Weekend Interview: CBRE's Thomas Nguyen On Being A Reality TV Contestant And The Future Of Restaurant Retail
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Looking at Thomas Nguyen’s résumé, it might appear that commercial real estate is just another stop along his journey to becoming exorbitantly rich, famous or both.
After all, he had a legitimate shot at winning over $4M when he was cast on Netflix’s Squid Game: The Challenge, was a co-founder of beloved Houston-based South African restaurant chain Peli Peli and briefly worked as a commercial litigator.
But that’s not the case at all, and not just because he didn’t win the reality show, Nguyen told Bisnow. Restaurant practice leader of CBRE’s Houston office is the most enjoyable job Nguyen has ever had, he said.
“Now looking back at everything, I feel like I was always meant to be in this role,” Nguyen said.
Nguyen joined CBRE in 2021 following the closure of the two remaining Peli Peli restaurants, the first of which opened in The Galleria more than a decade earlier. The well-known chain was featured on CNBC’s Restaurant Startup, and Eater Houston named Peli Peli Kitchen the best fast-casual restaurant of the year in 2017.
“I wouldn't be in this role at CBRE without my experience as a restaurateur in Houston,” Nguyen said.
In Nguyen’s time with CBRE, he has represented tenants with diverse and eccentric concepts, including Ojo de Agua, a Mexican health-focused fast-casual chain in Houston’s upscale River Oaks District; Drop Shots, an indoor pickleball court with plans to add a bar at Houston’s Farmers Market; and Chi’Lantro BBQ, an Austin-based Korean concept known for its kimchi fries in the Houston Heights.
This interview has been edited for length and clarity.
Bisnow: You have a diverse résumé with experience including restaurant ownership and commercial litigation. How did you end up in commercial real estate?
Nguyen: After Covid, I wanted to figure out where I was going to finish my career. One of my mentors is a developer in Houston named John Nguyen, [managing partner] with J. Hunter Properties. He had always thought that I should be in real estate with my background and my experience. When I expressed an interest in getting into this field, he said “There’s one team that you have to meet.”
It was Brian Ashby and Sydney Dixon, who were the tenant reps at CBRE Houston. We met at Kirby Ice House. They were looking to grow their team and it's been one of the best decisions of my life. They've been not only the best mentors, but we've become really good friends. It has really helped me blossom in my role here and helped me skip the line in terms of the experience. I wouldn’t have been able to be in this position without them and their mentorship.
Bisnow: Where are the opportunities in restaurant real estate right now?
Nguyen: Right now, with Houston being a really strong retail market — especially for restaurants, and we’re becoming known as quite the food city in the U.S. — you see interest in areas like The Heights and Midtown, Memorial City, even the suburbs. Katy and The Woodlands are getting a lot of attention because of the increase in population, the cost of living and the opportunities.
One of the areas that I love right now is the Katy Asia Town development. I live out there, I’ve lived in Katy most of my life. To see all of that come together and create a maybe unintended mixed-use development that involves multiple developers, it has created this hodge-podge of food, beverage and entertainment that is really just this amazing thing. I’m there almost every weekend.
Bisnow: Commercial real estate overall is in a tough spot at the moment. Is that touching the restaurant industry? If so, how?
Nguyen: Personally, in our experience, our clients are still looking to expand in the market. It is a difficult time for a lot of people for different reasons. But there are still concepts right now that are ready to expand and in a good position, and with the type of concept where they’re comfortable growing.
Bisnow: How did you end up participating in Netflix’s Squid Game: The Challenge?
Nguyen: The original show, Squid Game, is one of my favorite shows of all time. I was a huge fan. Loved it. I’ve seen it multiple times. When they came out with Squid Game: The Challenge, and I saw that they were having an open casting call, I said, “Man, I’ve got to do this.” Personally, I think I have a very unique résumé that is perfectly suited for a challenge like this. My history, my résumé, my experience both mentally and physically. I think it’s hard to have. I’m perfectly suited for this game and I’m glad the Squid Game producers agreed.
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Bisnow: What did you learn from the experience?
Nguyen: As I’ve gotten older, I’ve learned not to be so focused on the actual money but just really enjoy the experience. That’s probably why you don’t see me on TV a lot, because they’re like, “This guy’s not even trying to win. He’s just having a good time.” But I don’t have any regrets. I have a lot of great memories. It’s been amazing getting a lot of support and encouragement and positive feedback from friends and family. Even clients really love the fact that I was on the show or are fans of this show. It's been a great experience.
Bisnow: What similarities are there between operating in the world of commercial real estate and competing on reality TV?
Nguyen: Our business is based on relationships. I think to be very successful in commercial real estate you have to have the ability to create impactful and real relationships with people. Same with Squid Game: The Challenge. When you watch the show, the people who make it really far are people that are able to really build those relationships in a short period of time. We weren’t there that long, and sometimes you met someone and within an hour you had a connection. It’s easier said than done.
It’s a skill set that takes time to develop and nurture. But I think that skill set in commercial real estate can take you a long way. At the end of the day, all of us can get similar data, all of us know what we’re doing in terms of representing our client. A lot of it comes down to our relationships with our clients, our relationships with landlords, our relationships with other brokers. I’ve been fortunate that so far it seems like people have enjoyed working with me, my clients trust me and we’ve been able to do a lot of positive good in the community.
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Bisnow: What are some of the emerging trends you’ve noticed in the food and beverage industry this year?
Nguyen: It seems like there’s been an increase on concepts that are more focused on the experience. So everything from putt-putt concepts, to Flight Club (darts), to pickleball, even sand volleyball ice house and bar concepts, a lot of places that people can actually have more of an experience outside of eating. That’s been a huge focus and growing sector in Houston.
We've personally done the largest indoor pickleball concept at the Houston Farmers Market called Drop Shots. Their courts are already full, they're actually adding more courts.
The Decoy in Spring Branch just opened and that's an adult playground, 21 and up. They have three sand volleyball courts and a bar next to Underbelly Burger. We've been successful trying to find opportunities for clients to open these type of concepts. It seems like the market is responding favorably.
Bisnow: What kind of restaurant concepts are you most interested in bringing to market?
Nguyen: I’m personally interested in bringing more Asian concepts that don’t currently exist in the marketplace, and also either James Beard or Michelin-starred chefs that have not yet had the opportunity to offer their cuisine in the Houston market. Those things excite me.
I’ll argue that Houston is the No. 1 food town in the U.S. I love our diversity here. I love our offerings here. I’m so proud of what all the local chefs here have created. We started Viet-Cajun crawfish. I’m proud that we have two Asia Towns. There’s great opportunity here. The marketplace is also very educated. If you go down to Asia Town right now in Bellaire, I’ve personally never seen so many non-Asians enjoying food there. It’s never been this way and it’s awesome.
People are educated, they’re fearless here. Everyone is not scared of trying new cuisines. So that makes me confident that we can bring really cool concepts from Asia and other states into this market and feel confident that they’ll be able to thrive.
Bisnow: What deal from this year are you most proud of?
Nguyen: I would say the Drop Shots deal. Pickleball is becoming this really amazing thing. I just started playing a couple of weeks ago and I love it. I’m proud of that one because there was an element of risk there.
It’s at the Houston Farmers Market, which is a great historical development. I worked with Jeff Lindenberger at MLB Capital Partners. He wanted to create an experience that would draw traffic there but also provide a venue for people to play pickleball because the options were kind of limited.
I'm proud of it because I believed in the project. There is a sense of validation because it’s been a huge hit. The bar hasn’t even opened yet and people in the community are really enjoying the indoor courts and are excited that the bar is coming.
Bisnow: What is your ultimate career goal?
Nguyen: I want to help bring some of the best and coolest restaurant concepts to Houston. I have a passion for food, having come from a restaurateur background. It's exciting and impactful for me to be a part of shaping the Houston food scene, if you will, and helping restaurants find the right location for their expansion. If I can finish my career that way, I’ll be really happy.
Bisnow: Give us a bold prediction for next year.
Nguyen: We’re seeing a lot of really cool out-of-town concepts finally acknowledge that Houston is a marketplace worth expanding into. We’ve gotten past the point where we have to convince people. I think people see the value in our city, they see the opportunity. The question is just where and how many.
Bisnow: Because this is the weekend interview, what is your weekend routine or favorite weekend activity?
Nguyen: Spending time with my wife and my pugs and playing golf.
