The BLDUP Spotlight is a weekly feature where readers gain insight into high-profile developments around the city and get to know local industry leaders. Today we chat with Pamela Yang, COO of Bulfinch. Bulfinch specializes in the acquisition, development, management, and leasing of commercial properties in the Boston area and owns and manages approximately 3 million SF of medical, biotech, and office assets. As Bulfinch's first female COO, Pamela guides daily operations via oversight of the Boston office and close collaboration with the Financial Reporting Team and Bulfinch ownership. She also plays a key role in corporate strategic planning.

BLDUP: What is the last book you read that you would recommend as a “must-read” to the construction and design community? Why did you find this book so important?  

Pamela Yang: “Creating and Growing Real Estate Wealth” by William Poorvu, a Harvard Business School Professor. I first read his “The Real Estate Game” book written in 1999 and learned a lot, and this book follows nicely that previous reading. These books brought the industry of real estate investment closer to my heart.   

As our career progresses, oftentimes we forget the fundamental intricacies of the Real Estate industry. I was fascinated by the real-life stories that showcase how strategic thinkers can learn from their mistakes. People learn more from situations that did not work out. One of the things that also resonates with me from this book is the importance of a strong team in our industry: create a great team and manage them well, and by team, he meant not just people working in the same company, but also lenders, investors, designers, builders, building managers and people who help lease and manage properties.  

BLDUP: Do you have a daily or weekly routine that you follow? If so, how do you feel it has contributed to your success? How has this routine changed/been adjusted given the current situation?

Pamela Yang: My daily routine starts with a mile-and-half lap swim. I hardly ever miss a day. This routine is important to me especially during Covid-19 which forced us to be isolated and shut-in. Fortunately, swimming pools in Massachusetts were open since last July, and being able to swim every morning gives me a sense of normalcy, and also continuously anchors me to stay self-disciplined. In the investment world, discipline and being able to follow your long-term objective are keys to success. From my daily swim, I am used to pushing myself to get things done.

BLDUP: During the course of your career, what was the biggest challenge you faced and how did you overcome it? What other accomplishments hold a special place in your heart and why?

Pamela Yang: I spent 18 years with Harvard Management Company where I eventually oversaw the group that managed the investment and operation for Harvard University’s charitable assets. I built the team from the ground up, having hired almost everyone in the group. Over the course of my tenure, we revamped the entire accounting, reporting and donor relation management systems. I had great colleagues and we worked really well together, however, 18 years was a long time and I felt that my learning plateaued, so I longed to do something else. I decided to leave Harvard, but almost immediately after I left, I realized that leaving my comfort zone behind was really challenging. I missed the entrepreneurial environment where everyone works hard and strives for excellence.  And most importantly, I missed my old friends and colleagues. Overcoming that transition was the biggest challenge of my career. Looking back now, I feel really proud of myself for being able to step out of my comfort zone to explore something new in my career.   

Other accomplishments:  Learning is extremely important to me. After I got the CFA charter in 2003, I was afraid that I would lose the knowledge that I obtained during the preparation, so I became a volunteer to the CFA Institute. Over the years, I wrote the CFA curriculum, wrote and graded level 3 exams, became the board Chair of CFA Society Boston, and served for 3 years as the Executive Editor of the In Practice section of Financial Analysts Journal. I met colleagues in the investment industry from all over the world through these volunteer activities. I was named the Volunteer of the Year of Americas by the CFA Institute in 2015, and this award holds a very special place in my heart.

BLDUP: What do you foresee for the future of Boston's development given mass vaccinations? The COVID-19 pandemic brought on a unique set of challenges, how has this affected your business in the short term. Do you expect to see long-term effects on your projects?

Pamela Yang: Covid-19 has been so disruptive to all aspects of businesses which no doubt will go down as one of the most significant historical events of the 21st century. What is remarkable during this challenging time is that Boston played such a key role to move things in the right direction: all three Covid-19 vaccines have significant ties with the Boston area: Moderna, Pfizer, BioNTech and Johnson & Johnson. The amazing work these scientists have done showed the strengths and unique advantages of life science properties in the Boston area. We anticipate continuous growth in demand of life science, medical and industrial properties. Thanks to mass vaccinations, employers have started to invite more people to return to offices. Over the past year, we have seen non-lab tenants conducting business primarily remotely; however, with the vaccination and the Covid-19 trend in Massachusetts, we see more and more tenants resuming normal work flows back into the properties. In addition to life sciences, we saw that tenants care more about healthy buildings and wellness of employees than ever before. For example, HVAC systems, access to fresh air, walking scores, etc, all became more important due to the pandemic.

BLDUP: What upcoming projects are you most excited about?

Pamela Yang: Bulfinch has a number of assets, both recently acquired and in the pipeline, that will enhance the life science market in the Greater Boston Area. We approach our developments with a community-based mindset, and I am excited to see these projects and the benefits they bring to their neighborhoods, the broader community and the patients they help serve take shape.

BLDUP: What other types of projects are you looking for right now (if any)? Certain areas, project type/size?

Pamela Yang: Bulfinch remains focused on growing our life science, medical office and industrial portfolios. We are always interested in high-quality and sustainable projects that could make a meaningful impact. In addition, we are committed to making an impact in enhancing our diversity, equity and inclusion practices and policies internally, but also in working with all external business partners and communities to create more equitable and inclusive environments.

BLDUP: Have you had a mentor or someone who has helped you during your career? What are the most valuable lessons you learned from that person?

Pamela Yang: I have had several mentors in my life who have made significant impact on my career and I would not be where I am today without them. The most valuable lesson that I have learned is to be honest and to do the right thing. I remember on my first day at Harvard Management Company, my manager, who later on became my mentor, told me that to be the first one to own your mistakes. That advice has been ingrained with me all these years. Be honest and be truthful.

BLDUP: What do you hope for the future of your company in the next 30 years? What legacy do you want to leave?

Pamela Yang: As Bulfinch remains steadfast with its Drive to 2025 Initiative, my hope is that our efforts to build a more diverse and inclusive corporate culture help create a more diverse and inclusive commercial real estate development industry as a whole. As the growth of Bulfinch continues to accelerate, we have made diversifying the firm’s leadership and the entire Bulfinch team a top priority. In addition, Bulfinch is dedicated to the health and wellbeing of our employees, and we continue to explore new ways to provide our team and tenants with programming, educational tools, and technological resources to achieve this mission.   

My other hope is as we continue to strive to be a leader in the life sciences industry and that we will continue to find ways to grow our sustainable impact and improve the community around us. 

As Bulfinch’s first woman COO, I hope to leave a legacy of positive change at Bulfinch and across the CRE industry landscape. One day, I would like to look back and feel proud of all that our firm has accomplished.

BLDUP: What is a favorite quote that inspires you or you strive to live by?

Pamela Yang: “No legacy is so rich as honesty.”  -- William Shakespeare