DERMOT SHEA
President | Related Commercial Management Company

Q: How long have you been a BOMA New York member and how did you get involved with the Association?

A: When I was making my transition from law enforcement into commercial real estate, the opportunity at Related rose to the top. Case and point, when you talk about flight to quality today, there is no better quality than Related.

In my first week working for Related, I got a call from Andy Rosen. He informed me that joining BOMA New York is a great opportunity for me. Consistent with the rest of Andy’s advice, he was spot on.

Since joining, I found BOMA New York to be the ideal platform for me to gain knowledge and establish rewarding relationships. I intend on leaning on my colleagues in CRE that have been in this industry for thirty plus years to absorb their knowledge and wisdom. I feel like I have just scratched the surface at BOMA New York and fully intend on immersing myself in the industry.

Q: What is your favorite BOMA New York event and why?

A: I just attended the Spring Soiree, and that was fun. I can’t wait for the Pinnacles. I went to Albany where 10 Hudson Yards won the MAC TOBY Award. Seeing what the achievement means to the building’s staff is invaluable. From the GM, to the engineers, to the cleaners, to the security professionals, and the entire property management team, you get to see the pride of ownership and what goes into showcasing their day-to-day effort.

Q: Please explain what you do you for Related?

A: I manage Related’s commercial assets in NYC for a portfolio that is comprised of Hudson Yards (10, 30, 35, 50, & 55), including the outdoor space with gardens and an active concert calendar, as well as Columbus Circle (Deutsche Bank Center), and 85 Tenth Avenue in Chelsea. The portfolio connects me to New York. Sometimes I walk to work. Sometimes I train to work. I love being around New Yorkers every day.

Q: You spent 30-years in the NYPD, two of which as the 44th New York City Police Commissioner. As a commissioner, you were known for leveraging data-driven strategies. What did you take from your former career in law enforcement into the role of project management, and how you are employing those skills to deliver a positive experience for tenants, customers, and visitors?

A: The last 10 years of my career in law enforcement were different than the first 20 being on the streets. In the latter third of my career and as I rose through the ranks, I was more involved in the policy side and political environment. That’s where I had the opportunity to lead and make important decisions. The objectives I had in law enforcement are the same objectives I have in my new role. And that is to amass a team to understand what the challenges are and make decisions about where we want to go.

The NYPD is an organization that is very rich in data and well-organized. I learned to listen to the data and use data to make the best decisions. That statement translates across many industries. Today, I evaluate and gauge P&Ls, KPI, ROI, elevator wait time, occupation, utilization, equipment lifespan, maintenance, waste management, insurance claims, etc. It’s all about data and what you do with it. Property management at its best is operating a building without compromising service.

At the end of the day, and regardless of the job or title, the work has to get done.

It’s great that I rose to the top of my previous profession, but that means nothing now. This is a new role, with a new set of challenges. I am grateful for my career in law enforcement and am very excited to be working within the commercial real estate industry here in New York City.

Q: As the police commissioner of the largest police departments in the United States, how were you able to effectively lead?

A: I love New York City, and it’s important to note that I never saw the job as a challenge. Number one, I am incredibly proud of the work that the men and women of the police department do day-in and day-out. Equally important and the reason the police force are able to do their jobs is the people of New York. Even in the darkest days, New Yorkers are incredibly supportive of law enforcement.

As for leadership, I believe you need to be there; be front and center, listen to your heart, and focus on what is next. Most important, do what’s best for New York City. This approach still guides me today.

Q: Now that you’ve been on your new job for 18-months and have fresh perspective, how can law enforcement better partner with the CRE industry to improve the quality of life throughout the city and all of its users?

A: Relying on just law enforcement is a mistake. It needs to be reciprocal. When everyone works together, we have a successful city. Success feeds itself. And when we have a successful city, we have a thriving NYC.

For example, improving buildings south of midtown is not just about improving the infrastructure, it’s giving people hope and opportunity as well. Everyone has to work together to achieve mutual success. When we work on solutions together, we put the city in a much better position than any one city agency can do on their own. When corporate America and all city agencies pull together, New York City is unstoppable.

Q: Giving back is an important part of BOMA NY’s ethos. Can you please tell us about your passion projects?

A: I am a big supporter of foundations that exist to raise money and help the families of fallen law officers that need help. These organizations include the Federal Law Enforcement Foundation, New York’s Finest Foundation, and the New York City Police Foundation. The saying in the NYPD is "We Will Never Forget,” and that is so important to me.

I am also very fortunate to be a part of Related. They make volunteering and giving back a huge priority. We were just out there pulling weeds on Riverside Park. They organize other opportunities for employees to pick up trash, work at a food bank, and so much more.

Q: When you are not working, what do you enjoy doing with your spare time?

A: I’m a family guy. I’ve been blessed with two grandchildren, and I love spending time with them. Other than that, I like being active and spending time outside.