This summer, Connect CRE is producing a series entitled “Inspiring Leaders in Our Changing Industry” as a continuation of last year’s “Leadership in difficult times” Series. We have selected leaders from across the U.S. and the commercial real estate industry to discuss significant changes in the industry and their organizations. In this episode, you will hear from Cappy Thumbsenior portfolio manager at The Davis Companies.
A triumph to celebrate: What recent organizational success gives you the most satisfaction? What specific challenges were overcome and what key factors led to success?
Working on the acquisition of the 100-acre Exxon site in Everett, MA was a career highlight. The project is a case study with several complex considerations, such as figuring out how to safely decommission petroleum tanks that are over 24 years old to meet environmental cleanup standards. We worked closely with a Fortune 100 vendor to reach an agreement and then had to develop a large-scale city plan. It was a big commitment for Davis given the multi-generational impact of this project, and personally it was very inspiring.
This achievement is particularly gratifying as it reflects the growth of the Davis team. When I joined Davis 15 years ago at the beginning of the fund’s business, we did not have the capacity to undertake a project like the one we are undertaking in Everett. Today, however, we have the best talent with the skills required to undertake large-scale projects in the science and technology, residential and mixed-use, and industrial sectors. I am extremely proud of my team, their ability to solve problems, and what we have been able to accomplish to date. I look forward to what is still to come for Davis and am confident that this team will continue to exceed expectations.
Catalysts for change: What are the essential elements to achieve meaningful progress in your company and the industry as a whole?
At Davis, it starts with our team of smart, determined and trustworthy people who can think outside the box, assess risks and opportunities simultaneously, and are highly vigilant and communicative in execution. Opportunities depend on the circumstances and the market. We always keep an eye on long-term trends, such as the evolution of technology, where people want to live, what people want from their communities and workspaces, and especially climate resilience. We take these considerations into account with sustainable real estate solutions.
As for the industry, I think we need to continue to advance the advancement of women and diverse candidates into higher ranks and positions of influence. While we have made progress since I joined the industry, there is still room for improvement at the top of most organizations. The commercial real estate industry can be challenging, and I encourage every CEO to look internally and look for ways to expand the identity of their leadership team. The identity of your leadership team is becoming increasingly important to attract the next generation of leaders who are increasingly placing value on representation in their organization.
Next generation leadership: As we celebrate the industry’s rising stars, what guidance can you give them to help them become catalysts for positive change?
Over time, I’ve realized that no single transaction defines you. First, they’re fleeting, and second, there will always be another one. When you embrace this mindset, you create space to feel compassion for yourself and for the people on the other side of the table. I’ve seen this through the work of Davis’ CEO Jon Davis, who was one of the biggest influences on me during my time at the firm. I’ve watched Jon prioritize giving back to his community, whether in the form of time and money, as much as he does in real estate transactions.
Our world is becoming increasingly complex, and I believe it takes diverse thinking and focused effort to succeed. It’s important to consciously invite more people of different backgrounds, races, and genders into your circle. Then focus on not only inviting them, but listening to them. There are two young environmentalists in my family. Their vision for the future and the interconnectedness of our ecosystem are a constant reminder of that. I’m confident the next generation of real estate managers can prioritize sustainability even more. After all, the next generation has tremendously powerful technology at their disposal. They should embrace it and use it for the benefit of all.
Click here to view the full Inspiring leaders in our changing industry Series.
