WALTHAM, MA—Boston Real Estate Times, the region’s largest print, online and video real estate magazine, today announced its annual list of Outstanding Women of Commercial Real Estate for the year 2025.
All the winners will be honored on March 12, 2025, during a breakfast award ceremony at the Burlington Marriott Hotel in Burlington, MA. The awards recognize these honorees as trailblazers, visionaries, and innovators redefining the business landscape.
“These real estate pioneers are being recognized for their vision, innovation and an unwavering commitment to excellence and leadership in their respective fields,” said Upendra Mishra, publisher of the Boston Real Estate Times and its sister publication the Life Sciences Times. “Thank you to all our readers who nominated these innovative professionals and leaders. We’re looking forward to honoring them on behalf of our readers and the commercial real estate community on March 12, 2025.”
Boston Real Estate Times will also publish a special glossy print edition that will highlight the contributions and achievements of the 2025 honorees. To advertise or sponsor, please email to: [email protected] .
The award ceremony will be held on March 12, 2025, at the Burlington Marriott Hotel in Burlington, MA from 7:00am to 10:30am.
To purchase a ticket, please click here. For sponsorship opportunities, please email [email protected].
Here are the Boston Real Estate Times’ Outstanding Women of 2025 in alphabetical order by last name:
Passion for Research and Forging Opportunities for Women
Elizabeth Berthelette
Heald of Northeast Research and National Life Sciences Research
Newmark
Elizabeth Berthelette’s excellence is all-encompassing and derives from a lifelong commitment to the passions that fuel her—a career in research, forging opportunities for women and community being chief among them. With nearly two decades of experience, Berthelette serves as Newmark’s Head of Northeast Research and National Life Sciences Research in the firm’s Boston office. Berthelette’s team issues the firm’s quarterly research reports for various asset classes and geo-markets. Additionally, her team provides research support to several of Newmark’s top-producing brokerage and capital markets professionals.
Regarded as a leading researcher and economist, Berthelette’s commentary and research are often quoted in top-tier national and regional publications. Her dedication to advancing the industry is matched by her commitment to mentorship and community service. She has held leadership roles with CREW Boston, including serving as President of its Educational Foundation Board and co-leads CREW Network’s Healthcare/Life Science Council. With the Counselors of Real Estate, she serves as a national Membership Chair and recently accepted the Vice Chair role for its New England Chapter.
Equally important, Berthelette actively gives back her local community through extensive volunteerism in Bellingham, Massachusetts, where she has chaired zoning boards and contributed to urban planning initiatives.
Breaking Through Glass Ceilings and Leading in Style
Kimberly Burkert
Chief Executive Officer
Bala Consulting Engineers
As the CEO of Bala Consulting Engineers, Kim Burkert demonstrates exceptional leadership, vision, and passion for the success of the organization. Recently recognized as a one of the PHL Titan 100 for the second year in a row, Burkert has been recognized among the nation’s top-level CEO’s and C-level executives in the region. As the leader of an organization that spans five offices, including Philadelphia, Boston, New York, Baltimore, and Washington D.C., Burkert does an outstanding job of curating a wholistic culture with the “One Bala” mentality. She makes monthly trips to each of the offices to be sure to engage with all of her employees and stay in touch.
Burkert has worked with Bala for over 20 years, starting in the accounting department, then to Chief Financial Officer, and now to Chief Executive Officer. She has given her unwavering commitment to Bala and has always continuously tried to improve processes for the betterment of the company. Burkert often spends her time at various industry conferences to ensure that she is constantly educating herself on being an exceptional leader in the Architecture, Engineering, and Construction industry. On top of that, she makes it a priority to stay involved with Bala’s internal groups, like Bala’s Women’s Group and the philanthropy team.
As a female CEO in a typically male-dominated industry, Burkert has become an advocate for women in the AEC fields. She has proudly broken through glass ceilings and remained humble in her successes, while supporting and uplifting the potential of the other women in her network.
Helping Women Succeed in Commercial Real Estate
CREW Boston
CREW Leadership and Founders
Since its inception in 1982, CREW Boston, formerly New England Women in Real Estate, has played a pivotal role in promoting the advancement of women within the commercial real estate industry.
Currently, more than 500 women gain opportunities for professional growth and business development as its members. CREW Boston’s goal is to provide professional support, development, education, encouragement and networking opportunities to its members and to the Greater Boston real estate community.
Year after year, CREW Boston has succeeded in attracting an extraordinary roster of key industry speakers to address its programs, seminars and special events. Largely open to the public, CREW Boston functions keep members up to date on topical real estate issues and changing industry demands. CREW Boston’s 17 standing committees and networking groups also give members a chance to engage in stimulating discussions with colleagues from various market sectors.
CREW Boston also offers a variety of social and community service activities throughout the year and has established the CREW Boston Educational Foundation, which supports a scholarship for any female undergraduate and/or graduate student interested in pursuing a career in commercial real estate upon graduation. An essential part of CREW Boston’s mission is to encourage members to conduct business with each other, as well as to expand horizons and set goals that stretch its membership.
Asset Management Leader
Kate Crosby
Senior Vice President, Portfolio Management
The Davis Companies
In her complex role as Senior Vice President of Asset Management – Fund Portfolio Manager, Kate Crosby is responsible for managing the end-to-end process of investments activity made on behalf of the company’s value-add funds, ensuring proper valuation, reporting and integrity of each of the firm’s active funds. She is responsible for Investor Reporting and guiding overall Portfolio Strategy.
Crosby manages the human resources in the analytics team supporting Asset Management and Investments, allocating resources where needed. She takes an active part in shaping strategies in execution of the business plans, mitigating risks to fund returns, optimizing hold timelines and sales processes to best leverage portfolio performance.
Crosby’s diverse background in real estate and prior experience, which includes investments, financial analytics, and architecture roles with Beacon Capital Partners, Columbia National Real Finance, and Perkins & Will Architecture & Planning, make her an exceptionally well rounded professional and key contributor to the Davis organization.
Crosby received her MBA from Columbia, with a Real Estate Concentration and received her BA from University of Pennsylvania, majoring in Architecture.
Higher Education Planning & Design
Jackie Flanigan
Senior Associate
Annum Architects, Inc.
As a Senior Associate at Annum Architects, a minority-owned design and planning firm, Ms. Flanigan manages projects with complex stakeholder groups, balancing design excellence with technical requirements.
At Springfield Technical Community College for the Commonwealth of Massachusetts, Ms. Flanigan led a collaborative planning and design process to complete a comprehensive renovation of a mid-19th-century building on the Springfield Armory National Historic Site. The project received multiple awards from organizations such as AIA New England, Preservation Massachusetts, Boston Society of Architects, and the Society for College & University Planning.
For Philips Exeter Academy, Ms. Flanigan developed a strategy for phased renovations of Louis Kahn’s Class of 1954 Library as part of an initiative to modernize and enhance student and staff workspaces. At the Museum of Fine Arts, Boston, she led the conceptual design of the Center for Netherlandish Art, engaging with curators and museum staff to transform a below-grade space into a vibrant center for collaboration and scholarship. She led the team through conceptual design and review for a new restaurant addition at the Smithsonian’s National Air and Space Museum. She has also led master planning work for the State Department’s US Embassy in Manila, which included preservation strategies for the historic Chancery building.
Ms. Flanigan’s work in programming, planning, and design focuses on building relationships and gaining a deep understanding of client needs and goals. In addition, she is also a leader for Annum’s emerging professionals through mentorship and involvement with the firm’s internship program. She is passionate about exploring new and creative opportunities within existing historic buildings.
ESG & Inclusion Champion
Joanna Hilvert
Vice President, Integration, Environmental, and ESG
BioMed Realty
Since joining the company in 2020, Joanna Hilvert has leveraged 25 years of experience in commercial real estate. She played a pivotal role in realizing BioMed Realty’s vision for 330 Third Street in Cambridge’s Kendall Square, a site with a challenging, industrial legacy as a former manufactured gas plant. Environmental considerations have been at the forefront under her leadership.
In addition, Hilvert oversees BioMed Realty’s ESG programs as she champions innovation, health, wellness, and inclusivity in the communities that the company serves. She played a key role in BioMed Realty achieving Real Estate Sector Leader status for Technology/Science as part of the GRESB Real Estate Assessment—the leading ESG benchmark for real estate and infrastructure investments across the world. Of the 17.5 million square feet across the company’s operating portfolio and in-process developments in the US, 47 percent is LEED certified or targeting future certification. BioMed Realty was also selected as a 2024 Mass Save Climate Leader.
Active in the real estate industry, Hilvert is a CREW member, offers pro bono legal support to neighborhood development groups and affordable and senior housing developers, and contributed to Greenprint ULI’s 2025 Resilience Summit program committee. She also founded and leads three student service groups across elementary, middle, and high school levels, coaches youth soccer and lacrosse, and volunteers with Food for Free, an organization working to improve access to healthy food within the community, and Rosie’s Place, an organization that provides safe shelter and community services for LGBTQIA+ women.
Insights Into Financial Modeling, Market Research and Capital Markets
Rose Liu
Senior Financial Analyst, Capital Markets
Colliers
Rose Liu is a member of the Colliers US Capital Markets Analytics Group who specializes in financial analytics, financial modeling, debt and structured finance, debt advisory and equity placement, and investment sales to her role. She has brought a decade of experience in variety of asset classes and has participated in transactions totaling more than $1 billion.
Among Liu’s recent notable accomplishments with the Boston local team was financing a $300 million portfolio comprising retail, industrial and multifamily properties across the US for a large institutional client, a $70 million loan for a Class B office building in mid-town Manhattan, a $52 million loan for a Class A multifamily complex in California, and a $66.8 million of refinancing for three hotels in the East Coast.
Prior to moving to Boston, Liu spent more than six and a half years in the Colliers International Long Island Office. During her tenure at Colliers, she analyzed at least 1,000 proposals, leases and investment sales transactions. She helped manage a 4 million square foot real estate portfolio, with over 160 owned and leased locations for a top healthcare institutional client based in Long Island and abstracted and maintained a database of over 160 leases.
Liu recently joined Colliers Diversity & Inclusion as a Community Engagement Lead in the PAN-Asian ERG Network. She serves on the Board of Directors of the Asian Real Estate Professional Association (AREPA)’s New York chapter and is the co-founder of the Boston chapter
Marketing & Business Development
Shannon McCarthy
Vice President & Director of Marketing
Timberline Construction
Shannon McCarthy has been a force in the Greater Boston real estate community for over 20 years. She started her career as a marketeer for several architectural firms before moving over to prominent real estate firms such as JLL and Cushman & Wakefield. With these firms she was a senior leader who developed, managed and executed overall local and national marketing initiatives.
In her current role as Vice President and Director of Marketing for Timberline Construction, Timberline Communication and Tenney Mountain, McCarthy is a key member of the Senior Leadership team. She is responsible for the firm’s brand strategy, assists in new business development and has overall responsibility for internal and external marketing and communication efforts. Her knowledge, expertise and strategic vision has been a key driver of Timberline’s rapid growth and success.
Under her leadership, her team plans and executes numerous internal and client facing events including Timberline’s award-winning Oktoberfest, and multiple ground-breaking and topping-off events. She is a participant in several industry organizations, including NAIOP where she is actively involved and a member of several important committees.
Driving Legal Innovation and Drone Privacy Protections
Jo-Ann Marzullo
Real Estate Attorney
Ligris + Associates PC
With over 35 years of experience, Marzullo is a highly skilled attorney specializing in real estate. She drives legal innovation and advocacy with the American Bar Association, leading efforts on remote notarization, rent relief, social justice in real estate law, and drone privacy protections.
Marzullo recently represented Real Property, Trust and Estate Law Section of the American Bar Association as its Chair-Elect in its opposition to a proposed uniform law on the operation of drones over private property with the Uniform Laws Commission.
As a result of her work, along with the opposition of other real property groups, the proposed uniform act was withdrawn from consideration. Marzullo also led the effort by the Real Property, Trust and Estate Law Section to propose and persuade the American Bar Association to adopt a resolution that common law trespass and privacy rights should be protected with any legislation or regulation of drones operating over private property.
In addition, Marzullo is experienced in complex, sophisticated real estate matters, having completed acquisitions, financing, developments, and construction projects representing parties ranging from retail and health care properties to corporations across the country.
Leading Architecture and Design
Fran Noval
Managing Director, Principal
Gensler
Fran Noval, recently appointed Co-Managing Director of Gensler’s Boston office, exemplifies excellence in design, project delivery, and leadership in architecture and corporate real estate. With nearly 30 years of experience in the industry and over 17 years at Gensler Boston (where she has shaped over 16 million square feet of work), Noval has established a proven track record of delivering transformative projects that drive innovation and organizational success.
Noval is widely recognized for her ability to skillfully manage large and complex projects, demonstrated by her leadership on headquarters for some of the region’s most impactful companies, including Verizon, Sanofi, Mass General Brigham, Foundation Medicine, Reebok, Morgan Stanley, JLL and MathWorks.
Noval has spearheaded the development of Gensler’s Design Management best practices, raising the bar for project delivery while cultivating the next generation of leaders. She also plays a pivotal role in managing global client accounts, building and strengthening relationships that enable seamless collaboration across offices and international markets.
An active industry contributor, Noval has been involved with CoreNet New England, serving on the Community Reinvestment and Programs Committees, and mentoring through the Boston Society of Architects’ Women in Design program.
Real Estate Investment Counsel Extraordinaire
Alison Rundlett
Associate General Counsel
Bain Capital Real Estate
Prior to joining Bain Capital Real Estate in 2021, Alison Rundlett was a partner at the Boston law firm of Ropes & Gray with a very broad practice leading complicated joint ventures, transactions and financings, including leading back-leverage financings for credit fund and mortgage REITs, for leading institutional clients, including Bain Capital Real Estate (BCRE), which is one of the world’s leading private investment firms with approximately $183 billion of assets under management.
At BCRE, Rundlett has continued this work from “the inside” at a time of explosive growth for BCRE, including leading the legal side of transactions for BCRE as well as undertaking continuous process improvement to ensure consistent approach of the legal/risk function for BCRE both internally and externally.
Outside of BCRE, Rundlett serves as a trustee of Bowdoin College (her alma mater) in Brunswick, Maine. In addition, she has been a champion for women in the legal field and has mentored various female associates all of which have flourished in the legal industry.
National Permitting & Land Use Leader
Jennifer Schultz
Partner and Leader of the National Permitting & Land Use Practice
Nixon Peabody, LLP
Jennifer Schultz is renowned for her deep understanding of her clients’ businesses, strategies, and pain points. She builds intimate, long-term relationships with her clients, allowing her to provide tailored assistance for any land use and commercial real estate project.
Schultz’s work has significantly impacted the real estate landscape in Greater Boston and beyond. She focuses on land use and permitting complex, large-scale developments, with a particular emphasis on life sciences, renewable energy, ClimaTech real estate assets, and affordable housing. She has successfully permitted over a dozen significant life sciences developments, including a visionary collaboration with the Massachusetts Biotechnology Council to create a workforce training program for high-school graduates.
Schultz represents a diverse range of clients, including traditional real estate developers, family offices, REITs, universities, hospitals, and nonprofits. She describes her practice as “part law, part politics, and part grassroots organizing,” and her clients benefit from her ability to navigate the intricate web of local, state, and federal approvals. She was also recently elected to the Greater Boston Chamber of Commerce Board of Directors.
Helping Obtain Government Tax Incentives for Development
Lynn Tokarczy
President
Business Development Strategies, Inc.
In the fields of government tax incentives and economic development and real estate, Lynn Tokarczyk has no peer. Her unmatched skill in obtaining government tax incentives for Massachusetts companies seeking to relocate or expand their footprint is well-known, and her results, impressive.
Tokarczyk has supported more than 200 companies, secured combined tax savings of more than $300 million that enabled those companies to create 15,000 new jobs and reinvest a whopping $1 billion back into the state’s economy.
Tokarczyk’s professional path belies her perseverance and creativity. She began her career as the owner of a high-end clothing boutique and parlayed that passion for people and entrepreneurs into becoming regional director at the Massachusetts Office of Business Development. Her next stop was Ernst & Young, where she became a senior manager in the State and Local Tax Incentives practice and, several years later, founded Business Development Strategies to put everything she learned into helping companies realize their expansion or relocation goals while saving money in the process.
In addition to her business accomplishments, Tokarczyk has a strong commitment to community service and has held leadership roles with local Chambers of Commerce, Associated Industries of Massachusetts, and Milford Regional Healthcare Foundation.
