BIO

Owen Billman is the Chief Operating Officer of Blake Real Estate, managing a 2.5 million sq ft portfolio and eight companies. He previously facilitated over $1 billion in CRE transactions and is a speaker at universities and corporations. Awarded CREBA's 2014 Leasing Transaction of the Year and BISNOW's Top 35 under 35. He chairs the American Heart Association's Greater Washington Region, is a board member of the KCNT1 Epilepsy Foundation, and co-founded the Junior Council supporting Children's National Health System.

REVISED SHOW NOTES

[0:00-1:38] Introduction and Guest: John Coe introduces the "Icons of DC Area Real Estate" podcast and its partnership with Iconic Journey in CRE. Owen Billman, President of Blake Real Estate and Chair of the Golden Triangle BID, is welcomed. His career, Blake’s strategies, and DC's future are discussed.

[1:38-5:11] Owen's Role at Blake: Owen describes his role, focusing on portfolio performance and managing leasing, property management, and construction. He mentions growing third-party management while emphasizing the core portfolio.

[5:11-9:42] Background: Owen shares his upbringing in rural Southern Maryland and working at his father's hardware store, learning customer service and work ethic.

[9:42-14:28] University: Owen recounts his time at the University of Maryland, including the impact of 9/11, and deciding to stay in the DC area.

[14:28-22:14] Starting at Co-Star: Owen details his entry-level job at Co-Star, learning about CRE data collection and analysis.

[22:14-27:02] Market and Blake: Owen reflects on market trends during the Global Financial Crisis and joining Blake in 2010.

[27:02-36:53] Blake's Evolution and Lease Structure: Owen describes learning Blake's unique cash flow model and lease structure. He explains the pros and cons vs. market standards.

[36:53-44:06] Leadership and Rollup Strategy: Owen discusses his leadership transition and Blake's recent rollup strategy to consolidate ownership and flexibility.

[44:06-52:24] Market Adaptability: Owen reflects on Blake’s adaptability during the pandemic, distressed assets, and retailer impact. He shares Blake’s occupancy rate and return to the office.

[52:24-61:44] GSA and Golden Triangle BID: Owen discusses Blake’s GSA leasing experience and his role as Chair of the Golden Triangle BID, advocating for downtown revitalization.

[61:44-78:21] DC's Future: Owen addresses "why DC?" in the context of remote work and strategies to attract new industries, create a 24/7 city, and potential projects.

[78:21-93:23] Change Catalysts: Owen highlights past catalysts for DC's development and the need for a catalyst employer, a new pitch beyond government, and expresses optimism.

[93:23-102:56] John Coe and Community: John Coe discusses Iconic Journey in CRE. Owen shares advice for young professionals and talks about Blake's culture and tech adoption.

[102:56-111:22] Heart Association and Initiatives: Owen discusses the American Heart Association and Blake's initiatives, including collaborative space and flex...

Moiz Doriwala is a seasoned professional with a diverse background spanning real estate finance, investment, and entrepreneurship .... Growing up in Naperville, Illinois, his interest in real estate was sparked by his father's career as a general contractor and developer.

He pursued higher education, earning a Bachelor of Arts degree in Economics from the University of Chicago and an MBA in Finance and Management and Strategy from Northwestern University’s Kellogg Graduate School of Management. His early career began in the finance sector with a unique rotational program at Bank One (later JP Morgan Chase), where he gained experience in asset-backed securities trading, commercial loan workouts, leveraged leasing, and even worked in a strategic group under Jamie Dimon. He further honed his investment banking skills in the Financial Sponsor Group of J.P. Morgan Securities in New York, focusing on M&A transactions and various financing activities.

In 2005, Mr. Doriwala transitioned to the real estate industry, joining S&R Land Development, LLC in Reston, VA, where he was involved in the development of residential and commercial land. Leveraging his financial acumen and real estate exposure, he later became Vice President of Perseus Realty Capital, LLC, specializing in joint venture equity, preferred equity, and mezzanine financings.

In 2008, Mr. Doriwala formed his own umbrella company, Stirling Realty Advisors, LLC, a boutique real estate investment bank that provides financial advisory services, primarily focusing on raising debt and equity capital for real estate developers and operators nationwide. While initially focused on capital raising, Stirling has evolved into a vehicle for his various investment activities.

Under the Stirling umbrella, Mr. Doriwala manages and invests in several businesses, including:

• Bookhill Park: An entity that manages a series of small funds and operates as a finance company, providing opportunistic lending across various industries and geographies
• Investments in mental health and behavioral health businesses
• Investments in one off LPs in apartment projects
• His role as President of Superior Living Foundation Inc., a 501c3 non-profit focused on owning businesses in the healthcare region, such as senior housing and behavioral health facilities1 ....

Mr. Doriwala also has experience in the senior housing sector, having served as Treasurer for Meridian Senior Living .... Additionally, he was involved in the mobile home park business for a number of years through BHP, building and eventually exiting a portfolio of parks.

Throughout his career, Mr. Doriwala has demonstrated an opportunistic and entrepreneurial approach, building strong relationships and a reputation for his ability to navigate complex transactions and provide creative financial solutions. He values strong partnerships, thorough due diligence, and trusting his instincts in his investment decisions.

• [6:30] Introduction to Moiz Doriwala and his diverse business background. He manages or participates in managing at least three businesses.
• [7:00] Overview of Sterling Realty Advisors. Formed in 2008 as an umbrella company for advising real estate operators and developers on capital raising (joint venture equity, mezz, preferred equity, debt financing). Now primarily a vehicle for personal and business investment activities.
• [7:50] Discussion of Sterling as an investor. Investing in individual real estate projects and companies, often as a passive investor or advisor.
• [8:20] Introduction to Bookhill Park. An entity managed by Moiz, functioning as a finance company p...

As the founder of Real Estate Financial Modeling (REFM), Bruce Kirsch has trained thousands of students and professionals around the world in Excel-based projection analysis. In addition, REFM’s self-study products, Excel-based templates and its Valuate® property valuation and investment analysis software are used by more than 100,000 professionals. Mr. Kirsch’s firm has assisted with modeling for the raising of billions of dollars of equity and debt for individual property acquisitions and developments, as well as for major mixed-use projects and private equity funds. Mr. Kirsch has also maintained a blog on real estate financial modeling, Model for Success, authoring more than 500 posts, and he is the co-author of Real Estate Finance and Investments: Risks and Opportunities, along with Dr. Peter Linneman.

Mr. Kirsch began his real estate career at CB Richard Ellis, where he marketed highrise New York City office buildings for re-development in the Midtown Manhattan Investment Properties Institutional Group. After CBRE, Mr. Kirsch was recruited to lead acquisitions at Metropolis Development Company, and later joined The Clarett Group, a programmatic development partner of Prudential.

While at The Clarett Group, Mr. Kirsch was responsible for making development site recommendations for office, condominium and multi-family properties in the greater Washington, D.C. metropolitan area. In addition, Mr. Kirsch had significant day-to-day project management responsibilities for the entitlement, financing and marketing of the company’s existing D.C.-area development portfolio.

Mr. Kirsch holds an MBA in Real Estate from The Wharton School of the University of Pennsylvania, where he was awarded the Benjamin Franklin Kahn/Washington Real Estate Investment Trust Award for academic excellence. Prior to Wharton, Mr. Kirsch performed quantitative equity research on the technology sector at The Capital Group Companies. Mr. Kirsch served as an Adjunct Faculty member in real estate finance at Georgetown University School of Continuing Studies. Mr. Kirsch graduated with a BA in Communication from Stanford University.

Introduction and Podcast Format

• Introduction of Bruce Kirsch and the podcast format, including a traditional interview followed by a case study and discussion of AI tools. (2:40)

Bruce Kirsch and REFM

• Bruce Kirsch's current role as the founder of REFM (Real Estate Financial Modeling), his 17-year career helping others with financial modeling in Excel, and his various activities including consulting, training, coaching, and creating tools (5:45)

Early Life and Career Path

• Bruce Kirsch's upbringing on Long Island and early influences from his father (a civil engineer) and mother (an interior designer), as well as his childhood fascination with the Manhattan skyline (8:30)
• Bruce Kirsch's pursuit of a BA in Communication from Stanford University, his interest in visual arts and filmmaking, and his experience in the photography darkroom (12:50)