Podcast
Real Estate Capital
Hosted by Nancy Lashine · EN
Real Estate Capital offers candid, one-on-one conversations with some of the most influential people in commercial real estate. Hosted by Nancy Lashine, Founder of Park Madison Partners, the show focuses on real estate investment and capital formation, with in-depth perspectives from some of the most respected decision makers in the institutional real estate community. You’ll learn about successful transactions, investment philosophies, innovative business strategies, real estate operations and technology, and the personal characteristics and skills that have propelled these individuals in their careers.
16episodes
Episodes
Newest firstAll episodes
Brendan Wallace | Fifth Wall’s Co-Founder, CEO and CIO
2w ago00:51:52Tap to summarizeBrendan Wallace discusses how AI is reshaping real estate, venture capital and the future of PropTech. Brendan Wallace joins Nancy Lashine to discuss how generative and agentic AI are fundamentally changing the real estate industry for investors, operators and PropTech companies. The conversation explores why traditional “point solution” software is no longer enough for real estate firms trying to stay competitive. Brendan explains that companies now must integrate AI directly into their operations and decision-making infrastructure rather than treating technology as a separate IT support function. [00:14:18] “If you still conceptualize your business that way, as we have leasing and development and reporting and then tech over here, you've fully lost the plot because what matters to truly capture the value of generative agent AI is you can't think of it as technology. You have to think of it as business.” Brendan also discusses how AI is reshaping venture investing itself, compressing competitive advantages and increasing the concentration of returns among a small number of breakout companies. He argues that firms that are hesitant to adapt will fall behind quickly as the industry undergoes a major transformation. [00:50:30] “Doing nothing around generative and agentic AI, not having a strategy, is an existential mistake at this point.” The episode also covers climate investing, global innovation ecosystems and why Brendan believes the next five years will bring more change to real estate management than the previous two decades combined. Links Brendan Wallace | LinkedIn Fifth Wall’s website
Transcribe →Brian Feldman | Compass Datacenters’ Vice President of Development
4w ago01:03:29Tap to summarizeBrian Feldman, Compass Datacenters’ Vice President of Development, discusses data center development, power procurement, and the future of digital infrastructure. Brian shares how unexpected opportunities early in his career led him to work with data centers. After graduating from Columbia’s business school, he joined Amazon Web Services’ (AWS) long-range planning team. At AWS, Brian was responsible for buying land for data centers and then procuring the power contract to energize it. He learned that data center location primarily depends on what problem the business is trying to solve. Brian points out that use and sales tax incentives and varying data center governance laws across the U.S. play a key role in site selection, too. [00:15:06] “Data centers like to be next to other data centers [because] . . . [they] are all about interrelational databases and interrelational compute. . . . [T]hat means they can talk to each other almost instantaneously and really almost act like one greater facility.” Brian shares how much data centers permanently boost local economies. They employ thousands of people during construction—people who live, eat and spend money in the community. [00:43:40] “The construction cycle just continues. They're temporary jobs, but what people don't often realize is the level of permanence because these buildings do require constant upgrade and retrofit. And that's one, baked into the economics, and two, based [on] the lease terms.” While the data center boom eventually will slow down, Brian emphasizes that the industry’s fundamental drive is society’s demand for computational power. And things like phone use and the need to interpret data aren’t going anywhere soon. Links Brian Feldman | LinkedIn Compass Datacenters’ website
Transcribe →Daniel McGill | Corporate Development & Infrastructure at Joby Aviation
May 2000:48:56Tap to summarizeDaniel McGill of Joby Aviation shares how electric air transit and vertiports could reshape real estate value and development. Daniel McGill of Joby Aviation joins Nancy Lashine to explore how electric vertical takeoff and landing (eVTOL) aircraft could reshape the built environment. With a background spanning Hines, Apple and institutional real estate, Daniel brings a practical lens to what it takes to introduce entirely new vertiport infrastructure into existing cities. [00:16:43] “Literally the way you pick up your phone to call an Uber Black to get to the airport or an event, now there's an option to pick up an aircraft to fly you to said destination.” He explains how landing pads on rooftops and underutilized spaces could become a powerful differentiator for assets, particularly as landlords look for new ways to drive demand and increase value. Daniel outlines how this technology could expand where people choose to live and work, unlocking new geographies by dramatically reducing commute times. He emphasizes that adoption will take time and intentionality, pointing to Waymo’s rollout of its self-driving cars as an example to follow. [00:31:30] “It requires patience. . . . We need to be early and often engaging with the community.” Daniel highlights how forward-thinking real estate owners can position themselves at the forefront of a new mobility paradigm. He goes further than predicting the future of transportation and real estate by giving a glimpse into what is already on the cutting edge. Links Daniel McGill | LinkedIn Joby Aviation | Website
Transcribe →Anthony Scaramucci | Founder of SkyBridge Capital & SALT
Apr 2900:56:05Tap to summarizeAnthony Scaramucci, founder of SkyBridge and SALT, speaks on resilience, manager selection and what tokenization could mean for real estate. Anthony Scaramucci, founder of SkyBridge and SALT, reflects on the early lessons in resilience he learned from his parents. They worked as a makeup artist and a laborer and instilled in him a strong work ethic and a love of people. He shares that his high school guidance counselor had a significant influence on him, too. Without his encouragement, Anthony wouldn’t have gone to Tufts and might not be where he is today. [00:10:36] “You need people to help you. . . . You gotta go through your rite of passage and you don't have to be embarrassed about it.” Anthony shares how his career has evolved and how he learned from his failures as well as successes. When COVID lasted longer than expected, Anthony stuck to playing the long game. [00:16:02] “Everybody's a long-term investor until they have short-term losses. . . . We made a decision, which turned out to be one of the better decisions actually: we pivoted the business into digital assets and started buying bitcoin.” Anthony is full of knowledge and experience. He speaks about stagflation, the possibility of AI productivity lowering interest rates and the factors at play in foreign investors’ willingness to invest in America. Links Anthony Scaramucci | LinkedIn SkyBridge Capital’s website SALT’s website
Transcribe →Sonny Kalsi | BGO’s Co-CEO and Sun Life Capital Management’s President and CEO
Apr 1500:53:13Tap to summarizeSonny Kalsi, BGO’s Co-CEO and SLC Management’s President and CEO, discusses his real estate investment philosophy, building relationships and the biggest challenge of his career. Sonny shares pivotal moments following his 2009 departure from Morgan Stanley that enabled him to build and scale GreenOak. [00:11:00] “Honestly, my friends and my colleagues from Morgan Stanley rallying to me, my friends and wife came rallying to me . . . that helped out a lot. . . . Resilience is super important.” He explains how that period reshaped both his leadership approach and investment strategy, driving a focus on simplicity, alignment and long-term relationships. As the industry evolves, Sonny emphasizes that success increasingly depends on execution at the asset level and having the right operating capabilities in place. [00:31:44] “You got to make money the old fashioned way, which is you got to roll up your sleeves and do the hard work on the asset.” Sonny’s insights on rethinking platform scale outline how firms can position themselves to compete in a higher-rate, more operationally demanding environment. Links Sonny Kalsi | LinkedIn BGO’s website SLC Management’s website
Transcribe →Laurent Grill | Partner at JLL Spark
Apr 100:58:01Tap to summarizeLaurent Grill, JLL Spark’s Partner and Managing Member, shares how founder experience shapes venture investing and where AI is transforming real estate. Laurent Grill, JLL Spark’s Partner and Managing Member, joins Nancy Lashine to explore how a founder-first mindset is shaping venture capital in real estate technology. Laurent is unique in the proptech space. He’s been a founder multiple times — he even did a stint on Shark Tank — and now deploys capital into early-stage proptech companies to transform the way the built environment works. He explains that in competitive markets, success often comes down to differentiation at the founder level. [00:32:52] “When you're sitting down in front of a founder, sometimes you just have to ask the question of like, why you? Why you, why your team? What is different about your business and you personally that's actually gonna give you a chance of success in this market?” That perspective carries into JLL Spark’s venture capital strategy: real-world industry pain points and measurable ROI guide investments. Laurent also reflects on the evolution of proptech, the rise of AI as core infrastructure, and what an “AI-native” building could look like. [00:55:32] “AI is . . . not a product, it's a core infrastructure. . . . This is now the fundamental infrastructure of what technology looks like.” From operational efficiency to construction innovation, Laurent outlines what it means to put people before the product, where technology is reshaping the built environment and where the investment opportunities are. Links Laurent Grill | LinkedIn JLL Spark’s website
Transcribe →Moran Cerf | Neuroscientist and AI Consultant
Mar 1801:10:01Tap to summarizeMoran Cerf, neuroscientist and AI Consultant, joins Nancy Lashine to explore how brain science and AI are transforming business, leadership, and investing. Drawing from research on real-time decision making, Moran explains that the brain has no universal formula for optimal performance. Instead, each person operates best under different conditions. The key, he argues, is understanding how decisions actually form in the brain and how leaders can align teams. [00:15:46] “Stories are the best tool to sync brains.” Moran reflects on AI and how it’s reshaping work. He warns that relying on AI uncritically or dismissing it entirely can be dangerous. [00:23:39] “You need to think of AI as a great tool . . . it should be a responder to a question, meaning you ask AI a question, you get an answer, and that is the data you use to make a decision yourself.” From geopolitics and markets to hiring and training, Moran outlines how leaders can adapt their organizations while preserving the uniquely human judgment that defines sound investment decisions. Links Moran Cerf | LinkedIn R.O. AI’s website
Transcribe →Diego López | Global SWF’s Founder & Managing Director
Mar 400:43:42Tap to summarizeDiego López explains how sovereign wealth funds invest, why real estate remains core, and where global capital is deploying today. Diego López, Global Sovereign Wealth Fund’s (SFW) Founder and Managing Director, explains how sovereign wealth funds deploy capital and what their strategies signal for real estate investors. With insight into roughly $15 trillion in sovereign assets, Diego shares how these institutions have shifted from passive allocators to sophisticated investors. Diego is also an author and a world-renowned extreme open water and ice swimmer who has competed in races on all seven continents. He’s found the grit that it takes to be a great swimmer has served him well in his professional life too. [15:17] “Building on what I've learned from sports and keeping sight on the long-term target, if you stay consistent, if you stay working hard, . . . it's going to pay off at some point.” Diego describes why real estate remains foundational to sovereign portfolios, even as allocations shift toward sectors like data centers and senior housing. As allocations fluctuate, total exposure still continues to rise as sovereign balance sheets expand. [20:06] “Real estate has always been a centerpiece in [sovereign wealth funds’] asset allocation.” Diego explains that sovereign funds are becoming more selective and forward-looking. He emphasizes that sovereigns invest with long horizons and align portfolios with future economic needs. For investors and operators, Diego provides a clear signal. Sovereign capital is growing, becoming more sophisticated, and continuing to view real estate as a critical component of long-term portfolio strategy. Links Diego López | LinkedIn Global SWF’s website
Transcribe →John Atwater | Prime Finance’s Co-Founder and Managing Partner
Feb 1800:59:35Tap to summarizeJohn Atwater, Prime Finance’s Co-Founder and Managing Partner, explains how credit platforms create yield, leverage, and compete through tech and scale. John Atwater, Prime Finance’s Co-Founder and Managing Partner, shares how he built one of the most established platforms in real estate private credit. He explains why real estate debt looks compelling in today’s environment, particularly for institutions seeking stability and cash flow. As rates reset and equity valuations adjust, credit has offered attractive yields with defined risk parameters. [00:03:50] “Debt in fact has outperformed commercial real estate equity for the last three, five, and 10 year timeframes.” John highlights that structuring and managing back leverage differentiates credit platforms. He walks through how Prime matches term funding and uses CLOs and note sales to protect spread and liquidity. John shares a wealth of wisdom. Exploring AI experimentation, investor demand for yield, and real estate’s evolution, his insights give a roadmap for the future of real estate credit. Links John Atwater | LinkedIn Prime Finance’s website
Transcribe →Jennifer Wenzel | Director at Teacher Retirement System of Texas
Feb 400:42:40Tap to summarizeJennifer Wenzel, Director at Teacher Retirement System of Texas, talks alpha-generation, partnership, and strategy through unpredictable cycles. Jennifer Wenzel, TRS (Teacher Retirement System) of Texas’ Director, shares how pension investors approach real estate across cycles, geographies, and structures. Texas TRS is one of the largest and most influential pension investors. In the 16 years that Jennifer has been there, she’s fostered Texas TRS’s real estate platform growth from a 3% allocation to roughly 15% of a $230 billion plan. Jennifer explains why TRS positions real estate as an alpha-generating asset class, leaning more heavily into non-core strategies, co-investments, and programmatic joint ventures. She discusses how the “premier list” framework allows the team to go deeper with fewer partners and respond quickly to new opportunities in niche sectors. like industrial outdoor storage and data centers. [00:18:54] “Getting the fee strategy right is super important. We don’t like to pay catch-ups—ever. That’s kind of been our mantra through the years.” Jennifer shares how Texas TRS adapts to industry shifts, evaluates partners, and balances fee-discipline with being a partner of choice. She emphasizes that trust, direct communication, and innovation remain non-negotiable, particularly when markets are stressed. [00:20:48] “There is no perfect partner, but it’s just a feeling of trust that you get—like, how are they answering your questions? I like people who communicate directly.” Jennifer offers a candid look at how a sophisticated pension investor thinks about risk, resilience, and long-term value creation—a valuable perspective, especially for allocators, managers, and emerging leaders. Links Jennifer Wenzel | LinkedIn Teacher Retirement System of Texas’ website
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