$500 Million Woman
Asian Week | The Voice of Asian America
Written by Angela Pang | Filed Under Bay Area, Commerce
January 7, 2008
AGI Capital's President and CEO Alexis Wong is an influential developer.
Ambitious. Gorgeous. Innovative. As president and CEO of real estate investment and development firm AGI Capital, Alexis Wong, 35, has managed more than $500 million in the development and rehabilitation of office, housing and retail space in the Bay Area, making her one of the most successful woman developers in San Francisco.
Wong has been recognized by the San Francisco Business Times as one of the "Most Influential Women in Business" and most recently by 7 X 7 Magazine as one of the "Top 49 Most Influential People" in the city.
"It's great and quite flattering to even be on the same list as Steve Jobs, but I don't know how!" she laughs. "As an Asian American, it is very empowering to be recognized for what we do. This recognition gives me more motivation to continue doing better projects and just in general a better job."
She made her mark on the city when her company, along with TMG Partners, teamed up to build SoMa Grand, a 246-unit, 22-story high-rise at 1160 Mission St., which celebrated its grand opening earlier this month.
Last year, AGI Capital was selected by the California Public Employees' Retirement System to create and manage a $400 million joint venture with TMG Partners. The new partnership, called Avant Housing Partners, will receive $100 million in equity investment from CalPERS, one of the largest pension funds in the United States. The money will be used to create urban infill housing throughout California, particularly in the nine Bay Area counties.
This joint venture is the first of its kind with CalPERS, and AGI Capital is the first and only Asian-owned developing company receiving such allocation.
"I hope this opens the door for other Asian businesses in the future who want to partner with mainstream U.S. pension funds," Wong said.
Wong immigrated with her father to San Francisco from Hong Kong when she was 13 after her parents got divorced, and claims it was fate that led her to the real estate business. She received a B.A. in marketing and an MBA in international management from Golden Gate University in San Francisco, and began working for companies that had real estate dealings and from there learned how to do property management. Eventually she got her real estate broker's license, and after learning how to increase the value of property and assets for her clients, decided to do that for herself by creating AGI Capital in 1998. Her initial real estate business has grown into a development company, whose services now include construction management, on- and off-site operational management, tenant improvement and land acquisition.
"I had no background and learned the ropes as we went," Wong recalls. "I started when I was in my early 20s, and I was an anomaly in this industry. For my first project, I went to literally 100 lenders until I found one. That was a humbling experience and allows me to take rejection really well now. It also demonstrates that having a good track record and reputation is of utmost importance in our business."
During the initial phase of her real estate career, Wong says her family was baffled by her decision; her cousin even told her to get a real job.
"Real estate is not normally an Asian American-aspired profession," Wong said. "In our culture, we value being in a stable environment with a handsome salary. We&'re not expected to compete with the mainstream market."
But this was something she was passionate about.
"I like to think of myself as a pioneer, and I want to break the image that there are limitations for Asian Americans," Wong said. "When people usually tell me I can't do it, I work harder to get that done, and that is the example I want to set for other Asians."
In the future, Wong says she'd like to continue AGI Capital's growth by eventually working on projects outside of the Bay Area. Currently, they are working on two development sites in San Francisco and other projects in San Jose.
To succeed in business, Wong encourages other Asian Americans to stay focused.
"Don't let those that are judgmental create a hurdle for you," Wong says. "Don't get distracted by what people say or do, and if someone wants you to go down, your best revenge is to stay up."
"Alexis is energetic, creative, won't take no for an answer," said Eric Tao, AGI Capital's executive vice president and chief investment officer. "Her greatest trait is her optimism, and she's not afraid to take chances. She's a great business partner and friend."
Alexis Wong | NOTABLE AWARDS
July 2003 | Certificate of Recognition by S.F. Board of Supervisors' Fiona Ma for opening of Chinatown Night Market Fair
September 2003 | Certificate of Appreciation by state Senate pro tem in recognition for being on the California State World Trade Commission
November 2003 | Certificate of Appreciation by City and County of San Francisco for participating with the Chinatown Night Market Fair
March 2004 | Certificate of Appointment by Department of Insurance to COIN advisory board
November 2004 | Certificate of Appreciation by state Senate pro tem in recognition for participating with the Oakland Wildlife Preservation Foundation
2004 | "Top 100 Largest Women-Owned Business" by S.F. Business Times
January 2005 | Certificate of Appreciate by state Assembly for being on the California Asian Pacific Islander Affairs Commission
January 2005 | "Top 100 Largest Women-Owned Business" by S.F. Business Times (second year)
2006 | "Top 100 Largest Women-Owned Business" by S.F. Business Times (third year)
May 2007 | API Heritage Award by state Assembly for excellence in business
Dec 2007 | "Top 49 Most Influential People in San Francisco" by 7 X 7 Magazine
2007 | No. 16 for "Fastest- Growing Private Companies in S.F." by S.F. Business Times
2007 | "Top 100 Most Influential Women in Business" by S.F. Business Times