SO…WHAT INSIGHTS CAN THIS ‘COMEBACK KID’ SHARE WITH YOU TONIGHT FROM MY LONG CAREER IN REAL ESTATE?

TOP OF MIND WOULD BE TO CHOOSE GREAT MENTORS AS WELL AS BEING EAGER PROTEGES FOR OTHERS. MY COLLEGE MATH ADVISER, JIM THOMPSON, TALKED ME INTO GETTING AN MBA INSTEAD OF TEACHING MATH; NORM ELKINS AT URBAN INVESTMENT CHALLENGED ME AS A YOUNG PROJECT MANAGER AT HAWTHORNE CENTER AND WATER TOWER PLACE TO EXPAND TO CONSTRUCTION AND DESIGN FROM FINANCIAL ANALYSIS; CHUCK PALMER TAUGHT ME OFFICE LEASING AND DEVELOPMENT AT FIFIELD, PALMER WHEN THE SUBURBS WERE THE RAGE; NORM BOBBINS GUIDED ME IN ’92 WHEN THE OFFICE MARKET IMPLODED; DAN MIRANDA GOT GE CAPITAL TO FUND OUR CIVIC OPERA BUILDING ‘COME BACK DEAL’ IN ’94; WHILE HERB KOLBEN AT ULLICO FINANCED MY FIRST GARAGE DEAL IN ‘97 @ 201 MADISON

BUT WHO WAS MY MOST SIGNIFICANT MENTOR? MY WIFE RANDY, WHO ENCOURAGED ME TO CHASE THE CIVIC OPERA DEAL AFTER THE ’92 OFFICE CRASH, THEN PUSHED ME AGAIN IN ’99 TO TRY RESIDENTIAL. WHO BESIDES RAISING OUR 5 CHILDREN AND KEEPING OUR EXTENDED FAMILY INTACT, HAS WORKED SIDE BY SIDE WITH ME FOR 23 YEARS, TRANSFORMING AND EXPANDING NOT ONLY OUR BUSINESS BUT HOW WE RECRUIT AND GUIDE MEN AND WOMEN TO BE LEADERS IN OUR BUSINESS AND OUR CITY.

IN 1999 WE DID GOTHAM LOFTS TOGETHER, FOLLOWED IN 2000 WITH CLINTON COMPLEX WITH CHARLIE AND HARRY HUZENIS, MIKE LERNER AND BERNIE LEVITTON. ADD TO THESE MENTORS: VANCE MADDOCKS AT CB INVESTORS, WHO FUNDED 8 OFFICE, CONDO AND APARTMENT PROJECTS OF $1.2 BILLION, MIKE ROBB AT PAC LIFE FOR THE ECHELON AND ALTA APARTMENT TOWERS, COLETTE DIXON AT PRUDENTIAL FOR 550 W WASHINGTON OFFICES AND LEFT BANK APARTMENTS.

WITH THESE MENTORS AND COLLABORATORS COMES OUR RESPONSIBILITY TO GIVE BACK AND MENTOR OTHERS. I’M VERY PROUD OF MY PROTEGES AND THE COACHING AND GUIDANCE I’VE TRIED TO PASS ON, LIKE: BOB SMIETANA, GEORGE KOHL, DON GIANONE, MALCOLM SINA, JON STRAIN, RICHARD BLUM, MALCOLM SINA, TOM SALETTA, BRUCE MILLER, JIM SMITH, JAY COSTLEY, JON ROGERS, JOHN MANGEL, KEVIN FARRELL, ALAN SCHACHTMAN, ERIN DIPAOLA, MARK LECOCQ, LINDSEY SENN, MIKE DOYLE, MATT MILLER AND MANY MANY OTHERS.

SO LET ME SHARE WITH YOU A DOZEN THINGS I’VE SHARED WITH THEM OVER THE LAST 35 YEARS:
1) WHEN YOU SPEAK IN PUBLIC, LIKE TONIGHT, GIVE THE AUDIENCE SOME TAKE HOME VALUE, SOMETHING THEY CAN PRACTICALLY USE. THEY’LL CERTAINLY REMEMBER THAT MORE THAN PUFFING ABOUT WHAT YOU’RE DOING.
2) ‘MANAGERS DO THINGS RIGHT. LEADERS DO THE RIGHT THING’. DON’T CUT CORNERS JUST TO SAVE A BUCK.
3) RECRUIT PEOPLE SMARTER THAN YOU. THEY’LL MAKE YOU BETTER EVEN IF IT’S ANNOYING SOMETIMES TO BE WRONG.
4) DELEGATE, DELEGATE. TAKE A CHANCE THAT JUNIOR PERSON CAN FIGURE IT OUT AND GROW IN THE PROCESS.
5) BUT DON’T BE STUPID: HAVE REPORTING SYSTEMS AND ‘CHECKS AND BALANCES’ TO CATCH THEIR MISTAKES.
6) GIVE GOOD NEWS FAST AND BAD NEWS FASTER.. BANKERS AND INVESTORS WILL RESPECT YOU MORE AND YOU’LL EARN THEIR TRUST. ONLY MUSHROOMS SHOULD BE KEPT IN THE DARK AND FED A LOT OF MANURE.
7) DON’T BELIEVE YOUR OWN BULLSH*T: IF YOU HAVE TO PUSH THAT RENT, SELLING PRICE OR COST ASSUMPTION TOO MUCH, MAYBE YOU SHOULDN’T DO THAT DEAL.
8) BUT IF YOU DO BELIEVE, NEVER, NEVER, NEVER GIVE UP. BE TENACIOUS ALWAYS. WE WERE TURNED DOWN BY 102 INVESTORS BEFORE CB INVESTORS SAID YES TO PUTTING $50 MILLION IN EQUITY TO FINANCE THE K2 DEAL IN 2011.
9) ALWAYS, ALWAYS BE STUDYING EVERYTHING ABOUT YOUR BUSINESS FROM MACRO DATA, SUPPLY, RENTS, COSTS, LABOR CONTRACTS, NEW DESIGN IDEAS, MONEY SOURCES, HOT NEW AMENITIES, SOCIAL MEDIA…WE’RE ON OUR FOURTH EB5 DEAL IN CHINA JUST BECAUSE I TOOK A CALL FROM A FORMER INTERN AND LISTENED.
10) MY DAD’S ADVICE: ‘PUT IN THOSE FOUNDATION DRAIN TILES TO KEEP BASEMENT DRY EVEN IF THE BUYERS WILL NEVER KNOW’. PLENTY OF HIS COMPETITORS MADE MORE MONEY AND DIDN’T. DO THE RIGHT THING NOT THINGS RIGHT.
11) SHARE YOUR INSIGHTS AND EXPERIENCES, EVEN WITH COMPETITORS. NETWORK WITH ALL YOUR RESOURCES AND SHARE BEST PRACTICES AS WELL AS LEARNING FROM THEM..WHEN WE DO APARTMENT LAYOUT DESIGNS WE INVITE LEASING AGENTS, MANAGERS, CONTRACTORS, INTERIOR DESIGNERS, PROJECT MANAGERS AND THE ARCHITECT TO WALK THROUGH EVERY UNIT LAYOUT AND SPECS. YOU’D BE SURPRISED WHO HAS THE BEST INSIGHTS TO SHARE.
12) AND FINALLY, TO PARAPHRASE MARIO PUZO: “KEEP YOUR FRIENDS CLOSE, AND YOUR ALDERMAN CLOSER”.

THANK YOU AND GOOD NIGHT.

Steve Fifield