Tap Dancer

Among all of the stunning news over the past three months, one of the most astounding was yesterday’s announcement that Sam Zell put the Tribune Co. into Chapter 11 bankruptcy. Zell has been renowned for his knack in turnarounds and big hits–most recently, the sale of Equity Office in 2007 to Blackstone at the absolute top of the market. Zell made his mark as a contrarian, known as the “grave dancer” for buying properties at depressed prices in the early 1990′s, a particularly bad time for the US real estate market. Unfortunately for Sam, it appears that he acquired the Tribune Co. on the slide, with print media in the tank because of the steep decline of print advertising, coupled with the recession and rise in digital media. Zell loaded the company with debt when he acquired it in 2007, and today, it is the heavy debt load that triggered the bankruptcy filing. Sam should have stuck to his knitting and kept his eye on real estate, where he could have tap danced through another opportunistic cycle.

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.
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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.
KITE REALTY GROUP TRUST (INDIANAPOLIS) Kite Realty Group Trust announced that Alvin E. Kite, Jr. has retired as chairman of the board of trustees and John A. Kite, the company’s president and chief executive officer and a member of the board will assume the role of chairman and chief executive officer. Thomas K. McGowan, previously the company’s senior executive Vice president and chief operating officer, as president and chief operating officer. VOIT COMMERCIAL BROKERAGE (ORANGE COUNTY, CA) Voit Commercial Brokerage has named six of its professionals to a new title within the firm, that of executive vice president. The six brokers, each of whom have been with Voit Commercial Brokerage since its inception 20 years ago, are John Griffin, Mike Hefner, Al Pekarcik, Rob Socci, Louis Tomaselli and Mitch Zehner. PM REALTY GROUP (HOUSTON) PM Realty Group promoted Duane Lee to assistant vice president in the Houston facility services division. He oversees a seven-million square-foot portfolio consisting of corporate headquarters, data centers, research and lab facilities. Lee previously served as regional manager.
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.
STUDLEY (WASHINGTON, DC) Studley added three senior-level executives, two associates and a research manager to its local office. Marc Kantor and David Booth join Studley as managing directors from Coldwell Bank Commercial. Karen Miller was named senior consultant; Chase Bourdelaise came on as an associate; Tyler Bensten is a project assistant; and Mahhen Ghouse was named research manager. KPMG CORPORATE FINANCE (CHICAGO) Frank J. Diliberto joins KPMG Corporate Finance LLC as managing director with real estate services, heading the company’s real estate auction platform. Diliberto began his career with Sheldon Good & Co. in 1990 where he spent over 11 years and then formed Inland Real Estate Auctions, Inc. in 2001. ACADIA REALTY TRUST (NEW YORK CITY) Acadia announced the hiring of David Robinov as senior vice president, investments, a new position focused on sourcing acquisition, development and investment opportunities to grow Acadia’s retail platform. Robinov was formerly a managing director of Eastdil Secured. LIQUID REALTY PARTNERS (SAN FRANCISCO) Liquid Realty Partners has hired John Graham as analyst. In this role, Graham participates in the evaluation of real estate secondary investments. He was formerly an asset management analyst with SL Green/Gramercy Capital. AMERICAN INSTITUTE OF ARCHITECTS (NEW YORK CITY) Sherida Paulsen, a partner at the New York City architectural firm PKSB Architects, will start her one-year term as the AIA’s president on Dec. 11.

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