Executive Watch

Perspective

Seasoned financial professionals are usually held in high regard, yet, historically, even those in executive-level positions have trailed the deal guys where pay is concerned. All that’s changing now, apparently, and an extraordinary demand for seasoned candidates to fill CFO, chief accounting and other senior roles has emerged. This has been due in part to the need to navigate the still-new and increasingly complex world of Sarbanes-Oxley, as well as the simultaneous need to meet the reporting demands of institutional investors and joint-venture partners--also an outgrowth of SOX. Professionals with proven track records are sought-after these days, fueling a sharp increase in compensation. Once upon a time, premiums were paid only for CFOs who had capital-markets experience in addition to core accounting skills. Today, premiums are being paid to individuals who have “been there and done that” in the accounting arena and successfully dealt with Sarbanes and other current reporting issues. Based on a review of proxy statements from 106 public REITs, made by Steven Hall & Partners, an executive compensation consulting firm, median total compensation (base, bonus and equity) for REIT CFOs as of December 2005 was $920,011, a 29% increase over the prior year. That is on top of a 26% increase a year earlier.

Anthony J. LoPinto is CEO of Equinox Partners, an executive search firm specializing in the real estate industry, and parent company of SelectLeaders

The views expressed in this article are the author’s own.

Job Opportunities

NAIOP
(HERNDON, VA) Senior Editor and Research Director Serve as editor of Development, the association’s quarterly magazine, and direct the editorial quality and integrity of all columns and features. Additional responsibilities include setting the research agenda topics for the NAIOP Foundation Research Agenda, and managing selected surveys and research projects, as well as a limited number of new book titles.

UBS – GLOBAL AM
(SAN FRANCISCO) Acquisitions Analyst A new senior opportunity has arisen to head US investment research within the experienced and entrepreneurial US real estate team. Strong interpersonal skills, ability to consistently meet critical deadlines and work effectively in a team environment are required, as well as a core knowledge of real estate principles, finance and accounting.

GRUBB & ELLIS
(HARTFORD) Manager, Finance & Administration Duties include managing and coordinating the financial analysis/reporting, accounting, and purchasing staff in assigned area; overseeing and reviewing the preparation of financial statements, budgets, general ledger and variance analysis; and ensuring audit readiness and compliance with client's business controls guidelines.

COSTAR GROUP, INC.
(BETHESDA/COLUMBIA, MD) Regional Research Director - Bethesda and Columbia, MD Research directors are responsible for supervising all research managers within their region and ensuring quality data for those markets; establishing and exceeding market-specific goals & standards for performance; tracking regional performance; assisting sales in identifying prospects & maintaining/expanding client relationships; and assisting in the training & development of managers and research teams.

SELECTLEADERS
(NEW YORK) Chief Financial Officer – Real Estate Fund The chief financial officer will have broad responsibility for financing, accounting and controls, risk management, tax valuation and related matters. This is an exceptional long-term career opportunity, with significant responsibility and growth potential for a senior finance professional who is interested in joining a leader in real estate investment management.

JP MORGAN ASSET MANAGEMENT
(NEW YORK) Real Estate Asset Manager - Retail The successful candidate will be responsible for a retail portfolio of 10 to 15 assets with a gross market value in excess of $1 billion. He/she will be responsible for the oversight of this group of assets including managing partner relationship or third party service providers, approving operational and capital budgets, negotiating approving lease terms, and communicating with clients.

EQUINOX PARTNERS
(BOSTON) Vice President, Acquisitions The vice president will source investments for a number of funds with a range of projected investment returns from core through opportunistic. The position reports to the executive director.

Promotions

ARBOR COMMERCIAL MORTGAGE
(UNIONDALE, NY) John Caulfield rises to executive vice president of sales and operations after 18 years with the firm and predecessor companies.

NAI HORIZON
(LAS VEGAS, PHOENIX) Terry Martin-Denning is promoted to COO and Thad Seligman is hired as president of brokerage for both offices. Three more promotions go to Phoenix professionals John Finnegan, first vice president; Chad Neppl, vice president; and Patrick Sheehan, senior associate. And, new to the firm's Las Vegas office are Julie Bauchman, a medical office specialist; Tina Piotrowski, industrial specialist; and Chanda L. Wagner-McWhorter, property specialist.

STREAM REALTY PARTNERS
(DALLAS) Benjamin R. Sumner adds a partner's title to his managing director's role after nearly four years with the firm. He is responsible for all aspects of the tenant representation business unit.

CRESCENT REAL ESTATE EQUITIES
(FORT WORTH) Peggy Haynes, marking her ninth year with Crescent, is named vice president of compensation and benefits in the Houston office. She most recently was a director.

TRAMMELL CROW CO.
(WASHINGTON, DC) Roberta Levy Liss earns a berth as principal and director of brokerage for the District of Columbia and suburban Maryland. Since joining TCC in 2002, the 23-year professional has been brokerage director in the Bethesda office.

New Hires

MOUNTAIN FUNDING
(CHARLOTTE, NC) Kevin J. Mast is named executive vice president and CFO. Mast previously was senior vice president of finance for South Financial Group.

SPERRY VAN NESS
(LOS ANGELES) David Brumer starts as senior adviser, specializing in investment sales of multifamily properties in the Los Angeles area. He most recently was vice president of the investment division for Re/Max Commercial Brokerage.

FREMONT INVESTMENT & LOAN
(PHOENIX) Andrea Karp joins as vice president and senior loan originator. In her new job, the former vice president for ProLogis will handle financing for commercial real estate projects in the Southwest and Rocky Mountain regions.

LARAMAR GROUP
(DENVER) Scott Shanaberger is named CFO while Paul Shaddock comes on board as vice president to head up the human resources department. Shanaberger spent the past 12 years at United Dominion Realty Trust, rising to chief accounting officer. Shaddock previously was senior vice president of HR for CSG Systems.

CB RICHARD ELLIS
(PHILADELPHIA) Gary Freiberger is named senior project manager for the asset services team. He previously managed design and construction of tenant finish-out projects for Athenian Properties.

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Tony LoPinto is the Global Sector Leader of Korn Ferry’s Real Estate Practice and founder of SelectLeaders. For the past 18 years LoPinto has been serving his clients with deep knowledge and perspective on talent needs and organizational challenges to public and private companies – knowledge gained from a 25-year career in real estate. Prior to his current position, he founded and served as chief executive officer of a boutique real estate executive search firm, where he oversaw offices in New York, Chicago, Washington, DC, San Francisco and Los Angeles. He has successfully led several high profile search engagements for chief executive officers, directors and a wide-range of executive level positions across all industries and sectors. He earned a Bachelor of Arts degree in European history from Loyola University in Chicago.