Season 3, Episode 3: Tommy Lee, Global Head of Capital Markets at Trammell Crow Company, joins No Cap podcast for a deep dive into the return of institutional capital—and what it signals for commercial real estate in 2025.



Under Lee’s leadership, Trammell Crow has raised and deployed over $22 billion since 2018, fueling large-scale development across major U.S. markets. In this episode, he breaks down how global capital is reentering the space, what risks are being mispriced, and why some deals just don’t pencil—no matter how they look on paper.



We discuss:



– The return of institutional investors and what it means for deal flow

– Execution risk and capital stack dynamics in today’s market

– Why distressed deals might not be the opportunity everyone thinks

– The illusion of “risk-free” Treasuries and potential cracks in the system



Thomas doesn’t hold back—and his perspective offers rare insight into how one of the industry’s top players is navigating the current CRE landscape.



TOPICS



00:00 – Introduction

05:00 – CRE Pipeline Activity and Investor Sentiment

10:00 – Managing Relationships and Finding Real Opportunity

15:00 – Office Skepticism and Repositioning Challenges

20:02 – What the Capital Markets Team Is Seeing Nationwide

25:00 – Risk, Return, and Raising Capital in Today’s Climate

30:00 – Creative Structuring and Non-Traditional Capital

35:00 – What LPs Care About in 2025

40:00 – Regional Plays, Execution Risk, and Exit Timing

45:00 – What Makes a Deal Worth Saying No To

50:00 – Advice for the Next Generation of Real Estate Leaders





Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment.





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About No Cap Podcast



Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.







About CRE Daily 



CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.