Season 4, Episode 1:
We’re back with a brand-new season of No Cap — and we’re starting big. Jack Stone and Alex Gornik sit down with Owen Thomas, CEO of BXP and the largest office landlord in the United States, to launch Season 4 in style.

From a Virginia dairy farm to Morgan Stanley, Lehman Brothers, and now leading the country’s largest office landlord, Owen shares the pivotal moments that shaped his career. He discusses succeeding Mort Zuckerman at BXP, the evolution of office demand, work-from-home and hybrid dynamics, BXP’s 343 Madison project, and how AI may reshape the future of office space.

TOPICS

00:10 – Introduction
01:00 – From Virginia roots to Morgan Stanley Real Estate
04:33 – Leading in Asia and the 2008 financial crisis
06:15 – Lehman Brothers board and the largest bankruptcy in history
14:36 – Rise of REITs and capital markets
15:42 – Taking over as CEO of BXP and succeeding Mort Zuckerman
21:05 – Office demand, work-from-home, and hybrid dynamics
30:00 – Gateway markets, regional differences, and 343 Madison
41:00 – Development challenges and suburban vs. urban performance
47:32 – AI’s impact, leadership lessons, and the future of BXP

Shoutout to our sponsor, Lev. The AI-powered way to get real estate deals financed.

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About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.