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2005: At Home in a New Climate

The year to date reflects an industry comfortable with the sea change of the past half decade.

By John Salustri | Updated on July 26, 2005

The year started off pretty much where ’04 left off, with a continuation of the shifts in the C-Suite. Bruce Mosler took the CEO title at C&W on the first of the year, replacing longtime chief Arthur J. Mirante. Within a month, Brett White would take the reins of CB Richard Ellis from retiring Ray Wirta. And, within just a few weeks of White’s ascension, Mark Rose would leave his COO post at Jones Lang LaSalle to fill the long-vacant top spot at Grubb & Ellis.

The recession, a virtual constant since GlobeSt.com launched, continued making its presence felt in the industry and would continue to do so, especially for the office market, through most of the first half. An early January report on sales volume in the hotel sector—-hardest hit by the recession and Sept. 11—-was indicative of our halting, quirky recovery.

The ground-floor opportunity that hotels had become was underscored in April with Marriott’s announced plans to acquire $1 billion in CTF Holdings assets. The deal would close in June.

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