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Bio
Jeffrey Zell founded JM Zell Partners, Ltd in 1989, with a unique vision for providing client-centered real estate consulting. Developed over his 30-year career, Jeff’s innovative approach to delivering practical solutions while fostering meaningful client relationships forms the core of JM Zell’s value-added process.
Jeff believes that only by partnering with clients and truly understanding their business as well as their real estate needs can JM Zell provide long-range, comprehensive, unbiased advice. By evaluating factors including a client’s long-term needs, financial objectives, and corporate culture, JM Zell is able to provide customized, proactive and fiscally responsible solutions for major corporations, institutional investors, professional firms, unions, governmental institutions and not-for-profit organizations.
To fully realize his vision, Jeff attracted a diverse, multi-disciplinary staff of seasoned professionals who share in his philosophy (and in the profits of the company, based on client satisfaction and results). This collective approach ensures that everyone at JM Zell works for the common good, and that our client’s best interests are never compromised.
Jeff has provided strategic planning, investment, lease negotiation, development consulting and project management services for award-winning projects for over 25 years. Jeff’s greatest strengths are his creative strategic thinking, business acumen, transactional ability, marketing savvy and financial expertise. A member of the distinguished Counselors of Real Estate, available only to the most respected real estate specialists who are known for innovation and creative problem solving, Jeff is a licensed real estate broker in the District of Columbia, Maryland and Virginia.
Show Notes
Current Role and Origin Story
- Current Role Overview (5:00)
- Jeff Zell shares his role as President and CEO of JM Zell Partners and his time allocation.
- Upbringing and Early Influences (00:05:37)
- Jeff discusses his upbringing as a first-generation American and its impact on his career.
- Family Background (00:05:49)
- He shares his parents’ history as Holocaust survivors and their immigration journey.
- Multilingual Childhood (00:06:06)
- Jeff describes growing up in a multilingual household and the challenges it posed in school.
- Early Education Experience (00:08:01)
- He recounts his initial struggles in elementary school due to language barriers.
- Father’s Influence and Business Start (00:10:07)
- Jeff talks about his father’s successful woodworking business and his early involvement.
- Transition to Private School (00:10:20)
- He explains his move to a private boarding school for better educational support.
- College Journey at Syracuse (00:11:00)
- Jeff discusses his choice of Syracuse University amidst family expectations.
- Learning Style and Strengths (00:12:30)
- He reflects on discovering his strengths in verbal skills over written documentation.
- Graduate School Experience (00:15:45)
- Jeff shares his challenges in graduate school at GW and the lack of collaboration.
Career Beginning- Rubloff
- Entry into Real Estate Brokerage (00:17:00)
- He explains his decision to enter the real estate brokerage field (David W. Kornblatt Co., subsequently acquired by Rubloff) influenced by his father.
- Early Career in Industrial Brokerage (00:18:45)
- Jeff recounts starting as an industrial broker and his experiences in the field. Met Bill Janes on his first day
- Property Management Growth (00:19:45)
- He discusses the growth of the property management company he was involved with with Equitable Life and Prudential Insurance as clients
- Establishing Rubloff’s Tenant Brokerage Services (00:23:00)
- Jeff describes the launch of a tenant brokerage services group and its significance.
- The Logistics of Real Estate (00:23:40)
- Discussion on the importance of understanding logistics in real estate operations with Federal Express as his client.
- Tenant Representation and Property Management (00:24:30)
- Overview of tenant representation and the challenges of managing landlord-tenant conflicts.
JM Zell Partners
- Formation of JM Zell Partners (00:25:00)
- Jeff shares how he transitioned from his previous company, Rubloff, to establish JM Zell Partners.
- Surviving the Early 90s Market Collapse (00:26:00)
- Strategies Jeff employed to navigate the real estate downturn through consultancy services.
- Consultative Services Approach (00:27:10)
- Focus on providing tailored consulting services to clients facing real estate challenges.
- Nonprofits Became Largest Client Sector (30:00)
- The sector had capital and needed real estate advisory services
- Client-Centric Business Model (00:33:15)
- Jeff explains the core principle of prioritizing client needs over brokerage commissions.
- Building a National Business (00:37:00)
- Insights into how Jeff expanded his firm’s reputation beyond Washington, D.C.
- Challenges of Innovative Business Models (00:39:30)
- Jeff discusses initial hurdles in getting clients to pay for consulting services.
- Integrating Client Needs into Solutions (00:41:30)
- Importance of aligning real estate solutions with clients’ long-term objectives and corporate culture.
Significant Transactions
- Sanofi $2.3 Billion transaction (42:00)
- Cambridge, MA Build to Suit deal he procured.
- Norfolk Southern and Carlyle Site Deal (00:44:00)
- Discussion about representing Norfolk Southern and the complexities of a significant land deal.
- Bill Hard
- Mention of Bill Hard’s involvement in previous deals (USPTO) and his retirement.
- $2.3 Billion Deal Insights (00:44:30)
- Insights on how a massive deal was accomplished outside of Washington.
- Sanofi’s Rebate Strategy (00:46:30)
- Discussion on the financial benefits and rebate strategies with Sanofi over the years.
- Client Relationships and Trust (00:44:12)
- Reflections on building long-term relationships with clients and the importance of trust.
- Meridian’s Complex Deals (00:47:30)
- Exploration of the complexities involved in deals with Meridian and SAIC.
- TTC Building Sale Success (00:50:00)
- Success story about selling the TTC building at a significantly higher price.
- Bid Strategy Differences (00:52:20)
- Explanation of the unique bidding strategy that differentiates their approach from competitors.
- Fannie Mae Deal Challenges (00:52:45)
- Challenges faced during the bidding process for a Fannie Mae deal.
Pandemic Impact & Recent Federal Government Actions
- Post-Pandemic Client Needs (00:59:45)
- Discussion on how the pandemic has altered clients’ real estate needs, especially in DC.
- Law Firms and Market Changes (01:00:30)
- Insight into the shrinking size of law firms and their changing needs.
- Future of Office Spaces (01:02:30)
- Predictions on the transformation of office spaces and the rise of non-profit organizations.
- Current Challenges in Government (01:03:50)
- Discussion on the cascading effects of government actions and potential job losses impacting the community.
- Control Board in D.C. (01:04:40)
- Concerns about the future of D.C. governance and the possibility of a control board taking over.
- Zoning Issues (01:05:30)
- Challenges with zoning changes and lengthy appeal processes affecting development projects.
Market Implications
- Impact of Remote Work (01:06:30)
- Advising clients on office space optimization amidst the rise of hybrid and remote work models.
- Technology in Real Estate (01:07:00)
- How clients leverage technology for efficient real estate operations and portfolio management.
- Conference Room Dynamics (01:08:00)
- The evolving role of conference rooms in office settings and personal negotiation preferences.
- Adaptive Reuse of Properties (01:10:45)
- Challenges and opportunities in repurposing office buildings for different uses.
- Value of Parking Garages (01:11:30)
- Discussion on the rising value of parking garages in urban real estate markets.
- Future of Office Space (01:15:45)
- Exploration of the potential transformation of old federal office spaces into mixed-use developments.
- Challenges in Mixed-Use Developments (01:17:00)
- Impact of high interest rates on the success of mixed-use projects in Washington D.C, particularly The Wharf.
- Debt Market Concerns (01:20:00)
- Concerns about new debt products and their potential impact on the real estate market.
- Public-Private Partnerships (01:21:00)
- Discussion on the future of public-private partnerships in D.C. and current project challenges.
Business Philosophies
- Significant Contributions to Real Estate Consulting (01:21:40)
- Highlighting the evolution of real estate consulting services and successful project execution strategies.
- Outsourcing and Collaboration (01:20:59)
- Jeff discusses the importance of collaboration and aligning interests when working with corporations.
- Advice for Aspiring Entrepreneurs (01:24:00)
- Jeff advises professionals to be well-rounded and understand all aspects of real estate.
- Understanding Real Estate Dynamics (01:24:30)
- He emphasizes the significance of understanding various real estate functions, including debt and property maintenance.
- In-House Legal Support (01:26:00)
- Jeff explains the necessity of having internal legal expertise to manage complex documentation.
- Flexibility in Leasing (01:27:45)
- He shares strategies for creating flexible leasing agreements to accommodate changing business needs.
Personal Priorities
- Transitioning Leadership (01:29:30)
- Jeff reveals plans to hand over his company to his son and his ongoing involvement.
- Life Priorities (01:30:30)
- He discusses the balance between family, work, and charitable giving in his life.
- Reflections on Washington D.C. (01:30:39)
- Jeff expresses his love for Washington D.C. and its cultural richness, highlighting its unique qualities.
