Colorado Real Estate Journal - December 17, 2014
David Hart has fostered the success of office buildings in San Francisco, Chicago and Denver, but his most important deal always lies ahead. “Finding a new opportunity is what excites me,” said Hart, executive managing director at Newmark Grubb Knight Frank. “I try to find something new to work on every day. That is one reason I chose NGKF: It offers world-class services and benefits of a national platform, yet its culture is incredibly supportive of business development, and the leadership, both at a corporate and regional level, promotes a transparent and autonomous environment, which really fosters unbridled collaboration.” Hart has completed more than 5 million square feet worth of transactions involving new development projects. Being involved from project inception to completion, from raw land through construction to lease-up, is his forte and what initially drove him to commercial real estate. “It’s something you can put your mark on. It’s there forever, a testament to the vision for that particular owner or property, and something I’m especially proud of,” he said. As fond as he is of new development, he’s been known to advise against it – because of market conditions, product type, competition, etc. Hart evaluates an opportunity by considering whether he’d put his own money into it. “I’m giving advice from that frame of reference and really looking to build long-term relationships,” he said. “Honesty is key because you are selling your word and your reputation.” When Hart joined NGKF in August, he brought a wealth of experience, and a bit of a family legacy, with him. His grandfather worked in commercial real estate in Chicago, and it was there that the University of the Pacific graduate began his career in the early 1980s. He handled leasing for downtown office towers including 200 W. Monroe, a 535,900-square-foot structure, and 2 N. LaSalle, which comprises 629,000 sf, before returning to his native Bay Area to continue his career. At Lincoln Property Co., he was involved in 100 Spear, 222 Kearny, 33 New Montgomery St. and 455 Market, all ground-up construction projects in downtown San Francisco. Hart was with Cushman & Wakefield in San Francisco when quality of life – and the company – brought him to Denver in the early 1990s. In 2002, he and longtime partner Chris Phenicie formed Commercial Colorado, which was acquired by Insignia, which in turn was acquired by CBRE. Hart spent several years at CBRE and, prior to joining NGKF, worked with Hannay Realty Advisors. He continues to advise Hannay Realty on new opportunities. Hart has worked alongside developers of build-to-suits, speculative buildings and repositioning projects in Colorado. They include the 600,000-sf Lucent/Avaya campus in Highlands Ranch, the Boston Market and Coleman Co. headquarters buildings in Denver West, 1900 Sixteenth St. in downtown Denver, and numerous buildings in Broomfield, including Eos at Interlocken, Mountain View Corporate Center, Eldorado Ridge, and 360, 370, 380, 385 and 390 Interlocken Blvd. The 51,000- sf building at 360 Interlocken got off to a rocky start when a health care company that planned to take the entire building negotiated a lease buyout. “It went from 100 percent leased to zero percent, and it really became the first spec building up there,” said Hart, adding “the leasing success that followed led developer Prime West to continue with additional buildings.” Hart and Phenicie handled leasing for all 1 million sf. “David is one of the best brokers I’ve ever worked with,” said Steve Clarke, Prime West president and CEO. “He really has a good understanding of the landlord’s perspective, and that’s rare. He is an excellent negotiator – very fair, sees both sides of the equation – and is generally able to reach consensus with all parties.” Hart, 53, is competitive; however, his pastimes have more to do with exercise and relaxation. “I love to bike. I love to ski. I love to golf. I love to do yoga,” he said, adding his favorite pastime is hanging out with his daughters: Elizabeth, 25, Daisha, 23, and Savannah, 14. Hart resides in the UnionStation neighborhood. Hart seeks out people who are good at their word. “The real estate industry is built on trust. I prefer to work with people who I would trust on a handshake, not to say that’s how we operate,” he said. Hart believes there are many elements to success in commercial real estate: integrity, understanding the long-term nature of the business and importance of relationships, and finding something new to work on each day, for instance. For him, it’s also about being a “creative dealmaker,” which means “looking at things from a different perspective, being able to offer up a different view on the market or on a particular building or product” and “always making sure you’re giving your honest opinion,” he said.