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Center City's Recovery: The Impact of the Office Market on all of CRE

Dailey Tipton
Moderator

Dailey Tipton

VP

Evolution Energy Partners

Derek Green

Derek Green

Councilmember

City Of Philadelphia

Paul Levy

Paul Levy

President & CEO

Center City District

Rich Gottlieb

Rich Gottlieb

President & COO

Keystone Development + Investment

Dailey Tipton

Moderator

Evolution Energy Partners

Dailey Tipton has spent many years in senior positions of management where he is recognized for his expertise in energy and sustainability. He has a long history of growing companies, from start-up to Fortune 500 in size. As the leader for revenue generation for Evolution Energy Partners, Dailey focuses on creating opportunities for customers to drive impact to their bottom line through energy management projects while increasing their sustainable footprint. Prior to EEP, Dailey worked at CPower as a General Manager, SAP as the leader for Energy Management and Sustainable Applications Center of Excellence, DATUM as part of the management team and created, launched and managed a highly successful SAP sustainability practice for ERM.

Dailey started his career as a Naval Flight Officer and is a Veteran of Foreign War with multiple recognitions including two Navy Achievement Medals. He holds two degrees in Engineering: MS in Civil Engineering from the University of Texas and BS in Mechanical Engineering from Auburn University. In his off time, Dailey is a competitive runner, cyclist, long distance open water swimmer and sails boats competitively. Dailey is on the Board of Directors for US Patriot Sailing, a wounded warrior program that provides support to the “Silently Wounded” warriors. Married 34 years to Jessica, who he met at Auburn, with two children Nate 30 and Leah 27.

Derek Green

Councilmember

City Of Philadelphia

In 2015, Councilman Derek S. Green, Esquire won the Democratic primary for City Council At-Large in Philadelphia by receiving the highest number of votes cast in the election, and, later that year, he was elected as a member of the City Council of Philadelphia. In 2019, he won the Democratic primary for his re-election. As a member of City Council, Councilman Green chairs the Committee on Disabilities and serves as the Vice Chair of the Committees on Aging and Law and Government. Additionally, he serves as the Chairman of the Philadelphia Gas Commission, Board Director for the Philadelphia Cultural Fund, Board Director for the Democratic Municipal Officials, Regional Director for the National Black Caucus of Local Elected Officials, and 2nd Vice President for the Pennsylvania Municipal League.

Before his election, Councilman Green was the Special Counsel to Councilwoman Marian B. Tasco. He also served as counsel to the Philadelphia Gas Commission Chair and the Committees on Finance and Public Health and Human Services. Prior to joining the Councilwoman’s office, Councilman Green served as a Deputy City Solicitor in the Housing and Community Development Division of the Corporate Group of the City’s Law Department.

Additionally, Councilman Green’s legal experience includes positions as an Assistant District Attorney in Philadelphia and Assistant Deputy Attorney General for the State of Delaware (Securities and Criminal Divisions). Councilman Green is admitted to practice law in the Commonwealth of Pennsylvania and State of New Jersey. Before becoming an attorney, Councilman Green was a consumer and small business lender for Meridian Bank. He is also a graduate of the University of Virginia and Temple University School of Law.

Councilman Green and his wife, Sheila, co-founded the first Autism Support Class at Houston Elementary School to help other Autistic children like their son. To aid other families affected by Autism, they are a top regional fundraiser for Autism Speaks.

Paul Levy

President & CEO

Center City District

Paul is the founding chief executive of the Center City District, serving in that capacity since January 1991. The CCD is a $22 million downtown management district, which provides security, cleaning, place marketing and planning services, as well as streetscape and park improvements for the central business district of Philadelphia.

Rich Gottlieb

President & COO

Keystone Development + Investment

Rich directs the development, leasing, and management of Keystone’s portfolio with a forward-thinking insight that brings concepts to execution. At Keystone, he’s credited with over 20 million square feet of lease transactions and five million square feet of development, collectively valued in the billions of dollars. His career-defining transaction (so far) is signing Amerisourcebergen to their new headquarters, catalyzing the development of SORA West in Conshohocken.

Prior to Keystone, Rich held leadership roles at Stoltz Management Company, Prentiss Properties Trust, and Pennsylvania Real Estate Investment Trust. Rich holds an MBA from Temple University and is a licensed real estate broker in Pennsylvania.

Why Philly: Capitalizing On A Population Boom

Allan Domb

Allan Domb

President

Allan Domb Real Estate

Matthew Pestronk

Matthew Pestronk

Co-Founder

Post Brothers

Larry Steinberg

Larry Steinberg

Senior Managing Director

Colliers

George Kotridis
Moderator

George Kotridis

Principal

CLA

Allan Domb

President

Allan Domb Real Estate

Since 1980, Allan Domb and his highly reputable real estate brokerage firm have been known throughout the United States as key contributors to Center City Philadelphia’s luxury condominium market. Today, Allan continues to specialize in Center City luxury condominium sales in buildings such as 10 Rittenhouse, 1706 Rittenhouse, 1820 Rittenhouse, 1830 Rittenhouse, 1900 Rittenhouse, 220 West Rittenhouse Square, Academy House, The Bank Building, The Barclay, The Dorchester, Hopkinson House, Independence Place, The Lanesborough, The Lippincott, The Murano, Parc Rittenhouse, The Philadelphian, Pier 3, Pier 5, The Rittenhouse, Society Hill Towers, Symphony House, Wanamaker House and The Warwick Condominiums.

Additionally, Allan’s company leases residential apartments, condominiums and commercial properties and manages many of these assets. Since 1999, Allan has also been engaged in the adaptive reuse of historic buildings into luxury condominiums and the development of new luxury condominiums in Center City. His portfolio of development properties includes Parc Rittenhouse, The Warwick, The Bank Building Residences, The Lanesborough, 220 West Washington Square and The Barclay.

Nationally, Allan has been ranked a top producing real estate broker for the past twenty five years. From 1986 to 2004, Allan was ranked the top residential broker in the United States. He was named REALTOR® of the Year by the Greater Philadelphia Association of REALTORS® (GPAR) in 1992 and 2013 and was named REALTOR® of the Year by the Pennsylvania Association of REALTORS® in 2013.

Allan received his Bachelor of Arts degree from American University. He currently serves on the boards of the Friends of Rittenhouse Square and six condominium associations, of which he is the president of two. He is a past president of the Friends of Rittenhouse Square and has served on three other condominium boards in the past.

In 2015, Allan was elected as a Philadelphia City Councilman At-Large. His agenda includes lowering the poverty rate, collecting delinquent taxes owed to the City, increasing high school graduation rates, promoting job growth through the retention of existing businesses and attracting new businesses to Philadelphia, and streamlining all aspects of city government to make it more efficient.

Allan has been quoted and featured in The Wall Street Journal, USA Today, Forbes, Business Week, The Philadelphia Inquirer, Urban Land, Multifamily Executive, and many other publications. He also often appears on Philadelphia’s NBC10, 6ABC, CBS3, CNBC, MSNBC and FOX29.

Matthew Pestronk

Co-Founder

Post Brothers

Matthew Pestronk is co-founder of Post Brothers, a real estate investment, development and management company with singular and unique expertise in urban real estate development. Matthew serves as President of the company, engaged in the sponsorship of Class-A multifamily, mixed-use and retail development projects comprised of over 7,000 units that are operating, under development or disposed plus, over 400,000 sf of commercial space, with a total capitalized cost in excess of $2.5 billion. Matthew shares strategic leadership of the company with his brother, Michael, and is engaged in asset management, financing, and project and capital formation. Matthew has worked in real estate capital transactions for his entire 20+-year career and was previously a real estate financing executive in New York City prior to forming Post Brothers. Matthew is also very active in his community and has board service experience for multiple charitable organizations including the Philadelphia Holocaust Remembrance Foundation, Beat the Streets Philadelphia, West Nottingham Academy, Children's Hospital of Philadelphia and is the Immediate past Chair of Jewish Federation Real Estate.

Larry Steinberg

Senior Managing Director

Colliers

Laurence Steinberg joined Colliers in April 2019 to lead and further grow the Urban Retail division in Philadelphia. Larry has an extensive 25-year plus career in commercial real estate that includes development, consulting and brokerage. Prior to joining Colliers, Larry headed up the Retail group at Rittenhouse Realty Advisors (RRA), served as an Executive Vice President with CBRE (FAMECO), a Principal of Michael Salove Company, and as a Partner in L.S. Powell Company, where he developed over one million square feet of commercial real estate.

For over a decade, Larry has brokered deals with acclaimed restaurateurs, premier restaurant chains and national retailers in the Philadelphia area. He has represented Morton’s Steakhouse for all of their Philadelphia and surrounding area locations, including their highest grossing unit at Caesar’s Palace in Atlantic City. Larry has worked closely with Philadelphia restaurant luminaries such as Stephen Starr, Jose Garces, Marc Vetri, Kevin Sbraga, Steven Cook and Michael Solomonov.

Larry’s retail presence can be seen throughout Center City. He was successful in bringing national retailers to Philadelphia such as H&M, The North Face, Cole Haan and West Elm. Recent noteworthy transactions include the first Target store in Center City and deals for Warby Parker, Theory, Madewell, Under Armour, a 26,000 square foot Walgreens flagship store, and a 40,000 square foot Nordstrom Rack.

In addition to leasing, Larry has brokered the sale of important retail properties, including nine buildings along Walnut Street in Rittenhouse Square. Most recently he represented the Seller for the sale of 1330 Chestnut Street, 1529 Walnut Street, and 1700 Chestnut Street.

George Kotridis

Moderator

CLA

With more than 25 years in public accounting, George devotes most of his time serving clients in the Real Estate Industry. These include developers, commercial and residential operators, hotels, property and asset managers, home builders, private equity funds, and individual investors. In 2009, he took on the lead role of the legacy LarsonAllen firm’s Real Estate practice and has brought that experience forward focusing on further developing the firm’s capabilities in advisory, assurance, and tax services available to clients in the real estate and hospitality space. He also is a lead resource in the firm helping clients in real estate workout transactions.

Technical experience:

• Assists clients in selecting entity status, advises on partnership and LLC formations, helps with modeling IRR calculations and waterfall provisions, and forecasting distributions and allocations under IRC Subchapter K

• Provides consulting and expert services related to performance, cash flow, and operations of commercial real estate and hotel operations, including litigation support

• Helps clients assess the benefits of cost segregation studies, repair studies, change in accounting methods, as well as help facilitate closely-held business strategic planning initiatives, and design and implementation of succession plans

Education/professional involvement:

• Bachelor of business in accounting from Temple University, Philadelphia, Pennsylvania

• American Institute of Certified Public Accountants

• Certified Public Accountant in the state of Pennsylvania

Speaking engagements:

• Pennsylvania Bar Institute panelist on Distressed Real Estate transactions

• Testified in Federal Bankruptcy Court (Trenton, NJ) on feasibility of petitioner’s plan.

Off-Center City

Leo Addimando

Leo Addimando

Managing Partner and Co-Founder

Alterra Property Group

Dawn Summerville

Dawn Summerville

Deputy Commerce Director

City of Philadelphia

Lauren Gilchrist

Lauren Gilchrist

EVP, Market Leader

Newmark

Amee Farrell
Moderator

Amee Farrell

Principal

Kaplin Stewart

Leo Addimando

Managing Partner and Co-Founder

Alterra Property Group

Leonidas Addimando (“Leo” for short) is a Managing Partner and Co-Founder of Alterra Property Group, LLC (“Alterra”). In addition to experience with a diverse range of real estate product types, Leo has also invested in over 15 states, built over 1,000 residential units, structured complex tax credit transactions, and overseen all aspects of numerous real estate development projects. Previously, Leo was an early employee of Orbitz.com, serving the company for three years in numerous business and corporate development capacities. Leo’s largest accomplishment while at Orbitz was spearheading the development and implementation of both a travel insurance re-sale business, and a hotel business, that together served as key profitability drivers which helped Orbitz to complete a successful IPO in 2003. Before working at Orbitz, Leo worked as an Associate for the Boston Consulting Group in various management consulting capacities, and across numerous industry groups. Prior to that, he was the co-founder of both a media start-up and an internet start-up. Leo has an MBA from the Harvard Business School (“HBS”) and a B.A. in Economics and Political Science from the University of Michigan. Leo is a Board Member of the Preservation Alliance of Greater Philadelphia, the Philadelphia Building Industry Association, and the Old City District. Leo is a native of Center City Philadelphia and currently resides there with his wife (Brigitte Castaing Addimando, HBS ’05) and three children (Nico, Marcus & Sophie). In his spare time, Leo enjoys spending time with his family, golf, running, attending live sporting events and travel.

Dawn Summerville

Deputy Commerce Director

City of Philadelphia

Dawn Summerville is the Deputy Commerce Director for Business Development for the City of Philadelphia where she is charged with attracting new business to the city while also monitoring retention efforts. With over 17 years of economic development experience, Ms. Summerville understands first -hand the importance of the business community and its impact on the city. Her portfolio of work is expansive as she leads a domestic and international team that focuses its efforts within Life Science, Logistics, Tech, Innovation and the Creative Economy. Prior to joining government Dawn worked in private sector in entertainment/broadcasting and for a national retailer providing guidance on strategic partnerships, brand positioning and development. Ms. Summerville attended West Chester University where she received an MA in Communication Studies in 2005. Ms. Summerville serves on the board of the Reading Terminal Market on the behalf of the city and is a proud member of Alpha Kappa Alpha Sorority, Inc. She lives in the Northwest section of the city and enjoys any opportunity to explore communities and talk to its residents.

Lauren Gilchrist

EVP, Market Leader

Newmark

Lauren Gilchrist is the Executive Vice President and Market Leader of the Greater Philadelphia Region. Gilchrist oversees Newmark Real Estate’s (Newmark’s) full suite of service offerings, managing strategic planning, revenue growth and profitability, recruitment and business development in the company’s Philadelphia, Wayne, Southern New Jersey and Delaware offices.

Based in the Philadelphia CBD office, Gilchrist holds appointments to the Board of Directors for the Philadelphia Facilities Management Corporation/Philadelphia Gas Works, Philadelphia Orchestra, Old City Community Fund, M&T Bank Advisory Board and the Greater Philadelphia Chapter of NAIOP—where she served as Chapter President from 2019 to 2020. In addition, Gilchrist has been recognized by the Philadelphia Business Journal as a 40 Under 40 honoree and a Woman of Distinction, and a Philly Power Woman by Bisnow.

Prior to joining Newmark, Gilchrist was the Managing Director of Research at Longfellow Real Estate Partners, where she directed research strategy, content creation and thought leadership, and provided market research to drive project underwriting and execution. Previously, Gilchrist also held roles as Senior Vice President of Research at JLL, Manager of Research & Analysis at the Center City District and Program Manager at the Center for Regional Economic Competitiveness.

Amee Farrell

Moderator

Kaplin Stewart

Amee S. Farrell is a Principal with Kaplin Stewart Meloff Reiter & Stein, PC. Amee

concentrates her practice in the areas of land use, land development and zoning of

commercial, public and residential real estate; representing both corporate and private

individuals in Philadelphia and throughout eastern Pennsylvania and New Jersey. Amee

works hand-in-hand with the project team to procure local, state, and federal approvals

throughout all aspects of the land development, construction, and occupancy process.

Amee was previously a member of the design staffs at Daley + Jalboot Architects and

Cope Linder Associates, where she gained extensive experience in the design and

construction of public and private projects in and around the Philadelphia area. As a

result, Amee routinely assists developers in the procurement of construction permits

and certificates of occupancy and appears regularly before municipal Boards of Code

Appeals seeking construction code variances for clients.

Amee is a 1996 graduate of Temple University (Bachelor of Architecture, cum laude)

and a 2004 graduate of Temple University James E. Beasley School of Law (J.D., cum

laude). Amee is a founding member and the current President of the Philadelphia

Chapter of Professional Women in Construction. Amee lives with her husband and two

children in Cheltenham, where she serves as the Chair of the Cheltenham Township

Zoning Hearing Board.

Keynote

Jim Kenney
Keynote

Jim Kenney

Mayor

City of Philadelphia

Chris Briggs

Chris Briggs

Senior Vice President

Buxton

Jim Kenney

Mayor

City of Philadelphia

A lifelong city resident, Mayor Jim Kenney grew up the oldest of four children in a South Philadelphia rowhome. His father, a firefighter, and his mother, a homemaker, both worked second jobs to help their children pursue their education and, in 1980, Jim became the first in his family to graduate from college. Just a decade later, Philadelphians elected him to serve as a City Councilman At-Large and, over the next twenty years, Jim stood up for Philadelphia’s working families and progressive policies —fighting for a real living wage, broader protections for LGBTQ Philadelphians, marijuana decriminalization, and a more sensible immigration policy.

On January 4, 2016, Jim was sworn in as the 99th Mayor of Philadelphia. In his first budget, the Mayor worked closely with City Council to fund bold anti-poverty initiatives - including expansion of quality pre-k, the creation of 25 community schools and $500M investment in parks, rec centers and libraries – by making Philadelphia the first major city to pass a tax on sweetened beverages. In his first year, the Mayor also increased efforts to spur economic growth in the city’s commercial corridors, launching a capital consortium for small businesses, creating a small business coach program, and expanding supports, including financial grants and loans, to small and immigrant businesses. Philadelphia also shined on the national stage in 2016, successfully hosting the Democratic National Convention and safely monitoring peaceful protests, without a single arrest. At the same time, the City finished 2016 with the lowest crime rate in nearly 40 years.

Under the Trump administration, the Mayor has also stepped up to defend the values of the City of Brotherly Love. When the Department of Justice threatened to take away funding for Philadelphia police officers unless they acted as an extension of ICE, the City sued and won. The Mayor also kept Philadelphia’s commitment to the Paris Accord, and he created a World-Style Soccer Tournament called the “Unity Cup” to celebrate the city’s diversity and bring different neighborhoods together. Even though the federal government hasn’t provided additional resources to combat the opioid epidemic, the City still stepped up its commitment, cleaning up a heroin encampment and engaging 1,400 former residents for direct services, including housing and drug treatment. In his second year as Mayor, Philadelphia made significant strides in both criminal justice reform and education. The City reduced its prison population by nearly 20 percent as part of the MacArthur Safety and Justice Challenge, and the number of pedestrian stops were cut in half.

Building on his administration’s early commitment to education, the Mayor recently launched an effort to return the School District to local control and to provide adequate financial funding resources for our teachers and students, so that every Philadelphian has a quality school in their neighborhood.

Chris Briggs

Senior Vice President

Buxton

In his role as senior vice president, Chris Briggs leads cross-functional initiatives that support Buxton’s work in the public sector and commercial real estate industry. Since joining the company in 2003, Chris has held leadership positions in operations, product development, marketing, client experience, and sales – including as a consultant to Buxton’s retail and healthcare clients. He has been a featured speaker at Dartmouth’s Tuck School of Business and the Texas A&M Mays School of Business.

Chris is actively involved in the business and educational community. He has been an adjunct instructor at the TCU Neeley School of Business MBA program, coordinated the Buxton Challenge at the Wharton Customer Analytics Initiative and Texas A&M University, served on the advisory board for the International City/County Managers Association, contributed to the Harvard Business Review, and served on the board of the University of North Texas College of Liberal Arts and Social Sciences (CLASS). He received a bachelor’s degree in geography from the University of North Texas and continued executive education from Southern Methodist University. Chris has been recognized by the UNT College of Arts and Sciences as an Outstanding Alumnus.

Why This Matters

What You’ll Learn

  • All residents over the age of 16 are eligible to get the vaccine in Philadelphia. Now, the only thing that stands between the city and a full reopening is the willingness of citizens to get vaccinated and the hope workers feel safe when returning to the office. What does real estate need to do in order to help the city’s businesses and offices more rapidly reopen?

  • Like many U.S. cities, Philadelphia lost a large amount of tax revenue in 2020 and is hoping an influx of federal stimulus dollars will make up for the shortfall. Philadelphia’s current tax code is notoriously onerous for businesses, and while the wage tax cut in the next budget will be welcome, it isn’t the structural change some have called for. Does Philadelphia need to change its tax code in order to keep pace in the pandemic recovery? 

  • Philadelphia is anticipating several projects on a scale rarely seen in the city. From Penn’s Landing to Schuylkill Yards and the Navy Yard to Northern Liberties, there is no shortage of large-scale construction either just getting started or about to begin. Can the city really pull off all of these concurrent projects? 

  • The life sciences industry is booming in Philadelphia as it cements itself as a global hub for gene and cell therapy, placing sixth in Newmark’s latest ranking of U.S. life sciences markets. Just behind it on that list are its two closest neighbors: Maryland and New York. Can Philadelphia develop fast enough to continue to grow as other cities attempt to catch up? 

How You’ll Do More Business Due to its location and affordability, Philadelphia has become an extremely popular destination for those able to relocate during the pandemic. The National CRE community has taken notice with Silverstein, Ensemble, Cantor Fitzgerald and Durst all working on active projects in the city. Find out more about why outsider interest has grown so much and how these projects will change the city. 

Who You'll Meet: Developers, investors, city officials, engineers, architects, lawyers, accountants, GC's and brokers.

What Your Ticket Gets You: Digital summit tickets include two panels of content and access to three virtual networking opportunities including direct messaging with other attendees, the ability to request and host video meetings and three-minute video-enabled speed networking to make deals happen. Unable to attend live? Don’t worry, you will be able to access recordings of all panels for 30 days after the summit!

Agenda

Time Activity
2:00 PM
2:30 PM
Pre-Event Networking Presented By Dynegy
2:30 PM
3:30 PM
Off-Center City

While center city is desperate to get workers back in the office, other neighborhoods could be benefiting from this. South Philly, Northern Liberties and Fishtown have no shortage of activity and developers are betting big on them.

3:30 PM
3:45 PM
Keynote With Mayor Kenney
3:45 PM
4:35 PM
Center City's Recovery: The Impact of the Office Market on all of CRE

The number of commuters to center city is down significantly from where it used to be. With foot traffic so low, retailers in center city have been struggling tremendously. With companies finding working from home many predict they will have flexible policies going forward. What impact will these flexible policies have on center city?

4:35 PM
5:25 PM
Why Philly: Capitalizing On A Population Boom

While center city is desperate to get workers back in the office, other neighborhoods could be benefiting from this. South Philly, Northern Liberties and Fishtown have no shortage of activity and developers are betting big on them.

5:25 PM
6:00 PM
Post-Event Networking Presented By Dynegy