The TreppWire Podcast: A Commercial Real Estate Show

In this special guest episode of the TreppWire Podcast, we are joined by Joey Chilelli, partner at Vanbarton Group and one of New York City's most active office-to-residential conversion developers. Joey makes the case that the split between Class A space and everything else is structural rather than cyclical, walks through how Vanbarton has underwritten conversions since 2011, and explains what actually determines whether a building pencils, from going-in basis to exit on a per-unit level. He also covers the timeline advantage over ground-up development, how the lender group has widened from a handful to dozens, the role of City of Yes and 467M in growing the pipeline, and why he believes conversions are here for the long term. Tune in now.

Episode Notes
(00:00) Intro
(01:19) Joey's Path into CRE
(02:50) State of the Office Market
(07:10) Conversion Pipeline & NYC Incentives
(16:13) Underwriting & Financing
(21:59) Resident Experience & Renewals
(25:20) Which Buildings Convert & the Vanbarton Team
(32:28) The Next Five Years & Outro

Questions or comments? Contact us at podcast@trepp.com.     

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In this week's episode of The TreppWire Podcast, we break down the Fed's unanimous 25-basis-point hike, its first increase in three years, and what a 10-year Treasury above 5% means for CRE when oil, not demand, is driving inflation. We cover a robust retail sales report, businesses struggling to set prices, and new termination risk in GSA leases from anti-DEI provisions. We dig into new Trepp research on $6.6 billion of industrial CMBS exposure tied to Amazon and FedEx, including FedEx lease rollover ahead of loan maturity. We also discuss Hines and Rialto's $1.1 billion office credit fund, a partial office-to-residential conversion in Lower Manhattan, a major LA office extension, a Manhattan office transfer to special servicing, and new data center and retail deals. Tune in now.

Episode notes:
(00:00) Intro & Economic Update
(22:38) Federal Government Lease Risk
(27:37) Hines & Rialto $1.1B Office Fund
(30:22) Amazon & FedEx Industrial Exposure
(41:04) Office: Conversion, Extension & Transfer
(49:10) Data Center & Retail Deals
(54:25) Programming Notes
(56:27) Shoutouts

Questions or comments? Contact us at podcast@trepp.com.

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In a special live edition of The TreppWire Podcast recorded at the California MBA Western States CREF conference, we dig into why today’s CRE market can seem so contradictory and what the data says when you look beyond the national headlines. We break down the three clocks driving CRE today: property performance, capital markets, and credit. We examine the uneven Western office recovery, life sciences distress, why Western multifamily is outperforming the Sun Belt despite a $30.6 billion maturity test, and whether self-storage is flashing an early warning for housing. Plus, we follow two properties through very different cycles to show how performance, value, and credit can tell completely different stories. Tune in now.

Questions or comments? Contact us at podcast@trepp.com.

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In this special guest episode of The TreppWire Podcast, we are joined by Spencer Levy, Global Client Strategist and Senior Economic Advisor at CBRE and host of CBRE's podcast, The Weekly Take. Spencer shares how his diverse career spanning law, investment banking, and capital markets shapes his perspective on the commercial real estate industry and the trends influencing today's market.
Throughout the conversation, Spencer emphasizes the value of relationships, communication, and strategic thinking, particularly in landlord-tenant dynamics and business decision-making. He offers insights into the current commercial real estate environment, discussing the impact of sustained high interest rates and the industry's growing focus on NOI growth and revenue generation over exit cap rates. Spencer also explores the power of storytelling, drawing on his experience hosting The Weekly Take, and explains how podcasting has expanded his network, credibility, and reach across the industry. Tune in now.

Questions or comments? Contact us at podcast@trepp.com.
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In this week's episode of The TreppWire Podcast, we break down the latest moves in rates and capital markets as the 10-year Treasury approaches 5%. We discuss what higher long-term yields mean for CRE and why capital continues to move despite the higher-rate environment. In Digging Through the Data, we kick off college football season with a surprising look at $6.1 billion of securitized student housing debt near AP Top 25 schools and debate the long-term outlook for student versus senior housing. We also cover Ares and Scion's $435 million student housing acquisition, a Houston multifamily loan in special servicing despite 93% occupancy, two very different office stories, major industrial portfolio activity, and a surprise mall payoff despite a nearly 50% drop in appraised value. Tune in now.

Episode notes:
(00:00) Economic Update
(13:00) College Football & Student Housing
(25:30) Student Housing Deals & Outlook
(35:35) Multifamily & Office Stories
(44:43) Industrial & Retail Stories
(51:06) Programming Notes
(53:11) Shoutouts

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:
X: www.x.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp