The TreppWire Podcast: A Commercial Real Estate Show

In this week's episode of The TreppWire Podcast, we discuss Kevin Warsh's first FOMC meeting as Fed Chair and what the potential end of forward guidance means for CRE investors. We also examine Apollo's decision to wind down ARI, revisit key themes from our conversation with Scott Rechler on the "Age of Disruption" and why today's environment increasingly favors operators, explore what current office cap rates may be signaling about market sentiment, and break down credit risk transfer (CRT) and its potential impact on bank lending. We close with several notable trading alerts, including Bank of America Plaza in Los Angeles and the Fairmont Austin. Tune in now.

Episode notes:
• Economic Update: Fed Holds Rates Steady
• Apollo To Shutter Mortgage REIT Following $9B Loan Sale
• Scott Rechler, RXR on the Age of Disruption, AI & NYC Office Cap Rates
• 101: Credit Risk Transfer and What It Means for Bank Lending
• Office Deals & Trading Alerts: BofA Plaza, 26 Broadway, Illinois Center
• Deals & Trading Alerts: Multifamily, Industrial, Retail & Lodging
• Programming Notes
• Shoutouts

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

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In a special episode of The TreppWire Podcast, we’re bringing you a keynote conversation recorded live at Trepp Connect (in NYC). RXR Chairman & CEO Scott Rechler joined Trepp CEO Annemarie DiCola on stage to discuss what he calls the "Age of Disruption" – a period defined by rapid technological change, shifting capital markets, evolving workplace trends, and new opportunities emerging across commercial real estate.

Their conversation explores higher-for-longer interest rates, the future of office, housing demand, public-private partnerships, and the investment themes shaping the next decade. Revisiting RXR's 2022 "Project Kodak" study, Scott explains how the firm identified which office assets were positioned to succeed in a post-pandemic world and why it viewed the transformation of the sector as a structural shift rather than a cyclical one.

Scott also shares how RXR approaches investing through uncertainty, evaluates market dislocations, and identifies opportunities amid changing economic and policy environments. The discussion examines AI's impact on commercial real estate, the rapid growth of digital infrastructure and data centers, and why periods of disruption often create the greatest opportunities for investors and operators willing to adapt. Tune in now.

Episode notes:
The "Age of Disruption" and the forces reshaping commercial real estate (2:36)
Investing through uncertainty and identifying market constraints (4:44)
Public-private partnerships and community revitalization (11:20)
The future of office and RXR's "Project Kodak" framework (21:25)
Office-to-residential conversions and beyond (24:00)
Emerging growth markets and long-term investment themes (28:00)
AI, data centers, and the tactical and strategic perspective (31:24)
Career advice for CRE professionals (41:32)
Why Scott Rechler remains optimistic about the future (43:50)

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

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This week marks a major milestone as we celebrate Episode 400 of The TreppWire Podcast. In this episode, we tackle one of the biggest questions facing commercial real estate today: are valuations beginning to stabilize, or is the market still searching for true price discovery? We break down May CPI data, recap key takeaways from the June CREFC conference, and discuss what healthy liquidity, strong CRE CLO issuance, lender competition, and a refinance-driven market may be signaling about the state of CRE.

Digging through the data, we examine acquisition versus refinancing activity across CMBS issuance and what transaction volumes can tell us about market valuations. To celebrate 400 episodes, we also spotlight several notable CMBS properties with addresses in the 400s, including the JW Marriott Marco Island, PGA National Resort, Lyrik Back Bay, and the Sheraton Dallas, which also happen to be some of the market's most interesting recent transactions. Tune in now.

Thank you to our listeners for being here for 400 episodes!

Episode notes:
Economic Update: CPI Data (0:55)
Refinancing vs. Acquisition Activity (8:06)
Key Themes from CREFC (17:27)
CMBS Addresses in the 400s (22:02)
Programming Notes (39:24)
Shoutouts (42:15)

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

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LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we break down macro data pointing to a resilient economy, with Institute for Supply Management (ISM) PMIs at multi-year highs, but employment components still in contraction and the Fed firmly on hold. We dig into corporate AI sticker shock, including one company's reported $500 million monthly bill, and discuss whether data center build-out delays could slow the CapEx engine driving the economy. We then cover sports and CRE: underwhelming World Cup hotel demand, the Mavericks' planned arena at the Valley View Mall site, Samsung's HQ move to Plano, and how Midtown has transformed since the Knicks' last Finals run. To close, we do a Real Estate Investment Trust (REIT) 101 and introduce Trepp's new REIT IQ tool. Tune in now.

Episode notes:
• Economic Update
• AI Sticker Shock & Corporate AI Spending
• Data Center Build-Out Delays
• Trepp MCP & AI Use Cases
• World Cup Hotel Demand Underwhelms
• Dallas Mavericks’ Valley View Arena & Dallas Stars’ Move to Plano, TX
• Samsung HQ Relocation to Plano, TX
• Knicks & Midtown’s Transformation
• REIT 101 & Trepp’s REIT IQ Tool
• Programming Notes
• Shoutouts

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

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

In this week’s episode of The TreppWire Podcast, we discuss elevated rates, inflation concerns, and surprisingly resilient equity markets as capital costs continue to shape commercial real estate. We cover JPMorgan’s plan to liquidate its 24-year-old real estate fund, new NYC hotel labor agreements ahead of the World Cup, and Chicago multifamily sales surging 117%. We then break down the proposed Equity Residential and AvalonBay merger, including how to derive an implied cap rate from deal financials, and what that may signal about the disconnect between public and private market pricing in multifamily today. We also highlight key office activity, from the recapitalization of 600 California Street to a downtown Dallas departure and Braven Office Commons hitting the market. We close with two office-to-residential conversion stories, including a $114 million HUD loan from Dwight Capital for a Milwaukee project and a controversial conversion in downtown Denver. Tune in now.

Episode notes:
Economic Update (2:19)
Chicago Multifamily Sales Up 117% (7:44)
JP Morgan Liquidating Real Estate Fund (11:34)
NYC Hotel Labor Agreement Ahead of the World Cup (14:08)
Equity Residential & Avalon Bay Merger Analysis (18:50)
Harvest Properties & Lone Star Form JV (32:00)
Fifth Third Leaving Downtown Dallas (35:23)
Braven Office Commons Up for Sale (39:04)
Two Office-to-Resi Conversion Headlines (41:14)
Programming Notes (51:00)
Shoutouts (52:44)

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

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