Colorado Real Estate Journal - March 16, 2016
Transwestern’s Denver office market didn’t have an investment sales team until Brad Cohen came along, and with only six months in the industry, he wasn’t the most likely individual to create one. Yet build a capital markets platform he did. When mutual clients suggested he meet Larry Thiel, he did that too. He is very glad he did. Partners for the past six years, Cohen and Thiel are managing directors of Transwestern’s Capital Markets group. Both are committed to adding value for clients. “We are very passionate about the deals we work on and very passionate about our client’s success when we sell a property for someone. From passion you get thoroughness,” Cohen said. “When there’s a difficult negotiation, we’re going to be there, side by side with our client, to make sure we get the best possible solution for that client out of the deal. We’re very proud of that and believe people who work with us would say we’re 100 percent in their corner with every facet of the deal.” “We have a granular focus on our clients, constantly working to add value to their business, to make them more profitable and more successful,” added 44-year-old Thiel. “We do the little things. We get down in the trenches. It’s blocking and tackling, to use a football reference. That’s what we do,” said the former University of Kansas linebacker. “We’ve been really fortunate to work for some great clients,” he added. Those include DPC Development Co., LNR Partners, Matrix Group, Skanlan Kemper Bard, Diversified Investment Partners, Prudential Real Estate and others. For Cohen, a Colorado native with a Bachelor of Science in business management from the University of Colorado, commercial real estate is a second career. His first profession was teaching golf and managing golf courses in the Denver area. “The golf business really had a ceiling to your success over a period of time, especially if you wanted to stay in the Denver market,” he said. In sort of a “Meet the Fockers” moment, his father-in-law, who was regional president for commercial real estate firm Carey-Winston in Bethesda, Maryland, had Cohen fill out a grueling personality profile. It turned out commercial real estate was a good fit, and 13 years ago he joined Transwestern as a tenant representation broker. Thiel’s dad was in the golf business and brought his family to Denver to run what was The International PGA golf tournament. Thiel earned his law degree at the University of Denver and quickly decided “no way” was lawyering in his future. “I chose to go into real estate,” he said. “I felt like on the broker side, meeting people and trying to help them realize their goals as owners was something I wanted to do.” Thiel started in investment sales at Marcus & Millichap and worked at Grubb & Ellis and SRS Real Estate Partners before partnering with Cohen, a Certified Commercial Investment Member, at Transwestern in 2010. Both had come off a very challenging year for investment sales due to the recession and had gotten “into the mix” with bank-owned properties and working with lenders. “It was a time of confusion for them and I think that really gave us an opportunity to go out and work on and sell those deals,” Cohen said. “We were really able to hit the ground running as a team.” In 2013, the team, which includes financial analyst Corinne Helms, completed the largest office transaction that had been done in the U.S. in two years: the sale of a 6.2 million-square-foot portfolio involving 23 properties in 18 states, including Colorado. Cohen and Thiel said relationships with sellers and buyers, and the inherent, ever-changing challenges are what make commercial real estate enjoyable. “It is about the relationship with both the buyer and seller that is always such a great part of this job,” said Cohen. One of the reasons he got out of the golf business was the game plan changed little from year to year. “In real estate the unknowns are what make this job so much fun,” he said. “The unknowns of the deal, the curve balls that get thrown at you, and how you’re going to handle them and make that deal work is really a fascinating, enjoyable part of this, and it changes every single day,” he said. “For me, this business is about relationships. I believe working hard to build trust, deliver results and add value is the most exciting and rewarding part of this business,” added Thiel. One of the biggest changes they’ve witnessed so far in their careers is the stature Denver has achieved among institutional investors. “In the 13 years I’ve been in the business, Denver has gone from a city that was a regional look-at to an internationally known city,” said Cohen. Competitive individually, Cohen, 42, and Thiel are stronger as a team. When he underwent surgery last year, “My team completely and totally had my back during that time,” Cohen said. “That’s just an incredible feeling to know you’re part of something like that.” Outside the office, they enjoy spending time with their families. Thiel and his wife, Hailey, have an 18-month-old daughter, Annabelle. Cohen and wife Kelly have two girls, Samantha, 11, and Lilie, 7. Thiel also likes to fly-fish and snowboard, while Cohen is more musically inclined, playing the drums. Both love to golf and often can be found on the course together or with clients. They believe having built the investment sales business at Transwestern gives them a leg up on the competition. “We have an analytical approach to our business. We’ve automated a lot of the systems, the day-to-day things that we do, so we can spend time doing what is going to make our client the most possible money when they sell a deal. We have have a system in place where we can operate like a 15-person team when it’s a four-person team,” Cohen said. “We are quality over volume every time. If we can’t do it 100 percent right, we’re not going to do it,” he added.