Jim Paterno
Founder
Stockton Real Estate Advisors, LLC was founded by James L. Paterno in January of 2005. In addition to the firm’s acquisition initiatives, Mr. Paterno and his Stockton colleagues are presently providing senior-level advisory and transaction services for several institutional and corporate clients. In that regard, Stockton recently completed more than 1 million square feet of new, expansion and renewal leases in Radnor, Pennsylvania on behalf of a publicly traded real estate investment trust. Prior to establishing Stockton Real Estate Advisors, Mr. Paterno was a partner at The Rubenstein Company where he served as President of The Rubenstein Brokerage Group and oversaw leasing and management the company’s 6.5 million square foot class “A” office building portfolio. Before joining The Rubenstein Company, Mr. Paterno served as Managing Director and Regional Leasing Manager at Jones Lang LaSalle (JLL), a multi-national real estate investment and consulting company. While at JLL, Mr. Paterno was responsible for overseeing the company’s growth in Pennsylvania, Delaware, Washington, DC, Virginia, Maryland, and Southern New Jersey. He also supervised leasing, property management, and asset management of the region’s 14 million square foot portfolio for a vast array of national and international clients, such as TIAA-CREF, the University of Pennsylvania, General Electric, Royal Bank of Scotland, and RREEF. Prior to joining Jones Lang LaSalle, Mr. Paterno was a partner at The Rubin Organization, where he served as Senior Vice President of PREIT-Rubin, the leasing and management affiliate of The Pennsylvania Real Estate Investment Trust and The Rubin Organization.
Q: As a company, tell me about the niche you have carved out for yourself and how you feel you are different from the competition. Why do you find this product type more appealing than alternative real estate asset classes?
A: SREA focuses on representing “owners” of commercial real estate. “Owners” means both the traditional landlord model and other consumers of real estate such as corporations, non-profits and partnerships that need guidance relative to owned and leased facilities. Our team is comprised of senior executives with capital markets, accounting, and representation expertise. We service a small group of clients and provide 100% customized solutions.
Q: How did you get your start in the business?
A: I entered the commercial real estate business right out of college. I grew up in northern New Jersey and interviewed with developers in the New York metropolitan area and in Philadelphia. I liked Center City and thought living in a new town would be a good learning experience and would force me out of my comfort zone. I was fortunate to be hired by The Rubin Organization, where I spent the first 14 years of my career learning about development, re-positioning of assets, leasing, and property management. I’m really happy with my decision.
Q: Are you implementing any green technology into your assets? Do you think it is a good strategy economically? Why/why not?
A: We just installed a white reflective thermoplastic polyfin roof on 1515 Market Street. This roof reflects approximately 80% of solar radiation, which reduces the surface temperature, increases indoor comfort and saves on air conditioning, which ultimately reduces greenhouse gas emissions. We were honored to host Mayor Nutter and Councilman Kenney and his staff on our roof last week, where the Mayor signed the Cool Roof Bill, which requires all new construction in the City to use highly reflective roofing materials like our roof to meet or exceed Energy Star cool roof standards. Presently, we’re also looking at solar panel and LED lighting installation at our warehouse at 3501 Island Avenue. We’re definitely advocates of green technology and environmental sustainability initiatives; however, the economics are a challenge for investors given the length of time to achieve a ROI and depressed asset valuations.
Q: Who is the person in commercial real estate you most admire? Why?
A: I’ve been in the business now for 25 years. There are many individuals who have had a profound impact on me and I try to conduct myself in a way that honors these men and women. For instance, Ron and George Rubin epitomize patience and integrity; Joe Coradino taught me to find my own style and be more prepared than the person across the table; Jerry Sweeney is a great team builder and gave SREA its start in Radnor; John Binswanger’s love of Philadelphia and community made an impression on me when I was a college intern at his company; I admire Carmen Taveras-Cruz, from whom we bought 1515 Market Street, for her intensity and family-first mindset; Walt D’Alessio selflessly helps so many young professionals; and Joe Martz of the Girard Estate has been a supportive partner. There are many others, too numerous to mention, who in their own way have helped shape my approach to this challenging business.
Q: What organizations, charities etc are you a member of? Why are they important to you?
A: I focus most of my charitable efforts on two organizations- Project H.O.M.E., where I have been a member of the Board of Trustees for more than 9 years, and Students Run Philly Style, where I have served as Board chair for the last 2 ½ years. Project H.O.M.E. is more than simply advocacy for the homeless. We are working to eliminate the root causes of homelessness by providing education, employment, health and wellness programs, supportive housing and associated services to empower individuals and families to break the cycle of poverty. Students Run Philly Style is a mentoring program that uses long distance running to help young people go farther in life. Designed to address the complicated urban issues of childhood obesity, soaring violence and academic failure, our nine month training schedule begins with a kick-off event in early March and goes on to incorporate weekly training sessions and nine public road races of increasing distance, culminating with the Philadelphia Marathon in November. This year we have more than 600 12 to 18 year old students and 150 mentors from all over Philadelphia participating. It is incredible to see many of these kids accomplish something they never thought possible, like completing a 26.2 mile marathon, by setting and achieving incremental goals along the way. What a great translation to getting an education and succeeding in life! The coolest part about all of this is that I have been able to create a team of nearly 20 kids who are part of Project H.O.M.E.’s teen learning center, so I’ve found a way to have both organizations benefit from each other.
Q: What do your weekend activities include?
A: Early Saturday morning (and sometimes Sunday mornings if we have a race like the Broad Street Run) is devoted to running and mentoring my team of Students Run Philly Style kids. After my run I try to spend as much time as I can with my wife and sons. In the summer that means at the beach in Avalon, hanging out and reading. I also like to spend time playing golf with friends, hopefully winning a few dollars and bragging rights along the way!
Q: Assuming you are able to get time off this year, what vacation destination would you like to visit in 2010? What about this vacation destination is so appealing to you?
A: Here are my vacation criteria: moderate/mild weather; emphasis on outdoor activity, ideally involving something physically demanding (within reason) that has a goal component (like a mountain hike); good, healthy food; some cultural/educational component that features a new experience; family involvement.
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