Description
Bio
Jeff Berkes, President and Chief Operating Officer, joined Federal Realty (FRT) in 2000 as Chief Investment Officer, and in 2011, became President, Western Region, where he was charged with growing the company’s presence on that coast. During the period between 2011 and 2019, the property operating income of Federal’s West Coast portfolio more than doubled, representing over 10% compound annual growth.
Prior to joining Federal, Jeff was Vice President of Acquisitions and Finance for Velsor Properties, a Northern Virginia-based private real estate investment firm. He served as director of acquisitions for Federal from April 1997 to August 1998. Prior to that, he was vice president of acquisitions for Heitman Financial/JMB Institutional Realty Corp. He also worked as a loan officer for ITT Real Estate Services and as a regional investment analyst for CB/Richard Ellis prior to joining JMB.
Jeff has an undergraduate degree in finance and real estate from University of Denver and a master of business administration in international finance from George Washington University. Jeff is an active member of The George Washington University Center for Real Estate and Urban Analysis Advisory Board, the Urban Land Institute (ULI), and the International Council of Shopping Centers (ICSC).
Show Notes
- The President of Federal Realty (00:00:20)
- Jeff’s role as the President of Federal Realty and how it differs from Don Wood’s role as CEO.
- Impact of the Pandemic on the Industry (00:03:25)
- Discussion on the impact of the pandemic on the real estate industry and the strong rebound in leasing and tenant sales.
- Background and Origins (00:10:17)
- Jeff’s unlikely journey from growing up in a small town in Iowa to working in the real estate industry in major cities like Boston, New York, DC, Bay Area, and LA.
- Growing Up and Family Background (00:11:51)
- Jeff talks about his parents’ backgrounds and their careers before he got into real estate.
- Discovering Real Estate in College (00:13:21)
- Jeff shares his experience of finding an internship in commercial real estate during his college years and how it sparked his interest in the industry.
- Working at Coldwell Banker (00:14:15)
- Jeff discusses his internship at Coldwell Banker in 1982 and the booming real estate market in downtown Denver at that time.
- Susan Carras and Job Search (00:22:28)
- Jeff discusses how he met Susan Carras, who provided him with career guidance and introduced him to influential people in the industry.
- Working at ITT and GE Capital (00:23:23)
- Jeff talks about his job at ITT, a credit company lender, and GE Capital, where he worked as a lender and participated in deals involving transitional properties and shopping center acquisition loans.
- Getting MBA and Inte...