Constructing Chicago's Skyline During COVID-19 with Michael Meagher, President of James McHugh Construction Company

On this episode of Real Estate for Breakfast, host Phil Coover is joined by President of James McHugh Construction Company Michael Meagher. Many of the buildings that make up the Chicago skyline were constructed by McHugh, including the Vista Tower, which is now the third tallest building in Chicago. Phil and Mike discuss what it was like to build the Vista Tower during the pandemic and how COVID-19 has impacted the construction industry, from material shortages and labor challenges to enhanced safety protocols. In addition, they discuss the 100 Club of Chicago, which provides much needed immediate relief and support to the families of deceased first responders.

Michael Meagher is directly responsible for the overall strategic direction and vision fulfilment for James McHugh Construction Co. Additionally, he reports to the Board of Directors of McHugh Enterprises. He oversees all general contracting activities and associated operations. Starting in the industry as a summer worker for four consecutive years, Meagher took an immediate liking to jobsites and seeing a project from start to completion. Immediately out of college he was hired at James McHugh Construction Co, as an estimator with the company. For over 30 years he exemplifies the company culture of loyalty, promoting within and client satisfaction. He works closely with the company’s senior management team in developing accountable project teams that are empowered to make decisions on the project site to eliminate bureaucracy and provide a seamless project experience. Eliminating obstacles and providing support to project teams is a cornerstone of the management teams’ approach.

Meagher is dedicated to maintaining strong working relationships with clients, ensuring that McHugh’s storied reputation for delivering quality construction solutions is upheld.

As part of his successful strategy of building lasting client relationships and staying on the cutting edge of construction trends, Meagher has led McHugh’s development of a long-term partnership with the U.S. Navy at its Great Lakes Naval Station. He spearheaded the company’s design-build efforts for the $62 million MCPON Plackett Manor Bachelor Enlisted Quarters, whose success spurred the Navy to designate it as a prototype for design-build programs. Since then, Meagher also led a McHugh team to its creation of a design-build program for the Navy’s cutting-edge Battle Stations 21 training simulator.

Meagher has been with McHugh his entire post-collegiate career, starting as an assistant project engineer/estimator, responsible for quantity and labor estimates for rehabilitation and interior projects. He then became a project manager, overseeing retail, office, and healthcare projects. Later, Meagher was asked to set up and manage a marketing department for the firm. As business development manager, he developed target markets and led sales and marketing efforts focused on large, complex construction projects, often in the $100 to $500 million range. Meagher became an officer of the firm in 1997.

During this time, McHugh recognized the potential for great opportunities overseas and construction offices were established in Moscow, Russia and Prague, the Czech Republic. From Chicago, Meagher directed the Eastern European sales and marketing efforts, earning their first major client, Boeing Commercial Aircraft Group. He then helped develop a stand-alone sales and marketing office in Eastern Europe. Although the company concluded its Moscow operations because of a failing Russian economy, it maintained many of the corporate relationships Meagher helped build.

Meagher also spearheads corporate goodwill efforts for McHugh, including the firm’s pro bono construction of the Special Olympics Eternal Flame of Hope Memorial, Ford Heights Little League Baseball Field, and the Chicago Youth Program headquarters. He has served as chairman on the Board of Trustees of his alma mater, St. Mary’s University of Minnesota, the board of Catholic Charities of Chicago, and Chicago Police Memorial Foundation. He currently serves as president of the board of the 100 Club of Chicago, and president of the Chicagoland Associated General Contractors. Meagher also serves on the board of McHugh Enterprises, Inc.

For more information, please visit http://mchughconstruction.com/.

Design Led-Design Build Construction with Mark Wight, CEO of Wight & Company

On this episode of Real Estate for Breakfast, host Phil Coover chats with Mark Wight, Chairman and CEO of Wight & Company, about the intricacies and challenges of architectural design and construction and the efficiencies to the client of a vertically integrated design-led firm that handles design to delivery all in one shop. They discuss some current Wight & Company projects, including the Will County courthouse where the focus is transparency. Phil and Mark also discuss how the COVID-19 global pandemic and the shift to remote working have impacted design and workplace trends and how the company is handling the pandemic.

Mark Wight is Chairman and CEO of Wight & Company, an award-winning architecture, engineering and construction firm that has been in business for more than 80 years. Originally founded by Col. Raulin B. Wight as a civil engineering firm, Wight & Company continues the tradition with a highly acclaimed group of transportation and infrastructure professionals.

When Mark took the helm in 1987, he disrupted the industry by pioneering Design Led-Design Build, an integrated model of project delivery promising design and delivery excellence at unrivaled schedule and cost savings. This multidisciplinary approach connects architects to the cost implications of their design decisions and centers the collaborative process as the key to discovering the most creative and responsible solutions.

Wight & Company is known for innovative ideas, technologies and responsible solutions ahead of their time. As a result, our company has been at the forefront of delivering environmental solutions that were once unorthodox but eventually became mainstream. The company’s culture of sustainability was integral to the successful completion of the first LEED Pilot Project.

The construction value of the firm’s work in progress is over $1B annually and is continually ranked among the top firms in the country. The company has won numerous awards for its work from the American Institute of Architects, Landmarks Illinois, Design-Build Institute of America, U.S. Green Building Council, and many others.

The greatest reward for Mark is working with the brightest people in the industry. Today, the firm boasts a visionary and vibrant culture of around 200 design, engineering, and construction specialists, dedicated to creating meaningful impact in the world today and in perpetuity.

Mark earned a B.A. from Reed College and a J.D. from the University of Notre Dame. While never formally trained in architecture, engineering or construction, Mark has been a determined student of the industry for more than 32 years. 

Learn more at: https://www.wightco.com/

Chicago Real Estate and Sale-Leasebacks with Marcus & Millichap's David Bradley

In this episode, host Phil Coover welcomes Marcus & Millichap Regional Manager David Bradley to discuss commercial real estate investment brokerage and financing services in the Chicago market. Phil and David specifically discuss the mechanics of sale-leaseback transactions and how these transactions can be structured to unlock value and benefit the long-term goals of both the buyers and sellers. They also discuss the challenges and rewards of managing a team of ambitious professionals and, of course, the ongoing impact of COVID-19 on real estate.

David Bradley is the Regional Manager of Marcus & Millichap’s Chicago Downtown office. He joined Marcus & Millichap as an agent in 2004. He held executive positions within the firm in Florida, Washington DC and Virginia before being promoted to Regional Manager of the Chicago Downtown office in November 2016. David graduated from Pennsylvania State University with a Bachelor of Science degree in industrial and organizational psychology with minors in business, labor relations and dispute management and negotiations.

For more information, please visit https://www.marcusmillichap.com/.

The Hospitality Industry and COVID-19 with Scarlett Hotel Group

In this episode, host Phil Coover and Jay Augustyn of Ice Miller LLP are joined by Zio Pekovic and Rob Sadoff of Scarlett Hotel Group, a hotel owner and operator based in Chicago, to discuss the hospitality industry and its challenges in the face of COVID-19. Despite these challenges, Scarlett Hotel Group maintains a growth mindset, exploring distressed investments and creditor advisory opportunities. Scarlett Hotel Group proactively and transparently implemented procedural and practical changes in hotel operations and infrastructure to safeguard guest and employee health and safety in response to COVID-19.

Mr. Zio Pekovic is a co-founder and principal of Scarlett Hotel Group. During his career, Mr. Pekovic has cultivated strong relationships with owners, brokers and financial institutions throughout the country and internationally, allowing him to identify both on- and off-market opportunities for investors. His focus includes identifying and analyzing potential hotel investments and structuring joint-venture partnerships with private equity funds, endowment funds, family offices and private investors. Mr. Pekovic is also involved in asset management and investor relations and is responsible for third-party management and receivership opportunities.

Mr. Rob Sadoff is a co-founder and principal of Scarlett Hotel Group where his focus is in the investment and development of hotel real estate assets. Since the formation of his new company in 2017, Mr. Sadoff has managed the execution of each transaction for the company’s portfolio of owned hotels. His expertise in deal structuring, franchising, financing and legal oversight provides the team with the confidence to execute and close on each transaction. Additionally, Rob’s strong business reputation of high ethics has been the catalyst for the addition of new capital and joint venture partners.

Jay Augustyn is a Partner in Ice Miller’s Real Estate Practice. He represents clients in all manners of real estate transactions, including acquisitions and dispositions, financing, leasing and joint ventures. Jay also advises investors, developers and entrepreneurs in fund formation and investment matters with respect to the federal Opportunity Zone program and other federal, state and local programs to improve efficiency of project financing.

For more information, visit https://scarletthotelgroup.com/.

The Fulton East Project by Parkside Realty, Inc. Chairman and CEO Bob Wislow

In the latest episode of Real Estate for Breakfast, host Phil Coover is joined by living Chicago real estate legend Bob Wislow. Phil and Bob discuss the properties managed and developed by Parkside Realty throughout Chicago, including the ground-up development of Fulton East – a 12 story commercial building including 5,000 square feet of retail, 3 levels of enclosed parking and 8 stories of office space. The top is crowned with an 8,000 square feet outdoor space. Fulton East is the nation’s first office building designed to deliver health-focused operating solutions for the post-COVID-19 business environment, and is receiving national publicity and attention. Each of the 10,605 square foot floor plans enable flexible, custom planning options to accommodate safe social distancing. State-of-the-art wellness features include a hands-free elevator system and air and surface disinfection systems housed within a beautiful glass and steel grid exterior design that fits the historic district where the property is located.

Bob Wislow is chairman and CEO of Parkside Realty, Inc.

In 1978, Bob Wislow and Camille Julmy founded U.S. Equities Realty which they, together with Nancy Pacher, grew to be Chicago’s largest, privately-owned commercial real estate services firm. U.S. Equities has been responsible for a number of major projects including the development of the Harold Washington Library Center, Spertus Institute of Jewish Studies, Center For Care & Discovery and Comer Children’s Hospital at the University of Chicago, Poetry Foundation and John Stroger Hospital for Cook County; co-development of One Financial Place , Grand Plaza and The Cook County Hospital Headquarters and Clinic Building;  and the redevelopments of the John Hancock Center, Willis Tower, 20 North Michigan, and 840 N. Michigan in Chicago; as well as overseeing the development of Compuware’s Headquarters in Detroit, Bank Boston’s Headquarters in both Argentina and Brazil, 618 S. Main in Ann Arbor, and in partnership with Clayco Centene’s Headquarters in St. Louis.

In Spring 1999, U.S. Equities was retained by Millennium Park Inc., (the group representing the Park’s private donors) to oversee the design, engineering, fabrication and construction of Frank Gehry's Pritzker Pavilion and BP Bridge, Anish Kapoor’s monumental Cloud Gate sculpture and Jaume Plensa’s Crown Fountain. 

In addition to development and project management services the firm provided tenant representation, asset and property management, leasing, real estate consulting, and financial and investment services. Its Chicago headquarters, directly across from Millennium Park, housed original works of art, including paintings, prints and sculpture by over 150 artists. Through its annual Artist in Residence program, the company commissioned artists to create original, limited edition books related to the cities where the firm did projects. 

After nearly four decades of success in Chicago, Wislow and his partners merged their firm into CBRE, the world's largest commercial real estate services firm, in the summer of 2014. At the time, U.S. Equities leased and managed 17 million square feet of Chicago property, including Willis Tower, 2.5 million square feet of office and retail space along Michigan Avenue, Union Station, Metra Market, and six Illinois tollway oases. The successfully merger brought more than 400 U.S. Equities employees under the CBRE flag. 

In August 2019, after five successful years with CBRE, that includes projects like the World’s largest Starbucks Roastery on Michigan Avenue, Wislow and Julmy formed a new, boutique real estate venture called Parkside Realty Inc. The real estate veterans will maintain their portfolio and develop new projects, such as Fulton East, a 12-story, 90,000-square-foot office and retail building under construction at 215 N. Peoria Street, in the heart of Chicago’s Fulton Market.

A native Chicagoan, Wislow is known by friends as a dedicated heli-skier, road biker and fly fisherman, an avid arts supporter and longtime dedicated steward for civic engagement in Chicago. He has, or is serving, on the boards of many organizations and institutions, including the Chicago Public Library Foundation, Rush University Medical Center, Civic Committee, Museum of Contemporary Photography, Civic Consulting Alliance, CHICAGO Symphony Orchestra, Columbia College, North Central College and the Chicago Chamber of Commerce. Wislow has been honored with the Urban Land Institute (ULI) Lifetime Achievement Award, the NAIOP Chicago Award for Excellence, and the Chicago Architecture Foundation (CAF) Legacy Award.  

For more information on the Fulton East project, visit https://fulton-east.com/.

Willy Walker, CEO of Walker & Dunlop, on Capital Markets During COVID-19

In this episode of Real Estate for Breakfast, Willy Walker, chairman and chief executive officer of publicly traded Walker & Dunlop, joins host Phil Coover to discuss the capital markets and the impact of the Great Recession and COVID-19 on that industry, as well as Walker and Dunlop’s explosive growth over the past 12 years. While discussing the evolution and growth of Walker & Dunlop, Mr. Walker and Phil discuss specific industry sectors such as hospitality and retail from both the landlord and tenant perspective. In addition, they dive into office space and how the need for and use of space may change moving forward. This includes a discussion of working from home and the development of corporate culture. Phil also gets the chance to ask Mr. Walker about the decision to take the company public and the ramifications of that decision.

Willy Walker is chairman and chief executive officer of Walker & Dunlop. Under Mr. Walker’s leadership, Walker & Dunlop has grown from a small, family-owned business to become one of the largest commercial real estate finance companies in the United States. Walker & Dunlop is listed on the New York Stock Exchange and was #17 on Fortune’s 2017 list of “Fastest Growing Public Companies.” The company has also been named a Best Workplace for five of the past six years by the Great Place to Work® Institute. Mr. Walker received the Ernst & Young Entrepreneur of the Year award in 2011 and was named “Financier of the Year” in 2017 by Commercial Mortgage Observer.

Mr. Walker received his master’s degree in business administration from Harvard University and a bachelor’s degree from St. Lawrence University. He currently serves on the boards of Children's National Medical Center and the Mortgage Bankers Association, and he is a member of the Real Estate Roundtable. Mr. Walker is an avid runner, skier and cyclist, and has run the Boston Marathon in 2:36.

For more information, visit https://www.walkerdunlop.com/.

Raising Equity in a COVID-19 World with Jay Soave and Matthew Burskey of Cadence Capital Partners LLC

In this episode, host Phil Coover is joined by Jay Soave and Matthew Burskey of Cadence Capital Partners LLC and Jay Augustyn of Ice Miller LLP. The Cadence team shares its approach to raising equity and placing debt for sponsors and developers to facilitate their real estate projects. Cadence employs a proprietary data-driven scoring system that evaluates and weighs deal vitals, demographics, trends and risk probability for its sponsor clients and capital sources. The discussion includes an insider’s look at how COVID-19 has impacted the retail and hospitality sectors and investments in Opportunity Zones.

Jay Soave, Cadence Managing Principal

Jay Soave in a Managing Principal at Cadence and leads the Chicago office with responsibility for sourcing debt and equity for all asset classes nationwide, focusing on the Northeast, Midwest and Southeast. Jay has structured, negotiated and closed sophisticated transactions for 16 years, representing over $15 billion in gross value. Before joining Cadence, Jay worked in Tishman Speyer for nine years as a Managing Director in the Transactional Tax Group based in New York. Before Tishman Speyer, Jay worked as an attorney in the Chicago offices of Skadden, Arps, Slate, Meagher & Flom, Kirkland & Ellis, and Baker & McKenzie where he represented clients in mergers and acquisitions, private equity transactions, restructurings, and fund formation.

Matthew Burskey, Cadence Partner

Matthew Burskey is a Partner at Cadence and is responsible for the firm’s directional strategy and sourcing equity for all asset classes nationwide. Matt has established himself as an expert in the art of opportunity zone capital raises, yet his experiences spans all aspects of the capital raise spectrum.

Jay Augustyn is a Partner in Ice Miller’s Real Estate Practice. He represents clients in all manners of real estate transactions, including acquisitions and dispositions, financing, leasing and joint ventures. Jay also advises investors, developers and entrepreneurs in fund formation and investment matters with respect to the federal Opportunity Zone program and other federal, state and local programs to improve efficiency of project financing.

For more information, visit the Cadence Capital Partners website: https://cadencerec.com/.

Tenant Needs in a Post-Pandemic World with Christian Beaudoin, JLL Managing Director of Research and Strategy

In this episode, host Phil Coover is joined by JLL Managing Director of Research and Strategy Christian Beaudoin and Ice Miller partner Jay Augustyn. As we all know, COVID-19 has caused an abrupt shift in workplace operations, many of which may have a lasting impact on how we work. For example, as we return to the office, we can expect a hyper-focus on health, wellness and safety. Post COVID-19, tenants and landlords will be looking for space designs that offer greater privacy and separation from others, as well as opportunities to collaborate and concentrate. We can expect flexible work schedules and locations, and our workplaces will need to accommodate these flexible needs. The amenities we expect from our workplaces will be different in a post COVID-19 world.

Christian Beaudoin is a Director of Research and Strategy for JLL in the Americas. He manages a team of analysts and consultants covering market dynamics in office, industrial, multifamily, and retail properties. He is nationally recognized as a leader in site selection, and he drives industry-leading analysis on economics, real estate development, and market conditions. He has led several publications on cities and planning, and real estate strategy and trends.

Christian advises many of the world’s largest organizations across multiple industries—including banking, consumer products, high-tech and government—on real estate strategy and development. Most recently, Christian led site selection project for Toyota in its decision to move its corporate headquarters from California to Texas and to locate its next generation auto plant in Huntsville, Alabama. He currently serves as an Advisor to the Obama Foundation on the planning, design and development of the Obama Presidential Center. He has presented at ULI, CoreNet, IFMA and related real estate association events and authored published papers on real estate trends, innovation and strategy.

Learn more about Christian at www.joneslanglasalle.com.

Please review the JLL article on this topic at:  https://www.us.jll.com/en/trends-and-insights/research/2020-first-look-navigating-post-COVID-19

The Return to Work During COVID-19 with Antonia Cardone of Cushman & Wakefield

In this episode of Real Estate for Breakfast, Antonia Cardone, Americas Lead of Total Workplace for Cushman & Wakefield, joins Phil to discuss the return to work following the COVID-19 pandemic and stay-at-home restrictions. Cushman & Wakefield has helped numerous businesses return to work in China and across Asia, and Antonia brings that experience and knowledge to this discussion. Antonia and Phil discuss how businesses can prepare now to return to work in the future and think about what the future at work will be like and what we know now about people working from home. They discuss the “6 Feet Office” and other considerations as we go back to our offices, including maintaining social distance, minimizing touch points and managing any contamination. The return to work will be gradual and businesses can prepare the building, workforce and organization now for that transition. In the long run, technology will be key. The role of the office and how we create community and culture will change and evolve.

Antonia Cardone is Americas Lead of Total Workplace for Cushman & Wakefield. In this role, she supports clients and accounts challenged to create work environments that best support their people and business goals. Antonia’s specialties include innovative workplace strategies, activity based work settings, dynamic facilitation skills, sensitive change management, effective occupancy strategies and focused project management. She and her team serve clients by creating strategic plans to optimize space utilization; create dynamic, flexible work environments; and support change and future-ready spaces and portfolios. As well as providing stand-alone advisory services, the team has strong synergies with other services already available to Cushman & Wakefield clients, in particular, portfolio strategy, project management, brokerage and facilities management.

Visit cushmanwakefield.com for access to a range of online collateral including: podcasts, infographics, guides and articles.

COVID-19 Stimulus and Relief Packages with Brian Crist and Josh Christie of Ice Miller LLP

In this episode of Real Estate for Breakfast, Phil is joined by two of his Ice Miller colleagues: partner Brian Crist and partner Josh Christie. Phil, Brian and Josh discuss the ongoing economic impact of COVID-19 across a variety of sectors and the hot topics surrounding stimulus and relief packages. They also discuss legislation and federal stimulus packages including: the Economic Injury Disaster Loan program, the Paycheck Protection Program, the Economic Stabilization program, the Main Street Lending Program, the Fannie-Freddie Mortgage Forbearance Program and other available programs. In addition, they discuss what landlords and tenants are doing in the current situation. The impact of various state and federal orders to suspend or stay rent and tax collections, evictions and mortgage payments is also explored.

The purpose of this podcast is try to wrap our arms around the various stimulus and legislative packages at play, provide some practical tips and guidance from practitioners who are living this on a daily basis and see how businesses are responding at this current time.

Brian Crist is a partner at Ice Miller and concentrates his practice in business, real estate, environmental, public/private partnership and privatization law. He represents and counsels clients on all aspects of the acquisition, disposition, redevelopment, leasing and financing of commercial real estate assets across the country.

Brian has provided counsel to an international real estate development company on numerous transactions related to its Shari'ah compliant real estate investment funds, including serving as lead counsel with respect to a $100 million acquisition of leasehold interests in two office parks in Boca Raton, Florida in a multi-tiered ground lease structure owned by several municipal entities. He has also represented publicly-traded real estate investments trusts and privately held developers over a sustained period of time with respect to the development, acquisition, sale and financing of single property and portfolio transactions throughout the country.

Brian also has provided counsel with respect to properties with environmental problems commonly called "brownfield redevelopment projects." His legal practice also includes extensive experience in advising clients with respect to public/private partnerships and public infrastructure transactions.

Learn more about Brian Crist: https://www.icemiller.com/people/brian-c-crist/.

Joshua Christie is a partner in the Firm's Business Group. Josh primarily focuses his practice on mergers and acquisitions, corporate transactions, commercial agreements, general corporate matters and financing transactions including commercial lending transactions. Josh's practice also includes advising clients, including governmental entities, municipalities, bidders and developers, in public-private partnerships. His P3 experience involves a number of jurisdictions, projects and industries.

Josh has assisted clients in the analysis, negotiation, documentation and consummation of a variety of transactions, including the acquisition and sale of assets and equity, equity issuances, financing and re-financing, mergers and joint venture formations. Josh also has experience representing borrowers, lenders and investors in financing transactions. He has assisted entrepreneurs in entity formation and other legal matters related to starting new businesses.

Josh also assists clients in the preparation, drafting and negotiation of commercial agreements, including the sale, purchase, supply, distribution and manufacture of products and services. His experience in this area also has touched a number of areas, including the manufacturing, distribution, logistics, chemical, life sciences, food products and consulting industries.

In addition, Josh helps clients navigate and make informed decisions with regard to general corporate matters, including entity formation, the sale and issuance of securities, advising boards of directors and other corporate governance issues, including fiduciary duties of directors and officers and corporate policies and procedures.

Learn more about Josh Christie: https://www.icemiller.com/people/joshua-l-christie/.