Press

By Erika Morphy  June 03, 2019 at 09:00 AM

How easy is it to identify a “best boss” anyway? We at Real Estate Forum had the experience of finding that out as we shifted through…

How easy is it to identify a “best boss” anyway? We at Real Estate Forum had the experience of finding that out as we shifted through numerous nomination forms that contained shining examples of leadership from colleagues, employees and team members. Surprisingly, it was a hard decision to make. We say ‘surprisingly’ because statistically speaking, best bosses—or put another way, good leaders—are hard to come by. For instance, only 14% of CEOs have the leadership talent to execute on their strategy, according to one survey. The effect this lack of leadership talent has on a company and its workers cannot be overstated. According to another estimate, there is a 50% difference in the impact that a top performing leader has compared with an average performing one.

Perhaps it is different in the commercial real estate space. Perhaps the rigor needed to navigate our industry and the ease at which it is possible to fail intuitively attracts the best of the best. To borrow from a well known expression, if you can make it in CRE you can make it anywhere.

What is perhaps most astounding about the leaders you will read about in the following pages is the way they make it seem so easy. Juggling multibillion dollar books of business, implementing vision statements and strategic goals and they still always seem to know the name of even the lowliest employee in the office. Smarts, intuition, honor, skill and charisma. You can read about it over the next few pages.

The Best Boss

The Innovator: Craig Deitelzweig “It is an unbelievable privilege to work under the guidance of someone who is an innovator in the field of commercial real estate.” That is according to one colleague describing to Real Estate Forum Craig Deitelzweig, president and CEO of Marx Realty and Merchants National Properties.

Marx Realty is a division of Merchants National Properties. Founded in 1915, its current portfolio of properties includes over 4.7 million square feet of commercial office, retail and residential space as well as five mixed-use projects currently under development. Marx Realty is vertically integrated and involved in all phases of real estate management, development, construction and leasing. The company’s assets comprise 68 properties in 17 states across the continental US.

According to the colleague, “It’s leaders who push the envelope and set new standards for the spaces in which we live, work and play that inspires young professionals to do the same. This, in turn, is what changes the game for the industry as a whole and leads to tangible success in CRE.”

When talking about Deitelzweig, the colleague says that while every firm endeavors to stay relevant in commercial real estate, only a few rise to the top. “I have worked closely with Craig on several high-profile projects in two of the most important office markets: New York and Washington, DC. Office tenants in these markets—and indeed across the country—office and retail tenants are seeking spaces that are more than just a place to do business. They want to be in a place that is an extension of their brand, where they and their employees can ‘see and be seen.’ While there are many ways to accomplish that goal, Craig has a knack for raising the bar via forward-thinking design and I can’t say enough about what that has taught me as I move through my career in commercial real estate.”

One particular thing the colleague learned from Deitelzweig was the importance of being thoughtful and purposeful. In one particular project they worked on together, for example, the colleague said that Deitelzweig didn’t seek to just add amenities for the sake of adding amenities but instead, he transformed this property into a trophy asset.