The TreppWire Podcast: A Commercial Real Estate Show

In this week's episode of The TreppWire Podcast, we examine the selective stabilization theme shaping CRE in 2026, with strong retail sales and pending home sales pointing to forward motion even as affordability still caps housing. We break down Blue Owl's $2.4 billion acquisition of Sila Realty Trust, dig into multifamily supply dynamics as the top 25 developers command a record share of starts, and cover New York City's $4 billion pension commitment to affordable housing. We walk through Trepp's latest CRE debt universe analysis, showing banks finally showing early signs of credit expansion. We then dedicate a deep dive to data centers, covering operational resilience, the emerging power stack, Meta's $1 billion Tulsa AI facility, Maine's new construction ban, and Google-linked data centers' record $5.7 billion junk bond. Tune in now.

Episode Notes
Economic Update: Retail Sales & Pending Home Sales
Blue Owl's $2.4B Sila Realty Acquisition
Multifamily Supply & the NMHC Top 25 Developer Shake-Up
NYC Pension Fund's $4 Billion Affordable Housing Bet
CRE Debt Universe Update: Credit Growth & Banks Re-Entering
Data Center 101: Operational Resilience Tiers & the Power Stack
Meta's $1 Billion AI Data Center in Tulsa, Oklahoma
Maine Bans Large Data Center Construction
Google-Linked Data Centers' Record $5.7 Billion Junk Bond
Multifamily Deals: San Francisco, New Jersey, & St. Petersburg Foreclosure
Programming Notes
Shoutouts

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In this special guest episode of The TreppWire Podcast, we’re joined by Justin Kennedy, Co-Founder and Managing Partner of 3650 Capital, to discuss the state of commercial real estate (CRE) through the lens of nearly three decades of experience. Justin outlines how 3650 Capital operates across stable cash flow lending, real estate credit solutions, and special situations. We dive into significant market dispersion in the market and why micro-market fundamentals and property utility matter more than ever, as performance increasingly diverges across similar assets within geographic proximity. Justin explains how technology-driven shifts in retail and office demand represent secular change, why investors must focus on forward-looking utility over historical metrics, and how AI is beginning to influence real estate analysis. Tune in now.

Episode Notes
• Background in CRE & CMBS
• 3650 Investment Strategy & Three Vehicle s
• Real Estate Market Dispersion
• Market Evolution: CRE Today
• Technology Impact on CRE
• AI's Role in Real Estate Workflows
• Closing Thoughts & Advice

Questions or comments? Contact us at [email protected].

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In this week’s episode of The TreppWire Podcast, we cover persistent inflation pressures tied to energy costs, improving liquidity in commercial real estate (CRE) financing and private credit markets, and key takeaways from bank earnings, where large banks continue to pull back from CRE lending while regional banks increase exposure. We also discuss the planned July 2026 launch of the Texas Stock Exchange and its implications for Dallas–Fort Worth as a financial hub. In a 101 segment, we break down 1031 exchanges and examine how eliminating the tax benefit could impact transaction volumes. On the CRE front, we cover Blackstone’s planned $2 billion IPO of its data center REIT (BXDC), the 575 Fifth Avenue acquisition by Sovereign Partners and Hudson Point Capital, WeWork’s new product. We also share several trading alerts from Trepp data. Tune in now.

Episode notes:
Economic Update (0:29)
Market Liquidity & Mortgage Trends: Blue Owl Capital's Bonds (11:36)
Banks Earnings & Trading Challenges (18:02)
Texas Stock Exchange & Dallas Discussion (33:10)
1031 Exchanges 101 (40:22)
Blackstone Data Center REIT IPO (51:56)
Trading Alert: Aon Center Loan (54:56)
575 Fifth Avenue Acquisition (59:25)
Trading Alert: South Plains Mall Loan (1:01:20)
WeWork Go (1:06:50)
Programming Notes (1:10:55)
Shoutouts (1:13:00)

Questions or comments? Contact us at [email protected].


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In this special guest episode of The TreppWire Podcast, we sit down with Mike McDonald, Senior Managing Director of JLL Capital Markets, Americas, to unpack the current reality and outlook of the U.S. office real estate market. Mike shares his career journey, from managing boutique firms to co-leading JLL’s national office investment platform, and offers a 25-year perspective on how office real estate has evolved, particularly in the wake of COVID-19. He explains why traditional Class A and Class B labels no longer tell the full story and how JLL’s new tiering system better evaluates office assets based on quality, location, and vintage. Despite the challenges facing the sector, Mike remains bullish on office investment, and he walks through his three core investment strategies. We also highlight opportunity-rich markets such as Dallas and Austin and discuss AI’s impact on the sector. Tune in now.

Episode Notes
Background & Start in the Industry (1:18)
Office Sector Evolution (3:08)
Three Strategies for Investing in the Office Sector (14:36)
Market Trends & Cycles: 2023 to Today (23:28)
Opportunities in Dallas and Austin (26:54)
AI's impact on the Office Sector (36:47)
Betting on Office (40:54)
Closing Thoughts (45:27)

Questions or comments? Contact us at [email protected].
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In this episode of The TreppWire Podcast, we unpack the market reaction to the US-Iran ceasefire and examine whether the energy shock has already left its mark on upcoming inflation data. We analyze Jamie Dimon's annual shareholder letter and its warnings on geopolitics, AI, and banking regulations. We share highlights from our Trepp banking webinar on CRE lending trends and private credit dynamics, then dive into our Q1 2026 CMBS issuance data, including a 76% surge in CRE CLO volume and rising office concentration in conduit deals. We also walk through a CMBS appraisal reduction trigger 101, cover Empire State Realty Trust's sale of a Midtown Manhattan office building, the biggest LA office lease of 2026 tied to the 2028 Summer Olympics, and Bed Bath & Beyond's recent acquisitions. Tune in now.

Episode notes:
Economic Update: Iran Ceasefire, Oil Shock & Inflation Outlook (2:12)
Petrodollar System & De-dollarization Risk (7:46)
Jamie Dimon's Shareholder Letter: Geopolitics, AI & Bank Regulations (10:51)
Bank CRE Lending Trends & Private Credit Dynamics (15:52)
Q1 2026 CMBS Issuance: Records, CRE CLO Surge & Office Comeback (23:52)
Appraisal Reduction 101: CMBS Triggers Explained (30:50)
Office: Empire State Realty Trust Sells Midtown Building to Namdar (36:26)
Office: On Location Signs Biggest LA Office Lease of 2026 for 2028 Olympics (39:39)
Retail: Bed Bath & Beyond Acquires Lumber Liquidators' Parent Company (41:58)
Programming Notes (45:55)
Shoutouts (47:43)
Questions or comments? Contact us at [email protected].
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