Peter Bazeli, MRICS
Senior Vice President
Peter Bazeli is a Senior Vice President of The Weitzman Group, Inc. He joined the firm in 2004, and has since managed consulting assignments for real estate assets valued at well over $40 billion. He consults on all property types, but specializes in market-based development planning, feasibility, and project management for residential and mixed-use developments, with particular focus on luxury, branded, and hotel-serviced housing. Prior to becoming a consultant, his background in development and operations provided direct principal-side experience with the development or conversion of more than 2,000 residential units. He now consults throughout the United States with major developers, private equity and pension funds, and lenders seeking independent advice and assistance mitigating investment risk. During the last several years of economic uncertainty, major developers and investors have sought Mr. Bazeli's collaboration on identifying and pursuing the nuanced market niches available for exploitation, given development opportunities that require carefully considered market positioning strategies in order to compete successfully. His unbiased perspective has been of critical importance to those seeking to capitalize and develop market-leading projects in what continues to be a challenging atmosphere overall.
Mr. Bazeli has regularly consulted on new developments in Manhattan, Miami, Chicago, Philadelphia, Seattle, San Francisco, and throughout the northeastern United States. His expertise has been gained through his work on over 350 assets nationwide, more than 250 of which have been residential or mixed-use projects. He has consulted on more than 120 condominium developments alone, with numerous of these being top-of-market luxury projects. His experience has included work nationwide on projects branded by Four Seasons, Ritz-Carlton, The Setai, Canyon Ranch, Miraval, Gansevoort, Trump, Philippe Starck and Robert A.M. Stern, Architects.
Prior to joining The Weitzman Group, Mr. Bazeli was an Assistant Vice President and officer of Draper and Kramer, Incorporated, a privately-held real estate firm engaged in the acquisition, financing, development and management of commercial and residential property nationwide. Mr. Bazeli began his career with Draper and Kramer as a research analyst performing market analysis and underwriting services for the firm and its clients, including the AFL-CIO Building Investment Trust, State Farm, and JPMorgan. He then joined Draper and Kramer's Retail Services Group, where he was responsible for the leasing of a 500,000 square foot portfolio for Draper and Kramer and third-party clients including Simon Property Group.
Mr. Bazeli next joined the Acquisitions and Development group at Draper and Kramer to assist on a variety of new initiatives. He was instrumental in the acquisition, capitalization, and adaptive re-use development of the landmark Palmolive Building on North Michigan Avenue into condominiums. The Palmolive Building is one of Chicago's most sought-after residential addresses, continuing to achieve among the city's highest prices on the resale market, and is anchored at the ground level by Louis Vuitton and St. John Knits flagship boutiques. Mr. Bazeli either directed or was intimately involved with every aspect of the Palmolive Building's development, most notably having formulated and directed its game-changing marketing effort.
In 2010, Mr. Bazeli's services were engaged through The Weitzman Group to co-direct the operation of 10 Rittenhouse Square, a Robert A.M. Stern designed condominium property in Philadelphia's finest residential location. The fund that had acquired ownership of the project, and subsequently placed the development entity into a $200 million Chapter 11 bankruptcy, sought Mr. Bazeli's expertise with super-luxury condominium operations. Mr. Bazeli served as Associate Project Director to guide all aspects of the property's operation just prior to, and during, bankruptcy. He was instrumental in developing the reorganization plan, and the property's sales activity exceeded projections during his tenure despite a struggling housing market and the development entity's bankrupt status.
Mr. Bazeli regularly consults with bankruptcy and litigation counsel related to residential and mixed-use properties, and has testified in Federal Bankruptcy Court. He has direct experience collaborating with counsel on real estate litigation strategy, expert report and witness critique, and cram-down terms. He is a member of the Royal Institute of Chartered Surveyors (MRICS Designation) and the Urban Land Institute (ULI). He has been a guest speaker to groups including the Chicago Real Estate Council, the Chicago Architecture Foundation, the NYU Schack Institute of Real Estate, Northwestern University, the Taubman College of Architecture and Urban Planning at the University of Michigan, Bradley University, and the Furman University Executive Lecture Series. In 2012, Mr. Bazeli was the special advisor to the University of Michigan's finalist team competing in the ULI / Gerald D. Hines Urban Design Competition.