Hessam Nadji: Creating Value and Leaving a Legacy
The Real Estate sector is a dynamic and ever-evolving landscape where visionaries have consistently redefined the rules of the game. From early pioneers who recognized the potential of land as a valuable asset to today’s innovators leveraging technology to transform how we buy and sell property, real estate has always been a sector driven by innovation.
Hessam Nadji, President and CEO of Marcus & Millichap, is one such visionary who embraces change and innovation, continuously shaping the future of the commercial real estate sector. Marcus & Millichap stands as one of the industry’s leading firms and the largest in North America, specializing in investment brokerage, financing, research, and advisory services. Founded in 1971, the company has earned a reputation as a trusted partner in the commercial real estate investment community, dedicated to creating and preserving wealth for its clients.
By adopting a client-centric approach, Marcus & Millichap has achieved significant success, focusing on local market knowledge and specialized expertise while skillfully applying these strengths to the unique circumstances of each transaction. Hessam’s journey is nothing short of inspiring. With a background in computer science, his unconventional entry into the commercial real estate world highlights the power of adaptability and determination.
Let’s explore how Hessam’s innovative mindset, adaptability, and client-focused approach continue to guide the company and its clients toward a prosperous future in the commercial real estate industry.
A Visionary Leader
Hessam’s career at Marcus & Millichap began in 1996 when he joined as Vice President of Research and Advisory Services. At a crucial time in the company’s history, an aggressive national expansion was underway. Hessam was specifically recruited to broaden the company’s focus from purely transactional brokerage to include advisory and consultative services. His expertise in market trends, analysis, and technology significantly contributed to the firm’s growth and market position.
Over the years, Hessam advanced through the ranks, playing key roles in the company’s marketing, strategy, and sales divisions. His client-facing role as the head of research involved spending most of his time with investors and accompanying the firm’s top brokers in client presentations. In 2010, Hessam took on the responsibility of leading all the firm’s national specialty brokerage divisions, propelling the company to unprecedented heights. Under his leadership, these divisions experienced rapid growth and evolved into client service teams specializing in more than 12 real estate segments.
This phase of his career includes the establishment of a dedicated division to serve institutional clients and enhance the company’s ability to compete for larger accounts. The division, called Institutional Property Advisors (IPA), has since become a significant force in the marketplace, catering to the needs of pension fund advisors, public REITs, sovereign wealth funds, insurance companies, as well as major developers, syndicators, and private fund managers.
Hessam played a pivotal role in preparing and executing Marcus & Millichap’s IPO in 2013, serving as the chief strategy officer. In April 2016, he was appointed as the president and CEO.
Hessam is frequently featured in national business media outlets such as The Wall Street Journal, Investor’s Business Daily, Real Estate Forum, CNBC, Fox Business TV, Bloomberg TV, and various commercial real estate publications on behalf of the firm. He is also a member of the National Multi-Housing Council, the Urban Land Institute, ICSC, and NAIOP.
The Path to Success
Hessam was born in Iran, and his family migrated to the U.S. in 1978, fulfilling his father’s long-held dream of living in America. However, the Iranian revolution forced the family to return to Iran, with Hessam remaining in Seattle just after completing high school.
While pursuing a computer science degree, he took a data entry job at Grubb & Ellis, the third-largest full-service commercial real estate firm at the time. His job involved tracking and entering data on properties and tenants. Although he initially intended to pursue a career in software design or programming, he embraced the real estate research opportunity, despite having no prior knowledge of commercial real estate.
His career quickly advanced as he began focusing on trends that would help real estate decision-makers and the brokers he worked with secure business. He accompanied brokers to client presentations, helping them translate market insights into tenant representation and listings. This approach positioned research as a business generation tool rather than an academic exercise, catching the attention of Hal Ellis, Founder and CEO of the company at the time. Within a few short years, Hessam was promoted to lead the company’s research and technology efforts nationally.
Throughout his career, Hessam’s work philosophy has always revolved around going above and beyond to add value, leading through service, holding oneself accountable to results, and delivering value beyond expectations. As he often shares in interviews and presentations, he is a strong believer in the American dream and the unique opportunities available to those willing to work hard in America. He also views his main role as a team builder, surrounding himself with passionate, individualistic thought-leaders who collaborate and prioritize the company’s success.
Steering the Company
Marcus & Millichap co-founders George Marcus and the late Bill Millichap had a vision for the then-small brokerage. They enlisted Hessam’s research and technology expertise to enhance Marcus & Millichap’s brand, focus on client relationships, and boost sales. It was a perfect match of personality and shared vision, leading to various role expansions for Hessam over the years, ultimately culminating in his promotion to CEO in 2016.
Under Hessam’s leadership, Marcus & Millichap has expanded to nearly 2,000 investment brokerage sales and financing professionals with 80 offices across the U.S. and Canada. Hessam’s primary responsibilities include overseeing the company’s strategic direction, and operations, driving growth, and creating value for clients, the sales force, and support staff.
His commitment to rapid expansion is reflected in strategic appointments, which have been crucial to enhancing the firm’s leadership. The promotion of Richard Matricaria and J.D. Parker to divisional COOs, along with Greg LaBerge as Chief Administrative Officer, illustrates this progression.
Matricaria and Parker transitioned from investment brokers to adept managers overseeing multiple offices. Their deep understanding of Marcus & Millichap’s brokers’ needs, technological acumen, branding expertise, and dedication to driving transformation have been instrumental.
LaBerge oversees infrastructure, technology initiatives, administrative support, and research. His extensive background, spanning broker roles to specialty directorships, combined with significant consulting experience, enriches Marcus & Millichap.
Evan Denner, Head of Business for Marcus & Millichap Capital Corporation (MMCC), brings over 30 years of real estate capital markets expertise. Steve DeGennaro, the CFO, comes from a Silicon Valley technology executive background, coupled with extensive M&A experience. Mark Cortell, the firm’s Chief Legal Officer, transitioned from private equity, contributing valuable M&A insights. Chief Marketing Officer Andrew Strockis, a former high-ranking marketing executive and business strategy consultant, joined the leadership team in late 2021, further strengthening the firm’s leadership.
This dynamic synergy among the firm’s thought leaders fosters a culture of consensus, individual ideation, and vibrant discussions, resulting in seamless alignment for impactful execution.
Hessam’s leadership philosophy, centered on humility, teamwork, and accountability, has been instrumental in shaping the company’s culture. He is passionate about seizing opportunities and leaving a lasting impact through the value he creates for others, a principle grounded in his experience as an immigrant to the United States, which he believes in paying forward.
Shortly after becoming CEO, Hessam collaborated with the Board to expand the company’s growth strategy. Marcus & Millichap’s proven organic growth is one of the firm’s cornerstone advantages in the market. The company has continued to improve its organic growth while expanding its growth strategy through key acquisitions and by attracting market-leading brokers, financing professionals, and teams.
Pillars of Success
The success of Marcus & Millichap’s commercial real estate strategy lies in its unwavering commitment to clients’ wealth creation and preservation. Hessam emphasizes, “Our overarching mission is to help our clients create and preserve wealth by providing the best commercial real estate investment sales, financing, research, and advisory services in the industry.”
Marcus & Millichap’s four main pillars include further building dominance in the private client segment, increasing penetration in larger, institutional transactions, expanding financing service capabilities, and strengthening advisory, research, and consultative services.
The firm’s philosophy has always been to excel in its specialized niche of ‘making a market’ for every property it represents by exposing it to the largest pool of qualified buyers and maximizing value. Additionally, the firm provides access to active lenders on the capital markets side, thereby offering the best financing strategy and execution to borrowers.
By complementing organic growth with targeted acquisitions and fostering a diverse and inclusive work environment, Marcus & Millichap remains at the forefront of the commercial real estate industry. The company serves private investors, high-net-worth individuals, partnerships, private funds, and major institutions.
A Dynamic Force
The company has specialized divisions, such as IPA, recognizing the distinct needs and execution requirements of institutional and private clients. Additionally, MMCC, a top financing intermediary, primarily serves private clients in the $1-$20 million price range, with a capital markets division within IPA that services institutional finance needs above the $20 million price point.
Marcus & Millichap/IPA bridges institutional and private capital, providing value for sellers and expanding investment options for buyers. The company’s research advisory capabilities support strategy formation and decision-making for clients, with dedicated professionals producing publications, research briefs, and custom analyses.
Seizing Opportunities
Since its founding over 50 years ago, Marcus & Millichap has navigated every real estate cycle with a single focus on adding value to its clients. Hessam states, “Whether an investor is looking to buy, sell, refinance, or hold – we’re ready to provide them with the market-leading expertise and services that we’re known for.”
Through the market’s ups and downs, Marcus & Millichap has grown from a few offices to over 80 across the U.S. and Canada, with more than 2,000 professionals dedicated to delivering exceptional results.
As the real estate market continues to evolve, Marcus & Millichap remains steadfast in its commitment to providing the highest level of service and creating value for clients. The firm’s success is rooted in its founding principles and driven by the vision and leadership of Hessam Nadji.
Hessam’s remarkable journey and transformative leadership have left an indelible mark on Marcus & Millichap. Through his visionary approach and unwavering dedication to delivering value, he has not only elevated the company’s stature but also set a new standard in the commercial real estate industry. Hessam’s story serves as a beacon of inspiration for aspiring leaders and entrepreneurs, reminding us all of the boundless possibilities that lie ahead when we combine innovation, determination, and a commitment to excellence.
His leadership continues to shape the future of Marcus & Millichap, ensuring its position as a leader in the commercial real estate sector for generations to come.
