Glenn Rufrano doesn’t fit the mold of a real estate titan—but no one has saved more real estate companies from disaster. Here's his surprisingly underreported path...
Falling into real estate by accident:
Unemployed after graduating from Rutgers during the 1970s real estate recession, he found an appraisal job in the classifieds. Had no idea what appraisal was, but took the job anyway.
Rapid ascent through the ranks:
Sent to Miami to open an office for his firm after just two years, and earned an MBA while working full-time.
Jumping into investment management:
Joined JP Morgan, then Landauer, working on financial projections for NYC’s biggest office sales. “I was a punk analyst on those deals… I did all the computer work and projections and really got a good education through that.”
Founding the O’Connor Group:
In 1983, Jerry O’Connor invited him to co-found a firm focused on investing in retail real estate.
Turning around New Plan Excel Realty Trust (2000–2007):
Became CEO in 2000. Grew the company from a total market cap of about $2 billion to more than $6 billion and sold to an Australian buyer on the eve of the GFC crash in 2007.
Fixing the Centro Properties crisis (2008–2010):
The firm that bought New Plan imploded under $8B in debt. Rufrano moved to to Australia to fix it. Negotiated with global lenders for two years to avoid liquidation. “I must have told those lenders 20, 30, 40, 50, 100 times in the most boring way possible: ‘We are the best managers of your properties, and we will work this out to maximize your benefit if you leave us in.’” It worked. Centro survived, and every lender was repaid.
Expanding Cushman & Wakefield (2010–2013):
As CEO, expanded the firm globally. Positioned it for sale & IPO.
Fixing “real estate’s Enron” (2015–2021):
Inherited a scandal when ARCP’s CFO went to prison for fraud. Company had grown too fast in an easy-money environment. Rebranded it to VEREIT (from veritas, meaning truth). Cut debt 40%, sold bad assets, reinstated dividends. Merged with Realty Income in a $50B deal.
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Glenn, thanks for showing a generation of real estate leaders that there are many routes to the top. Your 50 year career is proof that leading with humility and simply fixing what is broken is often the best approach.
PS - We believe valuation is the most important skill in our industry, and it's worth highlighting that Rufrano's remarkable career started in appraisal during a real estate recession. Many early-career professionals overlook appraisal as a potential doorway into our industry.
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