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February 29, 2008
by Timothy E. Rodrigue
Across the nation’s border and within its confines, David Songy has built his reputation upon commercial building restoration. As the chief executive officer and co-founder of Songy Partners, an institutional quality developer, his day-to-day responsibilities revolve around the oversight of company operations with particular attention to geographic and product expansion, personnel, and key business relationships. Commercial real estate, however, was not his initial calling.
Following in his father’s footsteps, Songy left the confines of Alexandria, La. for LSU to learn the ins and outs of accounting. During his senior year though, Songy had a bit of a revelation – he didn’t enjoy accounting.
“I wrote a research paper for my finance class on the subject of real estate development after interviewing personnel from my oldest brother’s company, which developed shopping centers,” Songy said. “That study in real estate development piqued my interest.”
Songy’s change of heart proved fruitful.
For over 15 years now, Songy Partners has strategically acquired income properties in select markets that require extensive renovation. Mainly, the focus has been in the office and hotel sectors. Presently, the firm has ongoing projects in Atlanta, Houston, Dallas, Chicago, Fort Myers and Boca Raton, Fla. Previous projects have been undertaken in other areas of Texas, Louisiana, Georgia, Tennessee, and Mexico City.
Fresh out of LSU with a degree in accounting, Songy returned to pursue a graduate degree. A little over a year and a half later in December of 1980, he received his MBA. In addition to realizing success in a real estate development career would be less likely without an MBA, Songy’s decision was made easier by the state of the market.
“Interest rates had risen to 20 percent, so it was a great time to be back in grad school,” Songy said.
In 1981, after a brief stint in Dallas as a 22 year-old armed with his MBA, Songy headed south for Houston, where he worked for an office developer, AP Keller Co., until he turned 28.
“Those six years I gained firsthand experience about development, leasing, and the management sector,” Songy said. “That led to my next job in the same business with Parker Patrinely Group. After Houston fell victim to a bad economy, that company relocated me to South Florida.”
In late 1992, 12 years after earning his MBA and 12 years of office development experience in Texas, Florida, and Louisiana, Songy decided to venture out on his own.
“I desired more control and say-so in the business,” Songy said. “Acquiring office buildings below replacement cost in the early 1990s seemed the most logical and profitable business plan. Most real estate sectors were substantially overbuilt, so development was out of the picture.”
Along with Perry Waughtal, Songy formed Songy Partners in Boca Raton. Despite a considerable market-wide void of equity capital for real estate and the company being a newcomer to the market, the firm managed to raise equity from wealthy individuals on a per project basis and eventually gained the confidence of institutional investors. By 1997, an additional office was established in Houston. One year later, Songy Partners’ headquarters was moved to Atlanta.
Now, nearly 10 years later, Songy is still based in Atlanta, where he and Songy Partners’ senior staff and consultants routinely conduct feasibility reports to determine whether purchasing and restoring an office building or hotel is viable and if the market demand exists for them to do so.
Throughout the course of the decade, Songy has been an eyewitness to the growing number of LSU alumni and LSU Flores MBA alumni that have made Atlanta their home. According to Songy, it is the duty of all alumni to enhance their degrees by enhancing the perception of the University.
“As an alumnus it is my responsibility to try to raise the profile of the University here in Georgia territory,” Songy said. “We must raise the overall perception and image of LSU. My MBA helped me land my job in Dallas and my ensuing jobs in Houston. It gave me an edge over the other candidates interviewing for the same jobs.”
Nearly 30 years after experiencing all LSU had to offer on-campus as a student, Songy still maintains relationships he forged then. For him, the University will forever evoke rich memories because of athletics, school traditions, and campus life in general. Songy asserts one common denominator is essential to all that makes up LSU though.
“Meeting so many great people leaves the best lasting impression,” Songy said.
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