Chuck Watters- Development Mastermind (#71)

Bio Chuck Watters is a senior managing director and is the officer responsible for new business procurement and execution, development, acquisitions, asset and property management activities in the Mid-Atlantic region. He currently serves on the Finance, Operations & Tenant Relations Committee. Since joining Hines in 1989, Watters has been involved in a variety of development projects and transactions aggregating more than 15 million square feet. Watters earned a BA in History from Colgate University and an MBA from Columbia University. Show Notes He is a “City Head” who oversees Pennsylvania through Virginia. Is a “sounding board” for the Project leaders in the market and a “Mentor” for the younger associates. (4:45)Leadership role mostly, but has some involvement in project business (6:00) Origins & Education “Grew up” in Erie, PA for most of his youth. His Dad started an assembly machine industries for various manufacturing industries (6:45)Began working for his Dad after college (8:50)Attended Colgate University in Hamilton, NY- History Major (9:30)Decided to attend Columbia Business School in New York (10:45)Finance majorStarted working at PepsiCo after school (12:25)His friend, Tommy Craig, started at Hines right after school who told him about real estate (12:50)Thought he’d want a basis in corporate finance (13:30) Career Trajectory Met Scott Malkin of W&M Properties and he joined them (14:10)Was there 5 1/2 yrs.- Acquisitions & Asset Management (15:15)Ownership interest in the Empire State Building among other large office properties (15:50)Laurence Wien was the “deal structurer”- Chuck learned quite a bit from him (16:20)From 1984 to 1989 (17:55)Joined Hines to become an Asst. Project Manager in NY on 450 Lexington Ave. (18:00) Historical redevelopment of an old office Post Office building (18:45)First day on job he was “watering the project down” as it was being demolished (19:25)Built over the tracks of Grand Central Station (20:20)Structural grid of office building was not lined up with the foundation with angled columns (21:00)Learned a considerable amount about construction (21:50)Pile of documents to review on first day on the job-ground lease, agreements, etc. (23:45)Moved into leasing quickly after the building was completed to lease up 50% of the 900,000 s.f. building (24:30) Hines History & Career Hines– Gerry Hines graduated Purdue in mechanical engineering (27:00)Moved to Houston and built an industrial building on a lark and began his company (27:40)His first big opportunity was to develop the Shell Oil headquarters and the Galleria in Houston (28:00)Not pu...