Bottom of the Bathtub or Down the Drain

Until 6 weeks ago, there was anxious anticipation that we would soon “hit the bottom of the bathtub,” bump along for a while, and eventually bounce back and be on the road to recovery in ’09, albeit slowly. Well, the past 6 weeks has produced a profound change, and the mood has shifted from somber to seriously concerned that a recovery is “years” away. The carnage on Wall Street continues to pound the REIT sector, with stock prices at levels that defy any rational explanation other than a market out of control. The by-product is that organizations that have been holding the line and avoiding significant staff reductions, are now putting a knife to the organization. As an example, last week First Industrial made a big move and cut its CEO along with a large percentage of its investment and regional organization. I have heard on a number of fronts that, over the next month or two, more cutbacks among principal organizations will occur, slicing between 10% to 20% of their staff. Notwithstanding the gloomy view within the eye of this storm, I believe that we are at the bottom of the bathtub, and sometime soon after the election, markets will begin to settle down and we’ll begin to have a more positive view of ’09. Wishful thinking? I hope not.

Tony 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
DISTRICT OF COLUMBIA GOVERNMENT Deputy Director of Portfolio Real Estate (WASHINGTON, DC) The District of Columbia’s Office of Property Management is currently seeking a deputy director of Portfolio Management, which is responsible for strategic decision-making and asset management in connection with approximately 8 million sf of leased and owned real estate. JONES LANG LASALLE Accounting Manager (CHICAGO) The account manager will manage and monitor the brokerage commission process including the preparation of monthly commission calculation, audit reporting and tracking prepaid commission, commission expense, and outstanding draw balances and prep. CARTER Analyst–Asset Management (ATLANTA) The analyst within the Asset Management Department is responsible for the analysis and preparation of regular reporting to the client. In addition the position examines various types of documents as part of due diligence activities. LUCESCU REALTY Marketing Manager (NEWPORT BEACH, CA) The marketing manager will prepare, edit and review Opinion of Market Value proposals for new business opportunities and be involved in all manner of the marketing development process. THE CARLTON GROUP Sr. Credit Officer/Underwriter (NEW YORK CITY) The candidate will be be a credit specialist with substantial experience in structuring, underwiriting, valuing and pricing CMBS assets for acquisition as well as origination. The individual must have significant experience in sourcing, structuring and pricing high yield debt transactions including CMBS products, B-Notes, mezzanine and other bridge and hard money loan products. PORT AUTHORITY OF NY & NJ Urban Land Planner (NEW YORK CITY) The planner will assist with the day-to-day advancement of development projects, overall functional and operational planning for the projects and assistance in property transactions. This position will also be responsible for the critical task of collaborating with outside agencies. SAN FRANCISCO REDEVELOPMENT AGENCY Senior Development Specialist (SAN FRANCISCO) The senior development specialist is responsible for executing a broad range of real estate transactions, from building leases to disposition and development agreements. FANNIE MAE Sr. Portfolio Manager, Servicing (DALLAS) The senior portolio manager is responsible for managing one or more mega servicer portfolios, providing leadership and strategic consulting while influencing best in class servicing performance.
Promotions No more than one submission per company will be considered per week. Submissions with multiple names will be capped at three for coverage in Executive Watch.
CB RICHARD ELLIS (NEW YORK CITY) CB Richard Ellis is promoting Silvio Petriello to executive vice president. STREAM REALTY PARTNERS, LP (DALLAS) Stream Realty Partners, LP is promoting Ben Hautt and Sarah Payne to vice president in the Dallas Office Leasing group. UNICO PROPERTIES (SAN FRANCISCO) Unico Properties, a real estate investment and operating company, is promoting Margot Crosman to director of Sustainability. THORNTON TOMASETTI (NEW YORK CITY) The managing principals of Thornton Tomasetti promoting the following people in the New York office: Erleen Hatfield, P.E., LEED AP, Ling-En Hsiao, Ph.D., Gary Mancini, P.E., LEED AP and Michael Squarzini, P.E. have been promoted from vice president/principal to senior vice president/principal. Hi Sun Choi, P.E. and Jeffrey Schreier have been promoted to principals in the New York office. They were formerly senior vice presidents. Jan Kalas, AIA, was promoted to senior vice president from vice president. Eli Gottlieb, P.E. and Libero Petrella, P.E. were both promoted to vice president. They were previously senior associates. THE HAMPSHIRE COMPANIES (MORRISTOWN, NJ) The Hampshire Companies, a full service, private real estate investment fund manager, is promoting Cheryll McMurray to Business Process Manager. BBG-BBGM (NEW YORK CITY) BBG-BBGM is promoting senior partner, Louis R. Hedgecock, AIA, to managing partner. As managing partner, Hedgecock will oversee the direction and strategy for the New York office’s architectural practice and act as lead administrative partner, directing all business and legal activities.
New Hires No more than one submission per company will be considered per week. Submissions with multiple names will be capped at three for coverage in Executive Watch.
HARRISON STREET REAL ESTATE CAPITAL (CHICAGO) Tom Errath is joining Harrison Street Real Estate Capital as a vice president. Errath will focus on the sourcing, securing and management of Harrison Street’s relationships with marina operators and developers in the United States and globally. HUNTSVILLE HOTEL PARTNETS, LLC (BEVERLY HILLS, CA) Huntsville Hotel Partners, LLC, a division of O&S Holdings,LLC, is naming Danny Hiatt, VP of Hotel Operations/general manager of The Westin Huntsville. GVA ADVANTIS (TAMPA, FL) GVA Advantis is hiring Radek Knesl, MBA, as an associate of office and industrial services for its Tampa office. NAI OLYMPIA PARTNERS (INDIANAPOLIS) Joseph J. Howell is joining NAI Olympia Partners as director, Corporate Services. WINICK REALTY (NEW YORK CITY) Winick Realty Group is picking Robert S. Weber, previously the Market Director of Real Estate for JP Morgan Chase, to join the firm as director of Financial Retail Services MADISON MARQUETTE (PHILADELPHIA) Madison Marquette is hiring Joseph Morris as senior vice president of Leasing. He will be based in the Philadelphia office and be responsible for managing and directing leasing activity for the company’s northeastern property portfolio. TACONIC INVESTMENT PARTNERS’ RESIDENTIAL ASSETS (NEW YORK CITY) Taconic Investment Partners is naming Peter Febo senior vice president for residential asset management.

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