Boston Real Estate Times Announces 2023 Excellence Awards Winners, Awards Gala Set for Sept. 13 - Boston Real Estate Times
BOSTON—Boston Real Estate Times, the biggest digital, print, and video media focusing on commercial real estate in New England, has revealed the recipients of its yearly Excellence Awards in the field of Commercial Real Estate for the year 2023.
The award ceremony for the 2023 Excellence Awards will take place on September 13, 2023, at the Burlington Marriott Hotel in Burlington, MA. All the winners will be celebrated and acknowledged during this grand event.
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Below, you will find the comprehensive roster of individuals and organizations that have been bestowed with the prestigious 2023 Excellence Awards by the Boston Real Estate Times.
2023: Lifetime Honor!
In 1970, Mr. Cummings established Cummings Properties and took on the roles of president and later chairman. Presently, he devotes most of his time to the activities of the Cummings Foundation. This organization generously grants a minimum of $30 million annually and has, up until now, distributed a remarkable total of $500 million to an extensive range of nonprofits located in Massachusetts.
Mr. Cummings was raised in Medford and, in 1958, completed his studies at Tufts University. Following that, he worked in sales for Vick's VapoRub in Greensboro, North Carolina and Gorton's Seafoods in Gloucester. He later took ownership of Old Medford Foods, a renowned company that produced fruit juice beverage bases. Over time, he developed and expanded the business before eventually selling it.
He began his career in commercial real estate by constructing a single modest building right next to Old Medford Foods. From there, he spearheaded the growth of Cummings Properties' vast portfolio, which now encompasses a staggering 11 million square feet. This extensive property collection is currently overseen by a dedicated team of over 350 individuals.
In 1986, Mr. Cummings and his spouse, Joyce, founded Cummings Foundation, which has expanded to become one of the top three private foundations in the New England region. They were the pioneer Massachusetts couple to become members of the Giving Pledge, an international charitable organization initiated by Bill and Melinda Gates and Warren Buffett. Additionally, they have been grateful recipients of numerous community recognitions and honorary degrees.
Mr. Cummings has been bestowed with numerous accolades including the Ernst & Young's recognition as Real Estate Entrepreneur of the Year for New England, the Edward H. Linde Public Service Award bestowed upon him by the National Association of Industrial and Office Properties (NAIOP), and the Boston Business Journal's esteemed title of Real Estate Visionary of the Year. In addition to these impressive accomplishments, both Mr. Cummings and Joyce were honored with induction into the revered Greater Boston Chamber of Commerce's prestigious Academy of Distinguished Bostonians.
In the year 2020, Mr. Cummings published the most recent version of his personally authored autobiography, titled Starting Small and Achieving Greatness: A Businessperson's Path to Becoming a Billion-Dollar Humanitarian. This book showcases profound contemplations on the knowledge he has acquired about the realm of commerce, venturing into business, and the act of giving back to society.
2023's Top Individual
Mr. Daniels joins the Boston Leasing team at JLL, bringing with him an extensive background in commercial real estate spanning 26 years. He has successfully worked with both tenants and landlords in the Greater Boston Market. During his time at JLL, he has been involved in a wide range of transactions and dealt with different types of properties, with a cumulative value of $4 billion.
Mr. Daniels and his team, who hold top positions in the brokerage industry, are consistently leading the market by arranging intricate and innovative deals for their clients in the region.
Over the past 26 years, Mr. Daniels has offered his expertise to prominent multinational clients in meeting their real estate requirements effectively. He designs personalized leasing tactics that guarantee his clients optimize the worth of their properties.
Mr. Daniels went to Phillips Exeter Academy and obtained his Bachelor of Arts degree from Brown University. He is a licensed Massachusetts Real Estate Broker and has been the president of the Commercial Brokers Association in Greater Boston Trustees of the Reservation in the past. Additionally, he actively participates as a board member on the Hamilton Little League Board and has previously served as a board member for Team Impact. Furthermore, he holds the position of President on the Steering Committee for Appleton Farms. Recently, he was honored with the McCall Leadership Award for Broker of the Year, which is a prestigious lifetime achievement award.
Top Architectural Firm
Maugel DeStefano Architects has created impressive designs for Medical, Lab, Life Sciences, Industrial, Multifamily, and Corporate Real Estate throughout New England. The company is currently marking its 30th year in operation with ongoing expansion led by a new ownership team. Their success is attributed to their unwavering dedication to finding inventive and imaginative solutions to design obstacles faced by their clients in rapidly evolving settings.
Established in 1993 in Melrose, Massachusetts, under the name Maugel Architects and with just two workers, Maugel DeStefano Architects has since expanded to include a team of approximately 40 experts. They now operate from offices in Massachusetts and New Hampshire. This esteemed company has garnered acclaim for its skills in strategic planning, architecture, and interior design. They excel in various aspects such as constructing new structures and rejuvenating existing assets in sectors like healthcare, industry, advanced technology, housing, commerce, and personalized residential projects.
The reason why the company has been able to grow and establish a good reputation in the market is because of its knowledge and capability to find solutions for the issues related to space that companies face, regardless of their size, in today's dynamic economy and technology-driven world. Throughout the years, Maugel DeStefano Architects has created exceptional spaces covering an area of more than 30 million square feet for various clients, including real estate developers and businesses from different sectors like life sciences, medical devices, biopharma, biomanufacturing, manufacturing, multifamily, commercial, and corporate interiors.
The company experienced natural growth for a period of 25 years and eventually obtained DeStefano Architects, a company located in New Hampshire, in 2019. In the beginning of 2023, the founder, Brent Maugel, decided to take on the role of Principal Emeritus and completely shifted to an advisory position where he influences the design of significant projects.
Top Brokerage Firm
Atlantic Retail had an incredible year in 2022 solidifying its position as the top brokerage firm in New England, specializing in retail. They successfully created and executed expansion plans for retail and restaurant businesses, while also providing valuable advice to retail property owners regarding leasing and selling their properties.
Atlantic, a company based in Boston, is presently collaborating with over 75 retail customers. These clients include big stores like Target, Costco, and Life Time, as well as smaller establishments such as Chick Fil A, Chipotle, and Chase Bank. Additionally, Atlantic serves a diverse range of businesses in the retail, fitness, restaurant, and service sectors.
Atlantic offers advisory services to a wide range of property owners, including big institutional investors, family offices, and developers. Thanks to its experienced teams specialized in tenant representation and landlord representation, Atlantic has a deep understanding of the market, an exceptional history of successful transactions, and valuable long-term partnerships. The remarkable expansion of Atlantic Capital Partners, their division dedicated to investment sales, in 2021 and 2022 has further contributed to Atlantic's achievements.
For more than three decades, clients in the New England region have been receiving guidance from Atlantic Retail's Boston location. Over time, the company has extended its reach to encompass nine offices spanning the East Coast and Southern California. As their presence has expanded, they now provide a comprehensive range of services to their clients, which includes Atlantic Capital Partners, Atlantic Property Management, and Atlantic Retail NYC divisions.
Top Construction Company
Groom Construction, established in the year 1979 and officially registered as a company in 1985, was created by Tom, Dave, and Dwight Groom, along with their partner Scott Faulkner. It continues to be a business owned by the Groom family and provides comprehensive contracting services, including preconstruction, construction management, design-build, and general construction, across the United States.
Over forty years ago, a company that initially focused on residential projects gradually transformed into a well-known national contracting enterprise recognized for its superior construction standards, exceptional quality, and unwavering integrity in the Greater Boston region and beyond.
Groom Construction remains committed to forming enduring connections and forward-thinking collaborations with a diverse range of clients. Whether it be prestigious academic institutions or healthcare establishments, economical residential complexes or extravagant high-rise apartments, recreational amenities, financial institutions, or nationwide retail ventures, we constantly strive to satisfy the needs of our customers and cultivate lasting associations.
The fact that the company has a significant number of returning customers combined with an expanding roster of clients proves this.
Groom Construction, a company originating from Massachusetts, has gradually established itself as a renowned entity nationwide throughout its impressive 45 years of existence.
Having a wealth of expertise in the construction industry spanning three decades, David Groom, the esteemed leader of Groom Construction, has played a pivotal role in shaping the company's success. Over the years, he has overseen numerous construction endeavors, ranging in size and intricacy, assuming the roles of both project manager and project executive.
In addition to helping his brother Tom with the daily operations of the company, David also spearheads the acquisition of new clients for the business.
Having worked in the field for more than two decades, Dwight has emerged as a frontrunner at Groom by establishing the Retail Division. The division, responsible for constructing and renovating retail spaces, has successfully executed numerous projects of different scales, accumulating a total worth of $250 million. Additionally, it has fostered enduring partnerships with leading retailers all across the country.
Tom is one of the founders of Groom Construction and has held the position of President for more than three decades. With his unique perspective on running a construction business owned by a family, Tom has played a crucial role in guiding the company. He remains actively involved in overseeing the daily operations of Groom Construction and handling a diverse range of projects of different scales and budgets.
Corporate Property Management Award: Recognizing Excellence
Ms. Speredelozzi is a prominent figure in the Boston community of life sciences real estate, thanks to her significant role and diverse set of abilities. Throughout her career, she has taken on key leadership positions within the Boston region for more than two decades. Until recently, she occupied the esteemed position of Senior Director of Operations at Third Rock Ventures. This healthcare venture firm is renowned for its dedication to propelling groundbreaking areas of science and medicine that bring about significant advancements for patients.
During her time there, she was responsible for managing various real estate initiatives and assisting in the strategic planning for the organization and its affiliated companies. On occasion, she collaborated closely with these companies to supervise the development and construction of their initial laboratory and office spaces. One notable project overseen by Ms. Speredelozzi was the relocation of Third Rock's Boston office from Back Bay to a state-of-the-art Life Science facility in the Fenway area at 201 Brookline Avenue. Ms. Speredelozzi played a key role in ensuring that the new space would effectively accommodate Third Rock's future growth and supported their vision of expanding the biotech sector in Boston's Fenway district.
Ms. Speredelozzi's initial experience in a leadership position was as the Director of Operations at ADD Inc, an architectural and interior design company (now known as Stantec). After spending 8 years there and overseeing the relocation of their main office to the Seaport area, Ms. Speredelozzi transitioned into the Biotech industry. She played a key role in launching multiple life science companies at different stages of progress, such as Tempero Pharmaceuticals (previously a GSK Company) which focused on developing drugs for immunoinflammatory diseases, and Voyager Therapeutics which concentrated on advancements in gene therapy for CNS and other illnesses. Ms. Speredelozzi's early involvement in operations for a design firm early on in her career proved to be extremely beneficial as she transitioned into operational positions in the life science field.
She completed her English language studies at the University of Massachusetts in Boston, and she holds a deep interest in endorsing institutions that carry out noteworthy endeavors and leave a significant mark on the individuals and communities they cater to.
DEI Champion: Celebrating Diversity, Equity, And Inclusion
Ms. Jones holds the prestigious position of being the inaugural Director of Workforce Development & Industry Inclusion at the Associated General Contractors of Massachusetts (AGC-MA). Within this capacity, she has spearheaded ground-breaking events and programs aimed at uplifting and invigorating the local construction sector.
The efforts she has made have opened important doors for marginalized communities to enter the construction industry. Additionally, Ms. Jones, the founder and CEO of Worktech LLC, a consulting firm that specializes in DEI (Diversity, Equity, and Inclusion) and workforce development, is dedicated to making a lasting difference in various organizations and communities by promoting diversity, racial equality, and collaboration.
One of the things she has achieved with AGC-MA is organizing and planning a yearly week-long summer program that gives educators and guidance counselors a chance to explore the various fulfilling job possibilities in the modern construction field. This extensive program involves attending informative sessions at top construction companies, visiting real construction sites, and listening to talks from influential figures in the industry. Additionally, she initiated a trial initiative at Mattahunt Elementary School in Mattapan where professionals in the construction sector regularly come together with 5th and 6th grade students to work together on STEM activities that are suitable for their age group.
Additionally, Ms. Jones conducts educational sessions with professionals in the industry and supervises the Committee for Diversity and Inclusion at AGC-MA. She works together with leaders from over 25 commercial construction companies to promote and enhance inclusivity in the industry. Ms. Jones also manages AGC's yearly Diversity Summit, providing MBEs and WBEs with the tools and knowledge needed to expand their businesses. Her efforts have had a significant and positive effect on the growth and development of women and individuals of color in the construction field.
Before joining AGC MA, Ms. Jones utilized her skills in workforce development at Eversource Energy. In her role, she was responsible for managing training and workforce development strategies. One of her notable accomplishments was overseeing the Electric Power Utility Technology (EPUT) program, which has been acknowledged by the Biden Administration as an exemplary initiative for preparing individuals for employment. Ms. Jones is actively involved in various advisory boards, such as the Wentworth Construction Management Industry Advisory Board, the Massachusetts Girls in Trades Advisory Board, the Benjamin Franklin Cummings Institute of Technology's Industrial Advisory Board, and the Building and Property Management Program Advisory Board at Madison Park Technical Vocational High School. Additionally, she volunteers with Building Pathways and serves as a YouthBuild Boston Advocate. Ms. Jones earned a Master of Public Administration (MPA) from Baruch, City University of New York (CUNY), and holds a Bachelor of Arts degree in Communications.
Top Investment Firm Awarded
West Shore, a real estate investment company that specializes in buying and managing multiple housing properties, has recently achieved a significant milestone by completing its 50th acquisition. This company has experienced rapid growth by combining a business-oriented strategy with disciplined institutional investment methods.
West Shore, a company based in Boston, was established in 2016 and possesses and manages a varied collection of 14,000 units situated within 46 multifamily properties across seven states. The total market worth of these properties amounts to over $3.5 billion.
Lee Rosenthal is in charge of every aspect of the company, from its overall direction and growth to its investment strategy, relationships with investors, property management, development projects, purchases and sales of properties, financing, and management of assets.
Before starting West Shore, Mr. Rosenthal had the responsibility of evaluating, analyzing, and carrying out all purchases, sales, and financing at Northland Investment Corporation. This was for a collection of 23,000 residential units. Throughout a period of six years, he successfully completed the purchase of approximately 7,500 units, sold around 2,500 units, and refinanced over 40 properties, resulting in a total of over $2 billion in capital transaction activities. Additionally, Mr. Rosenthal played an important role in managing the assets of the portfolio. He holds a degree from Harvard College and actively participates in organizations such as ULI, REFA, NMHC, and Combined Jewish Philanthropies.
Top Real Estate Lawyer
Ms. Ajemian holds the prestigious position of Nutter's Real Estate Department head and is known for her creativity, quick communication skills, and pragmatic counsel. With more than three decades of experience, she has effectively guided both local and national clients through intricate deals.
She became the initial female member to join the firm's Executive Committee and remained in that position for a span of nine years. Throughout her tenure, the esteemed real estate division at Nutter has assisted clients in a plethora of transactions concerning properties situated in almost every state across the country. Just in the year 2022, Nutter's real estate practice on a national scale successfully handled over 310 commercial property purchases and sales, supervised the permitting process for over 195 real estate projects, and managed more than 230 real estate loans totaling a staggering value of $9 billion.
Ms. Ajemian's business is at the forefront of the industry, serving as legal representation for various financial organizations, funds, individuals and companies involved in real estate. She offers guidance to pension fund advisors and their investors, REITs, healthcare and senior housing companies, and nonprofit organizations. Additionally, Ms. Marianne provides counsel on a wide array of commercial real estate matters, including the purchase, development, sale, and leasing of properties. This encompasses diverse projects such as mixed-use buildings, transit-oriented developments, office spaces, life sciences facilities, industrial properties, apartment complexes, hotels, restaurants, and institutional establishments.
Marianne possesses the remarkable ability to simplify intricate matters into their basic components. This skill has established her as a proficient communicator, educator, and influential team leader. She excels in finding solutions to problems and possesses the capacity to create strategies, bring people together, motivate her team, oversee the successful execution of plans, and achieve desired outcomes. Marianne possesses a unique blend of meticulous legal and drafting skills, combined with the ability to offer valuable guidance on business matters. This combination of skills is rare to come across. Even in the most challenging negotiations, Marianne can detach herself from the emotional aspect, concentrate on fundamental principles, and propose inventive resolutions that benefit all parties involved in the transaction.
Ms. Ajemian is consistently acknowledged as a frontrunner in the field of real estate. She holds the esteemed title of Fellow in the American College of Real Estate Lawyers. Additionally, she has served as the president of various influential organizations such as the Commercial Real Estate Women Network (CREW Network) and CREW Boston. As a testament to her expertise, she is also a member of prestigious associations like the Real Estate Finance Association, NAIOP Massachusetts, the Urban Land Institute (ULI), the Boston ULI District Council, and one of ULI's councils focused on Urban Development and Mixed-Use Products.
Top Real Estate Finance Firm
Mr. Lorenzini, an expert in financing commercial real estate debt, has played a crucial role in the development and expansion of Tremont for the past twenty years. Tremont, which is part of The RMR Group (Nasdaq: RMR), focuses on providing finance for real estate projects.
Mr. Lorenzini, who holds the positions of President and Chief Investment Officer at Seven Hills Realty Trust (Nasdaq: SEVN), has been recognized as an influential leader. After working for Finova Realty Capital and Belgravia Realty Capital, he joined Tremont Realty Capital in 2000 as a founding partner. Tremont Realty Capital gained prominence for its expertise in sourcing funds for owners of commercial real estate (CRE) through debt and equity capital, as well as managing investments in CRE loans.
Mr. Lorenzini resided in Chicago and was responsible for managing Tremont's activities in the Midwest. During the following 15 years, he established himself as a skilled authority in the field of debt financing. When The RMR Group purchased Tremont in 2016, he played a vital role in initiating loans for Tremont Mortgage Trust (TRMT) and RMR Mortgage Trust (RMRM), both mortgage real estate investment trusts managed by Tremont Realty Capital.
In the year 2020, Mr. Lorenzini took charge of Tremont Realty Capital and later supervised the growth of loan collections for TRMT and RMRM. This eventually led to the merger of both REITs into Seven Hills Realty Trust (Nasdaq: SEVN) in 2021. The primary goal of Seven Hills Realty Trust is to offer funding solutions to owners of mid-sized commercial properties.
With Mr. Lorenzini leading the way, Tremont Realty Capital and SEVN have both seen significant growth. In 2021 and 2022, the Tremont team originated over $685 million in loans for commercial real estate assets across the United States in various property sectors. As of March 31, 2023, SEVN's portfolio has expanded to more than $674 million. Mr. Lorenzini has also expanded the Underwriting and Asset Management teams, increasing their capacity to support lending. In addition, SEVN has raised its dividend from $0.15 per quarter per share before the merger to $0.35 per share in the most recent quarter. It is important to note that despite unpredictable market conditions, Tremont is still actively offering loans.
SEVN made a public statement in May 2023, declaring that they have secured a $37.5 million loan to replace an existing loan on a student housing property located close to Auburn University in Alabama. Additionally, SEVN continues to actively provide loans in this chaotic market.
Mr. Lorenzini, a founding member of Tremont business, has built a dynamic and cooperative work atmosphere for his team. With over two and a half decades of expertise in the commercial real estate finance sector, he has been instrumental in raising Tremont's profile. The company has been acknowledged as a Lender Influencer by GlobeSt. and has earned the distinction of being a Top Lender according to Connect CRE.
Top Non-Profit Of The Year
Founded in 1921, the Mass Building Congress (MBC) offers avenues for business interactions and cooperation to individuals in key positions within Massachusetts' thriving building sector, which is valued at a staggering $10.6 billion.
MBC's roster consists of architects, engineers, main builders, construction supervisors, subcontractors, clients, labor unions, trade associations, and professional service providers in the design and construction field of the region.
The latest MBC shows highlighted DCAMM's financial plan for projects and the business sector's efforts to promote diversity, equity, and inclusion. Additionally, Arthur Jemison, the newly appointed head of planning in Boston, gave an opening speech. The program also featured an in-person exploration of Boston's Nubian Square and its upcoming revitalization.
Michelle Hopson currently holds the position of executive director for the organization. She was appointed as the successor to Jan Breed, the highly respected director of MBC, who dedicated thirty years of service to the organization. During her tenure, Jan Breed fostered strong connections for MBC and achieved remarkable results through various events and programs.
Ms. Hopson is an experienced nonprofit leader and businessperson with a decade and a half of expertise in guiding nonprofit boards and overseeing the development of professional associations in terms of finances, programs, and overall organization.
Top Engineering Firm For Sustainability
Mr. Cristiano has effectively devised two fresh state-of-the-art laboratory complexes in Somerville, Massachusetts, exclusively powered by electricity, covering an impressive expanse of over one million square feet. These groundbreaking facilities are a part of the Assembly Innovation Park project.
AHA has joined forces with other top companies in the AEC sector to call on the Biden Administration to address climate change in the building industry as part of the Build Back Better plan. These proposed measures will have a significant positive impact on promoting healthy housing and resilient communities. They also include efforts to transition to a carbon-free grid through electrification and promote material health and product transparency, among other important actions. In addition to their environmental commitments, AHA is dedicated to creating and maintaining a workplace culture that values diversity, equity, and inclusion. The company embraces and supports all employees, regardless of their age, appearance, physical ability, cultural background, family status, gender identity, race, religion, or any other personal characteristics.
Collaborating with esteemed organizations such as eBay, NCR, Gingko Bioworks, the Department of Homeland Security, Massachusetts General Hospital, Harvard University, and the Georgia Institute of Technology attests to the extensive expertise and commendable standing that AHA has devoted immense efforts to attain.
