Real Estate Forum - November/December 2009

Darcy Mackay leads the Global Corporate Services consulting practice for CB Richard Ellis, specializing in corporate strategic planning, portfolio analysis, location/site selection and land use analysis for both private- and public-sector clients. She works with corporate occupiers, educational institutions, developers, investors and lenders.

Over the past 12 months, Mackay has worked on portfolio planning for clients including Microsoft, General Motors, Northrop Grumman, Pfizer, Merck, Washington Mutual, Fifth Third Bank and Discover Financial Services totaling more than 200 million square feet. Her location/site selection analysis clients include Cisco Systems, DHL Worldwide Express, Starbucks and the California State Automobile Association. She has also consulted with University of California campuses and Stanford University to develop sustainable land use and student housing programs.

An active member of CoreNet Global, CREW and the San Francisco Planning and Urban Research Association,

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Mackay has guest lectured at Harvard University’s Graduate School of Design and is a frequent industry speaker and course instructor. Throughout her career, Mackay has remained committed to the development of affordable housing and she was a member of the San Francisco Chamber of Commerce’s workforce housing loan fund technical advisory committee.

Not surprisingly, then, Mackay began her career working in nonprofit development, building affordable and mixed-income housing and urban retail. After returning to graduate school, she entered the field of real estate and land use economics, advising developers, investors and corporations with large building portfolios.

“While women are quite well represented in the consultative disciplines, we continue to be underrepresented in many areas of commercial real estate including development, brokerage and fund management,” Mackay notes. “We are also underrepresented at senior management levels—something that is unlikely to change until younger leaders are actively cultivated and find a sustainable career path in the field.” Her advice to other women: “Discover what you’re passionate about, gain a great deal knowledge about your field and actively seek out mentors for feedback and guidance.”

The past year has been a good one for First Financial Network CEO Bliss Morris. In a nod to the expertise and prominence of her firm, the Federal Deposit Insurance Corp. selected it as one of a handful of companies to work through the agency’s glut of repossessed assets. So far this year, FFN has conducted nearly $2 billion in loan portfolio sales.

“While the challenges moving forward are many, certain government agencies and the private sector have taken, and will continue to take, the appropriate measures to assist troubled institutions,” she says. Anticipating an onslaught of bank failures and the subsequent need for asset dispositions, Morris and her team began devising a strategy in early ’08. They developed a comprehensive plan—based on the CEO’s experience and involvement in prior economic downturns—to prepare, value, market and sell performing and non-performing loans.

Prior to founding FFN in 1989, Morris launched her career at the FDIC. There, she was one of three people chosen to develop one of the agency’s first asset marketing departments in the country. Morris was involved in closing roughly 30 banks during her tenure.

“I gained a clear understanding of the complexity of loan valuation and disposition,” she says. “Being at the FDIC helped me establish strong ties in the marketplace. I also recognized a void in the banking industry, which translated into founding

BLISS MORRIS Chief Executive Officer

FIRST FINANCIAL NETWORK OKLAHOMA CITY

First Financial Network.”

Though early on, most executives in banking were men,

Morris says being a woman-owned business did not hold

FFN back from becoming a dominant player in the industry. “It’s gratifying to see many more women with extensive expertise in positions of power at our nation’s money centers and regional banks.”

Morris attributes her success not only to her hard work, but also to having built a team of professionals driven by the same vision of excellence. To meet the demands of the current market, FFN’s executive staff has grown. In addition, the firm’s technological capabilities have been expanded, with the design and implementation of a virtual disaster recovery network. Morris also holds a governor-appointed position on the business steering committee for the State of Oklahoma.