Peter Palandjian is Chairman and CEO of Intercontinental Real Estate Corporation, an SEC-registered real estate investment manager with a portfolio of over 36 million square feet across 155 properties, over 15,000 multifamily units and current NAV of $10 billion+ and GAV $14 billion+. Peter oversees the affiliated Intercontinental operating companies, with primary responsibility for strategic planning and direction of all company activities. Intercontinental’s sole strategy it its flagship vehicle, United States Real Estate Investment Fund (“U.S. REIF”), currently the 7th-largest member of the NCREIF ODCE fund index (Open-Ended Diversified Core Equity).

Prior to joining Intercontinental in 1993, Mr. Palandjian worked as the assistant to the CEO of Staples, Inc. and as an Associate Consultant with Bain & Company. Mr. Palandjian holds memberships with the Pension Real Estate Association (PREA); the National Association of Industrial and Office Properties (NAIOP); and the National Association of Real Estate Investment Managers (NAREIM). Mr. Palandjian has also been active on a number of corporate and not-for-profit boards, presently serving as a board member of several institutions including: Dana-Farber Cancer Institute, O’Neill & Associates, Leader Bank, Boston Symphony Orchestra, Los Angeles Alliance for a New Economy (“LAANE”), Mikva Challenge, Harvard’s Varsity Club, the Taubman Center at Harvard’s Kennedy School of Government, and the Purple Heart Service Foundation. Mr. Palandjian is also Trustee Emeritus at The Fessenden School and works on behalf of Harvard University as a volunteer undergraduate admissions interviewer.

Peter earned his B.A. from Harvard University and M.B.A. from Harvard Business School, and was a two-time Harvard tennis Captain and world ranked player on the ATP tour.

Our conversation with Peter begins with a discussion about his family, including his Armenian-Irish heritage and upbringing in Belmont, Mass. The family business, then known as Continental Construction, was started by his father who emigrated from Armenia with an accordion and $500 in his pocket. We pressed Peter on his illustrious tennis career, which he humbly described as a “journeyman” career but from which he took the tenets of resilience and rigorous effort into the real estate industry.

Peter shares with us his time at Bain & Company, Staples Inc. and Harvard Business School, as well his entry into the real estate business alongside his father, who had been diagnosed with stomach cancer. A leadership transition occurred ahead of schedule, as Petros A. Palandjian’s health deteriorated and his cancer became terminal, and Peter was thrust into a tumultuous chapter involving numerous partnerships to unwind in a difficult market.

We then dive into the tremendous growth of Intercontinental, with a focus on the evolution of its core business from fully integrated services and investment partnerships to private equity real estate, structured in fund-based investment management services. In 1999, Intercontinental became an SEC-registered Investment Advisor, clearing the path for a prolific but disciplined rise as a manager of institutional capital. Peter shares with us lessons learned along the way, including the early days of raising institutional money and the firm’s leadership in both private and public pension fund capital management. While Intercontinental is a household name in New England real estate circles, its national prominence is perhaps lesser known to Boston market participants.

Peter was refreshingly candid, speaking openly about a few “bloopers”, life and deal lessons along the way, the importance of culture and teamwork at Intercontinental, and much more. He defers credit to his teammates and more than once references the “family” at Intercontinental. Of course, we also take Peter’s temperature on the market today and his perspective of the opportunity set in a time of market volatility. This conversation was as nostalgic as it was informative, as Peter notes many of the great teachers in his life in addition to giving a tutorial in the world of pension fund investing.

As always, we wrap up with some non-business topics, including Peter and his family’s extensive philanthropic endeavors, his board leadership with a variety of Boston-area non-profits, and A Day for Democracy, Peter’s homegrown non-partisan initiative to increase voter participation in American elections.

This is another interview which reminded us just how fun this “Good Dirt” project has become. We are certain you’ll enjoy our conversation with real estate leader, pro tennis journeyman, accordion player and father of six, Peter Palandjian.

Show Notes:

To learn more about Intercontinental Real Estate Corporation, visit https://www.intercontinental.net/

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Tom Greeley

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tom.greeley@nmrk.com

Mike Greeley

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michael.greeley@nmrk.com