Bio
Toby is Regional Partner for Transwestern Development Company and is based in Washington. In this role, he oversees and directs the company’s development pipeline in the Mid-Atlantic region.
CAREER HIGHLIGHTS
Throughout his nearly 30-year career, Toby has developed over 15 million square feet of residential, office and retail space. Prior to joining Transwestern, Toby was Senior Vice President at Brookfield Properties, where he oversaw the development pipeline in the Mid-Atlantic and Southeast regions. Prior to Brookfield, he was Senior Vice President at Vornado Realty Trust, creating and leading the multifamily development group for Vornado’s Washington division. Earlier in his career, Toby owned and operated Agora Development, a development and homebuilding company, and worked for Washington-area developers EYA and Abdo Development.
PROFESSIONAL AFFILIATION / RECOGNITION
- DC Building Industry Association (DCBIA), Board of Directors, Vice President
- DC History Center, Board of Trustees
- Urban Land Institute, Member
- Cornell Real Estate Council, Member
EDUCATION
Toby earned a bachelor’s degree from Cornell University and a master’s in city and regional planning from the University of North Carolina, Chapel Hill.
Show Notes
Joining Transwestern (00:06:37)
Toby shares his recruitment to Transwestern and his role overseeing development activities.
Overview of Transwestern’s Operations (00:07:05)
Toby explains his responsibilities and the scope of projects in the mid-Atlantic region.
Business Development Strategies (00:08:39)
Discussion on joint ventures and project strategies in competitive markets.
Toby’s Family Background (00:09:20)
Toby shares insights about his family and their careers in engineering and consulting.
Influence of Childhood Experiences (00:12:14)
Toby reflects on how his childhood experiences shaped his interest in urban planning.
Early Inspirations in Urban Design (00:15:19)
Toby discusses a pivotal lecture by architect Andres Duany that solidified his passion for urban planning.
Education at Cornell University (00:18:08)
Toby talks about his experience at Cornell and how he focused on urban planning.
Graduate Studies at UNC (00:22:03)
Toby shares his decision to pursue a master’s degree in city planning at UNC Chapel Hill.
Engineering Coordination in Large Projects (00:23:10)
Discussion on coordinating various engineering disciplines for significant projects like Boston’s Big Dig.
International Project in India (00:24:49)
Overview of planning an interstate highway project in Karnataka, India, including city development.
Zoning Analysis for Office Park (00:26:33)
Toby describes conducting a zoning analysis for an office park acquisition outside Boston.
Transition to Real Estate (00:28:45)
Toby reflects on his motivation to shift from planning to the real estate side.
Interview with Toll Brothers (00:29:53)
Details of Toby’s interview process with Toll Brothers and his introduction of GIS technology.
GIS Implementation at Toll Brothers (00:31:22)
Toby explains how GIS was used for site acquisition and planning in unfamiliar markets.
Learning Land Acquisition (00:33:11)
Toby shares insights gained from his experience in land acquisition at Toll Brothers.
Joining EYA (00:34:17)
Toby discusses his transition to EYA and the company’s early successes in urban development.
Infill Development Strategies (00:36:29)
Insights on innovative design and development strategies in urban infill projects.
Bryan School Project (00:41:14)
Toby recounts the adaptive reuse project of the Bryan School on Capitol Hill.
Partnership with Jim Abdo (00:43:40)
Toby describes forming a partnership with Jim Abdo and working on notable projects together.
Senate Square Project (00:45:23)
Discussion of the Senate Square project, including its historic building conversion and unique architecture.
Impact of the Financial Crisis (00:46:22)
Toby reflects on the financial crisis in 2008 and its effects on his career and projects.
Moving to Upstate New York (00:47:50)
Decision to relocate to Finger Lakes region for personal and professional reasons during the economic downturn.
Starting Agora Development (00:48:59)
Toby shares plans for his new company focused on prefabricated construction in college towns.
Transition to Vornado (00:50:08)
Toby receives an offer from Vornado to lead a multifamily development platform, prompting a career shift.
Difficult Decision to Leave (00:51:42)
Toby discusses the challenges of leaving his entrepreneurial venture for a more stable job at Vornado.
Vornado’s Development Opportunities (00:53:31)
Overview of Vornado’s existing development sites and the potential for future projects.
JBG Merger Rumors (00:55:21)
Toby learns about the impending merger with JBG and its implications for the development team.
Joining Martin Ditto (00:57:09)
Toby explores a partnership with Martin Ditto, focusing on innovative design and development projects.
Brookfield Acquisition of Forest City (01:00:06)
Toby transitions to Brookfield after its acquisition of Forest City, overseeing development in the mid-Atlantic.
Working with Debbie Ratner Salzberg (01:00:54)
Collaboration with Debbie Ratner Salzberg at Brookfield and involvement in significant development projects.
Transitioning to Transwestern (01:03:40)
Toby discusses his move to Transwestern Development Company, seeking a blend of stability and entrepreneurial spirit.
Transwestern Development Company Rebranding (01:08:14)
Discussion on the rebranding of Perseus TDC to Transwestern Development Company and its market perception.
Bob Cohen‘s Retirement (01:09:16)
Toby shares insights about Bob Cohen’s retirement and transition plans within the company.
Family Culture at Transwestern (01:10:24)
Toby describes the family-like culture at Transwestern and its connection to previous experiences.
Market Perception of Transwestern (01:10:59)
The need for educating the market on Transwestern’s full capabilities beyond brokerage and property management.
Financing Process Overview (01:11:40)
Toby explains the financing structure and relationships with equity partners and capital markets.
Recent Projects Overview (01:15:04)
Discussion on completed and upcoming projects, including “The Six” and “Capital Rose.”
Managing Development Projects (01:18:22)
Toby outlines the structure and management of the development team handling multiple projects.
Focus on Residential Development (01:19:53)
Insights on the current focus on residential projects rather than commercial developments.
Challenges in Development (01:21:12)
The complexities of developing residential projects in urban areas and navigating entitlement processes.
Site Evaluation Criteria (01:24:10)
Toby discusses the characteristics and considerations for evaluating potential development sites.
Identifying Project Potential (01:26:17)
The importance of recognizing upside potential in projects and historical examples of success.
Impact of Market Factors (01:29:13)
Discussion on how work-from-home trends and the affordability crisis affect development and operations.
Technological Innovations in Development (01:30:23)
Toby highlights the slow adoption of new technologies in construction and their potential benefits.
Market Viability and Dynamics (01:31:17)
Discussion on the challenges of making projects viable and understanding market dynamics.
Predicting Market Demand (01:32:01)
Exploration of the difficulty in predicting future market demand for real estate projects.
RCKRBX Software Insights (01:32:17)
Introduction of a predictive analytics software aimed at understanding tenant preferences and future trends.
Urban Development Trends (01:32:56)
Toby discusses instinctual predictions about urban development trends and consumer preferences.
Post-Pandemic Market Changes (01:34:15)
Impact of the pandemic on living arrangements and changing utility needs in urban spaces.
Co-working Spaces in Apartments (01:34:29)
Emergence of co-working spaces as essential amenities in residential buildings.
Amenity Wars and Market Adjustments (01:35:32)
Trends in apartment amenities and the reduction of unnecessary features like pools.
Hotelization of Residential Properties (01:36:26)
Discussion on the merging of hotel design elements into residential properties.
Current Urban Development Dynamics (01:38:01)
Insights on how urban development is primarily driven by residential demand in DC.
Future of Office Development (01:38:38)
Speculation on the resurgence of office development amid changing federal employment dynamics.
Hiring Characteristics and Company Culture (01:41:09)
Toby shares the key characteristics he seeks in new hires for his company.
Balancing Career and Family (01:43:06)
Toby reflects on the challenges of balancing work, family, and community engagement.
Advice for Young Leaders (01:45:10)
Toby offers career planning and business performance advice for young professionals.
Acquisitions vs. Development (01:48:03)
Discussion on the differences between acquisitions and development in real estate.
Biggest Wins and Losses (01:49:41)
Toby shares his biggest career win and loss related to starting his own company.
Surprises in Career Path (01:50:42)
Toby reflects on unexpected shifts in his career trajectory from urban planning to real estate development.
Advice to Younger Self (01:52:23)
Toby shares what he would tell his younger self about education and career choices.
Advice on Education and Career (01:53:27)
Toby discusses the importance of planning education and recommends pursuing an MBA or real estate program.
Community Support for Career Planning (01:54:05)
John shares his initiative to help individuals with career planning and skill development after college.
Billboard Message on Simplification (01:54:30)
Toby suggests a simple message, “Just simplify,” emphasizing the complexity of real estate development and personal life.
The Value of Simplicity in Life (01:55:30)
Toby reflects on the importance of maintaining simplicity in personal life to manage professional complexities effectively.
Closing Remarks and Gratitude (01:56:15)
John expresses gratitude for Toby’s insights and contributions during the podcast episode.
