The Promote Podcast

Latest Episodes:

Sleepless in Seattle: The Martin Selig Story Dec 03, 2025

Show notes

This week, we dive deep into the maverick career of Seattle skyscraper titan Martin Selig - a true man in full who at his pomp controlled more than a third of the city's downtown, but is now at risk of losing it all. As of this summer, Selig has lost 19 of his buildings to third-party managers or lenders. He’s been unable to make good on over $850 million in loans. We break down his meteoric rise, his ability to survive through cycles that ended the careers of lesser men, and why this time may truly be the end.

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Further reading/listening:

Sonder's Mercy Killing and the Mooch's OZ Misadventure Nov 19, 2025

Show notes

This week, we explore why more multifamily REITs are offering themselves up at the altar - there just doesn’t seem to be a real path forward for many of these midsize players in this capital-markets environment. We then look at Marriott’s mercy killing of Sonder and the lessons to take away from yet another high-profile proptech implosion. And finally, the Mooch’s OZ fund was kinda like the Mooch’s White House tenure. Short and painful.

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For feedback: Write us at podcast@thepromote.com - we're taking questions for a special mailbag episode! And please rate us and write a review on Apple.

Up your CRE game: Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Founding memberships open now at https://www.thepromote.com/upgrade

Programming Note: We're off for Thanksgiving Week. We'll see you back here week after that!

Further reading/listening:

Marriott-Sonder Deal: https://www.thepromote.com/p/the-promote-marriott-s-sonderlust-trimont-grabs-the-crown#inside-marriotts-sonderlust
Mooch OZ: https://www.bloomberg.com/news/articles/2025-11-13/scaramucci-s-opportunity-zone-bet-likely-to-be-zero-for-clients
Centerspace: https://www.bloomberg.com/news/articles/2025-11-11/apartment-landlord-centerspace-is-said-to-explore-potential-sale
Sonder Winddown: https://investors.sonder.com/news-releases/news-release-details/sonder-holdings-inc-complete-immediate-wind-down-operations
Cortland's PE Courtship: https://podcasts.apple.com/us/podcast/jpms-roosevelt-run-cortlands-pe-courtship/id1801355295?i=1000718664676

Reston Peace, Senioritis & A Capstack Crisis Nov 12, 2025

Show notes

This week, we chat about 2 big events in the senior housing space: Blackstone’s fire sale of a $1.8B portfolio and the Sonida-CNL merger. It’s a pretty gnarly business to operate, but there’s lots of room for creative structuring. Next, we look at the behind-the-scenes wrangling at one of Brooklyn’s buzziest projects: Jonathan Landau is attempting to build Brooklyn Heights’ tallest condo, but has a quarter-billion dollar hole to fill. And finally, BXP (aka Boston Properties) is cashing in on legacy assets to fund its development pipeline. Supertalls ain’t cheap!

To advertise: Reach out to partnerships@thepromote.com

For feedback: Write us at podcast@thepromote.com and please rate us and write a review on Apple or Spotify.

Up your CRE game: Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Founding memberships open now at https://www.thepromote.com/upgrade

Further reading:

Inside the Capstack on Landau’s Brooklyn Moonshot: https://www.thepromote.com/p/inside-landau-s-brooklyn-capstack-bx-dst-deets

Blackstone Is Offloading a Flopped $1.8 Billion Investment in Senior Housing: https://www.wsj.com/articles/blackstone-is-offloading-a-flopped-1-8-billion-investment-in-senior-housing-4a7b85d9

The Nursing Home Power Roster: https://www.thepromote.com/p/nursing-home-power-roster-an-embezzlement-autopsy

Blackstone Cubs, Secondaries Sizzle & Hines of Arabia Nov 05, 2025

Show notes

In a world awash with capital, it’s the same names who are vacuuming up increasing shares of it: We dive into Blackstone alpha cub Chad Pike's take-private megadeal for industrial REIT Plymouth, his most significant deal since being shunted to the BX sidelines. We then discuss how major US players such as Hines and Brookfield are now heading to the Gulf, not just to raise capital for US projects, but to build out those lucrative skylines. And finally, buying leftovers has never been sexier - CRE secondaries are the hottest game in town.

To advertise: Reach out to partnerships@thepromote.com

For feedback: Write us at podcast@thepromote.com and please rate us and write a review on Apple or Spotify.

Up your CRE game: Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Founding memberships open now at https://www.thepromote.com/upgrade

Further reading:

Jon Gray profile Business Insider: https://www.businessinsider.com/jon-gray-blackstone-profile-succession-schwarzman-interview-ceo-bumble-oatly-2021-1

Behind Blackstone Cub's $1.25B Haul: https://www.thepromote.com/p/the-promote-dial-m-for-mortgage-fraud#behind-blackstone-cubs-125-b-haul

Property Giant Hines to Expand into Booming Saudi Arabian Market: https://www.bloomberg.com/news/articles/2025-10-24/property-giant-hines-to-expand-into-booming-saudi-arabian-market

Deep Dive- Inside the LPAC: https://www.perenews.com/deep-dive-inside-the-lpac/

Fugazi First Positions & Cracking Billionaires' Row Oct 29, 2025

Show notes

This week, we look at explosive allegations of mortgage fraud that have caught up 2 prominent regional banks. Zions and Western Alliance woes stemming from shenanigans at a California CRE investor once again show how vital regional banks are to the industry’s capital markets – and how distress in that space can ruin the whole party. Next, we look at Walmart’s intriguing new playbook – the retail behemoth is on a mall shopping spree. And finally, there’s a LITERAL crackdown allegedly happening at one of the country’s most notable supertalls- Harry Macklowe and CIM Group's 432 Park Avenue.

To advertise: Reach out to partnerships@thepromote.com

For feedback: Write us at podcast@thepromote.com and please rate us and write a review on Apple or Spotify.

Up your CRE game: Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Founding memberships open now at https://www.thepromote.com/upgrade

Further reading:

Troubled Real Estate Firm at Center of Banks’ Latest Loan Pinch:https://www.bloomberg.com/news/articles/2025-10-17/troubled-real-estate-firm-at-center-of-banks-latest-loan-pinch

Why Did Walmart Just Buy a Shopping Mall?: https://www.nytimes.com/2025/10/06/business/walmart-shopping-malls.html?unlocked_article_code=1.u08.Zxzg.LSLcjr4T2Nsw&smid=url-share

A Tower on Billionaires’ Row Is Full of Cracks. Who’s to Blame?: https://www.nytimes.com/2025/10/19/nyregion/432-park-avenue-condo-tower.html

Age of Accountability for Supertalls: https://www.thepromote.com/p/supertall-retribution-ackman-s-baby-berkshire-playbook#age-of-accountability-for-supertall

Macklowe Case Study- the GM Building: https://mackloweproperties.com/pdfs/GMBuilding.pdf

The Skyscraper That Broke America Oct 22, 2025

Show notes

This week, we have a special episode diving deep into the skyscraper that encapsulates our political and financial age: 666 Fifth Avenue. Now known as 660 Fifth Avenue, this tower brings together a dizzying array of characters – from Jared and Charlie Kushner to the former finance minister of Qatar and an imprisoned Chinese mogul – and elements such as cocky scions, insane appraisals, overheated CMBS, hardball pref, media wars, White House wildcards, and so much more. We trace the history of the building from being Jared Kushner's splashy and later disastrous buy to the Brookfield bailout and ultimate redemption. Next, we look at a botched condo buyout in Miami and the opportunities and dangers of that playbook. And finally, we examine how Banco Santander is playing rough with borrowers it inherited from Signature Bank.

Sponsor: This episode is sponsored by Bullpen, a talent shop solely dedicated to the commercial real estate industry. Bullpen can recruit trusted CRE pros at all levels, from analysts to C-suite, and can fill both fractional and full-time positions. The Promote listeners get $1,000 off their first search when you mention who sent you. Check out atbullpenre.com to get started.

To advertise: Reach out to partnerships@thepromote.com

For feedback: Write us at podcast@thepromote.com and please rate us and write a review on Apple or Spotify.

Promote Insider: Our premium tier for CRE insiders is now live. To lock in Founding Member rates, visit https://www.thepromote.com/upgrade

Further reading:

Jared Kushner profile - NYMAg

Behind the record deal for 666 Fifth Avenue - TRD

Jared Kushner, a Trump In-Law and Adviser, Chases a Chinese Deal - NYT

Kushners, Trump In-Laws, Weigh $400 Million Deal With Chinese Firm - NYT

Charlie Kushner, Unfiltered- TRD

Deal Gives Kushners Cash Infusion on 666 Fifth Avenue - NYT

660 Reasons to Smile - The Promote

Banco Down to Brawl - The Promote

Florida Supreme Court denies rehearing in condo buyout case- TRD

Fathers, Sons & Fast Fashion Tax Shields Oct 15, 2025

Show notes

This week, we asked the taboo question about New York office to residential conversions. Do the numbers work? There's been enough distress from some of the OGs, including Nathan Berman, that it warrants that question amid all the private-credit billions flowing into the space. We then look at how a single man, Zara founder Amancio Ortega, can drive pricing across product types and markets – even though his buys may not really be pegged on real-world investment metrics. And finally, we go a little bit tabloid to talk about the case of David Bren, the embattled son of real estate tycoon Donald Bren – some real talk about fundraising and scions in there.

To advertise: Reach out to partnerships@thepromote.com

For feedback: Write us at podcast@thepromote.com and please rate us and write a review on Apple or Spotify.

Up your CRE game: Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Founding memberships open now at https://www.thepromote.com/upgrade

Further reading:

Donald Bren - The Billionaire's Town: https://www.bloomberg.com/features/2025-irvine-california-housing-donald-bren/

A billionaire’s son sold investors on the ‘ultimate man cave.’ Was any of it real?: https://www.latimes.com/california/story/2025-10-06/david-bren-beverly-hills

The Follieri Charade: https://www.vanityfair.com/news/2008/10/follieri200810?srsltid=AfmBOorhtO3gFoiBk5pL3BXDzBXUyPfwoJ-SVNmXUDTBR6Y9h7X_rayD

Caveat Lender: https://www.thepromote.com/p/caveat-office-resi-lender-roosevelt-masala#caveat-lender

A Costly Rescue Recap: https://www.thepromote.com/p/inside-the-debt-fund-game-underwater-rescues#a-costly-rescue-recap

SF Apartment Therapy & the Short King of Data Centers Oct 08, 2025

Show notes

This week, we discuss an intriguing deal in the data-center space – TeraWulf is raising $3B in debt to build data centers for Google, in an intertwined transaction that's becoming a prototype for getting these massive developments going. We dive into the maverick mogul behind Terawulf, Paul Prager, who's using his heft to turn Maryland's Eastern Shore into the new Hamptons. We then take stock of the carnage in San Francisco's multifamily market, where the biggest players are winning and losing thousands of units all at once – and leaving their lenders in the lurch. Finally, we explore why institutional investors are finding alpha between the low-thread-count sheets in the extended-stay space.

Sponsor: This episode is sponsored by Bullpen, a talent shop solely dedicated to the commercial real estate industry. Bullpen can recruit trusted CRE pros at all levels, from analysts to C-suite, and can fill both fractional and full-time positions. Check them out atbullpenre.com to get started.

To advertise: Reach out to partnerships@thepromote.com

For feedback: Write us at podcast@thepromote.com and please rate us and write a review on Apple or Spotify.

Promote Insider: Our premium tier for CRE insiders launches Oct. 15. To lock in Founding Member rates, visit https://www.thepromote.com/upgrade

Brookfield's $10B YES! & RXR's OPM Masterclass Oct 01, 2025

Show notes

This week, we dive into Brookfield's $10B mega-acquisition of manufactured-home player YES! Communities, and how it's emblematic of the next frontier of institutional CRE investing – we chop it up on the liquid debt markets for affordable housing, putting money to work at scale and Stockbridge's FAT upcoming promote. We then examine RXR's OPM masterclass in Manhattan with Gemini, a $3.5B office vehicle that is making splashy buys and generating even splashier fees in the process. We then visit the modest environs of Wilmington, DE, where Buccini Pollin is in the midst of an intriguing office-resi bet.

To advertise: Reach out to partnerships@thepromote.com

For feedback: Write us at podcast@thepromote.com and please rate us and write a review on Apple or Spotify.

Up your CRE game: Consider becoming a premium subscriber to The Promote to unlock access to expert CRE content. Founding memberships open now at https://www.thepromote.com/upgrade

Further reading:

https://www.thepromote.com/p/rxr-s-feeapalooza-sobrato-s-sv-sizzle#rx-rs-feeapalooza

Brookfield in talks to buy US landlord from Singapore’s GIC in $10bn deal

Sobrato's Silicon Sizzle & Macklowe Unfurled Sep 25, 2025

Show notes

This week, we take a closer look at one of the biggest winners from Nvidia's Silicon Valley real estate rampage: The Sobrato Organization amassed a 12M sf portfolio through a combination of guts, vision and HEAVY leverage, and are now reaping the rewards as Nvidia goes shopping. We then look at how some big players, including Toll Brothers, are bowing out of multifamily development, and explore who's stepping into the void. Finally, with his adventures on the high seas on pause, Harry Macklowe is back to adventuring on the Manhattan skyline: But who the hell wants to give the rapscallion developer the cash to do it?

To advertise: Reach out to partnerships@thepromote.com

For feedback: Write us at podcast@thepromote.com and please rate us and write a review on Apple or Spotify.

Further reading:

Carl Berg a Man on a Mission: https://www.bizjournals.com/sanjose/stories/2010/07/26/focus1.html?page=all
John Sobrato Interview: https://www.nobhillgazette.com/people/the_interview/up-close-and-personal-with-john-sobrato/article_b517646f-dc65-5386-acb2-d3e456e4ee4e.html
Macklowe vs. Macklowe: https://therealdeal.com/magazine/new-york-november-2017/macklowe-vs-macklowe/

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