Chicago's 2023 Women Leading Real Estate Say City Will Emerge Stronger After Rebuilding Year

Kathryn Kovitz Arnold was drawn to commercial real estate by “the tangible nature of the work and seeing development progress,” and counts managing the closing of one of the largest condominium deconversions in the state of Illinois as a career highlight.

That’s little surprise since Arnold heads the firm’s condominium practice group, which handles all aspects of condominium law, including development, conversion, deconversion and working with homeowners associations. She served as lead counsel for the buyer on a number of the Chicago area's largest condominium deconversions, including 1400 North Lake Shore Drive, 2 East Oak, Kennelly Square and Bel Harbour condominium.

Arnold said that with the industry in flux due to the economy, “I will wait and see also.” But she is determined to “train our next generations to work on what is to come.”

In her off hours, Arnold enjoys running; watching sci-fi, fantasy and mystery shows; and reading.

Wendy Berger, CEO and president of WBS Equities, was drawn to commercial real estate by a desire to meet tenant needs.

“I am most proud of the partnerships and deep relationships that we build with our tenants. We are very long-term holders of the real estate we own and, as such, our tenants see us as their long-term partner,” Berger said.

Of the future, Berger said, “I hope to continue to be innovative in our approach to developing buildings that help our tenants to increase the efficiency of their businesses. I will continue to work hard to shine a spotlight on women in our industry and the opportunities for women to lead in this industry.”

Berger enjoys an active life outside of work, biking, hiking, swimming, running and competing in triathlons.

Liz Butler’s experience as an urban planner prepared her for the challenges she faces as a land use and zoning attorney. 

“Urban planners are tasked with understanding and analyzing a wide range of factors that influence the development and function of urban areas, including zoning regulations, transportation infrastructure and economic development," Butler said. "I have been able to apply this knowledge directly to the commercial real estate industry."

As one example, Butler (second from left in photo) recently worked on a multifamily project with a significant amount of affordable housing in Chicago, which faced opposition from local elected officials. 

“Despite these challenges, I was able to navigate the complex approval process, working closely with community leaders, the developer and city officials to address concerns and ensure that the project met the needs of the community," she said.

Butler’s passion for positive community impact extends outside work, including hosting a monthly urban planning discussion series and volunteering with the Urban Land Institute, the Chicago Housing Trust and the Metropolitan Planning Council. She also enjoys traveling and spending time with friends, family and her two Boston terriers, Augie and Penny.

It’s been a heady few years for Erin Lavin Cabonargi, who left the city’s Public Building Commission after 10 years of service, helping deliver $3B of public projects on time and under budget, then joined Sterling Bay, where she had a hand in the firm’s planning, design and construction activities surrounding McDonald’s headquarters at 333 North Green as well as master planning and entitlement efforts at Lincoln Yards.

Now, at Urban ReSOLVE, she has written the economic development plan for the Red Line Extension Transit Supportive Development initiative focused on development without displacement, and played a major role in the disposition and repositioning of the James R. Thompson Center.

“I will continue my focus on projects and portfolios of work that grow our economy and workforce in Chicago, while also improving the lives of others in meaningful ways,” Cabonargi said. That future will be led, in the short term, by public-private partnerships in electric vehicle deployment, health and life sciences development, and sustainable building technologies tax credit structures, she said.

Outside of work, Cabonargi is a fan of sailing, skiing, traveling and family time. She is also active on boards like the Chicago Furniture Bank, serves as the chair of the economic development committee for the West Loop Chamber of Commerce and volunteers with the Chicago Children’s Advocacy Center.

Kellie DeVilbiss fell in love with real estate when she was leasing apartments in college.

“I love the daily interaction with people and the ability to impact people’s lives by providing clean, safe apartments that a renter is proud to call home,” DeVilbiss said.

DeVilbiss led the Chicagoland Apartment Association from 2020 to 2021 “during the height of the pandemic, Chicago's civil unrest and the ongoing fight against rent control,” and she was recently recognized with an award for her leadership during that period.

“I have already accomplished more than I ever dreamed because I have worked in an industry I love, with people that make me a better human," she said. "I hope to continue down this path and in some small way, inspire others to join me,” DeVilbiss said.

For the past year, DeVilbiss has been focused on fighting cancer, in addition to raising three children and enjoying time with her family and friends.

Commercial real estate has exposed Heidi DeVries to exciting new experiences like taking care of a corporate airplane hangar and getting to fly a World War II T-6 Texan.

DeVries has used her exposure to many different components of CRE, from brokerage and asset management to construction management, development and property management, to help her firm’s parent company identify a redundant uninterruptible power supply system as a part of its new ESG initiative.

“By resizing the UPS systems, we would put 2 million kilowatt-hours back to the grid, and a second win, the company saves $200K per year with an ROI for the new UPS system in 3.5 years,” she said.

DeVries enjoys cooking and spending time in North Carolina’s Great Smoky Mountains with her family, including her “grand dogs.”

For Amanda Horan, there is something special about seeing a building or complex and knowing she played a role in it.

“Something tangible that I can point to and show my son, like, ‘Hey, see that building? I worked on that,’” said Horan, who finds the most career satisfaction, even in a down market, in helping clients get transactions done and making them more aware of how to mitigate environmental impacts in a way that makes financial sense and ensures assets are more resilient to the effects of climate change.

Horan is optimistic about a “big pickup in Q3” as investors begin to realize opportunities to deploy cash into new value-add opportunities. As far as her own goals, she hopes to become a community influencer for women, making them aware of alternative career possibilities.

“Much of the workforce in the environmental and engineering fields is aging out, with a lack of interest in those fields from people entering the workforce — yet so many women aren't even aware of engineering or environmental careers as an option for them,” she said.

In her spare time, Horan loves taking the opportunity to travel with her son “just show him new places and see his face light up.”

Melanie Jefferies cares about how commercial real estate can support diverse communities.

“What drives me to commercial real estate is the underestimated value it has in improving Black and brown neighborhoods," she said. "I think the opportunity commercial real estate brings in adding economic value, walkable amenities and resources makes it fun to figure out how to implement in areas the majority deem unwanted or less valuable."

Jefferies pushes the CRE industry to respond to women developers. One way she has done so is with her involvement in Chicago’s INVEST South/West initiative and a Milhouse development at 47th Street and South Cottage Grove Avenue. 

As for Chicago's future, “I see commercial coming back hyperlocal, creating small communities and pockets of culture versus just having a downtown and very rural areas — all about creating an experience and giving local entrepreneurs a space to create their own ideas versus the national brands,” she said.

Jefferies loves to travel and enjoy new experiences with her husband and children.

With a father who owned and managed Detroit apartment buildings that her grandfather built, it was only natural that Stream Realty Partners' Wendy Katz went into the real estate business.

“I used to work for my dad in the summers when I was younger, and I loved the complexity and energy," Katz said. "[Yet] instead of residential, I was drawn to the large office buildings in a vibrant metropolitan location, such as Chicago."  

Recently, Katz has worked on transforming Accenture Tower at 500 West Madison St. into a destination building with a diverse mix of companies.

“In such a challenging time for the downtown office market, our leasing momentum increased the building occupancy to 96% and boosted rental rates, ultimately increasing the asset value for our client, KBS,” Katz said.

In her free time, Katz enjoys traveling, going to concerts, exercising and spending time with her husband, Joby, their children, Zach, Anna, Sydney and Leah, and their dog Aspen.

As managing director of leasing at Tishman Speyer, Ellen May has worked on redevelopment projects across the city, including The Franklin, CME Center and 525 West Monroe.

“The strategy involved in shaping the future of these projects took years of planning. The fact that the assets are thriving today, despite current headwinds, is very satisfying,” May said.

May was initially drawn to commercial real estate by the dynamic day-to-day challenges of shaping and marketing the built environment to meet the needs of Chicago companies.

"I love creative deal-making and all the people that make up the industry,” she said.

May hopes to mentor others as she was mentored and, in her free time, she enjoys being with family and friends, yoga, traveling and soccer games.

Beginning as an intern with Slate Asset Management in Toronto in 2019, Brooke McElhone swiftly rose to analyst, then associate, before landing as a vice president in the firm’s Chicago office last year.

McElhone said she was “immediately drawn to the type of people I was meeting there and in the industry — smart, hardworking, interesting people who were invested in seeing me and others succeed.”

One recent success came last year in Canada, when she worked on the acquisition of 800 acres of industrial land in Hamilton, Ontario. The property will be redeveloped into a world-class industrial park set to bring thousands of new jobs and billions to the province’s economy.

Now ensconced in Chicago, McElhone hopes to become more involved in the city’s CRE network, especially with women-focused organizations, and to find new and creative ways to execute on investment opportunities as they arise. As for the city’s future, she hopes to see transformative change.

“While it won’t be this year, I would love to see movements towards rejuvenating the office vacancy we are seeing in urban cores throughout the country to mixed-use and residential, specifically in the Chicago core,” she said, adding rising interest rates and economic uncertainty won’t support that in the short term. “But the persistent office vacancy is an opportunity to transform cities from wheel-and-spoke structure into work-live-play nodes, which I think will only continue to increase in demand.”

In her spare time, McElhone stays active, whether it’s workout classes, walks, hikes or bike rides. She also enjoys visiting Chicago’s “never-ending supply of new restaurants.”

Suzet McKinney is on a mission to make Chicago a major life sciences hub — so much so that she joined Sterling Bay in 2021 to continue her life’s work with a real estate team looking to innovate in the space.

“For decades, the city has lost so much talent, and economic opportunity, due to the exodus of talented life sciences entrepreneurs and their companies, mostly because of the lack of quality lab space and a strong ecosystem,” said McKinney, who previously worked in academia and in the city’s public health department.

“My work to change that began in 2017, and has continued at Sterling Bay. The company's focus on uplifting Chicago as a major life sciences hub has brought greater impact and visibility to this work that is so important to me.”

McKinney predicts life sciences will continue growing and thriving this year, with a steady pipeline of venture capital funding. But no matter what the future holds, she is committed to doing the “big work” in addition to spending time with friends and family in her spare moments.

The chance to use her entrepreneurial and competitive mentality in a social and team-oriented environment drew Presley Norby to commercial real estate, but being one of the few young females working in the mostly male-dominated tenant representation service line is what gives her a sense of purpose.

“I am proud to add a different perspective and level of connection that is valued by our clients and other peers in the industry,” said Norby, who predicts that despite a potential lull in the economic market, CRE knowledge and advisory services “are needed now more than ever to educate end users on how to take advantage of current economic conditions, leverage the market and develop a footprint that provides a culturally and financially beneficial environment to foster growth and innovation.”

Norby predicts companies prioritizing in-office culture, collaboration and face-to-face connection will soon begin surpassing competitors that do not. 

Going forward, she hopes to set an example for younger women in tenant representation while finding time for running, yoga, hockey and “anything that gets me a good sweat.”

Finding an industry that “intersects with every other industry,” has an endless runway for growth and offers a heavy focus on client-facing interactions won Olivia Parker over to commercial real estate.

She’s not stopping there, however, and has begun an MBA journey at Northwestern University’s Kellogg School of Management on its real estate pathway, hoping to expand her knowledge of the industry and grow her network.

“The list is long in terms of goals I'd still like to accomplish in my career within CRE and beyond,” Parker said. “I'm fortunate to be surrounded by a supportive network of mentors, colleagues and clients who have helped guide me in the direction of achieving those goals.”

Outside of work, she enjoys spending time with her golden retriever and traveling with her fiance. And, she added, “When we get the opportunity to travel with Mr. Buck, then life is golden.”

Isabel Preskill Schwartz was named a managing director at Savills in January after working her way up from project coordinator over a seven-year period, making her one of only 18 to hold the title and the only woman to ascend to that level so far in 2023.

It’s a role that, in a way, she was born for, recalling some of her early memories of being in the city with her grandparents and three brothers.

“We would visit the Art Institute, watch a Cubs or Sox game, visit my grandpa's office building on Michigan Avenue and even drive by the Illinois Medical District to see where my family's former lumberyard, Preskill Lumber, used to reside,” Schwartz said. “Every city visit felt eye-opening and magical, and at a very young age I knew I wanted to live and work in the excitement of Chicago."

Early in her career, Schwartz was advised that mentorship was the key to building a successful career — advice she has taken to heart, becoming part of Savills' Women’s Initiative Network, which provides educational and networking opportunities to women, many of them new to the industry. 

In her off hours, Schwartz relaxes with yoga, cooking and unwinding with her husband, family and friends. She also enjoys golf in warmer months.

A specialist in industrial real estate for 23 years, Suzanne Serino has worked with large corporations, small businesses and everything in between on the leasing, construction and sale of industrial facilities.

Before joining Colliers in 2015, she held positions at Avison Young and Cushman & Wakefield. She was named to Colliers’ Everest Club recognizing the firm’s top 10% of producers in 2019 and 2020, and won NAIOP’s Broker Transaction of the Year in 2013 and its Suburban Office Transaction of the Year in 2004.

One area where Jessica Sivels hopes to have an impact in CRE is advocating for small investors. She’s already supporting smaller housing providers, collaborating with local government agencies and neighborhood associations.

“As the industry evolves and new challenges arise, it's essential to ensure that all stakeholders have a voice at the table," she said. "In particular, small investors often face significant barriers to entry and can struggle to compete with larger players in the market. By advocating for policies that support these investors, I plan to level the playing field and create a more equitable and inclusive industry."

Sivels is also passionate about public policy advocacy as a means of ensuring the industry's interests are represented at all levels of government.

"Whether advocating for fair tax policies or pushing for more investment in affordable housing, I'm committed to working towards policies promoting a vibrant and sustainable industry,” Sivels said. 

You can find Sivels cheering on the Chicago Bears in her free time along with reading, listening to music and spending time with loved ones.

Regina Stilp launched Farpoint Development when she was in her 50s. That kind of leap at that stage of life might not be for everyone, but it was important to Stilp to make an impact on Chicago and beyond, with the philosophy of being a good neighbor and a good developer.

“You learn a lot about yourself and others when you run a company,” Stilp said, adding she recommends everyone try it at some point in life. “I try to limit regrets and I think you rarely regret the things you do, only the things you don’t do.” 

Stilp (at right in photo) said she is drawn to creativity, approaching design differently and making an impact, especially via adaptive reuse and “creating a framework for buildings with a past to thrive in the present.” Looking forward, she hopes to continue growing Farpoint, building upon its pillars of community, economic development, intelligent design and sustainability. 

“I want to nurture the growth of more women leaders in our industry and beyond — there has been progress over the last decade, but we still need to do better,” said Stilp, who counts time with family and friends, travel and hanging out with her dogs as her favorite leisure-time activities.

After spending years as one of only a few women at Cook County property tax appeal hearings as general counsel for a small real estate development company, Lauren D.W. Tatar decided to start her own commercial and residential property tax appeal firm, Easy Tax Appeals.

“I recognized how property taxes shape the local real estate market by influencing the costs of buying, renting and investing, as well as community development," Tatar said. "I saw a niche opportunity to combine my legal practice with my interest in commercial and residential real estate development."

Tatar is committed to creating opportunities for other women, like starting a paid summer internship program at the firm to mentor women with an interest in law, real estate and business.

“I hope to continue to grow my commercial property tax appeal practice, maintain a good work-life balance, and encourage other women to seize good opportunities even in traditionally male-dominated fields,” Tatar said.

In her free time, Tatar enjoys skiing, traveling, playing tennis and spending time with her family.

Having been introduced to real estate investment by her uncle, Hope Tate knew from a young age that she would be involved in the industry in some capacity.

With two decades in the field, Tate has extensive operational experience across various real estate types, including mixed-use, residential, office and retail, and is currently responsible for managing client relationships and overseeing all operational aspects for JLL’s Midwest region.

Though she has a lengthy list of recent accomplishments, the one that brings her the most pride is her involvement with JLL’s Diversity Equity & Inclusion Advisory Council, which has developed a playbook and score card for senior leadership to promote and retain diverse talent in managerial and leadership roles.

“I am just getting started, and there is so much more that I hope to accomplish,” Tate said. “My focus now is to get as much experience as possible, pursue all opportunities and continue growing within my current firm.”

Tate admits she works a lot, but whenever she isn’t working, she enjoys spending time with her family and relaxing with a good book.

Kate Varde said the seeds that led her to a career in CRE were planted early. Her grandfather, a  Minneapolis-area pharmacist had made a comfortable middle-class living, but it was purchasing and later selling the pharmacy and strip center in which it was located that allowed her grandparents to retire early.

“My 95-year-old grandmother still tells me, ‘The best investments we ever made were owning real estate,’” said Varde, whose most recent CRE coups include helping spearhead the design of Essex's new and larger office space — a change that has meaningfully enhanced the firm’s culture and camaraderie, drawing teammates back to the office.

Looking ahead, Varde is optimistic that rents, especially in north side neighborhoods, will remain strong, boosting net operating incomes that have been hurt by rising expenses.

“There has been relatively little supply added outside of the West Loop, and demand will remain strong due to the challenges to new homebuyers caused by rising interest rates," she said.

As the mother of two young children, most of Varde’s free time is spent with them. But whenever there is time, she enjoys outdoor activities, especially pickleball, softball and golf.

Colleen Werner is an optimist. While the office market has struggled over the last 18 months, Werner, founder and CEO of lulafit, has pushed to reposition office projects, resulting in higher leasing volume for owners and a better experience for tenants.

“Maybe it’s the entrepreneur in me, but I always look at the worst times in an industry as the most opportune time to innovate," she said. "Although this year may be rocky, it creates opportunity for leaders to do things differently. It’s an incredible honor and a moment for change, something I believe is greatly needed in our industry."

With increasing demand for lulafit’s amenity consulting, the company has grown from two people to seven over six months and is working on 48 projects nationwide.

“I look forward to continuing to push the relevance of office to the forefront. We can no longer be complacent and rely on herds of people to arrive at our doors out of obligation, but instead must drive demand," she said. "It’s something our industry isn’t used to and is challenging many, but for those willing and able to rise to the occasion, they will thrive."

In her free time, Werner spends time outside with her 2-year-old daughter, Stella, her husband and lulafit's chief financial officer, Jeremy, and their dog Ellie.

Stacie Young’s fascination with housing and communities drew her to commercial real estate early. She studied race and housing in college, and worked on suburban racial diversity policies and subsidized affordable rentals with the city of Chicago before becoming CEO of Community Investment Corp.

“I truly found my passion at Community Investment Corp., where we finance small businesses to acquire, rehab and operate unsubsidized affordable rental housing in historically disinvested neighborhoods," Young said. "It is inspiring to see local entrepreneurial owners commit to a difficult business that ultimately improves buildings, neighborhoods and lives."

Young is also proud of the work she did as director of The Preservation Compact, leading collaboration between housing stakeholders and crafting a new state rental property tax incentive to encompass a range of building and market types.

“After passing the state legislature in 2021, the incentive was implemented by the Cook County assessor in 2022, called the Affordable Housing Special Assessment Program," she said. "The effort took many years, and only succeeded thanks to a diverse coalition, which ranged from large industry groups to grassroots organizations, and nonprofit and for-profit developers."

When she’s not working, Young can be found thrifting with her kids and going on Midwestern weekends.