2026 Women in Commercial Real Estate: Julianne Befeler, Fried, Frank, Harris, Shriver & Jacobson LLP

What was the most rewarding project or deal you’ve worked on in the past 12 months, and why?

Echelon Studios’ $304 million construction financing for ground-up film and television production facilities at two Brooklyn sites. We advised a joint venture between Bungalow Projects and Bain Capital Real Estate, as borrower in the financing, which included the then-largest C-PACE financing for new construction in NYC and up to $94 million in NYCIDA benefits. Assisting our client with a complex and novel C-PACE structure, while coordinating across multiple levels of capital providers and public agencies to reconcile competing priorities, was both challenging and remarkably rewarding.

What leadership lesson has made the greatest impact on your career?

I learned early in my career, including from my own mentors, that leadership is not a separate skill from the rest of who you are. The judgment, work ethic and professionalism I bring to a difficult negotiation, the feedback I give an associate, and the advice I give a client all come from the same place. Good leadership begins with empathy: investing the time to understand people’s objectives and what people are actually dealing with, professionally or personally, and structuring the work so they can excel. That is not a courtesy. It makes the work better.

What trend or change in commercial real estate do you believe will have the biggest impact over the next five years?

In construction financing, cost and timeline risk have moved center stage. The interest rate climate, market volatility and labor constraints have made deals harder to price. Budgets and schedules have stretched accordingly. Terms previously negotiated later in a deal cycle are now a priority to work through to determine who absorbs the difference when a project takes longer or costs more than underwritten, such as contingency sizing, in-balance requirements, completion guaranties, force majeure and schedule extension process, and rights over budget reallocation. I expect this to continue.

What advice would you give to the next generation of women entering commercial real estate?

This is a people business, and those who build successful careers do so on the strength of their relationships and the reputation they have cultivated. Beyond that, I would add three things: Do the technical work until you are the most prepared person at the table. Be direct about what you want, whether the next matter, the client relationship or the promotion, because it is rarely offered unprompted. And find the people who will advocate for you when you are not in the room.