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Bio
Cameron Pratt has in excess of 15 years of real estate investment and operating experience and has been with Foulger-Pratt since 2004. As Managing Partner and CEO, he establishes the company’s strategy and vision and oversees all operating and investing entities. Additionally, he is a member of the Board of Directors and the Investment Committee.
Prior to joining Foulger-Pratt, Mr. Pratt worked in real estate development in California, as well as real estate investment banking and private equity in New York. He earned a Bachelor of Science in Civil Engineering from Brigham Young University and a Master of Business Administration from Harvard Business School. Mr. Pratt has been involved with the Young Presidents’ Organization, CF Foundation and Make-A-Wish Foundation Mid-Atlantic Chapter.
Show Notes
- Cameron Pratt’s current role (00:05:20)
- Cameron discusses his role as CEO of Foulger Pratt and his tenure with the company.
- Challenges of a family business (00:07:30)
- Cameron talks about the dangers and benefits of family businesses and the importance of addressing family business issues.
- Cameron’s personal history (00:09:20)
- Cameron discusses his upbringing, education, and early career experiences, including his time at Brigham Young University and his work on Wall Street.
- Impact of education on strategic planning (00:11:15)
- Cameron explains how a class on managing the family business at Harvard Business School influenced his strategic approach and decision to join Foulger Pratt.
- Role of faith in the family business (00:13:45)
- Cameron discusses the influence of his Mormon faith on the family’s business dynamics and the importance of family values in business.
- Family constitution and decision-making (00:18:40)
- Cameron talks about the development of a family constitution and the importance of clear guidelines for decision-making in the family business.
- Soft skills from education (00:19:50)
- Cameron reflects on the impact of soft skills gained from his education, including the importance of confidence and collaboration in a competitive environment.
- Cameron Pratt’s Education and Soft Skills (00:20:15)
- Pratt discusses how his education at Harvard taught him valuable soft skills and the confidence to make impactful comments.
- Nepotism and Initial Role in the Firm (00:24:00)
- Pratt acknowledges nepotism in his hiring and describes his initial role in a small company, with a lack of structured titles.
- Diversification and Growth Strategy (00:28:10)
- Pratt explains the company’s focus on diversification by product type and geographical expansion within the DC metro area.
- Capitalization and Strategic Planning (00:29:45)
- Pratt discusses the strategic thinking behind the company’s growth, including the decision to avoid raising a fund and the importance of diversity in strategies, product types, markets, and capital sources.
- Company’s Scale and Development Pipeline (00:34:30)
- Pratt provides an overview of the company’s $3 billion portfolio, development pipeline, and the focus on acquiring properties.
- Landmark Projects and Site Selection Criteria (00:36:30)
- Pratt outlines several landmark projects and explains the company’s site selection criteria and differentiation strategy among other developers.
- Site Selection and Market Focus (00:37:00)
- Cameron discusses the market dynamics in the DC metro area, focusing on Northern Virginia’s business-friendly environment and job growth.
- DC Urban Core Challenges (00:39:35)
- Cameron highlights the impact of the pandemic on urban cores, particularly in Washington, DC, and the challenges faced in attracting residents and businesses back to downtown areas.
- Redevelopment of Landmark Mall (00:42:20)
- Cameron shares the backstory and progress of the redevelopment of Landmark Mall, including the involvement of multiple parties and the transformative vision for the project.
- Tysons Central Office Project (00:48:50)
- Cameron explains the rationale behind the Tysons Central office project, emphasizing the location’s appeal, transportation access, and the decision to proceed with a speculative building despite the onset of the pandemic.
- Covid’s Impact on Office Space (00:50:00)
- Discussion about the negative impact of Covid on office space demand and the challenges faced by the company.
- Relationship with Lender and Investor (00:51:10)
- The positive relationship with the lender and investor during challenging times and understanding the market volatility.
- Geographic Expansion (00:55:00)
- Expansion to California, the rationale behind choosing markets, and the importance of relationships in business decisions.
- Restructuring Business Divisions (00:57:50)
- Adapting to changes in the real estate business due to the pandemic, resulting in significant changes and strategic planning for the future.
- Transitioning Construction and Property Management Divisions (00:59:00)
- The decision to transition construction and property management divisions to other companies, considering business dynamics and employee well-being.
- Heritage and Strategic Planning (01:06:30)
- Reflecting on the company’s history and the strategic planning involved in making significant business decisions.
- Adapting to Social Changes (01:07:45)
- Addressing diversity challenges and broader ESG issues in the context of social changes.
- The ESG Movement (01:08:00)
- Cameron Pratt discusses the impact of the ESG movement on their business and how it aligns with their core values.
- Mentors and Influences (01:09:30)
- Pratt talks about the influences from his family, colleagues, and mentors outside the organization. Don Wood of Federal Realty was an influence.
- Wins, Losses, and Surprising Events (01:12:10)
- Pratt discusses the biggest wins, losses, and surprising events in his career, including the West End Alexandria project.
- Importance of Communication (01:14:10)
- Pratt reflects on the importance of communication and the challenges of striking the right balance.
- Community Involvement (01:16:50)
- Pratt explains his involvement in the community, driven by personal passions and learning from others.
- Life Priorities (01:18:40)
- Pratt emphasizes the importance of family and relationships as his top priority in life.
- Advice to 25-Year-Old Self (01:19:40)
- Pratt shares advice to his younger self, encouraging to dream big and take bold steps.
- Billboard Statement (01:20:55)
- Pratt’s message for a billboard would be to promote kindness and understanding in the world.
