Dinner for Eight with Jeff Worthe

Written by Alex Valente, AREA Board Member/UCLA Anderson School of Management FEMBA Class of 2013

On Wednesday, January 18th, 2012, the Anderson Real Estate Association (AREA), in conjunction with The UCLA Ziman Center for Real Estate, arranged for a "Dinner-for-Eight" (D48) hosted by Jeff Worthe, of Worthe Real Estate Group. The dinner took place at BOA Steakhouse in Santa Monica. Eight UCLA Anderson students, comprised of 4 Fully-Employed MBA Students (FEMBAs), 3 Full-time students, and 1 Executive MBA (EMBA) student, as well as Tim Kawahara, Executive Director of the Ziman Center, had the pleasure of spending two-plus hours eating, drinking and conversing with both Jeff Worthe and his colleague, Matt Lavin. 

The 10 of us discussed how Worthe Real Estate Group is a vertically-integrated real-estate company focusing on high-end office buildings as well as a company that does not believe in titles for its employees. Additionally, according to Jeff, Worth Real Estate Group prefers to develop, operate and maintain properties within a one-hour drive of their Santa Monica Office. Jeff believes that, especially during the development and construction phase of a project, it is imperative to keep very tight controls on all operations and costs. Jeff previously developed a property in San Francisco and recounted how he was literally on a plane every week overseeing the process, a task he does not wish to repeat. Worthe Real Estate Group, as we found out, actually owns both the building in Santa Monica that BOA Steakhouse resides in as well as a piece of BOA Steakhouse itself. According to Jeff, he'd like to turn the site into an office building, Worthe's specialty, but current conditions in the economic and the political environment prevent him from doing so. However, in the meantime, he does enjoy frequenting BOA Steakhouse about once a week with his family and he highly recommends the Bone-in Kansas City Filet Mignon, which I can attest is quite good!

We talked about a current project of his being developed in Playa Vista. The property, a former US Postal Service Distribution center, is now being redeveloped to target creative, high-tech tenants and is seeking to achieve a LEED Gold certification, a rarity for this internationally recognized "green" building certificate system. Additionally, Jeff shared with all of us how he got started in the Real Estate industry as a broker in Santa Barbara (Jeff went to UC Santa Barbara) knocking on doors and learning the ropes of the real estate game at its most basic level. 

The dinner was a fantastic experience for all of the AREA Members and we can only hope that Jeff continues to be as active a Ziman Board Member and friend of UCLA Anderson as he has been. 

 

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