Washington D.C. State of the Market

Paul is the President of PRP, the private real estate alternative investment firm he founded in 2005. As such, he is responsible for the general oversight of the firm as well as for PRP’s commingled funds and separate accounts. In his role as President, Paul leads the company’s strategic growth, managing its daily business operations, setting corporate strategy and maintaining and building relationships with the firm’s stakeholders: lenders, investors and advisors. PRP has acquired or built over 17 million square feet of office, medical office, industrial, retail and data centers and approximately 4,000 units of multifamily and condominium properties in 60 investments nationwide. Total aggregate size is $6B+. PRP has made investments through four discretionary commingled funds, SMAs and individual joint ventures across 23 U.S. markets. Prior to forming PRP, Paul was Managing Director of the Eastern Region of CBRE Capital Markets. While at CBRE, Paul founded CBRE Realty Finance (NYSE: CBF), a commercial real estate mortgage REIT. Before that, he was the founder and National Director of the Finance & Capital Markets Group for Insignia/ESG, Inc., where he led a national team of real estate investment bankers involved in the project financing, bond financing, joint venture equity structuring and project development financing of investment-grade office, retail, industrial, lodging and multi-family projects. CBRE acquired Insignia/ESG in 2001. Paul started his career in 1987 at Barnes, Morris & Pardoe in Washington, DC, a company that was acquired by Insignia/ESG in 1997. Paul was a founding director and formerly served as a member of the Director’s Loan Committee for the Bank of Georgetown. Additionally, he formerly served as a Board member of the Children’s National Hospital, the Board and the Executive Committee of the Children’s National Hospital Foundation, the Board of the Starlight-Starbright Children’s Foundation Mid-Atlantic, and a founder and former Board member of the First Tee of Washington, DC. Paul is an active member of the Economic Club of Washington, the Federal City Council, and multiple real estate trade organizations. Paul is an alumnus of the University of Southern California and American University and holds a certificate in Real Estate Management; Finance, Design and Leadership from the Harvard University Graduate School of Design.

Vicki Davis is responsible for managing the acquisition, planning, design, and implementation of all Urban Atlantic projects, and asset management of properties that the company owns and its Mid-City Community CDE investment portfolio. With over 28 years of experience in real estate development, she formerly served as Deputy Director of the Maryland Housing Fund and Maryland DHCD -Division of Credit Assurance. Her experience also includes portfolio management for MNC Financial-South Charles Realty and multifamily development for Trammell Crow Residential. As President of Urban Atlantic Development, Ms. Davis has managed development of over $2 billion in real estate projects and asset managed over $4 billion in real estate investments. She has developed over 6,000 multifamily residential units and 600,000 commercial square feet for Urban Atlantic, including eight HOPE VI mixed-finance public housing redevelopment projects, as well as transit-oriented mixed-use projects.  Ms. Davis holds a MBA in Finance from American University, an MS in Engineering & Construction Management from University of Texas, and a BS in Civil Engineering from the University of Maryland. She taught for 12 years in the Johns Hopkins Real Estate MBA program and is a LEED AP.

Toby Millman is the Regional Partner for Transwestern Development Company in the Mid-Atlantic, where he is responsible for overseeing and directing the company’s development pipeline in the region. Over his nearly 30-year career, Toby has been involved with the development of over 15 million square feet of residential, office, and retail space. Prior to joining Transwestern, Toby was Senior Vice President for 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 also owned and operated Agora Development, a development and homebuilding company and worked for Washington-area developers EYA and Abdo Development. Toby earned an undergraduate degree from Cornell University and a master’s degree in city and regional planning from the University of North Carolina, Chapel Hill. Mr. Millman holds an undergraduate degree from Cornell University and a Master’s Degree in City Planning from the University of North Carolina at Chapel Hill.

Mr. Smith serves as a Managing Director and COO for Trammell Crow Company’s MidAtlantic Business Unit and is responsible for setting the strategic direction of the business and overseeing the fi nancial, risk management, and human resource functions. He is also responsible for sourcing new development deals and managing projects through the entire development process, including initial concept planning, design, fi nancing, construction, leasing, and disposition. Before moving to the Washington, DC market in early 2005, Mr. Smith worked for the Company’s Chief Investment Offi cer, where he focused on corporate fi nance and M&A activity for the Company, including the eventual merger between Trammell Crow Company and CBRE. Mr. Smith has experience across a range of product types including offi ce, multi- family and retail. Mr. Smith’s strong background in fi nance and acquisitions, combined with his attention to detail and disciplined approach to project management, helps ensure that the client’s interests are protected throughout the development process. Mr. Smith currently manages development projects totaling over 4 million SF, including: The Dalton, a 270-unit luxury apartment project in Alexandria, VA; Century, a 2.4 million SF mixed-use project in Germantown, MD; and Armature Works, a 2.5-acre development in Northeast Washington, DC.

Mr. Dooley originally joined Tishman Speyer in 2001 to lead its regional leasing efforts in the DC Metro area. Since rejoining in 2019, he has been responsible for leading leasing and asset strategy for our DC Metro portfolio and our expansion markets in the Southeast: Atlanta, Charlotte, Raleigh-Durham and Nashville. Prior to rejoining Tishman Speyer, Mr. Dooley was the Chief Operating Officer with Carr Properties where he ran their Leasing, Marketing, Property Management, Asset Management and Construction Management groups. With over 35 years of experience in real estate, Mr. Dooley has also held roles with Trammell Crow, JMB Realty Corporation, LaSalle Partners/JLL and Savills.  Mr. Dooley currently serves on the board of CREBA, the regional association for commercial real estate brokers.  He is also active on the programs committee with CoreNet. Previously, he served on the board of Jubilee Support Alliance, an affordable housing non-profit located in the Adams Morgan neighborhood of Washington, DC.  He also serves as a mentor for the Rubenstein Scholars Program, an affiliate of the Economic Club of Washington, DC and CREBA.  He graduated from Southern Methodist University with a BBA in Finance.  He holds broker’s licenses in DC, MD and VA.

Edward Chaglassian is Chief Executive Officer and President of Bernstein Management Corporation (BMC) and its investment affiliate Bernstein Development Corporation (BDC) and additionally serves on the Advisory Board of BDC Properties, LLC. Mr. Chaglassian provides strategic leadership across the firm’s fully integrated platform and oversees the performance and growth of a diverse portfolio of residential and commercial real estate assets throughout the Washington, D.C. Metropolitan Area. Since assuming the firm’s leadership, Mr. Chaglassian has focused on advancing and diversifying the firm’s long-term investment strategy, strengthening operational performance and positioning the organization for sustained growth and innovation. Prior to becoming CEO and President, Mr. Chaglassian served as President of BDC and Executive Vice President of BMC, where he led the firm’s investment and portfolio management functions. Earlier in his career, he spent nearly two decades with The JBG Companies and its successor, JBG SMITH (NYSE: JBGS), where he held a series of senior leadership roles including Executive Vice President of Investments, Head of Acquisitions, and member of the Investment Committee. Mr. Chaglassian also contributes to the broader community and industry through his service on the Investment Committee of Jubilee Housing and the Board of the District of Columbia Building Industry Association (DCBIA) as well as being a member of the Federal City Council. He earned a Bachelor of Arts in Economics, magna cum laude, from Georgetown University and a Master of Business Administration from The Wharton School of the University of Pennsylvania, where he also serves as a Guest Lecturer.

Bob Murphy is the Managing Principal for MRP Realty. He has over 34 years of experience in commercial real estate operations, ownership and investment. He joined Trammell Crow Company (TCC) in 1987, managing the firm’s regional operations for many years as Principal. Bob’s last role with TCC was area president of the development and investment group in the Mid-Atlantic where Bob and his team completed $1.8B of investments totaling over 10 million square feet. He co-founded MRP Realty (MRP) in 2005, capitalizing on his in-depth knowledge of Mid-Atlantic real estate markets, extensive network of capital relationships, and his reputation as a collaborative and creative partner to drive the firm. Under Bob’s leadership, MRP has deployed nearly $7.8B of office, residential/mixed-use and industrial developments and acquisition investments with an active pipeline totaling over 8 million square feet. He has actively participated in leadership roles at NAIOP and ULI and at various charitable activities during his career; currently serving on the board of Habitat for Humanity of Washington D.C. Bob received his B.S. in Civil Engineering from the University of Notre Dame; his M.B.A. in Finance at Columbia Business School; and was an officer in the United States Army.

Joseph J. Kent has dedicated over 30 years to mastering complex risk management issues for construction organizations, both nationally and globally. In the early stages of his career at Marker (a high-hazard steel contractor), Joe developed key risk management programs and tackled significant claims, including successfully overturning OSHA violations and securing coverage for a high-profile scaffold electrocution case. Transitioning to the insurance brokerage world in 1995, Joe spent 18 years in senior roles at Willis and Aon, culminating in his position as Executive Vice President, Director of Mid-Atlantic Construction. Here, he managed intricate global accounts and refined his expertise in risk solutions. Joe's proudest career move was joining The Baldwin Group's construction practice in 2012, where he became part of a team committed to delivering industry-leading risk management services to the construction industry. The collaborative culture at The Baldwin Group and its focus on client relationships have marked his most fulfilling professional achievement. Joe holds a Bachelor of Science from Millersville University and a Master of Science in Environmental and Safety Management from St. Joseph’s University. He is a licensed broker and has been a keynote speaker at various industry events, including recent talks at the CFMA on Industry Trends and Marketplace Realities. Specialization: • Complex Risk Management • Global Account Management • Client Relationship Management

Chuck Hurchalla is the president of Evolution Sustainability Group. He has over 30 years of experience in the deregulated energy markets, including natural gas, electricity and petroleum products. He is considered a subject matter expert on hedging strategies and the fundamental and technical drivers of movements in the energy markets, including renewable products. In addition, he has been instrumental in helping clients develop comprehensive energy management solutions that meet or exceed energy efficiency and sustainability goals.

Pillsbury partner James Bobotek concentrates his practice on a variety of construction and insurance matters. Jamie guides clients through all phases of development and construction of commercial properties, including preparation, review and negotiation of development, design, construction, design-build, and related agreements. Jamie also counsels clients in analyzing insurance coverage claims, formulating risk management strategies, and developing contractual insurance requirements. Jamie has secured many favorable outcomes for commercial policyholders on CGL, builder's risk, commercial property, business interruption, E&O, cyber, professional liability, D&O, pollution, fidelity and other claims. Representative Experience Drafted and negotiated construction, design, and development contracts for projects totaling billions of dollars. Represented public-private partnerships with respect to construction, design, and ancillary agreements relating to United States military housing privatizations across the country, including projects in California, Arizona, Maryland, Virginia, West Virginia, Nevada, Georgia and Missouri. Drafted form construction and design contract packages for owners, developers and contractors for use throughout the United States. Achieved partial summary judgment against AIG entity in connection with property insurance coverage dispute for multinational university arising from the 2010 earthquakes in Chile. Obtained a summary judgment ruling in a Student Financial Corp. bankruptcy legacy case for an additional insured/policyholder under a fidelity bond (financial institution bond) in connection with alleged Ponzi-scheme losses. Obtained a dismissal of first-filed insurance carrier declaratory judgment action, allowing an iconic brand company's $18 million flood loss claim to proceed against carrier in carrier's home forum of Tennessee. Deployed novel theory to defeat insurance carrier effort to align parties to create federal court jurisdiction, creating favorable new law in removal disputes with insurance carriers. Represented a telecommunications provider in successful prosecution of its claims against its E&O insurer confirming coverage for class action claims alleging cyber-related activities. Obtained significant recovery under a builders risk policy on behalf of a contractor for a delay claim arising out of a subcontractor's provision of defective materials. Procured multi-million dollar defense and indemnity recovery under "personal injury" CGL coverage relating to a discrimination suit brought by the U.S. Department of Justice on behalf of multiple claimants. Obtained recovery under an event cancellation policy for two class action suits brought as a result of logistical difficulties in connection with a client's presidential inauguration-related experiential student conference. Obtained full property loss and business interruption coverage, as well as defense and indemnity coverage for third-party suits, arising out of a catastrophic fire at a defense contractor's warehouse facility. Attained defense and indemnity coverage for an international construction company arising out of concrete plant emissions. Obtained defense and indemnity coverage under a professional liability policy for an engineering company faced with excess exposure. Recovered full pre-suit indemnity for a government contractor in a construction claim related to faulty subcontractor work. Protected a commercial developer's interests under a builders risk policy in connection with a faulty workmanship claim. Represented clients in various industries in structuring and negotiating the terms of their cyber insurance programs. Professional Highlights Member of the Insurance Recovery & Advisory practice, named by Law360 as a Practice Group of the Year in 2015 and 2016. Member of the ABA's Insurance Coverage Litigation Committee, co-chair of its Construction Subcommittee and appointed vice-chair of the Committee's 2017 Annual CLE Seminar and Meeting. Authored "Builders Risk Insurance," New Appleman on Insurance Law Library Edition, Chapter 50 (updated 2016) and "Understanding Product Liability Insurance," New Appleman Insurance Law Practice Guide, Chapter 30B (2013). Presented "Mind the Gaps: Potential Gaps Between Cyber and Other Commercial Policies," at the ABA Insurance Coverage Litigation CLE Seminar, March 2016.