Boston State of the Market

As President, Stephen oversees the management of all aspects of Davis’ Investments, Development and Asset Management, playing a leading role in setting firm-wide investment and execution strategy and serving as the President of Davis Investment Ventures, LLC. Stephen chairs the firm’s Executive Committee and is a member of its Investment Committee for each of the active funds. Prior to his current role, Stephen was a member of Davis’ development group, most recently serving as a Managing Director, where he was involved with the acquisition, concept and design development, permitting, financing, construction and marketing of a broad array of Davis’ ground-up development and redevelopment projects. In addition, Stephen led much of the team’s activities in sourcing new development opportunities, with a particular focus on off-market transactions, assemblage opportunities and creative joint venture structuring. Stephen began his career as an attorney, including a four-year engagement as Associate Counsel in Davis’ legal department. Stephen also has been active in an array of real estate industry organizations and is a current member of PREA, ULI and NAIOP for which he previously chaired the Developing Leaders committee and served as an Executive Committee member. He has also been actively involved with a number of Boston area nonprofit organizations including Year Up, for which he previously co-chaired the local Leadership Council, and Heading Home where he is currently serving as the Chair of the Board of Directors. Stephen received a Bachelor of Arts degree from Colgate University, a Juris Doctor degree from the Georgetown University Law Center and a Master of Science in Real Estate Development (MSRED) degree from the MIT Center for Real Estate.

Bruce A. Percelay is chairman and founder of The Mount Vernon Company, a real estate investment firm considered among the leading apartment landlords in Massachusetts. The company has grown over the past 30 years to include approximately 1,600 apartments, 5 hotels, as well as select commercial and vacation properties. The company received the Community Excellence Award from the Rental Housing Association of the Greater Boston Real Estate Board, the Paragon Award for Industry excellence by the National Apartment Association, Best Landlord in Boston by Boston Magazine and Best Places to Work in Boston by the Boston Business Journal. Percelay created the Allston Green District, an eleven building assemblage which was the largest new construction project in Allston in over half a century. The three centerpiece buildings in the Green District set a new standard for environmentally sensitive living and have won over nine awards for their forward- thinking sustainable design. Percelay began his career in advertising and helped manage the marketing efforts for Parker Brother's Games, Keds Sneakers, and Converse Athletic Shoes. He is also credited with the development of the idea for Sunkist Orange Soda, the most successful new soft drink launch in the history of the industry. Combining his marketing savvy with his real estate experience, Percelay next authored the top selling business book, Packaging Your Home for Profit, published by Little Brown and Company. The success of the book prompted appearances on CNN, Good Morning America and over 50 newspapers and magazines around the country. Percelay pioneered the concept of marketing and staging homes for sale and has used the theories in his book to build The Mount Vernon Company to where it is today. Percelay has recently created a boutique hotel division of The Mount Vernon Company including 21 Broad, rated by Conde Nast as the top new boutique hotel in the world. The hotels are strategically located in resort communities including: Nantucket, Newport, Portsmouth, New Hampshire and Camden, Maine as well as a 200- room hotel in Boston. Extremely active in support of the communities in which he lives, Percelay was the driving force behind the construction of Nantucket's new whaling museum, the most significant new building on the island in the last 100 years and is chairman of the $120 million capital campaign for the new Nantucket hospital. He is also a Presidents Council Board Member of Massachusetts General Hospital. Percelay was the chairman of the Massachusetts chapter of the Make-A-Wish Foundation, helping it to become the most successful in the country, and chairman of Habitat for Humanity in Boston where he launched the largest urban project ever built in America during his tenure. Percelay is the publisher of N Magazine, a publication he co-founded 15 years ago. The magazine is the leading publication of its kind on the island, has won national awards for its quality and boasts the highest income demographic of any seasonal magazine in America In recognition of his significant service to his community, Percelay was the recipient of the Ten Outstanding Leaders award from the Boston Chamber of Commerce, as one of Boston’s top leaders in The Boston Globe’s Leaders of Boston book and received the Outstanding Achievement Award from YouthBuild Boston. Percelay received a special commendation by former Senator John Kerry for his contributions to Boston which appear in the permanent archives of the United States Congressional Record and was recently honored by the Children’s Advocacy Center for his support of children’s issues. Percelay currently serves on the board of the Rappaport Institute at the Kennedy School of Government at Harvard University and is honorary chairman of the Nantucket Cottage Hospital capital campaign. Bruce shares his time between Nantucket and Boston with his wife Elisabeth and two sons William and Charlie. He is an avid boater, tennis player, and is a collector of vintage automobiles.

Yorick Starr is a Managing Director and Investment Officer at Invesco Real Estate. Yorick is responsible for originating senior and mezzanine loans for the commercial real estate credit lines of business a primary focus on the Northeast and Eastern US. Yorick began his investment career in 2002 and joined Invesco Real Estate in 2017. Prior to joining Invesco, he was a senior vice president of the commercial real estate group at Wells Fargo based in New York, where he was responsible for managing a team of relationship managers focused on institutional clients, overseeing originations, portfolio management and day-to-day operations of the office. Yorick spent over 15 years at Wells Fargo in a variety positions, including acquiring and financing sub-performing and performing commercial real estate loan portfolios, managing commercial real estate loan workouts and working within a specialty finance group. Yorick earned a Bachelor of Business Administration from the University of San Diego with minors in accounting and computer science.

Kendin Carr is an investment sales specialist in the Colliers Boston office, exclusively representing buyers and sellers of multifamily and mixed-use properties throughout the Metro Boston area. Kendin has more than 18 years of experience in the multifamily/mixed-use space and has closed over 50 investment real estate transactions valued over $100 million during his career. Offering customized research-backed property analysis and gaining a thorough understanding of client objectives, Kendin develops an optimal property level portfolio strategy to maximize value for clients. With the strong understanding of the complexities, Kendin has also, successfully represented the City of Boston and the City of Newton in the disposition of several multifamily assets in receivership, negotiating favorable outcomes for both municipalities, and securing the return of the distressed properties to productive use.

Mike comes to Nuveen Green Capital with a background in lighting controls and utility efficiency program implementation. He is a Certified Energy Manager, and a Certified Lighting Efficiency professional endorsed by ACEEE. He has a passion for business development working with contractors to design, implement, and sell unique energy solutions that best match their customer’s needs. In his spare time Mike is a happily terrible golfer and enjoys traveling whenever the chance arises.

Marcelo founded Ecosave in 2002 and has grown it into an industry leading energy and water services company. Marcelo has more than 25 years of experience, including as a business turnaround specialist working for a corporate training multinational. Marcelo’s focus is on sales management, financial, and corporate training and development.

Brooks is a cross-disciplined specialist consulting in the delivery of innovative employee benefits, retirement, commercial property and casualty and private client insurance solutions at NFP, the 7th largest benefits broker by global revenue and the 7th largest US-based privately owned insurance broker. He designs cash-sensitive programs using self-insurance, captives, and other alternative risk methods. As a Senior Advisor at NFP, his management expertise includes healthcare and life sciences, financial services, manufacturing, energy, hospitality and franchise risk, technology, cannabis, digital assets, sports and entertainment, real estate, and nonprofits. He was previously a Managing Consultant for national insurance brokerage SafeHarbor Consulting and Risk Management, acquired by NFP in 2014. During that time, he oversaw a broad set of responsibilities, including new business development and account management operations. While at Accenture, he had the honor of being awarded co-inventor of a “Return on Investment (ROI) Tool” (US patent #: US 7,647,260 B2), a total-cost-of-ownership framework for custom software development. He holds a Bachelor of Science in Human and Organizational Development from Vanderbilt University and a Master of Business Administration from Babson College’s F.W. Olin School of Business. He is also FINRA Series 65 licensed; a licensed producer for life, accident and health insurance and for property and casualty insurance; and has earned the Certified Insurance Counselor (CIC) and Certified Professional Insurance Agent (CPIA) professional designations.

As Senior Vice President, Leasing and Asset Management, Duncan is responsible for developing and implementing leasing and asset management strategies for the firm. Duncan has 18+ years of experience in the management, marketing and leasing of commercial real estate. Prior to assuming his current position as Senior Vice President with TDC in 1999, Duncan was Vice President and General Manager of Merchandise Mart Properties, a division of Vornado Realty Trust, responsible for their newly-acquired asset, the Boston Design Center. Prior to the acquisition by Vornado, he was President of the Boston Design Center for a TDC-affiliated company. Formerly, Duncan was President of the Washington Design Center, VP of Sales & Marketing for furniture manufacturer Doxey Furniture in North Carolina and previously Assistant Treasurer for Bankers Trust Company in New York City. He has a Bachelor’s Degree from Washington College, Maryland Mr. Gilkey is a member of NAIOP and in 2014 was appointed to the National Marketing & Leasing Forum.

Yanni Tsipis is Senior Vice President - Seaport at WS Development in Boston and oversees the company's Seaport project, a 7.7 million square foot mixed-use development currently underway in Boston's Seaport District. Prior to his tenure at WS, Yanni spent nearly 15 years at Colliers International after completing undergraduate and graduate studies at MIT in civil engineering and planning. At Colliers, Yanni focused his work on managing large-scale urban development and historic rehabilitation projects. His project experience at Colliers included multiple commercial, multifamily residential, hotel, and other project types, and spanned over $2 billion of development projects, all in the City of Boston. Yanni lives in Westwood and has written four books about the history of the city's transportation infrastructure. He serves on numerous non-profit boards and is a past member of the Boston Landmarks Commission.

In his 12 years of experience, Aksel has worked on many project types, including historic preservation, residential, commercial, industrial, offices, religious, educational, and museums. After many years involved in various community and industry organizations, Aksel has developed a talent for building trusting relationships with clients, consultants, and co-workers. His breadth of knowledge allows him to bring a unique perspective to every project. With an eye for detail and architectural design principles, Aksel ensures that every project is one of which clients and designers can be proud.

Lee Kennedy Company is a full service construction firm providing feasibility analysis, preconstruction, construction management, and general contracting services to the Academic, Interiors, Healthcare/Life Sciences, Commercial Development, Historic Restoration, Hotel/Residential, and Retail markets. Under the direction of Lee Michael Kennedy, President and CEO, Lee Kennedy Co. continues to be widely regarded as one of New England’s finest general contractors and has a strong reputation for client service and quality work. The company currently has annual volume of approximately $600 million and approximately 250 employees. Lee works closely with the executive management team to establish and implement the company’s strategic vision and direction as well as provide everyday leadership. He focuses most of his time in three areas: client relationships, leadership development, and community involvement. Lee supports many community and social causes. He has served and supported the Boys and Girls Clubs of Dorchester for over 20 years, currently serving as Chairman of the Board. In 2021, he was named co-chair of the Boston Arts Academy Honors event and an Honoree in 2022. He also serves on the Board or Executive Committee for organizations such as the Claddagh Fund, College Bound Dorchester and the Neighborhood House Charter School, to name a few. Lee is also heavily involved in organizations such as Urban Land Institute, Boston Architectural College and UMass Boston’s Board of Visitors.

Corey Bialow is the founder and CEO of Bialow Real Estate and has been actively engaged in the real estate profession for over 30 years. Bialow Real Estate was founded in 2005 and has completed over 1,000 real estate transactions across 47 states and Canada with an aggregate value of over $1.5 Billion Dollars. Corey has established himself as one of the country’s leading experts in the field of retail tenant representation and has recently been recognized as one of the top 10 retail brokers in the country. Corey has worked as a consultant and broker for some of the nation’s premier retail and restaurant chains including Godiva, TB12, The Vitamin Shoppe, Mattress Firm, Kona Grill, Sephora, Talbots, Johnny Was, James Perse, Alexis Bittar, It’s Sugar, Brooklyn Boulders, Pet Supplies Plus, Pinkberry, Arby’s, Wendy’s, Smashburger, Bowlero, etc. Recently, Corey has been working with today’s leading omni-channel retailers that are crossing over to opening showrooms throughout the country including Indochino and Sleep Number as well as counseling emerging experiential and entertainment concepts that are establishing sites in formerly occupied “big box” spaces and non-traditional locations including Launch Entertainment and Belong Gaming. Corey has also worked closely with many private equity and venture capital firms that have relied on his expertise for evaluating existing real estate portfolios as well as establishing national strategic growth plans. Some of these firms include Irving Place Capital, North Castle Partners, Highland Consumer Partners, Bear Stearns Merchant Bank, Porchlight Equity, Breakaway, A&M Capital, Gordon Brothers, Staple Street Capital, FirePine Group, Atlantic Street Capital, Arctaris Capital and Sycamore Partners. Prior to starting his own company, Corey served as Vice President of Real Estate and Construction for several leading international retail chains including The Vitamin Shoppe and Blinds to Go. He worked extensively The Vitamin Shoppe on an outsourced basis and was responsible for taking the retailer from a local New York City chain with only 20 stores to a public company with over 750 stores nationally. Corey is also an avid investor and entrepreneur having been a partner and board member in multiple retail and restaurant concepts as well as the founding partner and co-creator of the "Be Styled" Blow Dry chain which he sold in 2016. He is also an active real estate developer and owner of several commercial and residential developments throughout the United States.

Mike Firestone is the Chief of Policy and Strategic Planning for the City of Boston and Mayor Michelle Wu. In this role, he works across City leadership to advance Mayor Wu’s vision of a future-focused, growing, and family-friendly city. Mike previously served as an Assistant Attorney General and Chief of Staff to then-Massachusetts Attorney General Maura Healey (2016-2019). In 2021, he founded and directed the Coalition to Protect Workers’ Rights and served as Interim Managing Director of the Labor and Worklife Program at Harvard Law School. In 2014, Mike was named Campaign Manager of the Year by the American Association of Political Consultants for leading Maura Healey's successful campaign for Attorney General. He previously served as the field director for the U.S. Senator Elizabeth Warren (D-MA) in 2012 and U.S. Senator Jeanne Shaheen (D-NH) in 2008. Mike is a graduate of Harvard College and Harvard Law School. He lives in Jamaica Plain with his wife, legal aid attorney Betsy Gwin, and their two young children.

Jennifer Schultz is a partner at the law firm Nixon Peabody, LLP, and the Leader of the Nationwide Real Estate Development Team. Jenn specializes personally on large-scale complex mixed-use development in and around the Boston area, Worcester, and Providence, RI. She and her team have successfully permitted over 10 million square feet of development over the last 6 years, including over 4 million square feet of lab/R&D space. Nixon’s national development team includes more than 26 lawyers and professional staff across seven offices.

Dan Rivera came to MassDevelopment after serving seven years as Mayor of the City of Lawrence, Mass. During his time as Mayor, the city saw significant commercial development, record new units of housing, and tens of millions of dollars invested in economic development planning and projects. Dan’s focus on economic and community development as Mayor included investments in housing, job creation, downtown redevelopment, transit-oriented development and equity, infrastructure, brownfields redevelopment, placemaking, and quality-of-life improvements, and establishing professional, transparent, modern, and streamlined permitting and licensing processes. Dan was an invaluable member of the Baker-Polito Administration’s Reopening Advisory Board, bringing the municipal viewpoint to the group tasked with developing the Commonwealth’s strategy to reopen the economy during COVID-19, and the COVID-19 Vaccine Advisory Group. In 2017, Governor Baker tapped Rivera to serve on the newly established Latino Advisory Commission charged with addressing concerns of the Massachusetts Latino community and promoting economic prosperity and well-being. Prior to his two terms as Mayor of Lawrence, Dan held various positions in the private, public, and nonprofit sectors. Dan is a veteran of the U.S. Army, where he served in the first Gulf War, Desert Shield/Desert Storm, and a graduate of the UMass Amherst and Suffolk University’s Sawyer School of Management, where he earned his MBA. Dan lives in Lawrence with his wife, Paula, and their children, Daniel and Charlotte.

Canan Safar manages real estate development projects for CV Properties and Accordia Partners, with her current focus on the Dorchester Bay City project, a $5 Billion, transformative 36-acre, 6.1 million square foot Transit-Oriented Development near the JFK/UMass Station. Currently received the City of Boston’s zoning approval and FEIR Certificate from the State, the project will create nearly 2,000 multifamily units and 4 million square feet of commercial and retail space, generate 25,000 permanent jobs, dedicate over 15 acres to open spaces with 3.7 miles of new bike lanes while implementing neighborhood-scale climate resilience measures. Canan has extensive experience in real estate development, having led complex urban mixed-use projects locally and nationally. Prior to joining CV Properties, she worked as the Director of Infrastructure for the Harvard Allston Land Company at Harvard University, where she was responsible for developing the strategic infrastructure master plan, construction feasibility, and the resiliency and sustainability aspects of the University’s 36-acre Enterprise Research Campus. She served as a member of the selection committee for the Enterprise Research Campus project RFP process on behalf of the University. Prior to Harvard, Canan oversaw the development of the 16 million square foot Suffolk Downs Redevelopment mixed-use project for HYM Investment Group and managed the acquisition and development of over 1,000 unit multi-family apartment projects in the Boston area. She has also worked on economic development projects for the Commonwealth of Massachusetts, focusing on public-private partnerships to optimize the state’s underutilized real estate assets. Before her transition to real estate development, Canan was an architect at Elkus Manfredi Architects in Boston. Canan holds an MS degree in RED from MIT and a BA in Architecture from YTU in Istanbul.

Jennifer represents clients in connection with all aspects of acquisitions, dispositions, and financings of office, life sciences, industrial, and multifamily properties throughout the continental United States. Her experience includes representing investors in joint ventures and other interest purchases in complex commercial real estate transactions. She also has extensive experience counseling real estate borrowers in obtaining and refinancing loans on diverse properties, opposite CMBS, bank, and insurance lenders. Jennifer frequently represents real estate and pension funds, among other owners and operators of commercial real estate, across a spectrum of real estate transactions and also provides clients with strategic counsel on existing and potential issues and opportunities as market and economic conditions evolve.