los Angeles, Chicago, wherever.” Now that pandemic restrictions have eased, Reveal Suits has returned to in-person fittings, even holding group events for teams, organizations, fraternities, and the like. Dixon, a Dallas native who played basketball for The University of Texas, says the next half-decade will focus on pursuing professional sports teams and collaborations with big-name athletic lines like Nike or Adidas. More recently, he tapped into the high school market, outfitting the Hillcrest High School basketball team and the state champion South Oak Cliff football team. But Dixon has in mind a much larger prize. Ralph Lauren has had a lock on the U.S. Olympic team’s apparel since 2008, but Reveal Suits is not TEAM SPIRIT backing down from taking that torch Reveal Suits’ from the fashion giant. “It won’t hapclients range from top-tier pen for Paris [in 2024],” Dixon says. NCAA D1 universities to “But keep an eye out for 2028. All those D3 colleges and things are in the plan.” high schools.
P H OTO G R A P H Y C O U R T E S Y O F R E V E A L S U I T S
Carlton Dixon of Reveal Suits creates bespoke apparel that lets athletes and others show their school pride.
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O N T H E TA B L E
Franchising Expert Catherine Monson of Propelled Brands In an era that has been dubbed “the YOLO economy,” she’s leading three high-growth companies and helping a new wave of entrepreneurs own their own businesses.
story by KELSEY J. VANDERSCHOOT illustration by JAKE MEYERS
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catherine monson and i bond over our shared California roots as we settle into a booth at Maguire’s restaurant in North Dallas. Taking her suggestion, I choose the Thai Beef Salad. She opts for the same—without noodles. “Only because I try to live a low-carbohydrate lifestyle,” she explains. Monson, the CEO of Propelled Brands, a collection of North Texas-based franchise companies, had an early introduction to entrepreneurship as she watched her parents build a chain of preschools in her native Orange County. “Starting at 8 or 9 years old, on the weekends with my dad, I would go to the school and we’d mow the lawn, clean the toilets, clean the kitchen, cook dinner together, then head home,” Monson recalls. In the car and over dinners, the two would talk business, sparking her dreams of one day running a company. “In my high school yearbook, my goal was to be president of Exxon,” she recalls. “It was the biggest company I knew.” A few years after graduating from Pepperdine University, Monson joined California-based printing franchise Sir Speedy, where she worked for a dozen years in the U.S. and the Netherlands. She then joined its parent, Franchise Services Inc., running various companies and ultimately serving as president of PIP Printing and Document Services, which FSI bought it in 1996. Her strong track record of successful reorganizations and turnarounds caught the attention of
a private equity firm that owned FastSigns International. When they reached out to woo Monson in 2008, her first instict was to decline the opportunity. She couldn’t imagine leaving Southern California, and she loved her job with PIP The recruiting exec asked her to think about it. In the end, it came down to making a difference, Monson says. “I searched my heart, and I thought it was a company I could have a huge impact on.” She joined FastSigns International in 2009, and three years later made headlines by appearing on the reality TV show Undercover Boss. After FastSigns acquired NerdsToGo in 2020, it created Propelled Brands as a corporate umbrella. Last fall, the company added salon operator Suite Management Franchising to its portfolio. “With any luck, we’ll have one or two more acquisitions this year,” Monson says. She also is focusing on growth opportunities with the brands it already has. For FastSigns, which has saturated most major markets, the goal is to increase same-store sales. NerdsToGo, which has 37 locations, is forecasting 300 locations in the next half decade. And for Suite Management Franchising, getting to 100 percent occupancy while opening 250 more franchises is top of mind. Monson’s goals for ongoing growth come at a time when franchising is expected to boom, with more workers leaving their jobs and turning to entrepreneurship—a phenomenon The New York Times calls “the YOLO (You Only Live Once) economy.” Propelled Brands topped $632 million in revenue in 2021, and Monson says she’s grateful for the difference she gets to make in the lives of others. “I get to help people create generational wealth, create jobs, and provide training for employees,” she says.
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UTILITY PLAYERS
Edgington and Jenkins also lead the branding firm OneFastBuffalo.
R E TA I L
Swinging for the Fences Ben Jenkins and Christine Edgington aim to place a Warstic bat in every MLB lineup this season.
story by BEN SWANGER photography by SEAN BERRY
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n 2016, warstic sports majority owner and founder Ben Jenkins scored a $1 million investment in his baseball bat company from Grammy Award-winning musician Jack White and four-time MLB All-Star and Texas Rangers great Ian Kinsler. At the time, the company, which Jenkins launched in his home in 2011, was generating annual revenue of $150,000 to $200,000. This year, Jenkins expects it to earn between $12 million and $16 million. As a former minor league ballplayer, Jenkins enjoys seeing his maple, ash, and birch bats on the big stage. But his passion, and main profit driver, are the company’s metal bats. Warstic, which operates 100 percent off cash on hand, isn’t afraid to attract attention and be brutally
honest. “Our motto—‘It’s not the weapon, it’s the warrior’—shocks parents,” says Jenkins, who is also the founder of OneFastBuffalo, a branding agency. “It’s a risky strategy as a hard goods producer. Our consumers are used to companies trying to make their kids better hitters with their products. We don’t believe that.” Warstic emphasizes hands-on development. Its Deep Ellum headquarters includes Battle Hall, the brick-and-mortar arm of Warstic University, where pro hitters, hitting coaches, and others teach Dallas-area youth how to better their mental approach to baseball. One of those mentors is Kinsler, whose fingerprints run throughout the Deep Ellum facility, and where his game-worn memorabilia graces the walls of an underground speakeasy. continued on page 048
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The wood bats range from ash to maple, and buyers can watch their bats get carved.
SLUGGER SIGHTS
If lucky, the shop allows customers a chance to get coffee while watching pro ballplayers hit.
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“Our new headquarters is unlike anything else,” Kinsler says of the building, which was purchased by White. The DBLHAWK coffee bar is particularly popular with parents who come to watch their kids swing in the cages (see sidebar). BATTLE HALL “Where else can you sit in a coffee Warstic hosts events ranging from bar, take batting practice, shop panel discussions for apparel, watch a wood bat get to hands-on batting instruction. carved, and enjoy a speakeasy music venue?” Kinsler adds. Despite 300 percent year-overyear growth in 2021, Warstic operates with an and his teammates aren’t backing down from the estimated consumer awareness of just 20 percent competition, which includes some century-old in the baseball and softball markets. But Jenkins brands. “We know we’re ruffling feathers,” says Christine Edgington, president, marketing director, and a minority stakeholder in Warstic. HIT AND RUN “And we’re not letting up.” Former MLB pro Ian Kinsler, left, joined Jenkins hopes to place a Warstic bat in every musician Jack White to invest in Warstic. MLB clubhouse. But he’s diversifying his line of products, too. From fastpitch bats and fishing poles to prototype hunting arrows and golf clubs, the ‘stic’ in Warstic is expanding. “Our competitors would love to see me focus on baseball,” Jenkins says. “But that’s not my forté. I’m building the foundation for so much more.”
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COFFEE
Covering All the Bases When Ben Jenkins and Christine Edgington were setting the framework for Warstic’s recently opened Deep Ellum headquarters, creating something mixed-use was the top priority. So, the two owners looked at their sporting facility through a parent’s lens and came up with DBLHAWK Coffee. The shop inside the facility is designed to give moms and dads a place to mingle and caffeinate while their children hit in the batting cages or shop in the store. The company’s roast, which is crafted in San Antonio and shipped north to Dallas, takes on characteristics of western vegetation. “I wanted to incorporate sage and juniper ever so slightly into our roast,” Jenkins says. In addition to the company’s in-store brews, whole beans are sold online. The company is also aiming to iron out its retail positioning later in 2022. “Yes, it’s true, baseball is just for some,” Jenkins says. “But coffee? That is for all.”
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ROGGE DUNN represents companies, executives, and entrepreneurs in business and employment matters. These include the CEOs/ presidents of American Airlines, Baker Hughes, Beck Group, Blucora, Crow Holdings, Dave & Busters, Gold’s Gym, FedEx, HKS, Texas Motor Speedway, Texas Capital Bancshares, Texas Tech University, and Whataburger. Dunn’s corporate clients include Adecco, Beal Bank, Benihana, Cawley Partners, CBRE, Match.com, Thackeray Partners, Rent-A-Center, and Outback Steakhouse. In 2022 and 2021, Dunn was included in D CEO Magazine’s Dallas 500 list, recognizing the most influential business leaders in North Texas. He has been honored as a Texas Super Lawyer every year that award has been given and recognized as one of the top 100 attorneys in Texas by Texas Monthly (a Thomson Reuters service) and a D Magazine Best Lawyer 12 times.
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What are wayfinding solutions? Wayfinding solutions help people navigate a physical environment by enhancing their understanding or experience of the environment. Signage in an airport indicating a restroom or an exit sign in a parking garage are simple examples of wayfinding solutions. Wayfinding is an important aspect of architectural design, and indicators are strategically placed all around us for direction, identification, and safety. In addition to signs, wayfinding solutions may include tactile surfaces, railings, colors, maps, and other design elements to familiarize people with the functionality and features of a space. These indicators are critical in multifaceted spaces, like hospitals and universities, where Robin Steel has often been contracted to provide ADA-compliant wayfinding solutions for the visually impaired as well as photoluminescent path markings for emergency egress. We recognize that people must be able to find their way as fully, safely, and independently as possible. We provide superior wayfinding solutions–enabling people to navigate with ease, speed, and the utmost security. What are luminous egress path markings and why are they important? Imagine being 20 floors up in an office building and instructed to evacuate the building immediately. Next, consider the possibility of evacuating in complete darkness. Sight is an ability that many people take for granted, but a blackout emergency can drastically impair one’s vision. How would you safely evacuate in a 9/11 situation? You would rely on luminous egress path markings in a code-compliant building. These path markings consist of photoluminescent materials that do not require electricity or other backup power sources. They are self-illuminating signs and markers for step-edges, handrails, certain perimeters and obstructions, and door handle markers. These intelligently designed and meticulously tested systems are meant to become an integral part of a building or structure. They are proven to speed egress while also assisting first responders to safely and quickly navigate inside.
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ROBIN STEEL is an industry-leading wayfinding solutions company specializing in luminous egress path markings. The company caters to the most prestigious Class A office buildings representing the highest-quality architecture and amenities. Other clients include large and multifaceted university, hospitality, and healthcare facilities making sizeable investments in accessibility. Robin Steel works closely with leading architects, engineering firms, and local AHJ’s to develop plans for IBC/IFC compliant luminous egress installations and beautifully designed ADAcompliant tactile wayfinding solutions. As the trailblazer in Dallas-Fort Worth for luminous egress path markings, Robin Steel has earned the top-seller ranking for Ecoglo nationwide. It is also growing its position as a skilled pedestrian handrail provider for TxDOT.
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REX ON THE RUN SERIAL ENTREPRENEUR AND
ASSET PANDA FO U ND E R
REX KURZIUS T R ANSFO R MED HI S MI NDSE T TO
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Kurzius’ family was evicted from this Dallas duplex after his father’s unexpected death.
REX KURZIUS SPENT YEARS RUNNING FROM HIS PAST. FROM THE POVERTY OF HIS CHILDHOOD, FROM THE POOR BUSINESS DECISIONS HIS FATHER MADE, FROM ONE IDEA TO THE NEXT. BUT IT ISN’T THE RUNNING FROM THAT MAKES HIS STORY UNIQUE. RUNNING FROM SOMETHING IS OFTEN MOTIVATED BY NEGATIVITY—FEAR, ANXIETY, DOUBT. But running toward something? That takes vision. It requires a desire to self-actualize, to move beyond comfort and toward lasting impact. That’s what Kurzius is doing at Asset Panda, a Frisco-based tech company he launched 10 years ago. As described on its website, it’s a “cloud-based asset management platform designed to help the world work smarter.” In simpler terms, it helps businesses track and manage their stuff. In 2021, Asset Panda was named the 11th fastest-growing technology company in North Texas as part of Tech Titans’ Fast Tech program. It earned a top-10 ranking in 2020, and also was honored in The Innovation Awards, presented by Dallas Innovates and D CEO. With clients in more than 45 countries, Asset Panda tracks millions of assets for businesses in a Kurzius was an Eagle Scout in high school and snagged his first professional job through a scouting connection.
wide range of industries. Those clients, the company says, see an average 800 percent ROI. Asset Panda is the latest venture for Kurzius, who got early lessons in business from his father, a German immigrant. After his parents met in Chicago, they married and traveled the country before settling in New Mexico, where they would have three sons. After the birth of Kurzius and his older brother Dan, their father opened DanRex Bakery in Albuquerque. He focused on baking and managing his small team while his wife did the books. Kurzius grew up assuming every family ran their own business. In his mind, his family had the bakery, another family owned the newspaper, and another owned the toy store. His father gave the boys menial tasks but made them feel important, giving Kurzius a sense of pride about work and a quality finished product. Entrepreneurship was ingrained at an early age. The question in his mind became, “What business am I going to own?” (His brother Dan was similarly impacted; he went on to co-found e-mail marketing giant Mailchimp.) Kurzius also saw the hardships of owning a business. He recalls piling into the family van at 2 a.m. one morning because a snowstorm had caused the bakery’s ceiling to collapse. He remembers the sound of the alarms that were blaring and the crash that happened when a drunk driver hit them on the way home. (Thankfully, his family came through the accident unscathed.) Although his father sacrificed time for himself and his health to focus on his business—he was up around 3 a.m. each day to start baking—his business never took off. In 1984, when Kurzius was 10 years old, the family moved to Dallas. His father wanted to open a new bakery and work with Texas A&M’s agricultural center on his idea for gluten-free bread (see page 55). But neither dream would happen. Six weeks after Kurzius and his family moved to Texas, his father suddenly died from a heart attack. He left his relatively comfortable childhood of hiking through arroyos and mountains and was now in a strange, flat place with just one parent. Kurzius’ mother, an artist who never worked outside the bakery, did odd jobs like selling carpet cleaner, but it was never enough, and the family was evicted from the Dallas duplex they had just moved into. “We lost everything,” Kurzius says. The family eventually moved in with his grandparents, who had relocated to North Texas to provide some stability, but they always lived on the edge of poverty. The bleak first Christmas after his father died, there was nothing but moldy bread and peanut butter in the cupboard. There were no presents, no tree, just a sense of despair. Kurzius remembers heading to the back of the grocery store, hunting for bargains on expired meat and dented cans. He was determined to run away from that kind of existence. “I remember thinking that I never wanted to feel that way again,” he says. ‘T H E MOT IVAT IO N O F AN O U T LIE R’ Kurzius kept running. He poured himself into becoming an Eagle Scout, sports, school, and work, mowing yards to buy clothes. All he could think about was owning his own business, but he didn’t know what kind. He was given a scholarship from the Richardson High School PTA and worked to pay for classes at
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Brookhaven Community College, where he earned an associate degree. That led to an academic scholarship at SMU. Along the way, he got married—at just 20 years old. He began to see the value of running toward something rather than from. “I wanted to experience everything in life,” he says. “I wanted a family. I never felt like I had a family growing up.” Armed with a business degree and a minor in Latin American studies, Kurzius hoped to move into international business and build on a seed planted by the five languages his father spoke. It was an ambitious goal for a young man who had only been on an airplane once— when his family moved to Texas. After college, he landed a job with Real Time Staffing, an IT company owned by a scout master he met through Boy Scouts. Kurzius’ embrace of the nascent internet was fortuitous, and he pitched an idea to take the company’s job postings online. But only three months into the project, his friend broke the news that he was selling the company, and the plan to move recruiting to the web dissolved. But now, Kurzius had a vision. He launched his own company, Resulte Universal, digitizing tech recruiting and securing a patent for the software to screen resumes over the internet. He sold the software to a company called Virtual Village and became its president—a job that took him all over the world. “I was off to the races,” he says. “I was 23 years old. I never looked back.” Kurzius would go on to launch a company called Timberhorn, which he sold to Ettain Group, and LRK Partners. Along the way, he made it a point to soak up business and leadership advice everywhere he could. He joined and led organizations like Young Presidents’ Organization and Entrepreneurs’ Organization, finding a cohort of like-minded individualss to serve as his professional and social guideposts. While Kurzius was in high school, he met Doug Stayman but reconnected through EO. The two came from similar backgrounds, and Stayman observed his friend’s success at escaping a negative and striving toward positivity. “He did both—and they are not the same,” Stayman says. “Most people who want to run away from a negative can reach success, but there are limitations connected to self-worth. Rex has the motivation of an outlier to develop because of what intrinsically makes him tick.” To dig deep, Kurzius found inspiration from his two brothers. They couldn’t have had more different journeys. His older brother Dan was a creative type who followed his own path and was a talented skateboarder as a kid. He had a decent excuse for declining to be interviewed for this story; the company he co-founded in 2001, Mailchimp, was just purchased by Silicon Valley giant Intuit for a jaw-dropping $12 billion. Mailchimp is considered one of the greatest bootstrap startups of
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Kurzius (bottom right) with his brothers and parents in his father’s bakery in New Mexico.
AHEAD OF HIS TIME Kurzius’ father, Karl, never found the level of business success he had hoped to achieve with his bakery pursuits, but his entrepreneurial spirit shined through in everything he did. A German immigrant who spoke five languages, he was way ahead of his time thinking about innovations in bread. Decades before the notion would become popular, he believed that gluten caused illness in some people, and he began looking for a way to remove it. The result was a glandless cottonseed that could be used to make gluten-free bread. He patented the innovation, which earned him an appearance on “Good Morning America”—an achievement that’s still a source of pride for Kurzius.
all time. But for the brothers, it has never been about sibling rivalry but rather mutual understanding and support. “I shared a bunk bed with one of the icons of the business world,” Kurzius says of Dan. “He’s my best friend. I learned a lot about creativity in life just by watching my brother tackle what he was setting out to tackle in his business, which had nothing to do with anything I was ever taught in business school.” Kurzius says it’s his younger brother, who was born with special needs, who has taught him the most about perseverance and priorities. He has worked for the same company for 25 years and rarely misses a day on the job. After their father died, Kurzius often served as caretaker for his brother, coaching his Special Olympics basketball teams and sharing a room with him for most of his
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SE E K I NG A P R O B L E M TO B E S O LVE D As Kurzius’ business and family grew, his idea of success and work-life balance began to shift. He started to see his entrepreneurial journey as one of personal transformation. It came to be more about being comfortable than making money. “I learned to take myself a lot less seriously,” he says. “I learned that you’re no better than me, and I’m no better than you. The most important thing is developing a vision of who you are and who you want to become and doing the same thing for your businesses.” Others saw this evolution in Kurzius, too. “He’s willing to connect with people on many different levels without labeling anybody,” says friend Ken Beam, founder of Pegasus Logistics Group. “I haven’t met anybody who doesn’t like the guy.” It was with this new mindset that Kurzius launched yet another company—Asset Panda. It was no fluke; he purposefully set out to find a problem to be solved. He systematically considered his business experiences and
Kurzius uses extreme and powersport experiences to escape the constant stresses of entrepreneurship. Flying in fighter jets, landing planes on Alaskan glaciers, and skydiving are part of his regimen.
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DRAMA AT THE DUNES Kurzius relishes the rush of extreme sports. “I look for things that can take me out of my comfort zone and push me to the edge,” he says. Racing dune buggies in Baja California, with YPO members left a lasting memory on his longtime friend Ken Beam. It was supposed to be a fun offroad drive through the desert, but an orderly line of vehicles didn’t last long. “When you have that many adrenaline-junkie CEOs, it turns into a crazy race,” says Beam. The drivers began gunning the buggies to pass each other, pushing their skills to the limit. Kurzius and Beam were in the same car, and at one point, the vehicle began sliding off the road toward a boulder. “He almost killed me. We almost slid into a big rock, and my face would have been the rock,” Beam says. “It scared him more than me.” The group totaled three cars during the trip.
made a list of criteria for his new venture. He wanted it to function via a mobile device and to be a global service that solved a problem that most organizations in the world experienced. He didn’t want to travel, and he didn’t want to overleverage his wealth. Simple, right? Kurzius thought of the many frustrating equipment audits with his other ventures, where the company inevitably lost equipment at each count. Then a friend lost everything in a house fire, and the insurance company wanted a detailed list of belongings before they’d pay. A moment of inspiration struck him on a business trip to Bangalore, India, where he witnessed a man delivering propane tanks on a rickety bike while using an expensive smartphone. He began connecting the dots between these moments and developed an asset management enterprise. It works with clients such as Yeti, Texas Tech University, and WebMD to track and protect assets and equipment of all kinds. As a private company, Asset Panda won’t release revenue figures, but in 2020, Kurzius told D CEO the company’s three-year growth rate was 3,551.8 percent. It’s unique to find someone who has multiple examples of success, says Bill Rowe, a longtime friend of Kurzius who runs an executive search firm, Rowe Global. “A lot of executives who I interview have successfully grown or started a business, but very few do it multiple times in a row successfully,” he says. Asset Panda allowed Kurzius to find the balance his life had been missing. He funded an endowed a scholarship at SMU for community college transfer students, and continues to pay it forward for aspiring entrepreneurs as a mentor for Biz Owners Ed. Kurzius also makes more time for himself. Relief from the daily stress of entrepreneurship has taken the form of pushing himself to his limits with activities like whitewater rafting, spearfishing, racing cars (see sidebar), and even flying in a Russian MiG, where he passed out several times as the pilot took him through daring maneuvers. “It was just one hell of a ride,” he says. “It was exhilarating.” With Asset Panda, he has finally found the purpose and balance he sought. Most important for Kurzius, he could integrate his family into the journey. He let his daughter name the company when she was 13 years old, and all three of his kids, who today range in age from 17 to 23, have sat in on business calls and given their dad a thumbs up or down as deals were discussed. Kurzius is done running from, but he’s still running toward actualization, purpose, and influencing the next generation. “I want my family to know that entrepreneurship isn’t just all the people that you read about that are successful,” he says. “The transformation you must go through is painful. That’s part of the journey. It’s part of the ride.”
I M AG E S C O U R T E S Y O F R E X K U R Z I U S
childhood. “I felt like I was his protector, and in many ways, he was mine,” Kurzius says. “He would help me see the things that I thought were a big deal or things that I had anxiety about that in the grand scheme of things weren’t important at all.”
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“I SHARED A BUNK BED WITH ONE OF THE ICONS OF THE BUSINESS WORLD. HE’S MY BEST FRIEND.” KURZIUS ON HIS BROTHER DAN, CO-FOUNDER OF MAILCHIMP
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SHAPING
THE
FUTURE North Texas remains one of the hottest commercial real estate markets in the country. Here are the projects and professionals leading the way. T HE L AST YEA R in commercial real estate was one for the record books. Not only did we see highest-ever sales prices for office properties (both total price and persquare-foot), North Texas also paced the country in industrial development. Demand for industrial and data center space hit peak levels, as did absorption of retail space, following two years of lackluster activity due to the pandemic. Land sales continue to surge across the region, as developers and homebuilders try to keep up with the ongoing growth. There seems to be no end in sight, as North Texas continues to attract corporate relocations from across the country. Launched in 2013, D CEO’s annual Commercial Real Estate Awards program recognizes the best of the best. On the following pages, you’ll read about the projects, deals, and industry players driving activity and securing DFW’s reputation as the place to be.
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story by B R A N D O N J . C A L L portraits by S E A N B E R R Y
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Bright Realty l e d by
C H RIS B RIGH T
Harwood International l e d by
GAB RIE L B ARB IE R- MU E LLE R
Presidium l e d by
JOHN GRIGGS
Developer of the Year
DERRICK
EVERS
CEO, Kaizen Development Partners KA I Z EN , a Japanese philosophy
of continuous improvement, acts as a guide for Derrick Evers, Nick Summerville, and Lee White. The trio behind Kaizen Development Partners led suburban office development with the One Bethany office park in Allen and District 121 in McKinney. But their latest project, The Link at Uptown, is the company’s crown jewel. Kaizen was in the middle of constructing the 25-story office tower at the intersection of Victory Park and Uptown when the pandemic hit. Instead of halting work, Kaizen pressed on with the project. The risky move paid off, as the speculative project was nearly fully leased upon opening. Next up is Field Street District, a massive mixeduse project in an emerging downtown market. FI NALI STS: Bright Realty, Harwood International, Presidium
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Retail Deal of the Year
ELEPHANT EAST
The 10th and newest concept in Harwood Hospitality Group’s portfolio, Elephant East is a contemporary Pan-Asian restaurant, bar, and lounge that opened in August in the La Rue Perdue alleyway in Dallas’ vibrant Harwood District. With ornate design, more than 100 exquisite wood carvings by Brian Braun, and sculptures sourced from the Far East, a visit there conjurs up images of Bangkok or Bali. Elephant East was designed by Harwood International’s HDF and Duncan & Miller Design, who worked with art curator Seret & Son’s. F I NALI STS
Best Land Deal
VEALE RANCH
In one of the largest land deals in DFW last year, the 3,800-acre Veale Ranch—which has been marketed at
Best Multifamily Project
$95 million—was
Hines is known globally for the quality of its projects. THE VICTOR, a 39-story residential highrise, is designed to feel like a high-end hotel. The Houston developer’s latest addition to Victory Park features commissioned art, a 10,000-square-foot amenity hub, and 360-degree views of Turtle Creek and the nearby American Airlines Center. With 344 units totaling 445,152 square feet, it welcomed its first residents in July of last year. The Victor was designed by Houston-based Munoz + Albin Architecture, with interiors by Mayfield & Ragni Studio, also of Houston. Units range in size from 540 to 2,700 square feet and go for about $2,000 a month to as much as $17,500.
3677 W. Emporium Circle FI NAL ISTS : Arlington Commons, The Truman; Lakeview Pointe, Waterside Living; Modera Katy Trail; Presidium Frisco Square
purchased by Dallas community developer PMB Capital Partners. The property has been a cattle ranch owned by one family since 1935. Rex Glendenning of Frisco’s Rex Real Estate brokered the sale with Taylor Baird of PMB leading negotiations for the buyer.
FI N A LI STS : 928 acres in Pilot Point, Oliver Creek Ranch, Uptown Celina
At Home lease in Timber Creek Crossing Excellence in Architecture & Design
Eataly Dallas
BOKA POWELL l e d by
DON POW ELL
Despite the pandemic, 2021 was a banner year for “harvesting best of class projects and associated billings,” says Don Powell, principal of Dallas-based BOKA Powell. It’s the architect of record for CHRISTUS
Health’s new headquarters in Irving and numerous other local projects, including One Victory Park, 1920 McKinney, International Plaza, and the W Hotel & Residences. What’s the most
Lakepointe Towne Crossing
notable trend Powell is seeing in commercial space design? “Physical distancing is here to stay in terms of well-being in workplace and in the amenity-rich environments we are creating,” he says. “Attraction to outdoors and nature have also become pervasive in workplaces.” FI N AL ISTS : 5G Studio Collaborative, Corgan, Gensler
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Best Office Lease—Suburban
AT HOME Plano-based At Home has about 400 corporate employees in Dallas-Fort Worth, and the home décor retailer plans to expand to more than 1,000 people within the next 10 years. The company announced last year that it was building a 260,000-square-foot corporate headquarters at Cypress Waters in Coppell, including 182,000 square feet of office space, a 78,000-square-foot mock store, and photo and video studios. Torrey Littlejohn and Larry Toon of JLL were the tenant representatives on the deal; Billingsley Cos. is the developer on the project.
Excellence in Construction and Engineering
AECOM l e d by
Infrastructure giant AECOM announced plans to relocate from Los Angeles to Dallas last August—the sixth Fortune
500 company to move to North Texas in the past six
DEV R ASTOGI
years. AECOM market leader Dev Rastogi says 2022 holds the opportunity to improve infrastructure across the U.S. with passage of the Bipartisan Infrastructure Law. “With this new spending, we can deliver projects that improve the public’s safety, reduce our carbon footprint, build resiliency, and expand opportunity,” she says.
F INAL ISTS : KAI Enterprises, Pacific Builders
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FI NALI STS
Dairy Farmers of America
Interstate Batteries Best Office Project
Stonebriar Commercial Finance
Verily Life Sciences (Alphabet/Google)
When it’s complete, the new CHRISTUS HEALTH headquarters will add 456,000 square feet to the Las Colinas submarket. CHRISTUS Health has been based in Irving for a decade. Its doubling down on its commitment to the city with a new 15-story build-to-suit. By the time it’s complete in 2023, CHRISTUS expects to add 150 jobs to its current workforce of 15,000. Fidelis Healthcare Partners led the site selection, pre-development, and development planning, with Dallas-based BOKA Powell serving as project architect. F INAL ISTS : (2) 2999 Olympus Blvd., (3) Granite Park 6, (4) Hillwood Commons II, (5) Independent Financial Phase 2, (6) The Link at Uptown
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Executive of the Year
What has you most excited about the future? W IN N E R
FI NALI ST
FI N AL IST
F INAL IST
F INAL IST
“It has been rewarding to see the dynamic company we have built grow [into] a driving force in cities throughout the Midwest, Southwest, Southeast, and Western regions.”
“As our company matures, younger leadership is emerging with better and stronger skills. The innovation and collaboration that team members provide is the key to success.”
“I’m certainly not new to the industry but with LiNC I’m in the driver’s seat and knowing there is so much opportunity and potential for growth is what excites me the most.”
“I believe there is not another city in the world that is a better place to make money in the real estate business. With all the inbound migration, Dallas should flourish for years to come.”
“Parking money into hard assets is the way to achieve great wealth. I think we’ll see more and more investments in commercial real estate on the horizon.”
C LI F F B O OTH
DOUG CH E S N U T
NAJDI R A FAT Y
DA N I E L TAY LO R
JA SO N VITO R I N O
We s tm o u nt R e a lt y C a p it a l
Stre etL ig ht s R e si d e nti a l
L i N C C o m m e rc i a l R e a lt y
C o lli e r s
STRIVE
Best Industrial Project
CARTER PARK EAST
South Fort Worth has become one of the area’s most active submarkets, thanks to record industrial demand. The new Carter Park East aims to respond to that need. The 556-acre masterplanned development
Best Office Lease—Urban
INTEGRITY M A R K E T I N G GRO UP
One of the largest independent insurance firms in the country, Integrity Marketing Group, left its home in the suburbs and moved to Fountain Place in Dallas last summer. The company leased 117,086 square feet (eight floors) in the landmark tower, which was recently given a transformative renovation by owner Goddard Investment Group. CBRE’s Josh White, Ryan Buchanan, Dennis Barnes, Fletcher Cordell, and Jackie Marshall handled lease negotiations for Goddard. Dallas-based Corgan designed Integrity’s new interiors. F IN A L ISTS : FDIC, Galderma Laboratories, JLL, LERMA, Worldwide Express
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Best Commercial Property Sale
A Canadian investor set a Dallas price-per-square-foot record late last year when it acquired THE TERRACES in Preston Center, developed by PegasusAblon. City Office REIT knew a good thing when it saw it—a luxury office tower in the heart of the highly sought-after Preston Center submarket. What’s more, The Terraces, a 12-story, 172,639-squarefoot building, was 99 percent leased to tenants like Compass Real Estate and WeWork, with an average remaining lease term of 8.4 years. So, the Vancouver-based investor didn’t shy away from paying $133.5 million—or a record $773 per square foot—for the prized property, which was developed by PegasusAblon in 2017. Built to LEED Gold standards, The Terraces is the newest office building in Preston Center. The project is so named because its top two floors offer private terraces with views of the surrounding commercial and residential neighborhoods. Jonathan Napper and Mike McDonald of Cushman & Wakefield brokered the sale. T.D. Briggs and Jeff Wood of JLL oversee leasing and marketing the building to prospective tenants.
secured a 1 millionsquare-foot lease from HomeGoods last year. The industrial park is a joint venture between Clarion Partners, Crow Holdings, and Rob Riner Cos. It’s leased and managed by Stream Realty Partners. F INALI STS : Alliance Center East 1. Denton Distribution Center, DFW Park 161, McKinney National Business Park, Mountain Creek East Logistics Center
FI NALI STS: 10000 NCX, DFW Infill Portfolio Sale, Parkside at Craig Ranch
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Best Industrial Deal
WALMART
Best Mixed-Use Project
EAST QUARTER d eve l o p e d by
AT
TO D D INTE RE STS
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Back in the 1920s, the area between Deep Ellum and Dallas’ Central Business District was known as Auto-Row. But closures caused the district’s historic buildings to languish. A savior emerged in the form of Todd Interests, which acquired 18 properties in 2018 from four different owners and, in short order, created a vibrant mixed-use destination through
both redevelopment and new construction. A sleek 17-story residential tower opened last year. Other transformations include the Magnolia Petroleum Building’s rebirth as National Anthem, a restaurant from chef Nick Badovinus, and a new art events fa-
cility that brought a long-vacant former Masonic Temple back to life. All told, East Quarter offers 200,000 square feet of office space, 25,000 square feet of retail, and 366 apartment units. F INAL ISTS : (1) Crescent Fort Worth, (2) HALL Park
Best Redevelopment
After 70 years, a landmark furniture store has been transfomed into WEIR’S PLAZA, a vertical mixed-use tower that brings new life to the prominent corner of Knox and Travis streets. A dining and shopping destination, the Knox Street district is becoming a fledgling office market, too. The latest project to hit the scene is Weir’s Plaza, a 12-story development that includes 250,000 square feet of office space, 12,000 square feet of restaurant space, and a 28,000-square-foot Weir’s Furniture store. When the project opened this past February, it was 100 percent leased, with anchor tenant Kirkland & Ellis occupying the top three floors. Still wrapping up: the preservation and adaptive reuse of the famous Highland Park Soda Fountain, which will house a new eatery from Duro Hospitality. Designed by GFF, Weir’s Plaza is a collaboration between the Weir family and their development partner, Four Rivers Capital.
WEST PORT 1 1
Following an unparalleled year for e-commerce demand in the wake of the COVID-19 pandemic, Walmart.com, the nation’s largest retailer, signed a deal for its third e-commerce facility in North Fort Worth in January 2021. The 1,002,536-square-foot warehouse is part of the 27,000-acre master planned AllianceTexas development. Reid Goetz of Hillwood was the in-house representative for the landlord. The tenant was represented by Craig Jones, Melissa Holland, George Curry, Kris Bjorson, and Dan McGillicuddy of JLL. FI N A LI STS
HomeGoods at Carter Park
Misfits Market
Saddle Creek Logistics Services
Move Solutions
FI NALI STS: Preston Commons, Proto Park, Whiterock Marketplace
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David Eseke
C u s h m a n & Wa kef i e l d
Ward Richmond C o lli e r s
Matthew Rosenfeld We it zm a n
Brad Struck ESRP
Broker of the Year
TORREY
LITTLEJOHN MA N AG I N G D I RECTO R, JLL A F TE R G R AD UAT I NG from
the University of North Carolina, Torrey Littlejohn worked in corporate finance for almost four years at American Airlines. “While in grad school at SMU, I interned with The Staubach Co.,” she says. “All the brokers there came to work every day ready to solve a different challenge, ready to win.” Littlejohn continues to bring that drive as managing director at JLL. Last year, she was the No. 2 producer in JLL’s Dallas office, with key projects including representing At Home in its 260,000-square-foot build-to-suit in Coppell. The thing Littlejohn loves most about her job? “The impact from this work is tangible and makes a difference in the communities and cities around us,” she says. “We are able to see the fruits of our labor every day.” F INAL ISTS : David Eseke, Cushman & Wakefield; Ward Richmond, Colliers; Matthew Rosenfeld, Weitzman; Brad Struck, ESRP
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Emerging Leader of the Year
DANIEL
BAKER V I CE CHA I R M A N , CBRE
Baker is the youngest person to be named vice chairman in CBRE’s history. He was promoted to the role just 12 years after beginning his career as a research coordinator. Last year, Baker was the global firm’s top producer in North Texas, transacting more than $4.4 billion in deals. To put that into perspective, Baker and his team accounted for about 25 percent of all multifamily investment sales in the region. The emerging leader says he is proud of the team he has built. “The last couple of years have been a rebuilding period, and it really feels like we have all the pieces assembled,” he says. “And, personally, my wife and I just welcomed our son, Teddy, in January. It has been an awesome journey so far, and we’re thrilled for the adventure.”
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P R O J E C T I M AG E S A N D H E A D S H OT S C O U R T E S Y O F C O M P A N I E S ; O P E N E R : A U D R E Y S H T E C I N J O
AT J U ST 35 years old, Daniel
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Best Community Impact
OAK LAWN
FI NALI STS
Why did you decide to go into a career in commercial real estate, and what do you enjoy most about it? B R I T T N E Y A U S T I N , SHOP Cos. “My background has always been retail, but I promised myself I would never be a buyer. I woke up four years later and was an assistant buyer, not energized by my career. Living in Dallas, real estate surrounds you. I took a blind leap while following my passion and haven’t looked back.”
M A T T F A L K I N , C A F Fu n d s “Like so many in our industry, I followed family into real estate. My father and grandfather both worked in the business. What I enjoy most about my line of work is the opportunity to influence and hopefully improve lives in arguably the most intimate venue of real estate: housing.”
ANDREW GROSS,
M at th ews R e a l E s t ate I nve s tm e nt S e r vi ce s
“Real estate is in my blood. I dove into brokerage while still in college. Within my first week on the job, I knew I was born to be in this industry. It is my passion. I love what I do, the people I work with, and the relationships I have been fortunate to build since starting my career.”
C O L E H O O P E R , C o lli e r s “After graduating from college, I had internships in banking and private equity. Although I enjoyed those experiences, real estate is what really interested me because, frankly, it was much easier for me to understand. You can see it, feel it, touch it—it’s a tangible asset.”
DI STR I CT
For years, developers tried to buy a prime tract along Cedar Springs in Dallas’ Oak Lawn neighborhood. But their plans always involved tearing down a row of beloved bars owned by Caven Enterprises. PegasusAblon’s Mike Ablon, known for his transformation of the Design District, worked out a deal to acquire the property and allow Caven to continue to operate the venues. With the two residential towers he’s planning adjacent to the bars, he aims to “create a connection point that will fortify the neighborhood’s permanence in the longer arc of time.” F INAL ISTS
AnaCapri Laguna Azure
H U T T O N L U N S F O R D , H o lt Lu n s fo rd C o m m e rc i a l “The main reason I chose to get into the real estate investment business is the opportunity to impact many. While most may view making money as the primary driver behind business, I’ve found cultivating relationships to be exponentially more fulfilling. People are the driver of this industry.”
J U S T I N S C H O E L L K O P F , Fo u r R ive r s C a p it a l “Like so many people in real estate, I love all the different things that come together in one big Venn-Diagram: architecture, geography, cartography, economics, local politics—it’s an extrovert’s playground, and it’s wonderful.”
C H I N G - T I N G W A N G , C u s h m a n & Wa kef i e l d “I previously worked in research in an academic setting and enjoyed digging into the data. The best part about my line of work is that I get to learn something new every day and be a part of the process on many deals across various asset types.”
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City of Dallas Fire Station No. 46
KDC Children’s Advocacy Center of Collin County
Southpoint Community Market
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Pioneer Award
BEYOND HIS WILDEST DREAMS
In the early 1990s, former accountant John Goff thought he saw an opportunity in real estate—and bet his entire net worth on it. Today, the chairman of Crescent Real Estate is one of the industry’s most successful players. story by CHRISTINE PEREZ
J OHN G OF F, W HO’S 6 6, jokes about getting
older. “Not old—vintage,” he tells me, as we settle in for a chat about his career. It has been a fascinating one, filled with bold moves and big rewards. He spent the first few years on a ho-hum accounting track; things got interesting after he went to work for renowned Fort Worth investor Richard Rainwater. One of his first assignments was to put $50 million to work in the stock market after it crashed in October 1987. “Why he did that, I don’t know,” Goff says. “But for some reason, he believed in me.” Not long after, Roger Staubach approached Rainwater for help with some real estate investments he had made. Rainwater put Goff on the matter. “What I ultimately saw was that Roger had this very small but interesting business in tenant representation,” Goff says. “I ended up negotiating with him to buy 20 percent of the company for $1 million. That $1 million ended up be-
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(Right) Goff says he has never seen better market conditions for North Texas commercial real estate.
(Far right, top) After the 1987 crash, Richard Rainwater asked his protégé Goff to invest $50 million in stocks.
(Far right, bottom) The Crescent, under construction in the mid-1980s, pioneered the nowflourishing Uptown.
ing worth more than $70 million. I’d like to take credit, but it was all Roger and his team. They did a magnificent job.” It was a profitable investment, but the insights Goff gained by serving on The Staubach Co.’s board sparked an even greater return. Because of the firm’s focus on tenant representation, he got to see where companies were moving and why. “I thought, ‘Wow. All these companies are moving to Texas, which is the most overbuilt market in the country,” Goff recalls. “Why don’t I build a real estate company around that? Why don’t I go buy real estate because anything and everything was for sale?” He took the idea to Rainwater—a business plan mapped out on a single sheet of yellow-pad paper. His mentor looked at it and said, “That’s great. I’ll help. I’ll invest some money in it—but you put up your entire net worth.” “I started with nothing,” Goff says. “When I went to work for Richard, I had no net worth. But by this
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point in time, I had created single-digit millions— let’s call it $5 million in net worth. I worked my tail off to get that point; I never in my life thought I would even be worth that amount. Putting it all on the line was very hard to do.” “How long did you think about it?” I ask. He doesn’t hesitate before replying: “Two seconds.”
‘ L I K E C ATCH I N G A FAL L I N G K NI F E ’ Much of Goff ’s success through the years has been due to his willingness to trust his gut and take risks. His first real estate deal was with Caroline Rose Hunt, who was looking to recapitalize her Uptown development, The Crescent. After that 50-50 partnership, Goff made additional buys, focusing exclusively on Class A buildings. He also began to build a team—some of whom remain with him today. In 1994, Goff took the company public with a $500 million IPO. It was at that point that his venture was given a name, Crescent Real Estate Equities, in honor of his first buy and favorite property. In 2007, Goff sold his company to Morgan Stanley for $6.5 billion, after building a $4.5 billion portfolio of office and hospitality properties that were sold at a $3 billion profit. Two years later, in a remarkable turn of events, he bought it back—for a fraction of what he had sold it for. “Morgan Stanley had put a lot of leverage on it, and that leverage came from Barclays Bank,” Goff explains. “Barclays called me and said, ‘Do you want your company back?’ I said, ‘Sure, but you’re
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not going to like the price.’ It was like catching a falling knife at the time—how the heck do you value anything? [Due to the economic downturn of 2008], the world was upside down.” Barclays ultimately agreed to a partnership, which remained in place until Goff bought out the lender in 2016. Today, he says, Crescent is a $10 billion real estate operation. Goff serves as chairman; two CEOs, Jason Anderson and Conrad Suszynski, oversee day-to-day operations. Goff also serves as chairman of his family office, Goff Capital, managed by his son Travis. (His other son, Christopher, is director of investments for Crescent.) As it turns out, Goff ’s knack for making wise investments extends far beyond commercial properties. Through his family office, he has formidable holdings in the energy, entertainment, aerospace, and technology sectors. “People always refer to me as a real estate person, which is fine. And that is how I originally created the bulk of my wealth,” Goff says. “But today, when you look at it, I mean, we’ve got investments of all kinds.”
O N A DE VE LO PME NT T E AR When it comes to choosing where to place his bets, Goff says he likes to find things that “every-
A life-changing relationship with investor Richard Rainwater Goff moved to Fort Worth in the early 1980s and took a job with what’s now KPMG. That’s where he met Richard Rainwater, who was chief investment officer for the Bass family. When Rainwater left the Basses to pursue his own interests, he asked Goff to join him. “It was absolutely life-changing,” Goff says. “Our relationship over the years was everything from father-son to brothers to business partners. It went through evolutions, but we were very close. He was inspirational. He saw things in me I never saw, abilities I never knew I had. Richard wouldn’t sit you down and teach you things—that’s not the way he worked. You had to learn through osmosis. You had to emulate and just observe and, as I often say, ‘hang around the hoop.’ It was a small office, but there was a lot of talent there—over the years it was Eddie Lampert, Ken Hersh, Rick Scott, Mort Meyerson, and George W. Bush, among others. It was an amazing place to be.”
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Goff took a stake in Canyon Ranch in the late 1990s. In 2017, he acquired the luxury resort and wellness brand from Mel Zuckerman, who founded the company 40 years ago. “The brand is more relevant now than it ever has been because wellness is more relevant today than ever,” Goff says. I think we have a real responsibility to take what is a great formula and expand it—very thoughtfully and very carefully. I’ve already tied up property near Austin. We have a new CEO, Jeff Kuster, who joined us two years ago. He’s fantastic. We’ve brought in some incredible, youthful talent who bring a lot of vigor and new, great ideas. … We’re really looking to grow; we’re going to do some urban wellness centers and add more resorts. We’re also reinvesting even more in our current resorts. So, look for a lot of growth in Canyon Ranch. I think Canyon Ranch can be bigger than Crescent ever was.”
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one else hates. ” That means buying when things are oversold and undervalued. The risks are enormous, but Goff has demonstrated over and again a willingness to tolerate them. When he acquired The Crescent from Rose Hunt, he also bought the acreage that she owned around it, at a time when Uptown was just getting started. That led to the development of The Ritz-Carlton Hotel and Residences, the striking McKinney & Olive office building, and the just-opened 2401 Cedar Springs, another office project. His latest endeavor is another stunner, a mixeduse development in Fort Worth’s Cultural District that’s currently going by the name Crescent Fort Worth. “I drive by the site every day on the way to work,” Goff says. “And for years, I’m thinking, ‘Why can’t somebody take that property and do something with it? It’s the perfect location.’ Finally, I said, ‘We need to do it.’ So, we did.” Now under construction, the development is slated to open in the spring of 2023. Along with 166,000 square feet of office space, the project will include a 200-room luxury hotel, upscale restaurant, and 170 high-end residences—“the nicest
in the city,” Goff says. It will also house a Canyon Ranch Urban Wellness Center, an offshoot of his Canyon Ranch resorts (see sidebar). Headquarters operations for Crescent Real Estate, Crescent Energy, Canyon Ranch, and Goff Capital will take up about one-third of the office building. All told, Goff currently has about $2 billion in development projects in the works, including two hotels in Nashville, a multifamily development and an office and retail project in Denver, and others in Boulder. He’s also developing again in Dallas—an apartment high-rise on Maple Avenue near The Crescent. “We’re very, very busy,” Goff says. “We’ve got a lot of projects, a lot of things planned that we haven’t announced.” For both development and investments, his focus is on high-growth real estate markets. “We’re interested in places that people are moving to and not from,” he says. “We love Colorado, we love Florida, and we obviously love Texas. “I’ve never seen better market conditions for North Texas real estate—ever. It’s as good as it has ever been,” Goff adds. “We have true, significant demand. We’re going to be the beneficiary of in-migration like never before. I built Crescent on in-migration in the early ’90s, but that pales in comparison to what we’re seeing now. There’s probably not a better market in the country.” I M AG E S C O U R T E S Y O F C R E S C E N T R E A L E S T A T E
Betting big on luxury wellness with Canyon Ranch.
(Top) A lounge area in Crescent Club, a private dining and meeting venue that caters to tenants and hotel guests.
(Left) A rendering of Crescent Fort Worth in the city’s Cultural District. It’s slated to open in the spring of 2023.
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The lobby of the luxurious Hotel Crescent Court, which was recently given a $33 million renovation.
Along with a second-floor pool, amenities at Hotel Crescent Court include a fullservice spa.
Deal of the Year
I M AG E S C O U R T E S Y O F C R E S C E N T R E A L E S T A T E
After paying a reported $700 million to reacquire The Crescent, Goff says he never wants to sell it again.
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THE CRESCENT Goff’s March 2021 acquisition of The Crescent marks the third time he has owned the iconic Uptown property. He reportedly paid a record $700 million for the asset. Along with 1.1 million square feet of office space, it includes Hotel Crescent Court,
11 restaurants, upscale shopping, and more. It was one of the most expensive projects ever built in Dallas when Caroline Rose Hunt developed it in 1986. “She had a vision and took an enormous risk to build it in a market that really didn’t exist,” Goff says. “It
The mixed-use development includes 11 restaurants, art galleries, and numerous shops.
truly is the anchor of Uptown, which has become the single best market in the entire Southwest—certainly in Texas. I don’t ever want to sell The Crescent again. I love it. It’s too hard to find great, iconic assets like it. So, I think we’ll just own it forever.”
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REPUBLIC TITLE is proud to support D CEO’s Commercial Real Estate Awards and congratulates all award finalists.
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FIELD NOTES
N O R T H T E X A S B U S I N E S S A D V I C E , A N A LY S I S ,
a n d
C O M M E N TA R Y
TOUGHEST CHALLENGE
Overcoming Near-Death Startup Experiences Dave Copps, CEO WOR LDS
YA R O S L AV D A N Y L C H E N K O
“i built and sold two companies before worlds, and there was a time, early on, when I had reached the end of the rope. There was no more money in the business, my credit cards were maxed out, I couldn’t borrow any more money, and I was personally broke. It would have been easy to give up, but I’ve learned I am allergic to day jobs, so I had to make it work. I overcame it by doing what I now call my ‘one step’ program. Look in front of you and find one step you can take right now. No matter how small, no matter how seemingly inconsequential the step is—take it! Then take another step and then another—until the steps you are taking lead to new steps. Long story short, after a couple of years, we sold that business for millions of dollars. I’ve learned that there is an interesting relationship between fear and action; when one is present, the other goes away. So, when you hit bottom, don’t stop. Take one step! Even when all hope seems lost, anything is possible.” —As told to Ben Swanger
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FINANCE
Navigating Uncharted Waters Inflation is hitting North Texas, and historically safe hedges may not provide the best protection.
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we all remember commercials encouraging people to put their money in gold and silver—and being told they were largely a fear-mongering scam. In the last decade or so, inflation has hovered around a healthy 2 percent, and interest rates were low, creating little need for stockpiling. Now, conditions have shifted, but some North Texas experts say perhaps our response to those commercials should not. Fueled by pent-up demand, cash surplus, supply-chain complications, and low interest rates, the nation’s rate of inflation hit 7.5 percent in January. “What’s different now is that people are feeling it,” says Eric Bennett, chief investment officer for Tolleson Wealth Management. “It’s the first time, probably since the 1980s, that people have actually felt it in their pocketbook in any material way, besides gas prices.” In North Texas, inflation is slightly high-
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S H U T T E R S T O C K ; SOURCE: C O N S U M E R P R I C E I N D E X , B U R E A U O F L A B O R S TAT I S T I C S , F E B R U A R Y 2 0 2 2
story by KELSEY J. VANDERSCHOOT
S H U T T E R S T O C K ; SOURCE: C O N S U M E R P R I C E I N D E X , B U R E A U O F L A B O R S TAT I S T I C S , F E B R U A R Y 2 0 2 2
FIELD NOTES
er than the national average. The U.S. Bureau of Labor Statistics reports the consumer price index (which measures the change in the price of goods and is the most widely used measure of inflation) was up 7.8 percent in Dallas-Fort Worth in January 2022, compared to the year prior. To Bennett’s point, food prices jumped 6 percent, the highest increase recorded since 2008, and gasoline prices rose by 42.8 percent. Not only are prices at record highs, but traditional inflation hedges are not providing the protection they once did. Commodities commonly see price increases with rising rates of inflation; recent Vanguard research suggests 7 to 9 percent for every 1 percent increase in the rate of inflation. Big shifts in gold, the stereotypical safe haven, did not occur until Russia’s attacks on Ukraine began in March, when it jumped 20 percent year over year. “Gold may not be a reliable inflation hedge today; historically it was viewed as a good hedge,” Bennett says. Debra Brennan Tagg, president of Dallas’ BFS Advisory Group, advises that gold is generally not a good long-term investment, making timing tricky and trading less appealing. “The problem with gold is that you have to know when to go in and when to come out at the right time,” Tagg says. “You have to get two trades exactly right to make it work.” Though it’s been a good hedge during the Ukraine crisis, she explains, it typically better addresses broader concerns and not inflation specifically. Similarly, Treasury Inflation Protected Securities (TIPS), government bonds where the principal amount is adjusted to account for inflation over time, are another traditional hedge. They can be an effective tool, but some experts believe other bond options are better. Bennett says TIPS were flat during the six months leading up to February, and Tagg feels current uncertainty makes TIPS a difficult bet. “TIPS are not enough to combat the type of inflation that could evolve due to the crisis in Ukraine,” she says. Bennett prefers floating rate notes, bonds purchased with variable interest rates. “If we can buy a floating rate bond that’s already yielding a lot more than TIPS and have the benefits of a rate reset, that’s a much better deal,” he says.
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ALTERNATIVE OPTIONS
Real estate can work as an inflation hedge, but its effectiveness depends on leasing terms and the duration of inflation, which is currently highly uncertain. Sectors such as storage and multifamily, with short lease terms, allow property owners to pass costs to consumers via rent raises, but sectors such as office, with fixed, long-term rates, won’t offset short-term inflation. “You want to make sure you are not weighted in one asset type or another if you really want to use real estate as an inflation hedge,” says Tanya Hart Little, founder and president of Hart Advisors. She adds that she anticipates distressed assets, such as those that suffered occupancy losses due to COVID, will continue to provide an opportunity for investors. Although traditional inflation hedges may not always offer the best fit, most experts feel Bitcoin, a much newer option, is still too volatile to offer protection. “Inflation hedge-wise, I’m skeptical about it,” Bennett says. Though the cryptocurrency’s market cap did increase 187.5 percent in 2021, that growth corresponded with some months of significant drops—51.3 percent in May 2021—and its performance does not seem to be linked with changes in CPI. “It is not the kind of thing that is going to actually create a hedge against anything because it’s so unpredictable,” Tagg says. So, how should investors hedge against inflation? Bennett and Tagg feel conditions are still too uncertain to justify massive portfolio makeovers. “As a long-term investor, I’m not overly concerned about inflation,” Bennett says. “But in the short term, it could be kind of dicey.” He thinks better visibility will arrive later in the year and is optimistic that supply-chain issues will begin to clear up, causing positive shifts. Tagg says a good reevaluation period may not come until things begin to stabilize in Ukraine. “The current trajectory of moves by Russia indicates that we should assume the possibility of much higher oil and energy prices for some period of time, which can create inflation in more areas than we have today,” she says. “The weird thing about what’s going on with inflation right now is that truly, nobody knows how it’s going to unwind.”
I N F L AT I O N
Higher Costs of Living Here’s a look at increases in some key consumer goods sectors in North Texas from January 2021 to January 2022, in comparison to national stats: FOOD PRICES Food prices increased 6 percent in North Texas, compared to 7 percent nationwide. For food eaten at home, North Texas saw a 10.5 percent 12-month jump; the national increase was 7.4 percent. Takeout and dining expenses grew by 1.4 percent, compared to 6.4 percent nationally. UTILITIES Fuels and utilities rose 16 percent in North Texas, significantly lower than the national increase of 27 percent. Gasoline, however, rose 42.8 percent yearover-year, compared to 40 percent nationally. VEHICLE COSTS New vehicle costs were up 4.2 percent in the region, compared to 12.2 percent nationally. Used car costs were up a staggering 39.6 percent, compared to 40.5 percent across the country. HOUSING The 12-month change for shelter costs in DFW was 5.7 percent in North Texas, compared to the nation’s 4.4 percent rise.
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ON TOPIC
What’s the best business advice you’ve ever received? edited by BEN SWANGER
illustrations by JAKE MEYERS
ELAINE AGATHER
TED COLBERT
BOB PRYOR
Chairman, Dallas Region J PMORGAN CHASE & CO.
President and CEO BOEING GLOBAL SERVICES
CEO N T T DATA S E R V I C E S
“Because my first strength is working with people and communication, the best advice I’ve received from a mentor was, ‘When you walk in, know the numbers. If you know the numbers, everything else falls into place.’ If you are particularly strong in one area, sometimes people will think you’re weak in another. They might think the one thing is all you can do. Be aware of that and lead with the area that you are not as well known for.”
“Take the hardest job someone will let you do. Some of the most successful leaders are the ones who run to the most challenging work and find a way to deliver and create value for their organization. Other impactful advice I was given early in my career was to become a lifelong learner and to take the time to build meaningful relationships with a wide range of people so you can continue having diverse and knowledgebroadening experiences.”
“The late John McCain, former chairman and CEO of NTT DATA Services, told me: ‘Do business with people who want to do business with you.’ It has become a litmus test for me, professionally and personally. Relationships are an essential part of any organization’s success, and it is extremely important to have partners and clients with shared values and objectives. Without this foundation, relationships struggle to achieve lasting success.”
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THOUGHT LEADER
Leadership Lessons From the Pandemic
2. ACTIVELY INCLUDE EVERYONE. There’s incredible strength for any company in diversity, equity, and inclusion. When the voices and experiences of a diverse team are included at all levels, the benefits to the company, our communities, and society as a whole are enormous.
CEOs must provide a clear, positive vision for their teams, says staffing exec Susan Salka.
T
C O U R T E S Y O F A M N H E A LT H C A R E
3.
1.
4.
SUPPORT YOUR COLLEAGUES. Over the past year, we have added more floating holidays, increased benefits while reducing costs to team members, and significantly increased the flexibility for people to work the hours that fit their family and personal needs.
TONE AND ACTION AT THE TOP MATTERS. I’ve had several team members comment about how it has been wonderful to “see” me and our executive team so much more frequently over the past two years. Yes, virtual video meetings make that possible, but it took our leaders leaning in to communicate much more frequently and with a level of authenticity, empathy, and confidence that was palpable over broadband connections.
he pandemic has been a life-changing event. for leaders, it brings a heightened responsibility to double down on compassion, sensitivity, caring, and service to our team members, clients, and communities. Leading in precarious times requires us to be optimists and create a clear, positive vision for the team. This is vital during a crisis. I’ve been fortunate to be part of the team at AMN Healthcare for more than three decades. It’s as though our entire team, including me, have trained our entire careers to be ready for this moment—to make a meaningful impact when our country and communities need us most. We have an important principle of leadership at AMN: If you put other’s needs first, the impact will be greater for all. Consistently successful companies across all industries have a common ingredient: a strong culture. People and the values they share and defend are at the core of a thriving culture. That’s why we make sure we show support to team members and show them how grateful we are. Here are a few ways to put your team first:
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EMBRACE INDIVIDUALITY AND PASSION. Turn your words into action and help amplify employees’ passions by supporting the causes and events that they hold dear. Provide paid volunteer time off for team members to support their personal causes, including through nonviolent activism. Also consider matching their individual charitable contributions.
Susan Salka is CEO of AMN Healthcare, a provider of temporary and permanent placement healthcare staffing.
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3/4/22 1:23 PM
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ASK THE EXPERT
Achieving Workplace Satisfaction Through Resiliency D E B R A AT K I S S O N , M . D. , AC C , C O N N EC T I O N S W E L L N E S S G R O U P
When it comes to satisfaction in the workplace, is it important to have a satisfaction with life outside of work? How do you recommend professionals balance to the two? Satisfaction with life outside of work is essential for each person. Individuals who are engaged in relationships and activities outside of work which provide them joy are much happier in the workplace. I encourage everyone to have an activity that promotes wellness for them, such as exercise, gardening, or engaging in a faith community or other interest group. Positive relationships provide us connection and growth and are necessary for wellbeing. Time spent in positive relationships pay big dividends in overall life satisfaction. What role does hope and resiliency place in one’s overall well-being? Resiliency is one of the most important traits for each of us to build. Hope and resiliency are intertwined in that hope increases resiliency. When we hope for a better future and can visualize ourselves in that future, we become motivated to work toward positive change. Resiliency can move us forward by aiding us in seeing each challenge as one that we can overcome to reach our goal. Is it possible to practice having hope, resiliency, and life satisfaction? How? We are all impacted by our life experiences related to hope and resiliency. However, even people who have faced tremendous adversity can work toward practicing hope and resiliency
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which can improve life satisfaction. We know that by smiling, we shift the chemicals in our brain toward a more positive outlook. The daily practice of identifying areas in our life for which we have gratitude will begin to help us with a positive outlook which will fuel hope and resiliency. We also empower ourselves when we look for ways in which we can help others. The act of aiding another person, such as volunteering at the food bank, empowers us to realize we can effect positive change and that leads to hope, resiliency, and life satisfaction. Setting measurable, reasonable, and achievable goals for ourselves, such as increasing our mileage for walking or running, also builds our resiliency. How can a busy professional benefit from talking to a mental health professional about the importance of hope, resiliency, and life satisfaction in their life? Busy professionals often place their needs as the last item on their list to address. Scheduling time to meet with a mental health professional to look at how you spend your time as well as how you feel at the end of the day can be vital. Just having that discussion with a trained mental health professional who actively listens and reflects can spark ideas a busy person may not ponder. Mental health professionals are skilled at providing a safe place to help individuals evaluate their lives. Taking time to review where you are and where you wish to be for your emotional health is an excellent investment in helping you live your best life.
DEBRA ATKISSON is the regional medical director for Connections Wellness. Dr. Atkisson’s philosophy is to others function well to live their best lives. She has worked in clinical, administrative, consultative, and teaching positions throughout her career. She is board certified in general psychiatry and child and adolescent psychiatry and is chair of the Federation of Texas Psychiatry and president-elect of the Texas Academy of Child and Adolescent Psychiatry. Connections Wellness Group is a nationally accredited healthcare practice able to care for any need, from acute depression to the common cold and everything in between. Connections Wellness Group has received more than 100 distinguished awards in its first four years of operation.
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FOR US, IT’S PERSONAL.
From our people to our clients to our communities, we strive to make every partnership meaningful, genuine and personal. It’s these strong connections that embolden us to push forward and innovate, exceed expectations and uplift everyone we serve along the way.
CONGRATULATIONS, HUTTON LUNSFORD H O LT L U N S F O R D . C O M
Emerging Commercial Real Estate Professional Finalist
Congratulat ions NAJDI RAFATY
We’re pleased to congratulate Najdi Rafaty, CEO and Founder of LiNC Commercial Realty for being honored in the D CEO 2022 Commercial Real Estate Awards as a Commercial Real Estate Executive of the Year finalist. LiNC Commercial Realty, founded in 2019, is a Dallas-based full-service commercial real estate brokerage firm committed to providing quality consultation and excellent client services to their investors, owners and tenants. LiNC’s unrivaled market insights, specialized expertise, and premier tools and resources enables their clients to take advantage of the short and long term market opportunities.
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OFF DUTY THE PERSONAL SIDE
o f
DFW BUSINESS LEADERS
PURSUITS
Music From the Heart Banking executive and classically trained violinist Joanna Ridgway embraces a new sound.
P H OTO G R A P H Y BY M A N D Y M C G E A T H
story by CATHERINE ROSAS
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OFF DUTY
Greene strikes a pose at the Mandraki Harbor in Rhodes, Greece, a favorite stop during her sailing adventure.
the language, but it was a whole new dialect for me to learn,” she says. “Playing fiddle is a constantly exciting and fun challenge.” Ridgway says the most significant difference between playing classical violin and fiddle, besides the more colloquial term, is retraining your body. “It’s all about your right arm,” she says. “You’re bowing, and that’s how you really get the sound of different styles.” joanna ridgway, managing director and While searching for a fiddle teacher, she found head of the southwest region for Santander Bank, Roberta Rast Smith, a World Champion fiddler began playing classical violin at the age of 3. and six-time national champion. She began taking lessons from Rast Smith before they realized But after graduating from Rhodes College with their potential as a duet. “Roberta and I became a business administration degree and as her finance career began to flourish, she found herself very close friends and play often—one of us as with less time to dedicate to her musical craft. melody and the other as rhythms or harmonies,” In 2012, Ridgway was selected to join a group of Ridgway says. emerging leaders from the United States and visThe two quickly recognized they had strong it Europe through the German Marshall Fund’s playing chemistry and formed a duo, June Blount, prestigious Marshall Memorial Fellowship. Inusing a combination of their family names. They spired by its Celtic roots, Ridgway also began specialize in bluegrass, Celtic, folk, and contemporary hits and have played at numerous local exploring playing the violin outside of classical events. They’ve even given a TEDx talk on fiddle settings. Growing up in Arkansas and embracing playing. “Whenever we have an opportunity, we her father’s love for country music, Ridgway became enthralled with the fiddle, comparing the like to share our music,” Ridgway says. shift from classical violin to the more bluegrass These days, she can’t imagine her life without fiddle playing as learning a new language. “I knew music. “Fiddling is part of my heart, part of who I am,” she says. “I love it so much. It makes my heart sing.” She’d like to follow in Rast Smith’s footsteps to compete in a local or statewide competition—as there are more than 25 in Texas alone. The lessons Ridgway has learned as a musician parallel Ridgway also wants to help those learned as a banker, including innovation, adaptability, and teamwork. “As a musician, there are grow the art of fiddle playing times when you’re the lead, and there are times when it’s locally. “I hope that more people best to collaborate. That’s applicable in the boardroom or come to recognize how exciting a business: You are better together with a lot of different fiddle styles are,” she says. “They inputs,” she says. Rest is important, too, Ridgway adds. are living culture, living history, “If you are listening to a performance, a pause at the right time can be more moving than a note. Stopping to and evolving musical language. I think about a situation and just taking a minute to rest hope someday we have more folk is important to remember and a valuable part of any music opportunities for students decision-making process.” and schools. Eventually, I’d love to help promote that.”
From Band to Boardroom
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SNAPSHOT
A Solo Journey Across the Aegean Sea Restaurateur Monica Greene of Monica’s Mex-Tex Cantina is no stranger to traveling the world. But having visited Bali, Germany, France, Spain, and countless other exotic locales, one journey stands above the rest—a solo voyage, with four crew members, through the Aegean Sea in a wooden sailing vessel called a gulet. She began her trek in Bodrum, Turkey, setting sail on the crystal-blue waters while listening to the sounds of Mozart at launch. “It was a feeling of absolute freedom,” she recalls. Making stops at several Turkish and Grecian Islands, she unearthed particular intrigue in Rhodes, Greece. As she immersed herself in the medieval architecture, luscious landscape, and diverse culture, she found a sense of comfort she had not previously experienced. “By trying to discover the world, I have discovered myself,” Greene says. — Sara Rushing
COURTESY OF M O N I C A G R E E N E
J
BON VOYAGE
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The Power of Information and Digital Marketing CoStar.com LoopNet.com
Dylan Grayson - Regional Director
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dgrayson@costar.com | 214-604-7472
3/14/22 1:09 PM
OFF DUTY
DREAM CAR
GIVING BACK
Area business leaders tell us what dream car they’d like to drive—and why.
Pritchett has served on the Board of Directors for LGBTQ fundraiser Black Tie Dinner since 2015.
ART OF STYLE
MARKETING GURU BRAD PRITCHETT’S STYLE BLENDS CASUAL RUGGEDNESS AND OVER-THE-TOP FABULOUSNESS.
“A 1967 convertible Mustang. When I was buying my first car, a family we knew in our neighborhood was selling that very car, and it was in mint condition. Unfortunately, my dad said no, and I ended up with a Toyota Celica.” RUSTY REID
Chairman and CEO, Higginbotham
WHAT I DO: “As the chief marketing and communications officer for the Dallas Museum of Art, I oversee all paid, owned, and earned media. I manage a team of rock stars who are the best in the business.”
“I would love to drive a Formula 1 car—particularly Lewis Hamilton’s. I love fast cars, and F1 cars are built for speed. On the other hand, I’m risk-averse. So, I likely wouldn’t go over 80 miles per hour.”
ON THE JOB: “My job requires me to be public facing, but I’m able to do so with an edgy and stylized approach. That means I’m allowed to throw on a designer sneaker with a vibrant chino and button-down, topped with an exciting, patterned sport coat. I like to keep it fun yet sophisticated.” INSPIRATION: “I use the acronym DMA— Destination, Mood, and Audience. Where am I going? What’s the vibe for the day? And then I do my research to learn if there’s a dress code so that I can
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P H OTO G R A P H Y C O U R T E S Y O F A D R I A N L O P E Z
STYLE ICON: “I love the casual ruggedness of James Dean and his ability to flawlessly pull off a pair of jeans with a simple white t-shirt. Conversely, I appreciate the overthe-top fabulousness of Billy Porter and his mix of couture and flashy fanfare on the red carpet. I’d like to think I’m a blend of both of these icons.”
CHASIT Y WIL SON HE NRY
SVP, General Counsel, and Corporate Secretary, CECO Environmental
“My kids would want me to get a Lamborghini, but I would say an old-school Defender—or one of those three-wheeled HarleyDavidsons. I’m not really a Jeep or motorcycle guy, but I could pretend. That would be fun.” COLIN FITZGIB BONS
stand out (in the best ways!) from the crowd.” STYLE DEFINED: “Formally edgy and tailored. Always tailored.” FASHION ESSENTIALS: “A pair of well-fitted jeans, broken-in Chelsea boots, and black or gold aviators.” ACCESSORIES: “The key in men’s fashion is to find the secret sauce of accessorizing your
look. From hats and scarfs to glasses and jewelry— there’s always something you can do to elevate your fashion. The secret is not to overdo it. I’m a huge fan of a vintage Stetson hat to amplify a look. Or a scarf tied around the neck to layer a simple shirt and jeans look.” WEEKEND LOOK: “The weekend allows me to lean into streetwear in a way that I can’t really do during the workweek.
You’ll find me rocking bombers to sneakers and everything in between.” FAVORITE STORE: “Hands down, it’s Dolly Python. I’ve purchased everything from cowboy boots and bowler hats to rocker tees and bolos at this famous vintage shop frequented by your favorite celebs. It has anything you need and everything you didn’t know you needed to elevate any look.”
President, Hunt Realty Investments
“A 1984 Golf GTI Mark 1 Convertible. With a view toward conscious consumerism, I appreciate that it was built to last. It has its own unique style and, plus, it was born in the same year as me.” E VA H E L E N E YA Z H A R I
General Partner, Beyond Capital Ventures; Co-Founder and CEO, Beyond Capital Fund
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3/2/22 2:24 PM
COMPANIES WWW.CAFCOMPANIES.COM
Congratulations MATT FALKIN!
We are pleased to congratulate Matt Falkin, our Vice President of CAF Funds, on being recognized as one of North Texas’ Emerging Commercial Real Estate Professionals at this year’s 2022 D CEO Commercial Real Estate Awards. CAF Companies is a vertically integrated Dallas based private equity real estate firm specializing in the acquisition and management of institutional quality multifamily properties and is comprised of CAF Capital, CAF Management, CAF Funds, and CTB Multifamily. CAF’s portfolio totals +50 properties and approximately 17K units.
Thank you for letting us “do this everyday” for
years
We have gratefully enjoyed helping you make corporate easy, elaborate galas unique and wedding feasts a breeze.
Celebrating 30 years
We do this everyday.
www.wendykrispincaterer.com | 214.748.5559 HUB, WBENC Certifited WOSB, NGLCC Certified LGBTBE, BBB Rated
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3/15/22 10:21 AM
OFF DUTY
A COOL DIP
The JW Marriott Desert Springs Resort & Spa offers guests a selection of pools.
BOTH WORLDS
Kimpton’s Rowan Palm Springs has a downtown location but still offers terrific mountain views.
W E L L T R AV E L E D
Palm Springs, California Discover why Dallas real estate executive Daniel Taylor loves to revisit his old stomping grounds in the desert.
IN THE ZONE UP IN THE AIR
The Palm Springs Aerial Tramway uses the world’s largest rotating tramcars.
In the aweinspiring San Andreas Fault zone, you can explore geological cuts and canyons.
MCM HUB
Mod Squad’s design tours showcase Palm Springs’ midcentury modern architecture.
LOCAL FARE
4 Saints at The Rowan hotel takes advantage of California’s ranches, farms, vines, and coasts.
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P H OTO G R A P H Y C O U R T E S Y O F P A L M S P R I N G S C O N V E N T I O N & V I S I T O R S B U R E A U , J W M A R R I O T T D E S E R T S P R I N G S R E S O R T & S PA AND S H U T T E R S T O C K .
story by CHRISTINE PEREZ
OFF DUTY
DESERT OASIS
P H OTO G R A P H Y C O U R T E S Y O F P A L M S P R I N G S C O N V E N T I O N & V I S I T O R S B U R E A U , J W M A R R I O T T D E S E R T S P R I N G S R E S O R T & S PA AND J E F F W H Y T E / S H U T T E R S T O C K . C O M .
Greater Palm Springs’ wide array of activities appeals to both outdoor and arts and culture enthusiasts.
I
i knew palm springs was a mecca for golf and a vacation spot for Old Hollywood stars. But I was not prepared for the remarkable diversity of things to do in the region. A desert oasis in Southern California, Greater Palm Springs’ nine cities (Cathedral City, Coachella, Desert Hot Springs, Indian Wells, Indio, La Quinta, Palm Desert, Palm Springs, and Rancho Mirage) each offer wildly different experiences. You can get a bird’s eye view of the region and a close-up look at Mount San Jacinto State Park on Palm Springs Aerial Tramway. Shortly after beginning a 2.5-mile trip through the cliffs of Chino Canyon in the rotating tram car, I suddenly remembered I had a fear of heights. Thankfully, I was able to calm my nerves in the bar at the top. Other memorable outdoor experiences were a hike through Indian Canyons—where standing among the towering palm trees made me feel as though I had stumbled into a land of giants—and a Jeep tour of the San Andreas Fault. It was fascinating to hike and drive through a labyrinth of massive geological cuts and canyons. I made time for some fun indoor activities, too, including a visit to the Palm Springs Art Muse-
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um, which specializes in contemporary art and regional natural artifacts, and the Mod Squad design tour, which showcases Palm Springs’ renowned mid-century modern architecture. A “Martini & MCM” option features the homes of stars such as Frank Sinatra, Dean Martin, and Marilyn Monroe and finishes with a signature cocktail from the Rat Pack era. I spent the first two nights at Kimpton’s stylish Rowan Palm Springs in the heart of downtown. At its 4 Saints restaurant, I enjoyed an exceptional three-course, prix fixe meal, with rooftop seating under the stars. The hotel’s location made it easy to explore shops and eateries in the city’s historic La Plaza—including Farm, where spectacular Provençal fare is served. (I’m still dreaming of its croissants and crepes.) Other standouts include 1501 Uptown Gastropub (try the corn chowder with blue crab) and the beautifully decorated Eight4Nine in the Uptown Design District. Save room for the 849 Caramel Macchiato Cake and the house cocktail, a concoction of Crater Lake vodka, Mionetto prosecco, Limoncello, and Mandarine Napoléon. It’s as scrumptious as it sounds. After all the hiking (and eating), a restorative day was in order. I spent it at Azure Palm Hot Springs, a resort and spa atop Desert Hot Spring’s Miracle Hill, named for the healing properties of the hot mineral water that lies beneath it. After a nice, long soak, I opted for the spa’s signature service—a fusion of Swedish and deep tissue massage with a hot herbal steam towel treatment and a “magic mint” scalp massage. From there, it was off to the JW Marriott Desert Springs Resort & Spa, which offers a bounty of amenities. Stroll to Flamingo Island to see the exotic pink birds, book a gondola and travel via Venetian-like waterways to one of the resort’s many restaurants, or play golf at its championships courses. LOTS OF LINKS Be sure to dine at least once at Greater Palm Springs the Mikado Japanese Steakhas more than 100 golf courses, including house, where the meals are as two at the JW Marriott Desert Springs. delightful as the teppanyaki chefs who prepare them.
T R AV E L T I P S
Golfer’s Paradise For Daniel Taylor, executive managing director of Colliers International, visiting Palm Springs is like taking a walk down memory lane. He and his family made frequent trips there when he was a child to visit his grandparents; they lived in Dallas but spent nearly half their time at their course-side second home in the famed Eldorado Country Club in Indian Wells. “If you’re a tennis player or a golfer, it’s like heaven out there,” says Taylor. “One of the coolest things is there are several different types of golf courses, due to the mountains and the topography. Those in the valley or the foothills are fairly flat, but then there are [the canyon and mountain courses] at places like Bighorn, where it’s target golf. That’s fun, too. And it’s something we don’t get to do here in Texas.”
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OFF DUTY
HOCKEY DEBUT
Montoya began playing organized hockey in Illinois when he was 6.
SIBLING RIVALRIES
Montoya (left) always counted on his brothers to provide athletic competition.
ROOTS
NEW HOME
Montoya’s mother (second from left) and her family planted their flag in Chicago.
Director of Community Outreach DA L L A S S TA R S
as told to BEN SWANGER illustration by JAKE MEYERS
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al montoya, the first cuban american to play in the National Hockey League, didn’t unearth his roots until he hung up his blades in 2019. During a visit to his mother’s home in Chicago, he opened a box filled with photos and documents that revealed his heritage. Montoya, now the director of community outreach for the Dallas Stars, shares what he learned: “In 1961, my uncle fought for the United States during the Bay of Pigs. Castro prevailed, and he held my mom and grandmother as bait. In 1963, rumor has it that the U.S. traded the polio vaccine to bring the hostages—including my mom, grandmother, and other family members—to Miami on a boat. My grandmother’s brother was a docPUSH BACK tor for Cuba’s president. His Montoya’s grandparents medical degrees transferred took their children out of Cuban to America, and he soon beschools during came a chief of staff in ChiCastro’s rule.
cago. Twenty-two years later, I was born across the street from an ice rink, into a large Cuban family in Chicago. There was something about the ice that allowed me to be myself. Making my way through the hockey ranks, I don’t know if I would have gotten the chance to be on the ice every day if I wasn’t the best player these teams had. Hockey became my native language. People would ask me, ‘Why don’t you play soccer?’ all the time; it’s just the story of being born of a Hispanic immigrant refugee. But I broke the mold, and now it’s my goal to share the game of hockey with the Latin community.”
P H OTO G R A P H Y C O U R T E S Y O F A L M O N T O Y A
ÁLVARO MONTOYA
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3/11/22 10:50 AM
CEO
Black women now hold top roles at three of Dallas’ most revered civic institutions.
Baker Botts’ C H R I S TA B R OW N - S A N F O R D
is president-elect of Junior League of Dallas.
“The Best Regional Business Magazine in America” D CEO earned top honors in the 2021 Editorial Excellence Awards, presented by AABP.* It took home six awards in all, including four golds. CEO
5G Studio Collaborative’s S C O T T L OW E
leads the architecture firm behind Virgin Hotels Dallas and Forty Five Ten Hudson Yards
H E R E ’ S W H A T T H E J U D G E S H A D T O S AY :
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D CEO serves the leaders in the North Texas business community. Request your complimentary subscription to D CEO today.
D MAG A Z I N E .CO M/REQ U ESTDC EO
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WHERE REAL ESTATE KING IS
47 of the region’s biggest deals and most notable projects—and the people making them happen.
F I N A N CI A L
E XECUTIVE AWAR DS The Top M&A Deals and Dealmakers
A former small-town anchorman, Nexstar Media Group’s Perry Sook owns more television stations than anyone else in the country.
Up Next: reinventing local news.
*Alliance of Area Business Publishers
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Shaping the Skyline of Dallas LEO FR ANCIS CORRIGAN August 30, 1894–June 12, 1975
story by SARA RUSHING
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L
GLOBAL IMPACT
Leo F. Corrigan Sr. (right), with son-in-law Ed Jordan (left) and son Leo F. Corrigan Jr., developed projects all over the world.
COURTESY OF L E O F. C O R R I G A N I I I
END MARK
eo francis corrigan was just 16 years old when he followed his idol, beer baron Adolphus Busch, from St. Louis to Dallas in 1910. With just a fifth-grade education and $10 in his pocket, he worked for a newspaper before taking a job leasing office space. Through grit and determination, he became one of the nation’s largest landlords. He pioneered strip shopping centers along Lemmon Avenue, rode the post-World War II housing boom with numerous hotel and apartment projects, and transformed the Dallas skyline with his Tower Petroleum Building, Corrigan Tower, 211 N. Ervay, and many others. Corrigan was an active investor as well, buying The Stoneleigh, Maple Terrace, and, in a milestone moment, the Adolphus Hotel. His work also took him around the world with hotel developments in Hong Kong, the Bahamas, Bali, and other exotic locales. At one point, he also owned The Biltmore Hotel in Los Angeles. In a 1957 article, The New York Times put the value of his holdings at $750 million—or about $6 billion in today’s dollars. He built his portfolio through a willingness to take bold risks. “There are 40 ways to get into trouble in my business,” Corrigan told the Times. “And I’ve discovered that there are also 40 ways to get out of it.”
DCEOMAGAZINE.COM
3/2/22 2:00 PM
The tallest residential offering outside of Downtown Dallas, The Victor’s design was imagined as a contextual response to the surrounding district and the building’s direct view of Downtown.
THEVICTORDALLAS.COM ARCHITECT MUNOZ + ALBIN
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Let’s create your solutions your market your equity your structure a shared vision.
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