Private Real Estate in Defined Contribution Survey 2025 Read Now

Leadership

DCREC officers are comprised of industry leaders with expertise in areas that include commercial real estate, product development, and the legal and regulatory framework that governs the defined contribution marketplace, among others. This group is charged with overseeing the overall direction of the organization and furthering its research mission.

2025 Officers

Co-Presidents

Managing Director
Principal Real Estate

Director 
Intercontinental Real Estate Corp.

Treasurer

Director 
SitusAMC

Co-Secretaries

Partner
Mayer Brown

Principal
Groom Law Group

2025 Committee Co-chairs

Best Practices Committee

Managing Director
BentallGreenOak

Vice President, Fund Operations
PGIM

Marketing Committee

SVP
Clarion Partners

Vice President
PGIM

Strategic Alliance Committee

Senior Managing Director and Chief Financial Officer
Blackstone

Vice President
JP Morgan

Executive Director

Founder and CEO
Avivant Partners

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Our mission is to promote the inclusion of investments in direct commercial real estate and real estate securities within defined contribution plans in order to improve participant outcomes by furthering education about, advocacy for, and best practices of such investments.
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Diane Smola

Diane Smola is a Managing Director at Principal Real Estate, responsible for the development, implementation, and advancement of real estate investment solutions for the defined contribution market, as well as ongoing client and consultant relationships. Prior to joining Principal in 2021, Diane led investment consulting relationships with advisory and delegated corporate, public, and higher education defined contribution plans at various consulting firms. She has over 25 years of defined contribution experience. She actively serves on committees with Defined Contribution Institutional Investment Association (DCIIA), the Defined Contribution Alternatives Association (DCALTA), and the Defined Contribution Institute. 

Brandon Millen​​

Brandon Millen is a Director at Intercontinental Real Estate Corporation where he oversees the Performance and Reporting Group and is responsible for calculating and reporting performance returns at all levels. Additionally, he works closely with accounting on financial reporting, the portfolio management group on attribution and the institutional services group with consultant relations and client services. Prior to Intercontinental, Brandon worked at Diversified Healthcare Trust (formerly Senior Housing Properties Trust). Brandon has over 15 years’ experience working in commercial real estate and holds a B.S. from Lehigh University with a degree in Finance and his MBA with a concentration in Finance from UMass Boston.

Mackenzie Clouse

Mackenzie Clouse is a Commercial Real Estate professional with over 10 years of experience in institutional commercial real estate valuation services. She leads the daily valuation services business line at SitusAMC, focusing on daily net asset value reporting for commercial real estate funds.

Claire Ragen​​

Claire Ragen is a partner in the Banking & Finance group who focuses on private investment funds and joint ventures. Claire has broad experience in the formation and structuring of real estate open-end and closed-end funds utilizing a variety of investment structures and investment strategies. Claire also has significant experience in structuring joint ventures, primarily involving real estate companies (including real estate investment trusts), as well as in other corporate and securities transactions. Claire regularly represents institutional investors in investment in private equity funds, hedge funds, managed accounts and other alternative investments.

Claire served as a Law Clerk to the Honorable Jean C. Hamilton, United States District Court for the Eastern District of Missouri from 2004-2005. 

David Levine

David N. Levine is a principal at Groom Law Group, Chartered. He advises plan sponsors, advisors, and other service providers on a wide range of employee benefits matters, from retirement and executive compensation to health and welfare plan matters.

Mr. Levine was previously the Chair of the IRS Advisory Committee on Tax Exempt and Government Entities (2011-2013) and serves in a number of leadership roles in the American Bar Association Tax Section’s Employee Benefits Committee. Mr. Levine regularly speaks on plan design, fiduciary governance, and legislative issues and contributes a recurring column to NAPA Net — The Magazine. He is recognized in the Chambers USA guide for Employee Benefits & Executive Compensation. Mr. Levine received his J.D., from the University of Pennsylvania Law School and his B.A., with general and departmental honors, from Johns Hopkins University.

Josh Samilow

Inspired by a rich history of over 100 years of real estate leadership, BentallGreenOak now spans 12 countries and 24 cities in the premier real estate markets and centers of commerce in the world today. The global breadth of our embedded, local presence underscores our commitment to prioritizing the needs of our investors and stakeholders with an array of real estate investment strategies and integrated services that deliver value. Our 1,300 employees across the globe are dedicated to a common purpose and approach to serving our clients.

Dominic Loscalzo

Dominic Loscalzo is a seasoned finance professional with nearly two decades of experience in investment operations and fund management. As Vice President of Fund Operations at PGIM Real Estate, he oversees critical financial functions, ensuring operational efficiency and strategic fund management. Since joining PGIM Real Estate in 2017, he has progressed through leadership roles, including Director of Fund Operations, demonstrating his expertise in investment oversight and financial governance. Prior to this, Dominic spent over 11 years at Prudential Financial, where he held various managerial positions in investment and accounting operations, honing his skills in portfolio management and financial analysis. Dominic holds a Bachelor of Arts in Economics from the University of Maryland and an MBA in Finance from Fairleigh Dickinson University’s Silberman College of Business. His deep understanding of economic principles and financial strategy has been instrumental in his success in the real estate investment sector. With a commitment to operational excellence and a proven track record in fund operations, Dominic continues to drive value and innovation in real estate finance.

Paul Quinlan

Paul D. Quinlan is a Senior Managing Director and Chief Financial Officer of the Blackstone Real Estate group. Mr. Quinlan was previously the CFO for Blackstone Real Estate Debt Strategies and Blackstone Mortgage Trust. Prior to joining Blackstone in 2010, Mr. Quinlan worked at Bank of America Merrill Lynch, focusing on strategic corporate M&A and private equity investments. Mr. Quinlan received a BS in Finance cum laude from Georgetown University and an MBA with distinction from the NYU Stern School of Business.

Michelle Cabala

Michelle Cabala is a vice president at PGIM Real Estate and a member of the portfolio management team for the Defined Contribution Platform. Michelle is responsible for Fund management activities including cash flow monitoring and rebalancing, fund operations, performance reporting, and client on-boarding, as well as on-going client/consultant relationship management for the Defined Contribution series. Michelle has been a member of the Defined Contribution Real Estate Council since 2018 and currently serves as co-chair of DCREC’s Best Practices Committee. She is also a member of NCREIF’s Daily Price Committee.

Brian Gilkes

Brian Gilkes, CFA, is a seasoned investment professional with nearly a decade of experience in real estate and financial services. As Vice President of Real Estate Americas at J.P. Morgan Asset Management, he specializes in capital raising, fund management, and investor relations for Defined Contribution Real Estate Funds. His expertise in real estate investment strategies, market analysis, and portfolio diversification helps clients optimize risk-adjusted returns. Brian also plays a critical role in product development and compliance, ensuring regulatory adherence while exploring opportunities for innovation within alternative investment solutions. Prior to his current role, Brian held leadership positions within J.P. Morgan’s 529 Education Savings division, where he managed business operations, distribution partnerships, and financial advisor training programs. His deep knowledge of investment products, combined with a strong foundation in finance from Indiana University’s Kelley School of Business, has made him a trusted voice in the industry. A CFA Charterholder, Brian brings a rigorous analytical approach to his work, leveraging data-driven insights to enhance fund performance and client engagement.

Mary Adams

Mary Adams

Mary Adams is a Certified Meeting Professional (CMP) with more than 16 years experience in the conference, meeting planning, association management and marketing business. ECG is a focused firm, specializing in the financial services industry. In addition to running ECG, Mary is the Executive Director for the Bergen County Professional Women’s Network. Mary is frequently invited to speak on the topics of meeting planning, entrepreneurship and women in business.

Prior to launching ECG, Mary worked for Merck & Co. as a professional sales representative in the cardiovascular, neuroscience and orthopedic markets. She came to Merck & Co. after helping to establish the Life Sciences division of Worldwide Business Research, a conference company in New York City, where she produced conferences on drug discovery and online retail. Before moving to New York, Mary worked in marketing with the president of an automotive engineering company in Cleveland, Ohio. While there, she produced one-on-one sales meetings, spearheaded the company’s brand identity campaign, and managed all marketing and sales support initiatives.

Mary graduated with a Bachelor of Science in Business Administration from Miami University in Oxford, Ohio. She earned her Masters in Business Administration from Fordham University in New York, where she graduated with Beta Gamma Sigma, American Marketing Association and Phi Kappa Phi honors.