An Unplanned Path Into Commercial Real Estate
Candidly, commercial real estate wasn’t something that was on Billy Burke’s radar when he was a finance student at the University of Colorado Boulder. Yet at 37, Burke, who has just been named an ICSC 4 Under 40 honoree, already has played a key role in the execution of more than $10 billion in retail and mixed-use commercial real estate transactions, including equity sales, financings and recapitalizations.
Eastdil Secured’s Billy Burke Photo above and at top courtesy of Eastdil Secured
Burke is currently a director in the retail group at global real estate investment bank Eastdil Secured, where he focuses on retail and mixed-use equity sales, joint ventures and capital raises, advising institutional and private clients on complex transactions across the U.S. “Since joining the firm, he’s become a driving force behind many of the largest and most sophisticated retail transactions completed over the last decade,” said Michael Pagliari, a managing director in the company’s Chicago office. Pagliari was part of the team that hired Burke in 2015, and the two have worked closely together over the years.
“Billy brings a research-driven discipline paired with a work-harder-than-everyone-else mentality,” said Pagliari. Burke also is one of the few retail capital markets advisers in the country who operate seamlessly across geographies and across the full spectrum of product types, from urban and open-air to mixed-use and enclosed malls, Pagliari added.
From Hospitality to High-Stakes Retail Transactions
With a Bachelor of Science in finance, working in capital markets is a natural fit for Burke, even if it wasn’t part of his original career plan.
After a summer working odd jobs at resorts in Vail, Colorado, the hospitality industry had seemed like a good place to start. So the Chicago native moved back to the Chicago area after college and took a job at a downtown hotel. “After two years, I realized that wasn’t what I wanted to do long term, so I went back to the drawing board,” said Burke.
He began networking with friends and family, and the commercial real estate industry kept coming up. In 2013, he landed a job as an analyst at Realogic Analytics, a Chicago-based commercial real estate due diligence firm. “Not having any experience in commercial real estate, it was a great landing spot for me to learn the fundamentals,” he said.
Two years later, he joined Eastdil Secured as an associate. He started out as a generalist but soon found a home within Eastdil’s retail group and then worked his way up to vice president, senior vice president and now director. “As I was trying to figure out what I wanted to do long term, retail just seemed more interesting to me,” said Burke. In addition to the typical underwriting inputs, retail has to account for a variety of external factors, such as location, demographics, merchandising mix, various brands and overall experience. He’s noticed that those same factors are working their way into office and multifamily in how components like layout, amenities and experience impact value.
At left are Burke with his wife Nathalie and dog Ralphie, named for the mascot of his alma mater, the University of Colorado Boulder. At right are the couple in Eze, France, for their honeymoon last summer. Photos courtesy of Billy Burke
Building Trust in a Relationship-Driven Industry
One of the things Burke likes about his job — and the commercial real estate industry in general — is that it’s a relationship-driven business. “The relationships I’ve been able to develop, externally and internally, are some of the strongest I have with clients that have become very good friends,” he said. He also likes that he’s surrounded by talented, collaborative people working toward a common goal. “He’s excellent at maintaining relationships,” said Jean Dorans, managing partner at real estate consulting firm Stagecoach Partners and a former managing director at Realogic Analytics. “He’s intentional about staying connected, both personally and professionally, and has a genuine way of making people feel valued.”
Burke worked for Dorans as an analyst and senior analyst at Realogic from 2013 to 2015. During his tenure, he was the one who would quietly step in to help others meet deadlines or troubleshoot a problem. “His team-first attitude hasn’t changed,” said Dorans. “Even now, we often reach out to check in, bounce around ideas or talk through what’s happening in the industry.”
Burke sits on ICSC’s 2024–26 Next Generation Leadership Network. “The Leadership Network is really allowing me to connect with a lot of individuals that I typically wouldn't interact with on a day-to-day basis,” said Burke. Conversations with people in leasing, development and property management and on the retail tenant side open Burke’s eyes to how they think about different issues and where they see opportunities, he said.
The Discipline of Curiosity in Commercial Real Estate
Burke believes in the value of asking questions, not only in service of pulling complex deals across the finish line but also to learn. “I know I asked a lot more questions when I was younger,” said Burke. He credits his early mentors with tolerating that curiosity, and he tries to instill the value in younger associates.
His peers, too, say he’s always digging for answers, wanting to understand the “why” behind things. “He’s genuinely one of the most hardworking and dependable people I’ve worked with,” said Dorans. “He’s always steady under pressure, curious and willing to help others succeed. His blend of sharp analytical skill and authenticity sets him apart, as he’s someone who not only gets the work done but brings out the best in the people around him, too.”
Having been promoted to director in August, Burke’s near-term goals are to continue on his path of professional development and offer some of his colleagues the same mentorship from which he has benefited. “A big pillar at Eastdil is investing in junior team members and making sure they have the support to achieve what they would like, as well,” he added.
Life Beyond the Deal
Burke and his wife, Nathalie, moved from Chicago to Atlanta three years ago, and the couple are enjoying the warmer climate, exploring the area and going on walks with their dog Ralphie, a long-haired miniature dachshund named after the U of Colorado mascot. Burke, an avid sports fan, is sticking to his roots in one way, however, and won’t give up on cheering for his Chicago teams.
By Beth Mattson-Teig
Contributor, Commerce + Communities Today