As you plan for the future and strive to build a legacy, partnering with a trusted advisor will help you discover your company’s financial growth opportunities. Whitley Penn’s real estate professionals recognize the value of this partnership and are prepared to push your mission forward. Visit www.whitleypenn.com/real-estate/dceo to start the conversation today.
SMU provides the kind of robust education and research opportunities that are vital to the success and growth of Dallas.”
Mary Templeton, president of the Richard and Mary Templeton Foundation, and SMU Trustee Richard Templeton, chairman, president and CEO of Texas Instruments, commit $20 million to the SMU Lyle School of Engineering.
The future of innovation in North Texas depends on empowering bright minds to find creative solutions to existing and emerging challenges. The Templetons’ gift will name the Lyle School’s dean position and create the Mary and Richard Templeton Engineering Excellence Program, increasing research output and empowering outstanding students. This commitment represents a landmark investment in future SMU alumni and in our region.
Through their gift to SMU Ignited: Boldly Shaping Tomorrow, the University’s $1.5 billion campaign for impact, the Templetons will accelerate innovative thinking, leadership and research at SMU and beyond.
LEARN MORE AT SMU.EDU/TEMPLETON
-MARY TEMPLETON AND RICHARD TEMPLETON
Finding a new office space can be a lot like trying to find the small grey square above. Difficult, and with a lot of moving pieces.
We take the game out of office and industrial leasing so you can focus on what’s important–your business.
Looking for New Space? Scan to start your search.
www.whiteboxrealestate.com
Mohr Partners is grateful to be finalists for Commercial Real Estate Executive of the Year and
Outstanding Projects and Deals in D CEO’s 2023 Commercial Real Estate Awards.
We thank D CEO & D Magazine for their continued support and partnership as we strive to best serve our clients as one of the world’s largest minorityowned commercial real estate advisory firms.
ROBERT SHIBUYA CommercialReal Estate ExecutiveoftheYear
McGUIR EWOODS Outstanding Pr ojects andDeals
PANELS MODERATED BY Jenna Bush
Best-Selling Author; Co-Host, NBC's TODAY #BESTSELF
We will convene students, community and corporate leaders for programming to empower the next generation of leaders and recognize powerful trailblazers in our communities by presenting the Maura Women Helping Women and Young Leader Awards.
Hines, Mitsui Fudosan America, and McNair Interest
design and construction team
Good Fulton & Farrell (GFF), 5G Studio Collaborative, Rottet Studio, Archer Western Construction
“The Maple Terrace development breathes new life into a gorgeous historic site originally designed by Sir Alfred Bossom in 1925. The property is being reinvented but still pays homage to the roaring twenties thanks to Rottet Studio’s interior design integrating stylized art deco moldings, arches, plaster walls, oversized windows, and brass detailing. The project consists of 157,000 sq ft. of creative boutique office space leased by Cushman and Wakefield, 15,000 sq ft. of restaurant space, and 345 ultra-luxury for rent multifamily residences. The 8th floor rooftop lounge and terrace will be the spot to hangout after work or take a meeting outdoors and enjoy the lush green space with a city view and iconic century-old architecture.The projected office delivery date is Q3 2023 and residential completion is scheduled to occur in Q2 2024.”
Stockyards Heritage Development Co. is committed to creating unique and memorable destinations, preserving the legacy of the West and Texas history.
Lucchese Bootmaker
Flea Style
Cowtown Winery
King Ranch
Second Rodeo Brewing
Proper Supply Co.
Paloma Suerte
Melt Ice Creams
The Biscuit Bar
Wrangler
Provender Hall
Ariat
Wide Brim by Flea Style
Kimes Ranch
Tucker Brown
Shake Shack
Simpli.fi
Sidesaddle Saloon
Lucchese Custom Collection
Avoca Coffee Roasters
Old Gringo
Caterina’s
Double D Ranch
American Paint Horse Association
Tannahill’s Tavern & Music Hall
City of Fort Worth
The Hickman Companies
Majestic Realty Co.
Live Nation
Entertainment
Professional Bull Riders (PBR) ASM Global
Sparking positive community transformation requires strong leaders. Each year, The Real Estate Council’s (TREC) Associate Leadership Council (ALC) Class aims to build the future leaders of Dallas by educating industry professionals on topics including civic responsibility and community investment. In partnership with TREC Community Investors, members of the ALC Class of 2022 selected the Kathlyn Joy Gilliam Museum and Learning Center as their community investment project because of its impact to the Forest District neighborhood and its potential to ignite positive community change now and into the future.
The revitalized museum, named for an iconic Dallas education civil rights activist and Dallas Independent School District trustee, is now ready to continue serving over 500 South Dallas residents annually. As dedicated members of the ALC Class, these leaders renovated this historic landmark that provides game-changing summer reading camps, adult literacy curricula, computer literacy and also serves as home to an award-winning youth debate team.
44
Big financial services deals are driving the DFW office market, and other real estate sectors are active, too. Here are the projects, transactions, and industry professionals leading the way.
Stories by BRANDON J. CALL AND CHRISTINE PEREZ
Portraits by SEAN BERRY
56
Jonas Woods is bringing luxury residential and hotels to downtown office towers—and a renewed sense of vibrancy to Dallas’ urban core.
Story by CHRISTINE PEREZ
Portraits by SEAN BERRY
58
Each C-Suite role Romain Trapp has held began with economic chaos, but he forged ahead and now runs North American operations for helicopter powerhouse Airbus.
Story by KELSEY J. VANDERSCHOOT
Portrait by JONATHAN ZIZZO
66 ECONOMY Homebuyers can find what they want in North Texas, a market where housing prices vary widely by size and location.
ON TOPIC Craig J. Lewis of Gig Wage, Heidi Soltis-Berner of Deloitte, and Arjun Dugal of Capital One Financial Services define what innovation means to them.
70 THOUGHT LEADER Dana Garnett, Mindful Strategy
75 ART OF STYLE Brit Wold, Grit Fitness 76 PURSUITS Curtis Hite, Improving
GREATER GOOD Megha Tolia, Shondaland 78 SPIRIT ANIMAL We asked area C-Suiters to share what animal best represents their personality and character. 80 WELL TRAVELED: BERMUDA Jody Grant, Woodall Rodgers Park Foundation
not long after my youngest son graduated from high school in 2016, I sold my three-bedroom home in Coppell and traded a long commute for urban, lock-and-leave living. I moved into an apartment in Gables Republic Tower, situated on the DART line between Thanks-Giving Square and the new Pacific Plaza park in Dallas. Since then, I’ve had a three-block walk to work.
A 35-story, aluminum-clad high-rise, Republic Tower was the tallest building in Dallas when it opened in 1954. Five decades later, it was among the first downtown structures to get an officeto-residential conversion. After an 18-month revamp by Gables Residential, residents began taking occupancy in 2007. Along with high ceilings, I’ve noticed a few perks of living in converted space. First, Republic Tower is built like a tank. I know for a fact that I have neighbors above and on either side of me, but I’ve never heard them. The residents above me could play a game of basketball in their apartment, and I wouldn’t know it. My utility bills are shockingly low, and the elevators zip me up to floor 33 in no time at all.
Along with Gables, other office conversion pioneers include the father-and-son team of Larry and Ted Hamilton and developer Shawn Todd, whose latest success, The National, is a stunner. But what the city is about to experience is unprecedented. Todd is converting the 49-story Energy Plaza to vertical mixed-use with about 300 apartments, and Jonas Woods is following up a hotel addition at Santander Tower with 291 apartments. He’s also adding 526 units at Bryan Tower and another 230 at Comerica Bank Tower. Other projects are in the works. All told, Dallas may soon see an additional 5,000 residents move into the city’s core—bringing the total to nearly 20,000. Woods says he thinks it could be “the single biggest sea change event that Dallas has ever witnessed.” He’s not wrong. Read more about the conversion explosion and Woods—our Pioneer Award winner in D CEO’s 2023 Commercial Real Estate Awards program—on page 56.
Christine Perez Editor
WE’RE THANKFUL FOR OUR
Stream Realty Partners would like to thank Texas Capital Bank for being an exemplary partner in banking and real estate. Our relationship is one of shared values, ambitious goals, and well-balanced strengths.
PUBLISHER Noelle LeVeaux
EDITORIAL
EDITOR Christine Perez
EXECUTIVE EDITOR Brandon J. Call
MANAGING EDITOR Ben Swanger
ONLINE MANAGING EDITOR Kelsey J. Vanderschoot
SENIOR EDITOR Will Maddox
CONTRIBUTING WRITERS Richard Alm, W. Michael Cox
EDITORIAL INTERNS Hannah Ezell, Shreeya Khatry, Yvette Romero
ART
DESIGN DIRECTOR Hamilton Hedrick
STAFF PHOTOGRAPHER Elizabeth Lavin
ADVERTISING
SALES MANAGER Rachel Gill
ADVERTISING DIRECTOR Rhett Taylor
SENIOR ACCOUNT EXECUTIVES Cami Burke, Haley Muse
MANAGING EDITOR OF SPECIAL SECTIONS Jennifer Sander Hayes
SALES INTERN Kennadie Drews
MARKETING & EVENTS
MARKETING DIRECTOR Gigi Ekstrom
MARKETING MANAGER Natalie Swaim
ADVERTISING ART DIRECTOR Katie Garza
EVENTS PRODUCER Madeline Alford
EVENTS MANAGER Anja Matukic
EVENTS INTERNS Mariam Berberian, Lianne Rodriguez, Daisy Rosas
AUDIENCE DEVELOPMENT
SENIOR MANAGER Sarah South
AUDIENCE DEVELOPMENT COORDINATOR Emma Clingenpeel
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RETAIL STRATEGY MANAGER Steve Crabb
MERCHANDISER David Truesdell
DIGITAL
HEAD OF DIGITAL OPERATIONS Katrina Foster-Witherspoon
LEAD CAMPAIGN MANAGER AND AD OPERATIONS Riley Hill
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PRODUCTION
DIRECTOR John Gay
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PHOTO RETOUCHER Jasmine Green
BUSINESS
CONTROLLER Sabrina LaTorre
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EMPLOYEE ENGAGEMENT DIRECTOR Patricia Martin
IT TECHNICIAN Luan Aliji
OFFICE MANAGER Will Smith
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“
“We couldn’t have selected a better location than this for our expansion. The city has the right demographics and there is a lot of synergy between the story of Farmers Branch & the Bankhead Highway. We can’t wait to share it!”
RAJBAHAK OWNER BANKHEAD BREWING COMPANY
on jan. 12 , 2023 , more than 200 dfw entrepreneurs and executives attended The Innovation Awards, presented by D CEO and Dallas Innovates. The fourth annual event recognized 68 finalists and winners who are shaping the future of the region. Randy Ray of Munck Wilson Mandala and Dave Allston of Thought Ensemble, a Pariveda company, joined D CEO Editor Christine Perez and Online Managing Editor Kelsey Vanderschoot to reveal the winners. Individual honorees included David C. Williams of AT&T, Tricia D’Cruz of Catalyze Dallas, Andrew Bender of DZS, and Hubert Zajicek of Health Wildcatters, among others. Thank you to our title sponsors Munck Wilson Mandala and Thought Ensemble, a Pariveda company.
on nov. 30 , 2022 , 300 healthcare executives, practiti oners, and volunteers gathered at On the Levee for D CEO’s 2022 Excellence in Healthcare Awards to celebrate 65 honorees and 17 winners. D CEO’s Editor Christine Perez, Healthcare Editor Will Maddox, RSM’s Anthony Placencio, and Commerce Bank’s Coleman Moore presented the awards. The Lifetime Achievement Award was presented to Susan Salka of AMN Healthcare. Other winners included Medical City Healthcare (Outstanding Health System), Awstin Gregg of Connections Wellness Group (Outstanding Healthcare Executive) and Karen Duncan of JPS Health Network (Outstanding Hospital Executive). Thank you to title sponsors Commerce Bank and RSM and premier sponsors AMN Healthcare, Catalyst Health Network, and Children’s Health.
CEO of CAF Companies, on being nominated for the prestigious title of Commercial Real Estate Executive of the Year at the D CEO’s 2023 Commercial Real Estate Awards.
With his exceptional leadership and innovative vision, Chris has truly made a mark in the industry, setting an example for others to follow. We are thrilled to celebrate this well-deserved recognition!
What has you most excited about the future?
The opportunities to continue investing in multifamily housing, which plays a critical role in supporting the growth of our communities and improving people's quality of life. Our relationships with groups like Kids-U, which focuses on providing education and support services to children, is also a key focus for us, as we believe that investing in people is just as important as investing in properties.
dr. karen duncan describes the last three years at JPS Health Network with two words: “roller coaster.” She was appointed the chief operating officer of Tarrant County’s safety net health system on the eve of the pandemic in January 2020. By the end of 2021, she was promoted to president and CEO—becoming the first woman and first Black person to lead the network.
Duncan’s new role came with major adjustments. “The biggest learning curve for me was to begin understanding the external environment at the national, state, and local level,” she says. Duncan immediately began to increase interaction with the public, dealing with public health and policy and community needs, all while remaining focused on employee and patient experience within the health network.
At the helm of JPS, which was founded in 1877, Duncan oversees an extensive system of 25 clinics and a flagship hospital in Fort Worth’s Medical District with 582 beds and more than 1.7 million annual patient visits. JPS was recently named the best hospital in the country by Washington Monthly for its quality care and access to the community. Duncan, who began her career as a pediatrician (see sidebar), arrived in Fort Worth after leadership posts with public hospital systems in Atlanta and Chicago. Most of her roles have been in safety net systems, which provide healthcare for individuals regardless of their insurance status or ability to pay.
As a woman who came of age amid desegregation and the expansion of women’s rights, Duncan
says she feels right at home at JPS, working mostly with uninsured patients to help expand healthcare access for the underserved. “I’ve grown up through times in which you had to fight for where you are at,” Duncan says. “I have developed the skills that allow me to sit at the table with others and be a part of a more inclusive environment.”
In Chicago, Duncan says she learned how to work with strong worker unions, but in Texas, her focus is on how public policy impacts the care provided in health systems. Politics have impacted issues like Medicaid expansion in Texas, and one of Duncan’s top challenges has been understanding how entities outside the hospital affect the care provided within it.
Although she has only been with the system for three years, Duncan says she has found a silver lining of the pandemic in how it broke down walls between the silos among the hospital systems and forced her to fortify stronger relationships within the healthcare community. “We had to depend on others to have things move as quickly as they needed to,” she says.
The question now is how to reset, Duncan says. As hospital operations return to normal and the pandemic becomes less of an issue, JPS and other health systems are looking at what they want to keep from the changes made because of COVID-19. Increased telehealth with home monitoring of heart failure and diabetes patients are both pandemic-era shifts that Duncan feels will continue to have an impact on JPS.
Looking ahead, healthcare worker shortages are top of mind, especially given the explosive growth in North Texas that has put the health system’s capacity and diverse patient populations to the test. “I would love to see all of the hospital systems coming together and partnering to figure out what the needs are in Tarrant County so that we become more of an integrated health system,” she says.
In addition to bringing experience from some of the country’s largest public health systems, Dr. Karen Duncan has more than 20 years of experience as a pediatrician. In that role, she often worked with the families as much as the patients. This experience helped her develop the communication skills and empathy that have served her well in the C-Suite. In addition, her experience as a provider gives her insights into making decisions that are in the best interest of patients and staff alike. “That someone has walked in their shoes with the same understanding and is now making decisions at a higher level adds value,” Duncan says.
One of Duncan’s top challenges has been understanding how entities outside the hospital affect the care provided within it.
When it comes to business, having the right partner can make all the difference. That’s where Independent Financial comes in.
Our bankers are the best in the industry and are ready for your next vision or venture. With the capital to make it happen.
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mike mcgowan’s first role with hilti came more than 35 years ago as a sales associate. Last year, he was named to lead the Liechtenstein-based toolmaker’s North American operations from the company’s U.S. headquarters in Plano. McGowan counts the people with whom he works as his most trusted advisers. “No one has all the right answers,” he says. “I like getting as many different inputs as I can. A diversity of opinion always helps you choose the best path.”
EDUCATION: University of Maryland (MBA), Towson University (BSBA)
FIRST JOB:
“I began my career with Hilti as a retail store sales associate in 1988. I learned so much in this role, including a few things that are still relevant today: the importance of understanding your company offering, truly listening, and remembering that your customer is always right.”
INDUSTRY CHANGE:
“If I could change one thing about our industry, it would be accelerating the rate at which it adopts technology to improve worker productivity.”
BEST ADVICE:
“Find something you believe in and stick with it.”
NONPROFIT CAUSE:
“I enjoy construction.
So, Rebuilding Together, a nationwide nonprofit focusing on repairing homes and revitalizing communities, is a good fit. I was honored to recently join the board of directors.
Its goals compliment another organization Hilti is partnered with, Habitat for Humanity, which concentrates on building new homes so that individuals can achieve generational change.”
HOBBIES/PASSIONS: “I enjoy CrossFit and paddleboarding.”
FIRST CAR:
“When I was 16, I bought a used 1972 Mercury Capri for $400. I sold it two years later for $400.”
BUCKET LIST:
“I’d love to go surfing in Bali.”
PROUD MOMENT:
“Last year, we launched a revolutionary new cordless power tool platform. In short, it’s a battery platform that offers comparable power to corded tools and gas engines, which allows workers to complete the widest array of applications on one battery platform. These are intelligent tools with cloud connectivity. Every time you pull the trigger, the tool records information
about location, usage, utilization, and battery health. This provides meaningful business insights that allow our customers to make informed decisions.”
DESTINATIONS OF CHOICE: “Hawaii and Italy”
A BETTER DALLAS:
“I choose not to answer this question, as I respect the wise adage, ‘Don’t mess with Texas.’”
PIVOTAL MOMENT:
“I once came close to drowning while surfing in big waves. It taught me to trust in God’s plan.”
MUST-READ:
“Everyone should read Unbroken by Laura Hillenbrand. It showcases the human ability to overcome odds with hope and forgiveness.”
SPIRIT ANIMAL: “A dog, as they are exceptionally loyal.”
ALTERNATE REALITY:
“I’d be a Navy pilot— teamwork, discipline, service, sacrifice, working for the greater good, and I’d get to fly jets.”
BIGGEST RISK: “Going surfing during a hurricane”
KEY STRATEGY: “The one I value most is empowerment.”
FUTURE FORECAST: “I’m most excited about how technology will advance the entire construction industry.”
A Mark Cuban Shark Tank investment, Wondry Wine’s cocktail vinos pack a punch.
in august 2021 , chaz and Whitney Gates launched Wondry Wine with $100,000, following in the footsteps of Whitney’s late Uncle LC, who made wine in his garage. A year later, the duo appeared on Shark Tank, where Mark Cuban agreed to invest $225,000 for a 15-percent stake in their company. Wondry produces organic fruit extract and cocktail-infused wines, such as watermelon rosé and mango passion spritz, and cocktail creams, like vanilla caramel and sweet hazelnut. The couple is a rarity in the industry; fewer than 1 percent of American winemakers are Black. “We represent what is possible for so many people—not just in the wine industry,” Whitney says. Wondry recently inked a 10-year distribution deal with Southern Glazer’s and can be found in Kroger, Target, Total Wine, Goody Goody, Costco, and Spec’s stores. After appearing on Shark Tank, the brand’s sales skyrocketed by 1,000 percent and the duo says it recently cracked the $1 million sales threshold. “We’re aiming to be a household name,” Chaz says. — Ben
Swanger
c-level execs, managers, and entrepreneurs make daily sales pitches. Whether you are trying to motivate an employee, sell goods or services, obtain funding, or win an argument with family or friends, persuasion skills are essential. This article details another proven persuasion technique.
Henry Kissinger was one of the most persuasive negotiators in history and undoubtedly the United States’ greatest Secretary of State. He knew how to persuade persons antagonistic to his views and did so despite cultural and language barriers. Kissinger famously said, “Reality is not as important as the perception of reality.” As I tell clients when we are preparing for trial: “Reality is not relevant; it’s only the jury’s perception of reality that’s important.” This advice holds true when you are trying to make a sale or persuade someone to your point of view.
Many people view issues through a black-and-white prism. Engineers, accountants, and bankers tend to believe there is only one correct answer and no shades of grey. Dale Carnegie, who wrote “How to Win Friends and Influence People,” recognized the fallacy of trying to prove you are right rather than surrendering to the perception of reality held by someone you want to persuade. Carnegie cautions that even when you absolutely know someone is wrong, you must resist the temptation to prove your point and demonstrate your superior knowledge. If you read only one book on psychology or persuasion, read Carnegie’s. Despite being written in 1936, its far-reaching impact is unlimited. When I was in an airport in Bhutan (the tiny Buddhist county of 800,000 people) I saw Carnegie’s book for sale in the gift shop. Its ranked No. 38 on TIME Magazine’s 100 greatest books ever written, and it’s the 21st best-selling book ever written.
You need to understand your audience and how they will perceive the information and arguments you make. How do you dress up your arguments so they will be perceived as legitimate, sincere, and well-taken? An effective presentation triggers unconscious responses rooted in the deep recesses of a person’s brain. Triggering subconscious responses persuades your listeners.
One type of persuasive stimuli that motivate listeners is sensory. Sensory stimulation includes tactile stimulation such as sight, sound, taste, and touching. Studies show far and away that visual images are much more likely to persuade than the words coming out of your mouth. Marketing specialists recognize the power of visual images. They know that blues and pastels and other soft colors project a cool feel and have a calming effect on consumers. Stores that play slow music create a subconscious reaction to shop more slowly and spend more time in the store. Bright colors attract the viewer’s attention. Colors, fonts, and other visual images make the difference between a top-selling and average-selling product.
The take-away: Never tell someone your view is correct and their opinions are empirically wrong. Instead, concentrate on understanding how your argument will be perceived in such a way that you validate the worldviews of the person you are trying to persuade.
ROGGE DUNN represents companies, executives, financial advisors, and entrepreneurs in business and employment matters.
Clients include the CEOs of American Airlines, Baker Hughes, Beck Group, Blucora, Crow Holdings, Dave & Busters, Gold’s Gym, FedEx, HKS, Texas Motor Speedway, Texas Capital Bancshares, and Texas Tech University as well as sports figures which include New York Mets manager Buck Showalter, NBA executive Donnie Nelson, and NBA Hall of Fame coach Larry Brown.
Dunn’s corporate clients include Adecco, Beal Bank, Benihana, Cawley Partners, Match.com, Rent-A-Center, and Outback Steakhouse.
In 2021, 2022, and 2023 Dunn was included in DCEO Magazine’s Dallas 500 list, which recognizes the most influential business leaders in North Texas.
He has been named a Texas Super Lawyer every year that award has been given and recognized as one of the top 100 attorneys in Texas by Texas Monthly (a Thomson Reuters service) and a D Magazine Best Lawyer 15 times.
innovator john green describe s himself as the “summation of two parts of a person”—a nonconformist and a successful fintech entrepreneur. The co-founder and CEO of Dallas-based Nada spent his early 20s as the lead singer of a punk rock band, signing a record deal, touring internationally, and producing two albums. “There’s so much raw authenticity in that,” he says, “I never really knew how to spin that forward. Now, I’ve found an outlet for it.” As the leader of Nada’s investment, banking, and finance platform, Green has channeled his creativity and ingenuity into making the $27 trillion home equity market and real estate investing more accessible.
After his music career, Green spent roughly a decade working in financial services in the mortgage sector, holding roles in sales, risk mitigation, strategy, and innovation at JP Morgan, Pacific Union Financial, and more. Along the way, he realized real estate investing is not made to be easily understood. “It is very much alienating to people, and that bothered me,” he says. “That was not community-like; that was very elitist.
Green launched Nada in 2019 as a real estate services and mortgage company. Two years later, Nada released its Cityfunds offering—an Exchange-Traded Fund of single-family rental acquisitions and fractional homeowner equity within a given city that trades on an alternative system. “You have a representation of the housing stock,” Green says.
Nada procures the fractional homeowner equity via Homeshares, which formally launched last year and allows retail investors to sell fractional home equity to Nada for cash. “The drive is how do we make something that is so meaningful in everyone’s everyday lives more accessible and simpler, without disregarding the regulation,” Green says. Thus far, the company has launched Cityfunds in Dallas, Austin, Miami, and Tampa. Green hopes to roll out funds for Los Angeles, Denver, Phoenix, and Las Vegas in 2023.
Last year, Nada closed an $8.1 million seed funding round; in 2023, Green is aiming to raise even more, though he is quiet about how much. The new funds will help the company launch a debit card via a Visa partnership in Q2, on which customers can store cash earned from selling home equity or gained in Cityfunds investments. John also hopes to fully integrate all of Nada’s services into their mobile app using the new funding. “The opportunity is massive, and we want to be that beacon for real estate as accessible money for consumer good,” Green says.
CONGRATULATIONS to all the 2023 D CEO Real Estate Awards Finalists and Winners!
As part of the second-fastest growing county in the U.S., Anna’s population is expected to exceed 50,000 by 2030. Combine this with its prime location at the intersection of five major highways between Dallas and Sherman’s rising tech hub in Grayson County, diverse housing in established and flourishing neighborhoods, stellar schools and an open for business culture, and you’ll see why Anna is worth investing in.
To learn more about how Anna can help you realize your vision, visit opportunityannatx.com/annasaysyes or contact Joey Grisham, Director of Economic Development at 214-831-5394.
wanted to give her two children the stability of not moving around, and the orchestra continually provided opportunities to learn and grow.
story by CHRISTINE PEREZ illustration by JAKE MEYERSdallas symphony orchestra president and CEO Kim Noltemy is a regular at Ellie’s. It makes sense. The Napa-inspired restaurant in Craig Hall’s Arts District hotel sits just across the street from the Meyerson Symphony Center. As we chat over morning coffee, her regular order of oatmeal and fresh fruit arrives at the table. She nods appreciatively, then eyes my Grapefruit Brulée (a flambeed half-grapefruit with a bowl of honey oats topped with Greek yogurt and lemon curd) and says, “I may have to try that sometime.”
It has been a little more than five years since Noltemy moved from Boston to Texas to take the helm of the DSO. She got into the orchestra business through a “side door.” An immersive study of Japanese while earning a B.A. at Smith College led to a job in Japan, but a visa snafu brought her home. She took a job in international marketing, and client work connected her with the Boston Symphony Orchestra. When a marketing post at the BSO became available, she threw her hat in the ring and was hired.
Back then, in the mid-1990s, orchestra marketing mostly involved selling tickets on subscription. Then the internet took off, and suddenly, “the whole world was open,” Noltemy says. “There were a million things you could do.” As people began moving away from subscriptions to buying tickets one-off, audience development gained in importance. Noltemy demonstrated a knack for innovation, with programs like “pay your age for tickets” and co-promotions with the Red Sox and Celtics. Her success led to calls from recruiters, but she
But by 2018, she was ready to consider relocating for a top spot. She looked at several opportunities; Dallas stood out. “They were in the process of searching for a new music director, which was very exciting, and I was impressed by the way the city had so thoughtfully built its Art District over time,” Noltemy says. “The orchestra had been on a constant ascension, and that was important. You must have both the ambition and the ability to make something happen.”
Noltemy aims to build a “21st century orchestra” that is as much a part of the community as the Dallas Cowboys or other professional sports teams. That means both getting out to where people are and welcoming them in. During the pandemic, the DSO did more than 400 free outdoor and community concerts. In 2019, Noltemy led an effort to assume management of and restore the Morton H. Meyerson Symphony Center. She’s now pushing to help other organizations use the space. “We want to be the center of music in Dallas—everybody’s music, not just our music,” she says.
Restoring the Meyerson is just one of many achievements Noltemy has racked up in her five years leading the DSO. Other wins include national media partnerships with Bloomberg and American Public Television, diversifying programming, developing a successful Women in Classical Music program, and growing the orchestra’s educational initiatives for young musicians. She’s also reaching out to a new generatiown of DSO fans through programs like a recent young professionals event that mashed Tchaikovsky’s Symphony No. 5 with the music of Drake. “No orchestra will truly succeed unless they’re integral to their community,” Noltemy says.
when deve sanford’s father, ronald, ended his career as a basketball player for the Dallas Chaparrals, San Antonio Spurs, and European league teams, he wanted to launch a candle brand from the family’s home base in Stockholm. “Everybody thought he was insane,” Sanford recalls. But the enterprise did well, and when it sold to a French fragrance company, the family launched a fragrance and beauty distribution company called Dbrand Distribution in the United Kingdom.
Sanford became vice president of business development for Dbrand, and while growing its distribution channels, she connected with Helene Åqvist, the owner of Amet & Partners, a Sweden-based company that sells custom luxury amenities to Scandinavian hotels and cruise lines around the world—everything from eye masks to robes and bedding. Sanford wanted to deploy a similar model in the U.S., so Åqvist offered her expertise as a partner and supplier, helping Sanford form her own company. “It was a logical extension of what I was doing within distribution because we already had that hospitality client,” Sanford says.
She launched Amet Hotel and Spa in 2019 in Dallas; she has lived between North Texas and Stockholm since 2004. But during COVID, Åqvist hit supply chain challenges that forced her to stop supplying within the U.S. Sanford, though, was undeterred and continued to operate her company. Sanford doubled projections for the year by temporarily branching into PPE. Her client list has grown to include many Four Seasons resorts around the world, a large part of Hyatt Brands’ portfolio, and The Thompson in Dallas. About 30 to 40 percent of clients are Dallas-based. For each project, Sanford meets with the hotel or spa to design custom amenities, then she connects with manufacturers to produce the product en masse. She also occasioinally works with interior design teams to find furniture fixtures for new buildouts. “I can supply pretty much anything,” she says. Sanford and her 15-person remote crew work on about 30 to 50 projects at any given time. Business is booming; sales grew by roughly 80 percent in 2022, she says.
Moving forward, Sanford is focusing on doing more sustainable sourcing and expanding her roster of suppliers. “I’d like to diversify my manufacturing,” she says. “I have the intent to manufacture in South America and other places to help boost their economies.”
What does a “Live, Work, Play” ecosystem mean to your organization?
Working in the economic development field, our job is to increase the city’s tax base, create a favorable environment for businesses, and enhance quality of life. Since everyone’s needs and preferences are unique, we take a holistic strategy to reach our end goal. All pieces of the puzzle are vital and interdependent for a thriving economic system—from budding families evaluating neighborhoods, to the working population looking for somewhere to hang out after work, to visitors taking the day to explore the city.
What developments or redevelopments are taking place in Garland, and where?
The residential market across Garland is buzzing with diverse living options. Along highways and major roads–including President George Bush Turnpike, Interstate 30, Interstate 635, State Highway 66, and Garland Road–you’ll find numerous new townhome, multifamily, and single-family developments. As a city, we’re also focusing on master-planned, mixed-use communities that embrace walkability, open spaces, and artistic identity. We are creating developments, or rather, places, that are vibrant and inviting for all.
How are Garland’s workplaces evolving to meet the demands of today’s employees, particularly in industrial/ manufacturing industries?
Along with opportunities in healthcare and the service sector, Garland has a rich industrial economic base, with some companies that date back to the 1950s. The traditional image of manufacturing is of heavy labor, but actually there is a wide range of positions in engineering, operations, computer sci-
ence, sales, finance, or HR. The industry is adapting to advances in technology as well as changes in the modern work landscape. Companies are proactively enhancing the employee experience by providing amenities like gyms, collaboration areas, outdoor break spaces, and even on-site massages. These are all part of the initiatives being taken here in Garland, and it’s been really cool to see!
Garland has long been known for its parks and extensive hike-and-bike trails. What are some of the improvements and additions that make it one of the best spots in Dallas-Fort Worth to be active outdoors?
Garland has many natural gems, including acres of parks, widespread hike-and-bike trails, Lake Ray Hubbard, and Firewheel Golf Course. Just recently, The Boneyard skatepark opened as the second largest skatepark in the state. Moving forward, we are continuing to develop a network of trails that will connect Garland to surrounding cities, as well as increase interconnectivity within city bounds. Check out BuildGarland.com for project information and updates.
What are some of the most popular entertainment activities in Garland?
Along with outdoor recreation, everyone can find something fun to do here. Garland is, and will continue to be, a destination for diverse international food spots, vibrant happy hour options, or to catch a late-night movie.
ABOUT THE EXPERT:
Ayako Schuster, director of economic development, was born and raised in Japan. Growing up, she was never interested in the private sector; she always wanted to help people. Once she came to the United States, she attained her graduate degree in economics from the University of North Texas. She began an internship with the Garland Chamber of Commerce, which blossomed into a more than 20-year career with the city’s economic development team.
She welcomes all stakeholders to the table and encourages open discussion about projects, focusing on hitting private stakeholder targets while progressing the community’s vision.
Get started by visiting GarlandEDP.com.
THE CURRENT Kay Bailey Hutchison Convention Center in Dallas will soon see a wrecking ball. In its place, will emerge a new state-of-the-art convention center. Back in November, voters approved Proposition A, which called for a 2 percent increase to the city’s hotel occupancy tax. Those funds will help cover the estimated $3.5 billion price tag associated with the new convention center, which will be transformative for downtown’s west side. Breaking ground in 2024 and with an expected opening date of 2029, current plans call for more than 2.5 million square feet of space. VisitDallas’ CEO Craig Davis says the project is crucial if the city wants to remain competitive in attracting more corporate meetings and annual events. It has already secured a commitment from the North American Spine Society to host its 2031 conference in Dallas upon completion.
Betting that a new $3.5 billion Kay Bailey Hutchison Convention Center will elevate Dallas as it competes with other major meeting and event destinations.
Big deals from financial services firms are driving the North Texas office market, and other sectors are active, too. Here are the projects, transactions, and industry professionals leading the way.
DALLAS-FORT WORTH continues to percolate, so it’s not surprising that we received a record number of nominations for D CEO’s 2023 Commercial Real Estate Awards. But it wasn’t just the volume of entries that made judging this year’s program such a challenge; it was the caliber of the projects and deals and the impact they are destined to have on our region for years to come. It is a testament to the strength and vibrancy of the North Texas commercial real estate market that D CEO editors had such a difficult time of things. But, after the debates ended and dust settled, we selected winners in 22 categories, from Community Impact to Executive of the Year. On the following pages, learn more about the transactions, projects, and dealmakers who stood out.
stories by BRANDON J. CALL and CHRISTINE PEREZ portraits by SEAN BERRYGROWING UP in Houston, Dave Schmidt began his career in the oil and gas industry. But he found that what he enjoyed most about working for an energy general contractor was digging into the blueprints. He realized he wanted the opportunity to start projects from scratch. So, he moved to Dallas and found work as a mechanical, electrical, and plumbing engineer. One of his first projects was The Crescent, a Rosewood Property Co. development that helped pioneer Uptown. “Once I experienced the taste of seeing a project like that take shape, I was hooked, and the next one could not come soon enough,” Schmidt says. For more than 30 years, the president and CEO of Schmidt & Stacy has experienced that same fulfillment on project after project, with recent work including the PGA of America headquarters in Frisco and the East Quarter in Dallas. “Being based in such a dynamic market as Dallas-Fort Worth is a major advantage for us,” Schmidt says.
FINALISTS: AECOM Hunt, Kimley-Horn
PRESIDENT AND CEO Schmidt & Stacy Consulting Engineers
Craig Hall acquired farmland in the far northern outpost of Frisco in the 1980s. He pioneered the city’s office market when he developed his first project on the property in the late 1990s. Now, he’s bringing his long-term vision to
life by transforming the 162-acre campus into true mixed-use, with a $500 million initial phase that includes a 224-room boutique hotel, a 19-story luxury multifamily tower, a 10,000-squarefoot restaurant, 16-story office tower, and the nearly 6-acre Kaleidoscope Park. The expansion will create a flow from the sprawling development to The Star, its neighbor to the north. One thing that won’t change, though,
is Hall’s longtime commitment to incorporating nature and world-class artwork into his various projects. Key players on the first phase of the HALL Park expansion include HKS, WDG, Merriman Anderson Architects, Waldrop + Nichols Studio, OJB Landscape Architecture, Austin Commercial, and Andres Construction.
FINALISTS:
Fields Frisco
The Greenbelt
Maple Terrace
THE DESIGN DISTRICT is known for some of the newest and hottest restaurants in town. Several multifamily developers have added luxury apartments to the mix. Now, Quadrant Investment Properties’ Chad Cook is putting the submarket on the office map, acquiring assets from five groups over the past 18 months. The developer also completed a $2 million renovation to The International, a large showroom and retail center and has landed anchor tenants like Alto—with more office projects in the works for the thriving district.
FINALISTS: Frisco Public Library, Lincoln Centre, The Hill
One of the country’s largest corrugated packaging manufacturers, Pratt Industries will bring 150 new jobs to Cedar Hill with its 1.1 million-square-foot lease at Hillwood’s The High Point 67 industrial park. The company is teaming up with the city and local schools on an employee training and job development program, and it plans to invest more than $200 million in equipment, inventory, and building improvements for the plant. JLL negotiated the industrial lease with Hillwood.
A stunning, $182 million repositioning of Trammell Crow Center managed by Stream Realty Partners brought a new energy and improved walkability to Ross Avenue—and helped push triple-net lease rates from about $23 to $40 per square foot. This led to strong investor interest when the iconic, 50-story tower went to market. California-based Regent Properties opened a second headquarters in Dallas after it prevailed in its quest to buy the building, paying a reported $615 million for the 1.2 million-squarefoot office tower.
Best Retail Lease or Project
IN A TIME when more than a third of department stores are shuttering, Dallas-based luxury apparel retailer Stanley Korshak is betting on the future with a new 15-year lease at Crescent Court in Uptown Dallas. The lease was executed by tenant representatives Steve Lieberman and David Fazio of The Retail Connection. John Zogg and Tony Click from Crescent Real Estate was the in-house representative for the landlord.
FINALISTS: 3 Nations Brewing Co., HEB Plano, Poco Fiasco
Commercial Real Estate Executive of the Year
BOB SHIBUYA’S career in commercial real estate began in California more than 30 years ago. He since held posts with major players, including CBRE, DTZ, and Trammell Crow Co. In 2017, he led the management buyout of Dallas-based Mohr Partners from founder Bob Mohr. Today, the firm has more than 200 employees in 24 offices, providing real estate advisory services in every U.S. state and more than 40 countries worldwide. It is also the world’s largest certified Minority Business Enterprise by the National Minority Supplier Development Council.
BILL BURTON, Hillwood
"During my career, I've learned that thinking you’re the smartest person in the room is a bad idea, even if you are the only person in the room.”
KIM BUTLER, HALL Group
“If you work hard on the front end to hire high-performing servant leaders, then your team will go a great distance because everyone is pulling for each other.”
CHRIS FAULKNER, CAF Cos.
“I always try to remember that everyone is your customer and that it’s important to do the right thing. If you don’t, you certainly risk the consequences.”
GRANT PRUITT, Whitebox Real Estate
“It’s a marathon, not a sprint. I like to move fast but building a business and career takes persistence, hard work, and time. Rome wasn’t built in a day.”
DANIEL TAYLOR, Colliers
“Follow your passion and figure out what your gifts are and what brings you joy in life— and you will never have to ‘work’ another day in your life.”
Harwood Hospitality Group’s flagship hotel—named Hôtel Swexan, opening in 2023—promises “the confluence of Texan charm and international European flair.” The moniker comes from the blend of Swiss and Texan cultures and is a nod to Harwood International’s multi-generational Swiss-Texan heritage. Harwood’s founder, Gabriel BarbierMueller, was born and raised in Geneva before moving to Texas in 1979 to pursue a career in real estate. As with all of Harwood’s properties, art and design will be at the forefront of the new project. The 22-story tower is the third building in the Harwood District designed by renowned Japanese architect Kengo Kuma. The hotel’s interiors, which will be done by Harwood’s in-house design team, are inspired by a classical 19th Century Parisian residence, offering “comfortable yet elegant furniture and intricate, handcarved stone and wooden fireplaces on every floor.”
The Las Colinas Resort, Rosewood Mansion on Turtle Creek, Omni PGA Frisco Resort, Stockyards Hotel
executive Karyn Martin says she didn’t choose the design business, it chose her. After starting out with Dallas-based Interprise Design more than 25 years ago as the head of human resources, Martin worked her way up to chief operations officer in 2017 before being named president and CEO in 2019—shortly after the passing of founder Katie Berg. “The thing I enjoy most about commercial interior design business is watching the transformation of a space,” Martin says. “The aesthetic of a building can invoke a visceral response that can be anywhere from exhilarating to off-putting. A good design can improve the financial course of a business and improve productivity because people respond to aesthetics. The bottom line is that real estate is all about creating spaces for people to live their lives, and great design can have a very powerful impact.”
At 5.5 acres, 2727 Turtle Creek is one of the largest remaining undeveloped properties along the Turtle Creek corridor. But in June, luxury apartment developer UDR snatched up the high-profile tract of land and announced plans to construct residential towers. JLL’s Jonathan Carrier, Michael Swaldi, Jasmin Ammons, and Trey Morsbach represented the seller, the Prescott Group, in the transaction.
FINALISTS:
Lesso Mall, Liberty Hills Anna, Mountain Creek, Pilot Point/Celina, Southgate Marketplace
Best Community Impact Award
ITS NEIGHBORS include scrap yards, a concrete batch plant, tire shops, and the scattered liquor stores that now populate the radius around where Riverfront Boulevard dead-ends. Enter Edwin Cabaniss, the man behind the Kessler Theater in Oak Cliff and The Heights Theater in Houston, who purchased the Longhorn in 2021 after its previous owners’ attempt to renovate the property in 2017 ended in bankruptcy and lawsuits. Boosted by a $4.1 million incentives package passed last September by Dallas’ City Council, the Longhorn will ride again as musical acts Asleep at the Wheel, Morgan Wade, and Emmy Lou Harris will take the historic stage in the first announced concerts this spring.
FINALISTS: City of Dallas Fire Station No. 59, The Obsidian Portfolio, The Kathlyn Joy Gilliam Museum and Learning Center
Best Commercial Property Sale
purchased by TRADEMARK PROPERTY CO.
Last March, after an extensive and competitive national marketing effort by Cushman & Wakefield, Trademark Property Co. emerged as the winning bidder for Lincoln Square, a 470,000-squarefoot power center on 45 acres on Collins Street in
Arlington. The seasoned Fort Worth retail player plans to invest more than $150 million in the next few years to transform the tired and aging center into a pedestrian-oriented, live-work-shopplay destination to reinvigorate the project. The City of
Arlington is stepping up with more than $14 million in grants to support the redevelopment and help make it a go-to destination in Tarrant County.
FINALISTS: 820 Exchange, Bison Grove, 821-1075 Foch Street, The Obsidian Portfolio
Trammell Crow Co. and PGIM Real Estate have teamed up on a third phase at TCC 35 Eagle, adding five buildings totaling 2.1 million square feet along Interstate 35-W in North Fort Worth. The first two phases of the project totaled 3.8 million square feet, with Amazon and Southern Glazer’s as part of the tenant mix.
One of the largest active industrial developments in the Alliance submarket, this third phase will be LEEDcertified upon completion.
Along with the developers, key players include Alliance Architects, engineer Halff Associates, and FA Peinado, which served as general contractor.
At the edge of the Cedars neighborhood near South Dallas, The Longhorn Ballroom sits near the northern edge of the Trinity Forest, adjacent to the river.
Dallas-Fort Worth is quickly becoming known as the “Wall Street of the South,” thanks in part to Teachers Insurance and Annuity Association’s new 500,000-squarefoot campus at The Star in Frisco, which will spur the creation of 2,000 new jobs. Fischer’s Chris Joyner, Andrew Hegmann, Steve Andrews, Jacob Black, Hunter Haygood, and Lauren Adams represented TIAA in its lease negotiations. Lincoln Property Co.’s Jake Young and Worthy Wiles represented the landlord.
WITH A 15-YEAR lease to Texas Capital Bank at 2000 McKinney in Uptown, Cushman & Wakefield and Stream Realty negotiated one of the largest—and most complex—office deals of the year. In commercial real estate, some transactions are more challenging than others. For Johnny Johnson, executive managing director at Cushman & Wakefield, a 202,642-square-foot lease to Texas Capital Bank represents the most convoluted in his 35year career. It required buying out, relocating, reassigning, and amending leases with six tenants—in a building that is 98 percent occupied. If just one of the puzzle pieces couldn’t be made to fit, the whole deal would have fallen apart. Time sensitivity was also a challenge, as plenty of other Uptown landlords were eager to steal the prized tenant from building owner Union Investment Real Estate. In the end, Texas Capital Bank, represented by Randy Cooper and Craig Wilson at Stream Realty Partners, inked a lease to expand its presence to seven floors in the Uptown tower, which is being renamed Texas Capital Center.
FINALISTS: Bank OZK, Haynes and Boone, Lerma, McGuireWoods, Neiman Marcus Group, TRG
OM Housing is redefining affordable housing by merging affordable rents, modern amenities, and green living with its new Parc West property. Not only is it the first National Green Building Standard-certified multifamily project
in Arlington, the eco-friendly 112unit community boasts more than three-quarters of its units as affordable. During initial lease up, the property had a 300 percent application rate and consistently remains at 98 to 100 percent occupancy with a
A 30-year veteran of commercial real estate, Lynn Dowdle began her career in the retail division of The Staubach Co. before striking out on her own in 2011 when she founded Dowdle Real Estate. In doing so, she trailblazed a new area of specialization: hotel site selection. Her outlook for 2023? “Hotel development is back, and land is still hot,” she says. “All is well in Texas.”
FINALISTS: Randy Cooper, Stream Realty Partners; Johnny Johnson, Cushman & Wakefield; Seth Kelly, CBRE; Andy Leatherman, JLL; Steve Lieberman, The Retail Connection
robust waiting list. It should come as no surprise, then, that Parc West has also garnered national recognition with a commendation from the U.S. Senate floor.
FINALISTS: The Bohéme, The Montgomery, Presidium Hill Street
In one of Dallas’ most competitive office submarkets, Texas Capital Bank inked a marquee naming rights deal at 2000 McKinney Ave., affirming the financial institution’s presence in Uptown for the next 15 years.
At 26 stories, 23Springs will be the tallest office tower in Uptown when it opens in early 2025. Granite Properties’ most extensive— and expensive— development to date has already secured an anchor tenant, Bank OZK, which will occupy four floors totaling more than 110,000 square feet for a new regional headquarters. Three low-rise buildings, called Cedar Maple Plaza, were demolished in the summer of 2022 to make way for the development, which will sit at 2323 Cedar Springs Road. Designed by GFF, it will feature six stories of underground parking, a two-story lobby with a coffee and wine bar, an indoor lounge with a golf simulator, a conference center and boardroom, outdoor lounge, and two detached restaurants on either side of the office tower. Additionally, a one-story building designed for restaurants with patio seating facing a half-acre, tree-lined park, and a two-story building is planned for another upscale restaurant.
FINALISTS:
3300 Olympus Blvd., Harwood No. 14, Ryan Tower, The QUAD, VariSpace Coppell
AFTER AN INJURY shattered his dreams of playing professional football, former Southern Methodist University standout Mikial Onu founded his namesake firm, Onu Ventures, in 2021. He cut his teeth in the industry on the finance side, starting out at a private equity group out of college. Onu is one of the individuals leading the charge to bring more quality assets to southern Dallas without displacing its existing residents. In a little over two years, Onu Ventures has built, leased, and sold more than $20 million worth of real estate and successfully purchased land throughout Texas, boasting an estimated portfolio value of $125 million. “I went into development because I felt that underrepresented communities were missing not only quality development, but creative and innovative development that is unique to those neighborhoods and areas,” Onu says. “My mission has been and will always be to develop transformative assets to help create new, vibrant communities in underserved and marginalized areas.”
“Glenn Lickstein has been a dear friend and mentor who has advised me in my career, but most importantly is someone who I model myself after. The respect that he earned from others through the way he conducts himself is something I continue to strive for.”
Cushman & Wakefield
“My two real estate partners, Steve Koldyke and Kacy Jones. As everyone knows, commercial real estate is primarily a team sport, so it was especially gratifying that Steve, Kacy, and I were all named as top 15 producers for CBRE across all product lines in DFW.”
“I would be remiss if I didn’t mention three mentors who’ve guided me in my career and helped me get to where I am today: STRIVE’s managing partners Jason Vitorino and Jennifer Pierson, as well as Michael Hackett, who I worked for in college.”
HUDSON
“Bradford Cos.’ CEO Kevin Santaularia hired me out of school. Breaking into the industry is challenging, but Kevin was my mentor, friend, and colleague. He guided me both professionally and personally. Without his support, I would not be at this stage in my career.”
“This business is a meritocracy, but first you must have a seat at the table. Greysteel’s founder, Ari Firoozabadi, gave me that opportunity by creating the platform and providing the roadmap to success I’ve found most beneficial so far in my career.”
“Kate Davis taught me to follow my strengths. Gracie Andraos taught me to have the difficult conversations. Dan Noble taught me to think limitlessly.… I couldn’t list all the mentors and lessons from which I’ve learned, but I am so thankful for these and hundreds more.”
JAYME SCHUTT JLL
“I'd have to say my father, Allen Gump, who has taught me from the ground up—as well as Mary Stoner Yost and Greg Cannon. I have been fortunate to learn from some of the greatest industrial real estate brokers who have helped teach me the way.”
ALLYSON YOST
Colliers
“Two individuals have guided me on the path to where I am today. My late older brother, Myles, gave me the courage to pursue commercial real estate. Robert Grunnah, an industry veteran and senior leader at Younger Partners took a chance on me as an intern in 2014."
MICHAEL YTEM Younger Partners
Hunt Realty Investments has been involved in Dallas area real estate investments for more than 45 years, starting with land it acquired in 1975 for the iconic Reunion Tower. In 2007, it developed a headquarters for parent company Hunt Consolidated along Woodall Rodgers that soon will overlook an extension of Klyde Warren Park. But its activity has spiked in the last few years with projects that are set to truly transform the region. Projects include Fields, a sprawling, 2,544-acre development in Frisco co-owned with The Karahan Cos., Chief Partners, and CrossTie Capital that ultimately will include more than 10,000 homes, 18 million square feet of commercial space, two golf courses, and a hotel. And NorthEnd, an 11-acre development along Field Street near American Airlines Center that’s planned for 3.8 million-squarefeet of mixed-use space, including a massive new 980,000-squarefoot campus for Goldman Sachs.
FINALISTS:
Granite Properties, Harwood International, Presidium
properties in secondary markets. “You could get a huge debt cap rate spread that you could take advantage of in those markets; we bought more than $100 million in assets,” Woods says. “And then cap rates compressed so much, we were in the money in a material way.”
Woods, Bass, and their investors cashed out, and Woods teamed up with one of the fund’s largest players, Dan Loeb, to buy Thanksgiving Tower after lenders foreclosed on the 50-story office high-rise in downtown Dallas. Woods had spent a lot of time analyzing the downtown office market when he worked on Victory Park for Perot. Back in that 20052006 timeframe, there was a lot of ambitious talk circulating about urban residential growth and adaptive reuse or demolition of vacant buildings. By 2012, those things were beginning to come to fruition.
IN 2007, INVESTOR AND developer Jonas Woods was at a party for elementary school parents when he and some other dads struck up a conversation with hedge fund manager Kyle Bass. After a wildly impressive career with Ross Perot Jr.’s Hillwood, Woods had recently left to launch his own firm. His plan was to develop vertical mixed-use projects, and he had two land sites under contract in the Dallas Arts District and Design District. One of the dads asked Bass about his mortgage credit fund. “It was like pressing play for a 20-minute diatribe,” Woods says. “Kyle walked us through his take—and he can do it in excruciating detail because he’s brilliant—on what was going to happen in the residential mortgage space, to the debt markets in general, the credit markets in general, then to the U.S. economy and the global economy. It was this sort of Contagion story of how bad things were going to get.”
Woods told Bass, “If you’re right, then what I’m about to do is a really bad idea.” Bass agreed that it was. After additional discussions, Woods ended up canceling the contracts and completely changing course, joining Bass in 2008 to form Hayman Woods and buy distressed real estate assets. (That same year, Bass became famous for forecasting the mortgage crash and making a fortune by purchasing credit default swaps on subprime securities.)
Hayman Woods’ first fund targeted a variety of residential real estate assets, including land but excluding single-family. A second fund focused on newer multifamily
Another “unappreciated event that’s coming at us,” Woods says, is growth along the Field Street corridor between the Harwood District and Main Street. Woods has teamed up with Kaizen Development Partners and his friend Tom Dundon to develop Field Street District on land on McKinney Avenue at Field Street. Initial plans call for 1.2 million square feet of office space, a hotel, two residential towers, and up to 40,000 square feet of restaurant and retail space. The project is just south of Hunt Realty’s NorthEnd, which will be anchored by a huge campus for Goldman Sachs.
“Tim Headington was having incredible success with The Joule, which became catalytic for Main Street,” Woods says. “A lot of positive things had happened. But no one had taken an old, architecturally significant office building like Thanksgiving Tower and made a real investment to reposition it as a bestin-class asset.” Instead, investors were buying struggling office buildings on the cheap and trying to compete with the shiny new buildings in Uptown purely on cost. “We found in our analysis that was a ‘catch the falling knife’ endeavor,” Woods says.
He acquired Thanksgiving Tower for $70 million then pumped more than $45 million into a complete overhaul, from common areas to building systems and infrastructure. The plan was to deliver an office building that favorably compared in quality to options in Uptown. And it worked. “We doubled rents and established Thanksgiving Tower (now rebranded as Santander Tower) as one of the premier assets in the whole region,” Woods says. “We were back on the downtown train in a big way.”
Then came another big validation moment; Woods was approached by The Guild to do a 60-key hotel on the top two floors of the tower. The rooms are consistent with studios, one-bedroom, and two-bedroom apartments. Woods liked the business plan and saw it as an opportunity to learn about the costs and utilization of floorplates for potential residential use. Meantime, Todd Interests’ redo of The National was
Jonas Woods is bringing luxury residential and hotels to downtown office towers—and a renewed sense of vibrancy to Dallas’ urban core.The city’s hottest new corridor for development.
an immediate hit, with a Thompson Hotel and luxury multifamily units that were getting rents of $3.50 per square foot. A new Fountain Place apartment tower was filling up and commanding top rents, too.
It convinced Woods to go all in. On Jan. 1, 2022, he recapitalized his various partnerships into one holding company called Pacific Elm Properties. Its portfolio includes six Class A office towers totaling 6.2 million square feet—including Bryan Tower and Comerica Tower, both acquired last year—and nine acres of land in Uptown and downtown. (Woods was scheduled to close on a seventh tower as D CEO went to press.) Between the two 2022 buys and Santander Tower, he will add about 1,000 new multifamily units in the core of downtown Dallas. (See below.)
With his endeavors and what a few other owners are doing, Woods says about 4 million square feet of residential conversions are underway in the urban core— projects that will cut downtown office vacancy in half and bring as many as 4,000 to 5,000 new residents to a small geographic area of the city in the next two years or so. “I think it could be the single biggest sea change event that Dallas has ever witnessed,” Woods says. “It will create a residential neighborhood that is vibrant and thriving—and that’s exactly the kind of environment that office tenants want to be in.”
Each C-Suite role ROMAIN TRAPP has held began with ECONOMIC CHAOS , but he forged ahead and now runs NORTH AMERICAN operations for helicopter powerhouse AIRBUS .
portrait by JONATHAN ZIZZO
STANDING INSIDE a delivery facility in Grand Prairie, Romain Trapp realized the full impact of his work leading Airbus Helicopters North America. In the beginning, he thought its primary value was in connecting people. But as he watched roughly a dozen nurses smiling through tears at a delivery ceremony for the hospital’s newest choppers, Trapp knew his career’s larger purpose. “It was the first time I understood what helicopters are about—saving lives and protecting people,” he says.
Trapp joined France-based Airbus 25 years ago and has held eight roles in four countries during his tenure. Now, as president and regional head of the company’s North American helicopter headquarters in Grand Prairie, he oversees more than 1,000 employees in the U.S. and Canada. Since taking the helm, he has guided Airbus Helicopters to become a market leader that generated more than $1.1 billion in revenue last year.
He grew up in Buhl-Lorraine in France’s wooded northeast, spending summers caring for his neighbors’ farm animals and preparing livestock feed. “My parents were not farmers; they were nurses,” Trapp says. “But we had farms all around us.” Back then, the potential he had to one day lead within a global corporate enterprise was hidden, even to him. He stood barely five feet tall until his senior year in high school when he shot up more than a foot, was very shy, and “didn’t have a lot of ambition.”
He thought he’d be a banker at the small bank in the next town over or work at a financial institution in the closest city. “The change, the job, and the ambi-
tion came step by step,” Trapp says.
The change came after Trapp graduated with his second master’s degree in economics and finance at École Normale Supérieure in Paris. A newlywed, he moved to Toulouse in the south of France and began looking for work while his wife finished her Ph.D. in business management.
“I looked on the map and I said, ‘What are the companies in Toulouse?’ and I said, ‘Oh! There is Airbus. I’m going to work for Airbus,’” Trapp recalls.
It was a bit spontaneous and not the banking role he was working toward, but Trapp landed an interview with Airbus’ deputy CFO for a post as a cost accounting manager. The executive reviewed Trapp’s resume and asked why he’d prefer to work at Airbus when his background lent itself so obviously toward banking. “I explained that for me, it was important to make a connection between the figures I would be dealing with as a finance guy and a product we can touch and feel and that makes me dream,” Trapp says.
He secured the job and moved into an office overlooking the final assembly line of the Airbus 320 airplane— the best-selling single-aisle fleet worldwide. Three years later, he was promoted to business controller. His ascent then took him to one of the company’s global divisional headquarters in Munich, where he served as corporate controller of the airplane division. By the end of his first decade of work, he was back in France, overseeing more than 400 employees and 30 offices and subsidiaries worldwide as VP of controlling and administration. “Then, one day, I got a call saying, ‘Romain, you have been put on a short list to become the chief financial officer of Airbus Helicopters in the U.S.,’” he remembers.
Trapp was not familiar with the helicopter market and never thought about moving to the states—let alone
Grand Prairie, Texas. His impression of the Lone Star State centered around longhorns, cowboys, and the countryside. “In Europe, it’s all about ‘Dallas,’ the series,” he laughs. “I thought about the ranch.” He knew he could make the jump from airplanes to helicopters but was worried about fitting in with the American culture.
Trapp called former Airbus Helicopters CEO Christian Gras for advice. Gras assured him he was right for the role. “He said, ‘The way you think, the way you interact, being business-minded, your customer focus— you would fit perfectly in the U.S.,’” Trapp recalls. “We moved here, and my family and I loved it.”
When Trapp became CFO of Airbus Helicopters North America in August 2008, it was flying high. “We had the best results in the company and were growing like crazy,” Trapp says. Then, the economy crashed, and he was forced to go into crisis management mode less than a month into his first C-Suite post. He didn’t know it then, but each promotion he received moving forward would correspond to extreme economic hardship.
The 2008 financial crisis provided an opportunity for personal growth, Trapp says. “I had to learn the
Since immigrating in 2008, Romain Trapp has embraced American culture without forgetting his French roots.
customer side of the business, because right away, I was negotiating conservation contracts with some of our customers,” he says. To know which costs to cut, he also had to master the nuances of the helicopter business model and its operations. “If you don’t know the business, what you are going to do is stupid,” he says. “It forced me to learn what makes sense and what doesn’t.” With Trapp’s help, Airbus Helicopters North America emerged from the crash even stronger. “At the end of the day, a crisis is an opportunity to be better,” he says.
He continued as CFO for four more years, helping Airbus Helicopters reach $800 million in annual revenue. “We were generating more profit and more cash while increasing market share, so it was win-win-win,” he says. The growth came in large part from the company entering the military market. It has since sold more than 465 choppers to the U.S. Army.
The conventional flight pattern for Trapp as a regional CFO would have been to return to Europe to take a larger finance role at Airbus’ global headquarters. But the customer-facing experience he gained during the financial crisis exposed him to an operations mindset he wanted to
Romain Trapp says conversations in his house are “really Franglish,” with his wife and sons communicating in a changing blend of French and English that reflects the family’s love for both their French roots and American home. Nowhere is Trapp’s multicultural identity more evident than his work with the European American Chamber of Commerce Texas, where he currently serves as vice chair. Originally operating as the French-American Chamber of Commerce, the group transitioned to a broader platform in 2021. “[Trapp] was the one who suggested we become the European American Chamber of Commerce in Texas, because he felt like Airbus is European, not just French,” says EACCTX president and chair Ruth Baron. The French moniker was more than 41 years old, but Trapp felt a change would promote the chamber’s growth. “He wants to keep learning, pushing, and innovating,” Baron says. “It doesn’t matter where he is. I think that is inherent in him.”
further explore. “I knew customers, and I liked it, and I was not so bad at it,” Trapp says.
But he faced a challenge; nearly all the company’s chief executives, whether they run small or large divisions within Airbus, have traditionally been engineers. What he lacked in technical knowledge, he made up for in customer relations and business savvy. “Because I got involved as a CFO into operations, understanding the business in order to support the business, I was able to check a certain number of boxes,” Trapp says.
When the position of president and CEO of Airbus Helicopters’ facility in Canada opened, Trapp was offered the job, paving the way for future interdisciplinary leaders at Airbus.
“Several people after that who worked with me in finance have been taking general management positions to help us all over the world,” he says. He arrived in Canada in 2013 to lead more than 250 employees in a country with the world’s second-largest helicopter fleet.
But inclement conditions surfaced within Trapp’s first year piloting as CEO: the oil price plunge of 2014 decimated the Canadian helicopter market. “Most of the helicopters flying in Canada are flying for mining and oil and gas,” he explains. Additionally, the helicopter market is often cyclical, Trapp says, and at that point, there was a downswing in demand worldwide.
Airbus Helicopters Canada’s profitability plummeted, and closing the facility became a possibility. Helicopter maintenance and parts sales provided some cash, but it wasn’t enough. Trapp’s team had to get creative. “We started thinking out of the box and said, ‘Our traditional helicopter business is going down. We know that it’s going to recover at some point. The question is, how do we survive until it recovers? Can we do something else?’” he says.
A large component of Airbus Helicopters’ Canadian hub is its manufacturing facility, and Trapp’s team decided to leverage these features to make a temporary move into automotive. “We went after a contract and went into manufacturing in composite for the body of the Ford GT,” he says. “It had nothing to do with Airbus and nothing to do with helicopters, but we had the capability.”
This also allowed the leader to avoid mass layoffs and damaging morale while helping Airbus Helicopters bounce back. “Especially with a mature business, we have the tendency to become complacent,” Trapp says. “A crisis forces you to challenge yourself, but the best is to challenge yourself on a continuous basis.” Demand for law enforcement and medical helicopters in Canada recovered enough for the company to exit the automotive arena in 2018.
Halfway through his six years leading Airbus Helicopters Canada, Trapp was asked to serve as COO of Airbus Helicopters North America concurrent with his Canadian CEO role. The dip in demand that was impacting
Industry leader Airbus Helicopters has worked on more than 3,070 in-service aircraft, serving a wide variety of purposes. Here are its top revenue-producers: Rucker Training Center in Alabama; and aircraft are maintained at the regional support and services hub in Grand Prairie.
THE U.S ARMY Airbus Helicopters has delivered more than 465 of its UH-72 Lakota helicopters for army missions. Choppers are produced in the company’s facility in Columbus, Mississippi; pilots are trained at Airbus Helicopters’ Fort
Airbus Helicopters is the market leader for emergency medical services
helicopters. They can reach the scene of an accident three to five times faster than ground vehicles, bringing patients to medical facilities quickly and safely.
Ten Airbus helicopters have been delivered to the Canadian Royal Mounted Police, more than 100 to U.S. Customs and Border Protection, and many more have gone to city police and law enforcement.
This segment encompasses helicopters produced for firefighting missions, power line and building maintenance efforts, oil, gas, and mining, and more.
The billionaire market became the number three sales producer for Airbus in 2022 (fifth overall in revenue). Among its affluent clients is Jerry Jones, whose helicopter can often be seen at Cowboys games.
the Canadian helicopter market reached the U.S. The company needed a crisis conqueror. “It was a mix of me being ready to take on another challenge in North America and the company going through a bit of turmoil and needing to bring my experience back,” he says.
He decided to commute between Grand Prairie and Niagara Falls, searching for new markets in the U.S. the same way he did in Canada. After some thought, his team in the U.S. decided to break into the private and business aviation niche. “Basically, billionaires,” Trapp explains. “We brought a fair number of people into the helicopter business who decided to enjoy the added value of a helicopter in addition to their jet. This led us to grow our sales, and at the time, we needed to.”
He helped maintain a strong performance at both the U.S. and Canadian facilities until 2019, when he was offered the top role for North America, operating fulltime out of Grand Prairie. “It was both the job I wanted and the job I had unconsciously been preparing for,” Trapp says. He accepted, then just a few months later, the COVID pandemic hit. “After the third crisis, the first thing you ask yourself is, ‘Is it me?!’” Trapp jokes.
This time, navigating a crisis meant steadying operations so that law enforcement, emergency medical services, search-and-rescue, and more could continue
saving lives. Keeping composure was key. “There is a definition of leadership that I like that says: ‘A leader is someone who is importing stress and exporting energy,’” Trapp says. “Especially at a time of crisis, if you are stressed, and you show your team that you’re stressed, then the team is going to be stressed, and that’s just a recipe for failure.” Demand dropped some, but the helicopter market stabilized within the first six months of the pandemic.
Now, having navigated through three crises and driving Airbus Helicopters North America past $1 billion in revenue, Trapp has his sights set on the future—in a big way. Two of his goals for the company include capturing more government agencies as customers and improving sustainability. But another goal is a bit more eccentric. “It’s about a potentially big addition to the helicopter market, which is going to be around urban air mobility or electrical, vertical takeoff lift,” Trapp says. “In the nontechnical world—flying cars.”
The company is preparing for these autonomous and electric vehicles to become widely used in the next decade. “We are in our third round of prototypes,” Trapp says. He thinks the vehicles will serve a function similar to a taxi, shuttling people from place to place rather than replacing current uses for helicopters. “I don’t see the technology being mature enough for a while,” he says. So, what’s the next destination on Trapp’s personal flight plan? “I love this job. I always ask, ‘OK, Romain, what’s next?’ and I say, ‘I love this job,’” he laughs.
Seth Teply, CEO and President TETRA PAK U.S. AND CANADA
“resilience is a term that we’ve spoken about a lot in the last few years at tetra Pak as part of our wellbeing program. For me, resilience is not about being tough, rather it is about doing the work to strengthen our foundation so that we are prepared for future challenges. When our individual resilience is compromised, we feel overwhelmed and tend to go into survival mode where we avoid change. The same is true for corporate culture. A resilient culture is one backed by resources, expertise, strong leaders, and a shared purpose. Together, these factors fortify your foundation allowing you to feel confident to weather any obstacles you may encounter. When you have this foundation of resilience, you are more open to make necessary changes in your business and to embrace new ideas that lead to great innovation.” —As told to Ben Swanger
Tthe dfw area’s housing prices started rising sharply in 2020, matching or even exceeding the increases in expensive-home hotbeds like Los Angeles, Phoenix, Miami, and New York. For decades, DFW housing prices increased only moderately—but the sudden spike raised affordability issues. So, how will all the newcomers flocking to North Texas find a place to live at a reasonable price?
Markets for cars, clothing, and the rest of what we buy offer products with a variety of prices and features. There’s usually something for everyone. That’s especially true for the nation’s local housing markets.
With an eye on affordability, we looked at local housing prices, focusing on size and location. These two simple measures create a reasonably coherent portrait of the geography of housing prices in the DFW area. Then, we compared
this data with what local homeowners in other metripolitan areas could purchase for the same amount of money.
For 50 cities (nine represented in the chart) in DFW, we used Realtor.com’s October listings for median prices and median square footage, combined with census figures on population. We set aside three outliers with big and expensive houses: Highland Park, University Park, and Southlake (see sidebar).
In the chart, DFW cities are represented from places with smaller homes at lower prices to areas with large homes at higher prices.
A good starting point is Dallas itself—the big dark blue dot. With a median price of $467,000, it’s relatively affordable, but buyers don’t get much room, with a median of 1,853 square feet.
Median prices are lower in Mesquite ($299,000) and Garland ($330,000), but homes are even smaller than in Dallas.
For lower prices with more square footage, good bets include Arlington ($360,000) and Grand Prairie ($364,000) to the west and Duncanville ($335,000) and DeSoto ($367,000) to the south. To the north, Richardson ($460,000) offers a sweet deal: pay $7,000 less for a house with 247 more square feet than in Dallas.
The median Fort Worth house (2,527 square feet) sells for about the same price as one in Dallas with the extra 674 feet costing just $8,000.
If Fort Worth’s too far from work, the east side of the metropolitan area offers similar-sized houses at slightly higher prices in Plano ($548,000) and McKinney ($551,500).
Want even more space? Look farther north and be prepared to pay dearly. Median homes exceed 3,000 square feet in Allen ($570,000) and Prosper ($818,000).
Using the city data, we calculated a weighted average median size/median price tradeoff for the overall DFW metropolitan area—1,956 square feet selling at $428,400. We then looked at comparable figures for the country’s 40 largest metropolitan areas.
DFW homes are more expensive than two years ago, but the area is still among six metro areas that offer buyers big homes and low prices. Three of those six are in Texas. In San An-
tonio, a typical 1,882-square-foot property goes for $320,000; in Houston, a 2,000-square-foot house costs $350,000. Kansas City, Indianapolis, and Charlotte fill out the group.
Small homes and high prices characterize a group of nine coastal cities. All have median square footage between 1,037 for Boston and 1,607 for San Jose. Prices range from $585,000 in Miami and $611,000 in Washington to $1.3 million in both San Francisco and San Jose. The five others are Washington, New York, Seattle, San Diego, and Los Angeles.
Suppose a family sells its median home in Boston or New York and moves to a median home in Prosper. The residences cost the same, but in DFW, the family can afford three times the living space. Smaller but still significant size/price gains are possible in relocating to the DFW area, and the steady stream of newcomers shows that people are still taking advantage of the housing bargains that North Texas offers.
W. Michael Cox is professor of economics in the Bridwell Institute for Economic Freedom at Southern Methodist University’s Cox School of Business. Richard Alm is writer-in-residence at the Bridwell Institute.
The Realtor.com data show the median Highland Park home contains 4,565 square feet and sells for $3.2 million. University Park isn’t far behind at 3,455 square feet and $1.8 million. Southlake runs 4,389 square feet at $1.4 million. Incorporating these three affluent communities would have stretched the size and price scales far above Prosper and Allen. The other cities would end up jammed in the graph’s lower left, separated by blank space from three data points isolated in the upper right. These three are truly market outliers, and including them would have made it impossible to see the range of housing options in DFW.
The region still has something for everyone.
CRAIG J. LEWIS
Founder and CEO GIG WAGE
“When I think about innovation, it’s all about how you can take something that usually already exists in one area, one domain, one industry, and finding a unique way to apply it within a new industry. It is difficult and it is messy, but the actual tactical part is taking something that already exists and applying it in a new area. My mom always used to tell me, ‘There’s nothing new under the sun.’”
HEIDI SOLTIS-BERNER Managing Director, Real Estate Services DELOITTE“Innovation is about giving people permission to explore new ideas and possibilities through pilots and short sprints. Not every idea or solution gets it right the first time. Being innovative means learning quickly and failing forward until you achieve a breakthrough. When fostering an innovative environment, the potential of people and ‘what comes next’ feels tangible and exists in each interaction.”
Chief Technology Officer CAPITAL ONE FINANCIAL SERVICES
“Innovation is envisioning and achieving a radically different outcome, especially one that creates value for beneficiaries. I believe we must get comfortable with discomfort to unleash the full power of creativity. Embracing the discomfort associated with the unknown exposes us to new possibilities. Facing uncertainty and ambiguity helps us go into learning mode, challenge the status quo, and push the limits.”
TXCPA Dallas is one of the premier professional associations in the Metroplex. We serve over 6,000 professionals who are the decision makers and trusted business advisors at the center of one of the fastest growing markets in the country.
Plan to join TXCPA Dallas at Wednesday, june 7, 2023
omni Frisco at the star
conflict and saving your family’s enterprise—and relationships.
1.
COMMIT TO CHANGE.
Your commitment to changing how you engage with your partners is your golden ticket to breaking the cycle of insanity (doing the same thing but expecting a different result), which creates faster resolution. Otherwise, nothing else matters, and your problem will not go
Whether yours is a generational or startup family business, you’ve likely dealt with serious conflict among partners, either first-hand or as a weary witness. And if conflict ever escalates to an impasse or even a legal fight, it’s a true test of the survival of your family’s business, your financial well-being, and ultimately your family relationships. I’m approached most often by one partner in the business seeking help saying, “I’m the only one who is dealing with the problem!” They don’t see how the business can survive if the conflict can’t be resolved. They’re tired of going from “things will work out” to “it’s a train wreck,” and they hate what all of it is doing to their family. As dire as these scenarios may seem, there’s good news. None of these things are the real problem—just symptoms. The real problem is not making the shifts to resolve the impasse. When you do, this seemingly insurmountable obstacle becomes a thing of the past, and you can return to focusing on your goals and the joy of being in business together. Here are three simple yet powerful strategies that help provide the best chance of resolving your family business impasse.
away. If it’s just you who is addressing the problem, that’s OK. It takes two to tango but only one to establish a resolution. For starters, try something as simple as a heart-focused breath before responding during a conversation.
Your immediate drop in cortisol gains you greater awareness for a lesscharged, more insightful response, interrupting the cycle of insanity.
BE AT PEACE WITH CONFLICT.
Some level of conflict can be normal and should not immediately raise the alarm bells. Keep in mind that conflict happens because life happens, and happiness isn’t about not having conflict. That’s not realistic. Happiness is knowing you can roll with it so it doesn’t become unnecessary drama-trauma that lands you right back at impasse. Through conflict, find peace. Make the challenge about the problem, not the people. Seeking creative solutions together can take your business and relationships to a new level.
DON’T TRY TO MEDIATE YOUR FAMILY.
This is a famous mantra professional mediators go by. No matter how well-trained, patient, and reasonable you are, your family doesn’t see you as objective. There’s no getting around the history you have with each other. Solving an impasse in a family business is like crossing a minefield. Don’t go it alone. There’s too much riding on it. Find the best conflict expert out there for your needs.
Why is the oil & gas industry becoming a more profitable option for investors than real estate lately?
Profitability depends on several variables. It’s more about the scale of the upside opportunity. 2022 turned into a difficult market for many real estate investors largely because of soaring interest rates. During the last few years, real estate has lured people into thinking big returns happen quickly. The historically low cost of capital accelerated transaction activity, contributing to accelerated values. When the Fed pumped trillions into the economy in 2020, the market overheated, and inflation hit like a sledgehammer. So, real estate investors who like alternative investments—many still flush with cash—need an alternative to their alternatives. Oil & gas then became a more interesting option. But not all OG investing is created equally. Based on our research, only one OG investing model delivers value to investors like that of real estate. It’s the “Acquire Develop, Divest” model from King. Much like you can buy a house as an investment, with King oil & gas programs, you buy a lease and own the rights to whatever is produced from that lease. And with both, there is a finished product to sell, hopefully with an upside.
What are the three ways oil & gas investors can be paid through King Operating Corporation?
First are tax savings. The low-hanging fruit, so to speak, is a tax write-off, which can be up to 100% of your investment. Second is monthly passive income. Investor partners can participate in monthly passive income generated from the development of the assets through drilling, producing, and selling hydrocarbons. Third is divestiture. As value is created through developing fields, they become attractive to buyers as an acquisition. Buyers can be other nearby operators, typically larger public companies. They can also be institutions, such as pension funds, that
like to buy income-producing assets. King markets the assets and divests them, ideally, for a multiple within three to five years.
What makes King Operating Corporation different?
The biggest difference that investors value is results that can—and have been—achieved in this “Acquire Develop Divest” (ADD) model. It’s the only model, and thereby opportunity, for upside available to retail investors. One other thing that stands out in all the feedback we actively solicit from our partners is the transparency in communication. Oil & gas is a tough business. According to Mike Tyson, “Everyone has a plan until they get punched in the mouth.” While Tyson is not known as a great philosopher, this wisdom is a cold, hard truth that applies to this business. So, King investors get the truth whether things are going according to plan or not.
What is the risk of investing in oil & gas?
Oil is a commodity, so it comes with commodity pricing, and drilling is a risk. Additional expenses can occur, creating headwinds for projected economic returns. Couple that with volatility in commodity prices, and achieving value becomes more difficult. Federal regulator hurdles can also be a risk if not properly mitigated. At King, we develop in basins of focus where we have strength in field partner relationships and, most importantly, expertise in land and geology. Additionally, diversifying across multiple basins of focus helps mitigate risk. King is focused primarily in the Permian Basin in Texas and the Big Horn Basin in Wyoming. With multiple field assets in both, risk mitigation is more achievable while creating value.
How can I become an investor in oil & gas?
For King Operating Corporation, you must be an accredited investor. To learn more, visit KingOperating.com.
As the founder and CEO of King Operating Corporation, Jay Young drives strategy and vision for the company’s leadership team. An oil man at the core, he has been in the oil and gas industry for almost 30 years and his family has been in the business for more than 100 years. In addition to his duties at King, Young hosts the podcast, the “Jay Young Show,” and is a Forbes Books author of “The Upside of Oil and Gas Investing,” wherein he breaks down the story and strategy behind the King investment model.
21% 3.5x FORECAST OF...
Achieve value with 3 uniquely linked elements of financial return by investing in a unique energy fund in which investors can achieve monthly passive income, a multiple on invested capital, and significant tax savings.
Receive 80% of distributable revenue in the form of MPI, or, Monthly Passive Income.
While timelines vary, the horizon to multiply invested capital is typically within 3-5 years.
Achieve
June: Women’s Leadership Symposium
September: Diversity, Equity, and Inclusion Symposium
Ongoing: Diversity, Equity, and Inclusion Speaker Series (3x/year); Healthcare Panel Series (3x/year)
D CEO brings together the brightest, most driven C-suite executives in North Texas, in one room.
D CEO is more than an award-winning
WHAT I DO:
“I’m the founder of Grit Fitness studios. With locations in Dallas, my team and I are proud to be 100 percent women-owned and -operated.”
STYLE ICON:
“Michelle Obama. Her looks are powerful yet elegant at the same time— and she’s queen of the sleeveless look.”
ON THE JOB:
“I’m a huge fan of versatile, high-quality athleisure. I typically choose pieces that provide enough comfort and support to get me through a workout. At the same time, I go for sleek styles that I can pair with a leather jacket and wear to a business meeting.”
FASHION INSPIRATION:
“At Grit, we teach women to be bold. Instead of focusing on getting smaller, we encourage larger-thanlife spirits. This philosophy also inspires my style.”
STYLE DEFINED:
“Sporty chic”
FASHION ESSENTIALS:
“Wedding rings, a hair tie, cell phone, and snacks for my baby.”
GO-TO LOOK:
“A matching sports bra and leggings set with a jacket or flowy crop top, plus colorful Nike Air Max.”
HOW I ACCESSORIZE:
“Large clip-on earrings are my statement accessory—the bigger the better. Since I’ve become a mom, I’ve found clip-ons more practical and safer as my 8-month-old loves to grab them. Ouch!”
WEEKEND LOOK:
“My weekend looks don’t change much, but if my husband and I have a date night, I go for a fitted dress in a bright color.”
FAVORITE STORE:
“I’m a huge Zara fan. Many of its trendy sweaters can pair well with workout leggings for a versatile look. I also love Vuori and Outdoor Voices for athleisure looks.”
growing up, curtis hite often visited his grandparents on the Delaware coast, where he sifted through thousands of pennies his grandfather had. “He was very into coins, and I would always like to look at his collection,” says Hite, the CEO and chairman of technology consultation company Improving.
He started his own collection around age 8, beginning with valuable coins his grandfather handed down. And today, he has more than 100,000 pieces, ranging from sixth century Arabic artifacts to present-day currencies from more than 125 countries.
“It always interested me, and it never went away,” Hite says. Over the years, he has read up on the hobby, hunted new coins at flea markets and estate sales, and even taken notes from staff at Dallas-based Heritage Auctions, the largest collectibles auctioneer worldwide.
Hite documents his coins in detail, noting grade when relevant, history or known backstory,
and more. “I have no intention of reselling,” he says. “I like to preserve the history, not just do it for the money.” His favorite pieces include 2,000-yearold widow’s mites from Jerusalem— pennies named for the Biblical story in which a poor widow gives all she has to God—as well as antique Irish coins from the 17th century. “They were made from melted cannons,” Hite says.
Coin collecting has taught Hite to be detailed in record keeping, transparent, and mindful of where he places trust in the business world. “People are trying to scam you quite often,” he says. “That happens in coin collecting, just like it does in any other business. We do need to extend trust to people, but you’ve got to extend it smartly.” Relationships, he adds, are key to growth in both arenas; some of his greatest additions to his collection come from friends who are aware of his passion.
Hite is building a new home with a walkin safe and room to store and display his coins and corresponding documentation. He hopes to keep growing the collection and eventually pass it down to the next generation. “I want it to be something I can continue to do as I age and share with family.”—Kelsey
J. VanderschootGensler is proud to be a part of these incredible projects recognized as Finalists in D CEO’s 2023 Commercial Real Estate Awards.
Ryan Tower Best New
Shondaland executive Megha Tolia hopes to help spark change through her family’s ashram in India.
megha tolia grew up visiting the ashram, or spiritual school, that her aunt and uncle ran for nearly 60 years in Gujarat, India. “They wanted to give their life to service,” says the Dallas-based president and COO of Shondaland, the company behind Netflix’s “Inventing Anna” and “Bridgerton” and other hit shows like “Grey’s Anatomy.” The couple took over the school in 1958, providing elementary classes to boys in rural areas and encouraging girls, who were historically taught to focus on homemaking, to pursue education.
Over the years, the ashram expanded to include a teacher training program for widows and young women, as well as an orphanage, where Tolia spent most of her time during her visits. “Being able to change a child’s life socially, emotionally,
developmentally—that’s what we can do with the orphans,” she says. Today, the ashram is a model for 17 neighboring communities. “We offer up our playbook to get those communities started,” Tolia says. The school has seen more than 20,000 young adults graduate from its high school program, and several hundred widows and girls live on campus full-time.
Tolia serves as a fundraiser and adviser, providing business expertise to her relatives who are the boots on the ground. She says the ashram has taught her the importance of diversity and true inclusion. “It’s enabled me to see that it’s not about your pedigree,” she says.
As leadership of the ashram passes to the next generation, Tolia hopes to take on a larger development role. “I’m passionate about bringing new programs to the curriculum,” she says. “And I would love to scale our efforts.” Eventually, she hopes her own children will benefit from visits to the ashram, too. “It’s a place of giving and learning, and it’s a spiritual experience,” she says. —Kelsey
J. VanderschootWe asked area C-Suiters to share what animal best represents their character.
“Leopards are agile, flexible, and adaptable with the ability to attack with speed from the ground or trees. They adjust to changing environments and are low-key, unless you get them angry. This is similar to my demeanor and the way I do business.”
ALAN SHOR President, Co-founder, and Co-chairman The Retail Connection“I would be an English sheepdog. Those dogs are protective of their flock and will stop at nothing to make sure each sheep is safe from harm. I see that as my role at Ryan.”
GINNY KISSLING Global President and COO, Ryan“Like the salmon, I have spent most of my life swimming upstream. Early in life I swam upstream purely for survival. Today, I swim upstream in part for survival, but mostly to create my own path for others to follow—at their own risk of course.”
DENNIS CAIL CEO and Co-founder, Zirtue“Psychologist Carl Jung developed eight animal personality types that represent eight cognitive types. I identify with the elephant. People with the elephant personality type are friendly, organized, and outgoing. They are happiest when helping others, planning social events, or participating in activities that involve lots of people.”
KIT SAWERS President,Setting the standard in high quality sustainable development.
Operating since 2005, OM Housing is a national award-winning multifamily development firm in the DFW metroplex. Having developed over 8,000 units, OMH has won numerous awards for its pioneering work in a ordable housing. In the spirit of conserving energy and water along with supporting healthier living standards, OMH is dedicated to providing high-quality, sustainable, eco-friendly communities.
Deepak Sulakhe, President / CEO, OM Housing | info@omhousing.com
WELL TRAVELED
The British territory offers many adventures to discover, says banking executive Jody Grant.
story by BEN SWANGERIntrepid’s temaki sushi station and raw bar, which boasts oysters, caviar, and more, is a must-try.
Each restaurant and bar on the property has its own unique cocktail offerings and wine list.
The Princess Hotel welcomes travelers by sea, offering its docks to guests.
while on a recent excursion to bermuda, I often felt in awe of the island’s beauty. After touch-down, a 30-minute taxi ride transported my wife and me from the airport to the Hamilton Princess Hotel & Beach Club in the nation’s capital city. Throughout the journey, I felt like I was whisking through the winding roads of a children’s pop-up storybook, with homes in bright pinks, blues, and yellows, lush vegetation, and crystal-clear ocean beaches.
The 410-room hotel, built in the 1880s, is the oldest estate in the global Fairmont portfolio. Dubbed the “pink palace”, make sure to pack your favorite pink outfits to capture glamorous Instagram-worthy shots. A favorite part of the everything-pink property was a quick jitney ride away: The Princess Beach Club. The picturesque private cove boasts soft, white sand and calm, turquoise ocean water, which is ripe for relaxation, a quick swim, or paddleboarding.
Another highlight of the property was its surprisingly deep art collection. From works by Pablo Picasso, Yoshitomo Nara, KAWS, Banksy, and more, the space resembles an exclusive museum-quality art gallery. But within the Princess Hotel, the pop culture and contemporary work immerse guests as they check in, dine at in-house restaurants Crown & Anchor and Intrepid Ber-
muda, and mill about the lobby. A guided tour with local art docent Lisa Howie helped me fully appreciate the eclectic and expansive collection.
The property’s restaurants also shine. For dinner at Crown & Anchor, start with a platter of crispy calamari or pumpkin soup. For a main, try the orecchiette pasta doused in creamy sundried tomato sauce, olive tapenade, and parmesan. The grilled salmon also impresses. Intrepid Bermuda’s ambiance sets the scene for a delightful meal. I went all in with the starters, enjoying the oysters, Intrepid Roll, and crispy pork belly; all were delectable. If you’re lucky enough for the day’s catch to be halibut, it is a must-try. The 10-ounce prime striploin was also cooked to perfection. Finally, the lemon meringue cheesecake is a dessert not to be missed.
For more low-key meals in downtown Hamilton, the Specialty Inn is reportedly a favorite of frequent Bermuda visitors Clint Eastwood and John Travolta. The Pickled Onion is another island go-to for upscale casual fare.
When I wasn’t relaxing at The Princess Beach Club, I was exploring Bermuda’s Crystal and Fantasy Caves, which hold deep underground pools of azure water, impressive rock formations, and mesmerizing ceilings with rare chandelier-style crystal clusters. The experience is incomplete without walking around the corner to the Swizzle Inn for a pitcher of the island’s signature drink, the Rum Swizzle. Pair it with the famous wahoo nuggets or conch fritters and your afternoon is authentically Bermudian. If golf is your game, the island has the world’s most golf courses per capita. The Port Royal Golf Course, home to the Butterfield Bermuda Championship golf tournament, is a popular choice. The 16th hole, situated on a cliff overlooking the Atlantic Ocean, is a signature view.
A final note: There’s no need to fear the Bermuda Triangle when traveling to the Princess Hotel. The enchanting island of Bermuda itself was the only otherworldly presence I encountered on my magical sojourn.
Jody Grant, the co-founder of Texas Capital Bank and chairman of Woodall Rodgers Park Foundation, has visited Bermuda about 10 times in the last dozen years. “Bermuda stimulates all the senses,” he says. “The sea breeze, the tropical plants in beautiful English gardens, and the architecture are uniquely Bermudian. The homes and buildings are all wonderful pastel colors.” For fine dining on the island, Grant recommends Tom Moore’s Tavern and enjoys the Bermuda fish chowder with black rum. Two must-see spots, Grant says, are “St. Peter’s Church, the oldest continuously used Protestant church site in the ‘New World’ and St. George’s Town and Parish, which are UNESCO World Heritage Sites—they shouldn’t be missed.”
as told to
CHRISTINE PEREZ illustration by JAKE MEYERSthe ceo of digital marketing firm hite
Dallas and founder of Hite Creative, Tatiana Chamorro is an unstoppable force. It runs in her family. Her aunt, Violeta Chamorro, took over the family’s newspaper after her husband was assassinated; in 1990, she was elected president of Nicaragua. An infant at the time, Tatiana and her parents returned to their home country from Costa Rica, where they had been living to escape the turmoil. Here, she shares her story:
“For nearly 100 years, my family has owned the La Prensa newspaper in Nicaragua. We have always been politically involved in a country frequently ruled by dictators. After my uncle was murdered, he became the face of the revolution, and my aunt became president. Having the
newspaper led to transparency and helped bring democracy to the country. Sadly, the dictator my aunt overthrew took power again. My experiences have taught me to believe in education. I think it’s the only way to break free. We came to Texas so my husband could get his master’s degree at Texas A&M University–Commerce. I later got my student visa and earned my undergraduate and graduate degrees while working and volunteering at the university. We pursued opportunities in Dallas so our children could attend private schools. Since then, we’ve helped several family members graduate from college. We want to become a source of giving back and are launching a scholarship at our alma mater. It’s a first step for us in philanthropy.”
story by CHRIS GOODWIN
The daughter of an east texas sharecropper, elsie faye Heggins and her mother moved to Dallas from Rusk, Texas, when she was 11 years old after her parents divorced. Balancing career and school, she attended what is now the University of North Texas while working in real estate. She was an agent in North Texas for 16 years, establishing relationships that served her well as she moved from business to activism. Known for her passionate and confrontational style, she held leadership roles with the Crossroad Community Center, Dallas Legal Services Project, and Black Citizens for Justice, Law and Order. Heggins became a champion for her community and pushed for improved healthcare for the elderly. In 1980, she was the first Black Dallas city councilperson elected without ties to, and support from, the White establishment. Heggins served two terms, where she successfully fought to change the construction plan for Interstate 45 to provide improved access to South Dallas. Civil rights leader J.B. Jackson described Heggins this way: “She doesn’t mind [the members of the City Council] kicking her, treating her like a dog; she hangs on like a snapping turtle, and she gets things done.” Heggins later ran for county commissioner but lost the election and retired from politics. She spent her last years in Houston, running a small antique shop. The city council named a street in South Dallas for her in 2015.
