Bay Area Allows for Niche and Creative Deals
In this EXCLUSIVE, Dashevsky says because of the Bay Area’s development hurdles, national players don’t have the footprint as in markets such as New York or Chicago, providing niche development opportunities.
SAN FRANCISO—Ben Dashevsky is a recent transplant from Chicago. He muses that the Bay Area’s regulation-heavy environment allows niche developers to shine.
Dashevsky was previously corporate counsel for Hyatt Hotels Corporation in Chicago. During his four-year tenure, he was the company’s principal attorney for real estate, financing, franchising and management matters related to select service hotels in the US and Canada.
As Sares Regis Group of Northern California’s new vice president of legal, Dashevsky’s experience in real estate acquisition, construction, partnership, financing and sales will be put to good use. He will support Sares Regis’ residential and commercial divisions in this new position, and offers his take on Bay Area commercial real estate in this exclusive.
GlobeSt.com: What prompted your move to Northern California to work in the world of commercial real estate development?
Dashevsky: In my time at Hyatt, I spent a good deal of my time working on ground-up hotel development deals and wanted to move somewhere where I could continue to focus on real estate development work.
The Bay Area is the perfect place for this, considering how challenging it is to get real estate deals done here. Because of this, the big national players don’t have the footprint here that they may have in other markets such as New York or Chicago. This leaves a lot of opportunity for more niche developers such as Sares Regis Group to make a lot of interesting deals throughout the area.
GlobeSt.com: What has the transition been like from the hotel industry to the world of commercial development?
Dashevsky: Although the move is still fresh, the transition has been relatively smooth. Compared to the multifamily development industry, the hotel industry is pretty mature—there are only a few main players in that world, and the rules of the game are pretty much set.
Multifamily is more dynamic and the rules are less defined. I like that there’s more opportunity in this field for creativity and making interesting deals happen. It’s exciting to learn a new industry and bring my existing skills and knowledge to bear.
GlobeSt.com: What skills do you find yourself using in this role that weren’t necessarily put to use as much in your previous position?
Dashevsky: At Hyatt, the legal department was comprised of various groups organized around particular practice areas and the specific business units they served.
As the sole attorney at Sares Regis, I’m able to be more of a jack of all trades. The work changes more from day to day, and I find myself digging into projects and problems without the luxury of identifying those issues that may be outside of my wheelhouse. One day I could be focused on a litigation-related matter, the next day I could be working on a deal or closing for a transaction. It all depends on what needs to take priority.
GlobeSt.com: What attracted you to Sares Regis Group in particular?
Dashevsky: I was particularly impressed with the sophistication of the deals that the company was engaged in, the fully integrated and diversified nature of its business, and the talented team that is able to successfully complete so many challenging projects.
GlobeSt.com: What benefits do you get out of working in-house for a company such as Sares Regis as opposed to working for a law firm?
Dashevsky: Working in-house allows me to focus on big-picture strategy and institutional-level risks, while still being a part of the company’s deals and deal strategy. It’s more well-rounded and makes my work more interesting.