Michelle Kelban, the global chair of Latham & Watkins’ real estate practice, has established herself as a key figure in high-stakes commercial real estate law. She has guided some of the industry's most significant transactions, including a $6 billion financing plan for the One Beverly Hills development and Ares Management Corp.’s $3.7 billion acquisition of GCP International.
Her career reflects a broader trend of increasing female leadership in the sector. Recent industry data shows that women now hold nearly one-third of board chair positions at top commercial real estate firms, highlighting a shift in an industry historically dominated by men. Kelban's journey offers insights into navigating the complexities of a demanding field while fostering growth and mentorship.
Key Takeaways
- Michelle Kelban is the global chair of Latham & Watkins’ real estate practice and a leading transactional lawyer.
- She has advised on multi-billion dollar deals, including major acquisitions and development financing projects.
- Kelban emphasizes the importance of mentorship, building strong professional relationships, and finding personal satisfaction in one's work.
- Under her leadership, the New York real estate practice at Latham & Watkins has grown to over 40 professionals.
- Recent data indicates women now hold 27.5% of C-suite positions and 32.9% of board chairs at the largest commercial real estate firms.
A Career Built on Tangible Impact
Kelban's path into real estate law began with an academic interest in urban studies. During her college years, she focused on how cities are planned and developed, which provided a natural transition to law school. It was there that she discovered a passion for property law.
"I really enjoyed property law and the tangible nature of it — I was able to look at the physical property and see how it's used," Kelban stated. She highlighted the human element as a key motivator in her career choice.
"There's a very human factor to real estate. You live in it, you shop in it, you receive medical care in it, you work in it, so I found that it was very relatable," she explained. This connection to the everyday functions of society has fueled her work in a practice that covers a wide range of commercial real estate transactions.
Leading High-Profile Transactions
As a transactional lawyer, Kelban's work is diverse. She advises clients on complex matters including private capital raising, financing, acquisitions, and restructurings. Her portfolio includes landmark deals that have shaped major urban landscapes.
One notable project was her advisory role for Cain International on a $6 billion financing plan to support the development of One Beverly Hills, a major mixed-use urban project. She also played a crucial part in Ares Management Corp.’s $3.7 billion acquisition of real estate investment advisory firm GCP International.
Navigating Challenges and Fostering Growth
Achieving a prominent position in commercial real estate comes with significant demands. Kelban acknowledges the persistent challenge of balancing a high-powered career with motherhood and personal commitments. She believes the key lies in building a strong support system within the professional environment.
"Intentionally building strong relationships and trust with colleagues and clients creates the foundation that allows for all of those things to work in a better rhythm," she said. This focus on human connection has been central to her strategy for overcoming professional hurdles.
"Find connections with people, assert yourself, be confident and don’t be afraid."
This philosophy extends to her advice for other women aspiring to advance in the industry. She encourages them to seek out mentors and build a network of supportive peers and advisors.
The importance of mentorship is a recurring theme in Kelban's career. She credits a retired mentor with teaching her fundamental legal and management skills. "That relationship has really impacted me, and he remains my mentor to this day," she noted, highlighting the lasting value of such guidance.
Growth and Leadership at Latham & Watkins
Kelban has spent her entire professional career at Latham & Watkins, a firm she believes offers one of the world's leading real estate platforms. She has served as chair of the real estate group for nearly nine years, a period of significant expansion.
"It has been my privilege to be a partner at this firm and to chair the group for nearly nine years, starting when it was much smaller, and now we have over 40 people in New York alone," she said. This growth reflects her leadership in building a market-leading practice.
According to Kelban, the firm is committed to supporting female leaders and fostering an inclusive culture. She noted that many women hold top leadership positions within Latham & Watkins, which aims to help every employee achieve their full potential.
Women in CRE Leadership
The commercial real estate industry has seen notable progress in gender diversity at the executive level. A 2025 DEI Data Series from Bisnow, which tracks the 100 largest firms, found:
- Women hold 27.5% of C-suite positions.
- Women occupy 32.9% of board chair seats.
These figures represent significant gains and indicate a growing recognition of the value of female leadership in the sector.
Advice for the Next Generation
As Kelban prepares to be honored at the New York Power Women Cocktail and Award Ceremony on October 8, she reflects on the path to success. Her primary advice is to pursue work that genuinely interests you.
"Being successful in any industry, including real estate, is all about making sure that you're doing whatever makes you happy," she advised. "From there, you'll find the balance."
She also reiterated the importance of networking and mentorship. "There are now more women than ever in CRE, and finding connections with people, no matter who they are, is the most important step toward building any career," Kelban concluded. "Find someone with whom you connect who can help guide you, and go from there."
