In 1991 real estate experts Howard Hallengren (Chairman) and Jack Miller (President) left Chase Manhattan Bank to found Falcon Real Estate, and they immediately began assembling a team of real estate professionals with broad and diverse experience. From the beginning of the company, Falcon has focused on providing a complete and comprehensive service to overseas investors in the U.S. real estate market. Many of the services provided to our clients are designed to be similar to those provided by international private banks, with an emphasis on a high level of individual attention. The real estate professionals on Falcon’s staff are selected because they understand the need to provide expert real estate advice to sophisticated institutional and high-net-worth individual investors globally. This fundamental approach has successfully attracted investors from around the world, enabling Falcon to carry out transactions on behalf of our clients totaling close to $7 billion since the formation of the company.

Falcon had operated as a partnership for many years but effective as of January 1, 2011, the company incorporated as Falcon Real Estate Investment Management, Ltd., appointing new directors and broadening the ownership of the company.


Howard E. Hallengren

Chairman  |  Chief Executive Officer

Howard Hallengren has extensive management experience in the real estate investment field. Prior to forming Falcon, Mr. Hallengren was Chief Investment Officer and Product Manager for the International Private Banking Department of the Chase Manhattan Bank. In that capacity, he had overall responsibility for the bank’s real estate investments on behalf of non-U.S. investors, including the Chase Manhattan Real Estate Fund.  Before joining Chase, Mr. Hallengren was Chief Investment Officer at The First National Bank of Chicago. During his tenure there, he also served as Chairman of the Real Estate Investment Committee, which supervised Real Estate Fund F, one of the first commingled funds for US employee benefit trusts. Mr. Hallengren is a graduate of Princeton University and received his master’s degree in business administration from the University of Chicago.


Jack D. Miller


Jack Miller, who oversees all acquisitions at Falcon Real Estate, joined Falcon after serving as Manager of the Real Estate Investment Division within Private Banking International at the Chase Manhattan Bank. In that role, he had direct responsibility for property acquisition, property management and mortgage financing. Like Mr. Hallengren, Mr. Miller also came to Chase from The First National Bank of Chicago, where he served for ten years in the bank’s real estate investment division. He is a founding member of the Accounting Standards Committee of the National Council of Real Estate Investment Fiduciaries, which is the coordinating group that sets accounting standards for U.S. institutional investors. Mr. Miller received a Bachelor of Science degree in accounting and a master of finance in real estate from De Paul University, as well as a master’s degree in business administration from the University of Chicago.


David Rhoades

President – Western Region

David P. Rhoades is President — Western Region for Falcon Real Estate. Mr. Rhoades is also the founder and manager of Urban Realty Co., Inc. of San Francisco, California, where he sets the strategic direction for the company and directs its operations and development. He has been active in California commercial real estate for over 30 years as a developer and valuation expert. Through Urban and his prior independent companies, Mr. Rhoades acquired and renovated existing buildings, managed the construction of new buildings, negotiated leases, and has provided asset-management for a variety of property types. 

Mr. Rhoades has a long and distinguished career as an appraiser and consultant on major real estate projects in the western United States. He maintains a network of senior level, corporate real estate contacts cultivated from a background of appraising in excess of 300 major properties representing over fifty million square feet of space. His appraisal and consulting experience covers existing and proposed construction of retail, office, residential, industrial and vacant land properties.  Representative clients include Equity Office, Kilroy Realty Corporation, Blackstone, Boston Properties, Columbia Property Trust, Hudson Pacific Properties, CIM and other major corporations and institutions. Mr. Rhoades has an MAI designation from the Appraisal Institute, a member of Lambda Alpha International an honorary land economics society, and is a licensed California real estate broker. He received a degree in finance from the California State University at Long Beach.


Norman Hill

First Vice President   |  Chief Financial Officer

Serving as First Vice President and Chief Financial Officer out of Falcon’s Dallas, Texas office, Norman Hill has overall supervisory responsibility for the company’s financial accounting, reporting and analysis functions. Mr. Hill joined Falcon in August 2002 with fourteen years experience in the commercial real estate industry, nine of which were in financial accounting. Prior to joining Falcon, Mr. Hill worked with L&B Realty Advisors, Inc. a Dallas based national real estate advisory firm serving institutional clients. During his tenure with the firm, he served in a variety of positions including associate asset manager, associate portfolio manager, financial systems manager and property controller. A graduate of Texas Tech University, Mr. Hill has a bachelor of business administration degree in finance.


Miriam Driot

Director of Acquisitions – Northeast

Miriam Driot is the Director of Acquisitions for Falcon Real Estate, specifically responsible for property acquisitions in the northeastern section of the United States. Her primary focus is on New York City and Boston and their immediate suburban areas. In addition, Ms. Driot plays an active role in supporting Falcon’s new business activities. She has a background in sales, marketing and public relations at companies like Balenciaga, Donna Karan and Pierre Cardin. She got her start in real estate as a residential agent at Sotheby’s and Engel & Voelkers. She earned a masters degree in International Affairs at The New School in 2009 and also has a B.A in business with a minor in Journalism. Ms. Driot is a native of the French Riviera who speaks fluent French, Italian and conversational German.


Steve Spayer

Director of Asset Management – Central Region

Mr. Spayer is responsible for asset management of the company's investments in the central region. Before joining Falcon, Mr. Spayer worked for Lexington Realty Trust, a publicly traded REIT focused on single tenant, credit tenant investments in office, industrial and retail assets across the United States. He served in the role of asset manager for the midwest portfolio providing market input on acquisitions, participating in acquisition due diligence, developing tenant and market relationships, negotiating leases, addressing capital repairs, repositioining properties, and coordinating the disposition due diligence effort. Prior to Lexington, Mr. Spayer worked for Cohen Financial where he served as Managing Director for the Loan Servicing business. Managing lender relationships, he worked with borrowers to accommodate their requests within the constraints of the loan agreements. His lender relationships were primarily with portfolio lenders (life insurance companies) and Master Services supporting loans originated for CMBS. Mr. Spayer leverages his experience managing investments in commercial real estate in the form of either debt or equity to help drive strategic alternatives to maximize value. He leverages his skill in developing relationships to mitigate risk. Mr. Spayer graduated from Augustana College with a BA in Business Administration and Psychology as well as a master’s degree in business administration from the University of Chicago.


Steven Dicke

Director of Asset Management – Eastern Region

Steve Dicke offers more than 14 years of commercial property management experience as the Director of Falcon's Asset Management – Eastern Region. Previously, he worked at Newmark beginning in 2012 managing a portfolio consisting primarily of Class A and B office buildings. Mr. Dicke is adept at reducing costs and improving the NOI of his clients by aggressively bidding contracts, focusing on energy efficiency and streamlining operations.

Previously, Mr. Dicke worked for CBRE as a property and transitions manager where he played an integral role in administering the due diligence process, transitioning new assets to property management and overseeing a portfolio of over 45 properties including retail, industrial, flex space and self-storage. In addition, he coordinated the financing and development of two solar projects consisting of 800KW in total at no cost to his clients. Mr. Dicke received a Bachelor of Science in Business Administration, Economics & Management at Bryant University and is a licensed real estate salesperson holding Real Property Administration (RPA) and Facilities Management Administrator (FMA) designations.


Catherine Rhoades

Marketing Communications Director

Catherine Rhoades is the Marketing Communications Director for Falcon Real Estate. Ms. Rhoades has more than 12 years of experience supporting established, global enterprises and small businesses with their marketing and communications. She is the founder of Le Sagittarius LLC where she provides marketing consulting and coaching services to entrepreneurs and start-ups in the San Francisco Bay Area. Prior to starting her company, she spent more than 10 years with the Gap Inc. family of brands. She held roles spanning international brand management, digital and offline marketing strategy and campaign development, corporate and consumer media relations, investor relations, public affairs and social responsibility. Most recently, she led marketing efforts for the company's international franchise businesses at both Gap and Old Navy. She lived in London, England for four years spearheading marketing strategy for Gap’s 40 franchise markets across Europe, the Middle East, Asia, and Latin America. She later returned to San Francisco to start the marketing team for Old Navy’s franchise operations. Ms. Rhoades graduated from the University of Michigan, Ann Arbor with Bachelor of Arts degrees in both History and Political Science.


Angela D. Bleckner

Senior Accountant

Angie Bleckner has had over 25 years accounting experience in the commercial real estate industry. Immediately before joining Falcon, she spent seven years with Centre Companies in Dallas as an accounting supervisor. Prior to that, she worked at both Fults Realty Corporation and Trammel Crow and was responsible in both positions for the preparation and analysis of monthly financial statements and property budget preparation. Ms. Bleckner is responsible for all accounting related activities for a portfolio of properties managed by Falcon Real Estate on the East Coast and in the Midwest along with reporting to clients invested in Falcon syndicated transactions. She has a Bachelors of Business Administration degree from Stephen F. Austin State University and is a licensed real estate salesperson in Texas.


Machiel Hoek

Director of European Business Development

Machiel is the Falcon liaison for European investors seeking to invest in United States real estate. In addition, he helps American investors find appropriate investments in the European market. Based in Amsterdam, the Netherlands, Machiel has broad experience in bringing together the European and American business cultures to realize impressive investment results.

Prior to joining Falcon, Machiel was with KPMG in Amsterdam as auditor and advisor in real estate. In 2008, at the start of the financial crisis, he started his own company specializing in solving problems for institutional investors and for real estate banks, which was a unique approach at the time. The company was sold in 2012 to BNP Paribas Real Estate, under whose ownership Machiel continued his role as CEO. He left BNP Paribas Real Estate in early 2014 to again become an independent advisor combining financial and real estate expertise with his highly personalized approach to investment.

Machiel has wide experience in real estate, having been involved in transactions with a total value of over $6 billion. He is registered as a Certified Accountant with the Dutch Auditor Association (NBA) since 1998,and has a Master’s Degree in Economics and a Master’s Degree in Real Estate, both from the University of Amsterdam. He is also a Member of the Royal Institute of Chartered Surveyors (RICS) since 2008.


Advisors to the Board

David A. Hill

Of Counsel

David Hill is located in the Dallas office, and provides advice for establishing investment goals and ownership structures for international investors. Clients include both high net worth individuals and investment funds sponsored by Middle East financial institutions. Mr. Hill has assisted in the acquisition, financing, property management, leasing and disposition of more than $2 billion of trophy investment properties in Washington, DC, Virginia, Colorado, Florida and Texas. Mr. Hill established the accounting, cash control and tax reporting functions for Falcon’s clients, and has successfully represented clients in more than 20 audits by the Internal Revenue Service.

Mr. Hill has been a licensed real estate broker since 1991. Prior to associating with Falcon in 1996, Mr. Hill provided property management and brokerage services to the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation, the Resolution Trust Corporation, and numerous financial institutions. Mr. Hill has been a Certified Public Accountant since 1979, and was employed by Arthur Andersen & Co for seven years. Mr. Hill received Bachelor of Business Administration and Master of Business Administration degrees from the College of William and Mary in Virginia.


Experienced Management