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Even in a challenging market, David Borden, a principal with Ackman-Ziff Real Estate Group, says he is “highly optimistic” about the future, both for the boutique real estate capital advisory firm and its clients.
He said Ackman-Ziff is finishing the year and entering 2027 strongly despite headwinds, including U.S. Treasury bond yields and interest rates at their highest levels in more than 20 years.
“It's obviously a challenging time, but it's been an exceptional stretch for Ackman-Ziff,” he said. “We actually just had a record quarter because clients need the broad reach of our relationships and premier execution capability, and somebody that can work alongside them at all times.”
Borden joined Ackman-Ziff in 2013 in New York City, where the firm is headquartered. For the past several years, however, he has been in the Washington, D.C., area, though he is responsible for the origination and execution of CRE transactions across the U.S.
Although the metro area of D.C., Maryland and Virginia, or DMV, is a three-hour Amtrak Acela ride from Ackman-Ziff’s main office in Manhattan, Borden said the firm’s “fully integrated, cohesive team” works without silos. This means both he and clients can benefit from the firm’s deep resources in New York or any of its other offices across the country.
“It comes down to how the firm is set up,” he said. “I live and work in the Washington, D.C., area, but my business is national. I'm working on deals for clients all over the country, and I'm plugged in every day to a team and platform that's been operating in New York for 100 years.”
Bisnow spoke with Borden to learn more about Ackman-Ziff’s approach to client service and his thoughts on the CRE market.
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Bisnow: Tell us more about how Ackman-Ziff works. What sets it apart from other capital markets firms?
Borden: Plenty of firms in capital markets have a New York headquarters and satellite offices. But because we're an integrated team, I can be sitting here in Bethesda, Maryland, and working on a Florida, Texas or California deal and have access to our global and New York relationships, analytics and execution resources that allow us to be doing record numbers everywhere we do business.
Bisnow: How does that benefit clients?
Borden: They get our boutique touch, extensive capital reach and premium service. We've been around for 100 years, and we continue to work at the highest level to keep our trusted brand in the marketplace.
We don't hand deals off to younger team members, and clients work closely with our senior people from start to finish. Every deal gets the top level of attention, and everything we do is built around the client at all times, including in difficult times. That's why top owners, developers and funds around the country continuously work with us.
Bisnow: Did this approach play a role in Ackman-Ziff’s record deal volume in the most recent quarter?
Borden: That volume was not all concentrated on a single asset class, location or deal structure. Many of our deals are recapitalizations in major asset classes or structured finance solutions, while others are more offensive-minded aggregation plays in major-adjacent sectors.
Our reach is not solely from a capital perspective, but it also includes our capability to handle all asset classes across the risk spectrum. We lean into niche sectors and specialized capital solutions, including our JV equity practice, opportunity zone strategies, our rapidly growing data center and energy infrastructure practice, and our work in build-to-rent and student housing. Our capabilities extend well beyond the major property types and conventional capital structures, allowing us to address a broad range of client needs.
Bisnow: What are your expectations for 2027?
Borden: The high interest rate environment is hard for a lot of people, and I don't want to brush past that. But I am highly optimistic, and we've never been more energized as a firm. With a wave of loans coming due, there's going to be a need for our services as new solutions are required for refinancings, recaps or maybe even a new equity partner. I think some of the best opportunities to acquire or capitalize on once-in-a-lifetime real estate at a uniquely low basis will exist.
I would tell everybody: Don't let the headlines define the current environment. There's a lot of liquidity in the market. There are certainly underwriting challenges, but I think that there are going to be some really unique opportunities, and we look forward to working on them with our clients.
This article was produced in collaboration between Ackman-Ziff and Studio B. Bisnow news staff was not involved in the production of this content.
Studio B is Bisnow’s in-house content and design studio. To learn more about how Studio B can help your team, reach out to studio@bisnow.com.
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