Advertise on podcast: Real Estate Capital

Jennifer 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

Ryan Cotton, Bain Capital’s Partner and Head of Real Estate, explains how thematic investing, alignment and curiosity create durable real estate strategy. Ryan Cotton, Bain Capital’s Partner and Head of Real Estate, shares how a “why-first” mindset can help investors avoid cyclical traps and identify durable real estate themes.  Ryan shares that his unconventional path to real estate has given him a critical edge. A philosophy major at Princeton, he spent a year working in baseball operations for the Boston Red Sox before joining Bain as a consultant. Following Ryan’s lead, intellectual curiosity and pattern recognition have become key to how Bain deploys capital across alternative real estate sectors. [00:07:03] “Our job is not to traffic in conventional wisdom. . . . It’s to ask ‘why’. . . . When you get some fundamental insight through that interrogation, . . . then you know what you’re really betting on.” From senior housing to hyper-infill industrial, Ryan emphasizes that it’s crucial to understand “why” an asset should exist before deciding “how” to own it. That discipline, he argues, creates resilience across cycles and avoids dependence on cap rate compression alone. Ryan also shares how he thinks about real estate’s role in portfolios, macro risk, and inflation. Drawing on historical parallels, he outlines why real estate can underperform early in inflationary cycles yet recover through income growth when supply tightens.  [00:22:16] Real estate is a cyclical business . . . and the people who are exceptional at real estate are first and foremost fantastic macro-economists. For investors and operators alike, Ryan offers actionable steps toward creating portfolio and personnel stability when markets are in flux. Links Ryan Cotton | LinkedIn Bain Capital Real Estate’s website

Park Madison’s executive committee shares what investors can expect in 2026, where capital is flowing and how higher interest rates are reshaping strategy. Park Madison’s executive committee—Rob Kohn, Carrie Coulson Naik, Jack Koch, Brian Di Salvo, and John Sweeney—joins Nancy Lashine to break down the firm’s 2026 Outlook and what it signals for real estate investors navigating a slower, more disciplined market cycle. The group explores how interest rates are forcing a reset in capital structures. With the return of transaction activity and improving price discovery, the discussion shifts to delving into why recapitalizations, continuation vehicles and secondaries are core features of today’s real estate markets. [Jack, 00:14:22] “Real estate is cyclical. It goes up, it goes down. [Picture] you're a long-term institutional investor with a 30 to 50-year time horizon. The smoothing effects will take care of the overall long term return.” The group also examines structural shifts shaping 2026: the barbell effect in fundraising, consolidation among middle-market managers, and growing investment in data centers, industrial outdoor storage and manufactured housing.  [Rob, 00:20:37] “I think folks are waking up to the fact that one: interest rates are gonna be at the level they're at now for a little bit longer, and your underwriting has to work there. And two: you need to get money back to your investors. . . . Distributions, distributions, distributions.” Taking a global perspective, they highlight why Asia is attracting incremental attention as U.S. political and economic uncertainty rises. Grounded in data and firsthand market experience, the episode offers a 1000-foot view of where real estate is normalizing and where opportunity is emerging for patient investors. Links Park Madison Partners’ website 2026 Outlook report

Nancy Lashine highlights memorable moments from the second half of Season 3 and offers a preview of the powerhouse guests shaping the future of Real Estate Capital.

Drew Murphy of Berkshire Global Advisors shares how to attain lasting success in private real estate by balancing capital, people, and purpose. Drew Murphy, head of Private Markets Advisory at Berkshire Global Advisors, sits at the center of real estate’s transformation—from entrepreneurial fund managers to institutional platforms.  Named by PERE as one of the 100 most influential people in private real estate, Drew has advised on many of the industry’s headline deals, including Artemis’ sale to Barings, Blue Owl’s acquisition of Oak Street, and Colliers’ purchase of Harrison Street. In this conversation, Drew explains how the wave of manager consolidation since 2021 has been less about exit planning and more about scaling for growth.  He breaks down the evolution of the GP stakes market, the rise of insurance-backed capital, and how private equity’s move into wealth and retail distribution is reshaping access to real estate. [15:11] “The market is consolidating. If you look across every report out there, [they are] just about the big getting bigger, and the middle market is getting, to a certain extent, pinched by that reality.”  Drew also shares insights on how culture, trust, and alignment determine success long after a transaction closes.  [1:06:08] “What we talk about across our firm is [when] providing very close-knit quality and honest advice, that really can't go wrong for you.” His perspective reveals why today’s most effective advisors think like both dealmakers and therapists—balancing capital, people, and purpose. Links: Drew Murphy | LinkedIn Berkshire Global Advisors’ Website

Tom Gilbane, Co-President of Rockpoint, shares lessons from three decades of private equity—handshakes, home court advantage, and hard work. Tom Gilbane, Co-President of Rockpoint, reflects on a career that traces the evolution of modern real estate private equity—from Merrill Lynch and Westbrook Partners to building Rockpoint into one of today’s leading mid-market firms. Born into a family with deep construction roots, Tom learned early on the difference between a contractor’s 3% fee and a developer’s long-term stake. His career began on Wall Street during the REIT IPO boom of the 1990s before he joined Westbrook and later co-founded Rockpoint in 2003. Along the way, he helped shape a firm known for its focus on “address-level investing” and creating real estate entrepreneurs. [11:00] “You can’t market time, but you can definitely get things wrong.” Tom shares candid insights into cycles past and present—from the boom-and-bust of early opportunity funds to Rockpoint’s strategy of combining macro perspective with deeply local, micro-level execution. He reflects on home court advantage, why supply-demand-pricing power is the key to returns, and how operators have become just as important as capital in driving performance. [27:00] “There might be more equity for office than there is investible office, which sounds counterintuitive, but that’s the reality today.” From memorable deal stories like 299 Park Avenue to climbing Kilimanjaro with his 80-year-old father-in-law, Tom brings perspective, humor, and hard-earned wisdom about building teams, upholding a handshake culture, and playing the long game in real estate. Links Tom Gilbane | LinkedIn Rockpoint Website Rockhill Management Website

Darcy Stacom, legendary New York City dealmaker and “Skyscraper Queen,” reflects on her 40-year career, $150B in sales, and launching StacomSilverstein. Darcy Stacom, one of the most recognized names in commercial real estate, shares lessons from her remarkable 40+ year career. Known as New York City’s “Skyscraper Queen,” Darcy has closed over $150 billion in transactions, including the GM Building, the Chrysler Building, Rockefeller Center, and the record-breaking $5.4 billion sale of Stuyvesant Town–Peter Cooper Village. Darcy reflects on her path from starting in the mailroom at Cushman & Wakefield to becoming Chairman of CBRE’s New York Capital Markets Group, where she consistently ranked in the firm’s top 1% of brokers. She discusses the challenges of forging ahead in a male-dominated industry, the importance of mentors, and the power of research and insight as her “secret sauce.” [09:00] “You need mentors—and you can’t build those relationships on Zoom. It’s the little moments that matter.” Now, as co-founder of StacomSilverstein, Darcy is charting a new chapter. She shares her perspective on the future of office, the role of conversions, and how capital stacks and buyer pools have shifted in today’s market. Beyond transactions, she speaks candidly about leadership lessons, owning mistakes, and why building authentic relationships is still the most valuable asset of all. [27:00] “Sometimes the press helps, sometimes it hurts—but in the end, it’s about trust and getting the deal done.” Whether you’re an investor, broker, or young professional, Darcy’s story is a masterclass in resilience, reinvention, and redefining success on your own terms. Links Darcy Stacom | LinkedIn StacomSilverstein Website Darcy Personal Website

Diane Hoskins, Gensler’s Global Co-Chair, discusses the value of collaboration and why design can be the most powerful tool for shaping a better future. Diane Hoskins, Global Co-Chair of global design firm Gensler, shares insights from leading a team of over 6,000 professionals across 53 offices worldwide—and why she believes intentional, collaborative design can be the most powerful tool for shaping a better future. Diane shares Gensler’s research on how vibrant, adaptable cities can strengthen economic performance, attract investment, and improve quality of life. In her current leadership role at Gensler and her former role leading Urban Land Institute (ULI), Diane emphasizes that excellent urban solutions are never the work of one individual.  [23:10] “We value collaboration and we call it this “one firm-firm” mindset, which is really the team has to win, not just you. . .   For us, it’s about the team winning, not just the individual. It shows up loudly.” Diane reflects on how the pandemic accelerated changes already underway in the workplace and urban environments. She explains how forward-thinking companies are reimagining offices not as places of obligation, but as destinations that foster culture, creativity, and human connection. [01:03:43] “The value [of design] is in creating places where people can connect with each other. . . this idea of single purpose zoning, single purpose buildings, feels less and less like what people are looking for—and value follows people and their experience.” Whether you’re an investor, developer, or city leader, Diane’s perspective offers a roadmap for building spaces and communities that matter to people and the lives they want to live. Links Diane Hoskins | ⁠LinkedIn⁠ Gensler ⁠Website⁠ ⁠Art’s Principles⁠ by Art Gensler ⁠Design for a Radically Changing World⁠ by Diane Hoskins and Andy Cohen Urban Land Institute’s ⁠Website⁠

Nancy Lashine recaps standout moments so far this year from Season 3 and previews powerhouse guests shaping the future of Real Estate Capital.

Gunnar Branson, AFIRE’s CEO, explores the evolution of real estate, capital flows, and the power of emotional intelligence.

Devon Olson, former Director of Real Estate at Utah Retirement Systems, shares his successes and lessons learned over his 40-year tenure at Utah Retirement Systems.

Brad Briner, State Treasurer of North Carolina, discusses investment leadership, public finance reform, and real estate strategy in the public sector.

Sara Queen, Managing Director and Head of Real Estate Equity at MetLife Investment Management, dives into leadership and value creation.

Keith Breslauer, founder and managing partner at Patron Capital, shares how he built one of Europe’s leading real estate firms from the ground up.

Greg Lauze, Managing Partner at NorthBridge Partners, discusses the evolving opportunity set in industrial real estate and the growth of NorthBridge as an institutional manager.