The 20 Rising Stars of Real Estate 2008 - (Page 13) father, who did residential real estate,” he said. Prior to joining Cushman & Wakefield, he was a real estate analyst with PaineWebber. Cruz expects Cushman & Wakefield’s business to continue to evolve over the next decade. “It’s become more of an adviser to its clients,” he said.“We’re now able to provide a soup-to-nuts menu of services to clients.” In the current markets, he noted that investors like the fact that real estate is a tangible asset, which should help capital inflows.“Real estate has become a much more accepted asset class,” he added. Management teamed up to build the Hotel Gansevoort, a $60 million development in the Meatpacking District of Manhattan. Dolgin performed feasibility studies for the project and worked on design and construction specs with the architectural team. He also worked with Achenbaum and their partners on the underwriting of the debt side of the transaction, securing a commitment for a $34 million construction loan and the assumption of a $15 million, 99-year ground lease. Dolgin, who currently focuses primarily on his family’s investment portfolio and asset management, has held various positions at Kalmon Dolgin Affiliates, including investment underwriter and property and construction manager. He spearheaded the repositioning of one of the firm’s most recent acquisitions, a five-story, 640,000-square-foot building into a mixed-use property. The building, the Falchi Building, is a Long Island City industrial landmark that will now house office space, furniture showrooms and manufacturing operations. From 1996 to 2000, Dolgin was a real estate analyst and worked on site acquisitions for Kalmon Dolgin Affiliates property management arm, KND Management. He joined the family business in 1995 as a commercial leasing salesperson. In 10 years, Dolgin said he expects to “still be looking for value, picking up new properties and turning them around.” He said he most admires family real estate businesses that have been able to make a mark, such as the Dursts and the Rudin family. “Family businesses are difficult,” he added, noting that Kalmon Dolgin had to build credibility with some brokerage firms through its transactions. 4. JOSH DOLGIN Vice President Kalmon Dolgin Affiliates, New York Age: 35 Education: Syracuse University (B.S. in Political Science); New York University (M.S. in Real Estate) Mentors: Israel Dolgin, Honorary Chairman, Kalmon Dolgin Affiliates; Kalmon Dolgin, Co-President, Kalmon Dolgin Affiliates; Neil Dolgin, Co-President, Kalmon Dolgin Affiliates Dolgin’s family credits him with helping them transform their 103-year-old Brooklyn, N.Y.-based company into a national player. Among his achievements since returning to Kalmon Dolgin Affiliates in 2002 is the acquisition and financing of the $140 million Kadima Medical Portfolio, 18 buildings comprising 800,000 square feet in eight states from Florida to Colorado. “One of the biggest hurdles was, once we buy, how we were going to run it,” he said, adding that the company created a medical office entity, Kadima Medical Properties, to run the properties. “It’s been incredibly successful.” Between 2000 and 2002, Dolgin and Michael Achenbaum of WSA 5. MICHAEL HAMILTON Partner DLA Piper, Los Angeles Age: 39 Education: Hamilton College (B.A. in Geology); Rice University (M.A. in Geology); University of Oregon (J.D.) Mentors: Stephen Cowan, Partner, DLA Piper; Fred Klein, Partner, DLA Piper Hamilton was the lead lawyer for DLA Piper’s largest real estate deal last year, acting as the firm’s primary liaison with client Tishman Speyer in its acquisition of Archstone-Smith Trust, a publicly traded real estate investment trust. He served as a liaison between the firm’s client and major counsel from five other law firms, including the firm of Wachtell, Lipton, Rosen & Katz, on the $22.1 billion deal, which involved more than 450 properties in the U.S. and Europe. 5. MICHAEL HAMILTON Hamilton’s real estate practice focuses on commercial real estate finance, project and infrastructure development and environmental and natural resource management counsel. MARCH 2008 REAL ESTATE RISING STARS 13
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