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Massive Wealth Transfer

 

By Anthony J. LoPinto | Updated on October 27, 2009
Massive Wealth Transfer

I have been through other major real estate downturns–five to be exact–with the last happening in the early ’90s. And I can say, the current recession is not like the last downturn. Today’s real estate industry is global, multi-faceted and encompasses many products, services, geographies, and functions. Those things will not recover in the same ways or at the same rate–but, recover they will. I have observed a distinct change in attitudes and moods in the real estate market beginning in August 2009.

Real estate executives are starting to anticipate renewed transactional activity, and are now planning ahead. In addition, the public markets are, once again, poised to fuel the real estate recovery, as they did in the early 1990′s. Currently, there are a number of equity REIT IPOs in the queue, in addition to capital raises for existing companies that are right-sizing their balance sheets. It is safe to predict that wealth will transfer, just as it did in the last downturn of the early ’90s, when it shifted from the family/private owners and developers to public stockholders and investment funds. Wealth transfers of this magnitude always create requirements for senior executives and a wide variety of next level talent.

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
ARBOR COMMERCIAL MORTGAGE FHD/HUD Multifamily Underwriter (BOSTON) The underwriter will review of all relevant underwriting documentation, completion of all necessary due diligence, preparation of the loan underwriting workbook and narrative and ensure that the forms / exhibits in the loan file comply with HUD’s requirements; among other duties. SELECTLEADERS Vice President, Property Management – Distribution Facilities (ANNAPOLIS, MD) The VP will be responsible for the management of a current three-person team of senior property managers, as well as hands-on participation and demonstrated leadership in property inspections, property expense processing, property level reporting and budgeting, interfacing with accounting personnel, tenants, NATM senior management and partners, among other duties. PRUDENTIAL Lead Analyst, Operations, Risk Management (PARSIPPANY, NJ) The lead analyst will support business processes by reviewing, monitoring, and assessing the control environment for new and established products and activities; work with the VP risk management and business management to proactively identify and evaluate operational business risks and trends, and develop processes that help mitigate risk, ensure compliance, and protect PREI’s brand; actively assist management with review and analysis of new initiatives and projects, the development and implementation of appropriate control standards, and provide project management support. SELECTLEADERS Vice President Property Management – Distribution Facilities (ANNAPOLIS, MD) The VP property management will have primary responsibility for property management and tenant relations of a $500-million portfolio of approximately four million square feet, as well as the management of a current three-person team of senior property managers and hands-on participation and demonstrated leadership in property inspections, property expense processing, property level reporting and budgeting, interfacing with accounting personnel, tenants, NATM senior management and partners. COSTAR GROUP, INC. Research Associate (SAN DIEGO) The associate will effectively maintain a portfolio of active commercial real estate companies by regularly interviewing them to ensure that CoStar’s database accurately reflects their listings, inventory, and recent deals; among other duties. JONES LANG LASALLE Strategic Consulting Associate, Corporate Strategy (NEW YORK CITY) The associate will develop complex corporate real estate strategies supported by demographic and financial analyses to provide, communicate and implement creative approaches that will allow our client’s to optimize their real estate solutions; proactively manage execution of client engagements to ensure excellence, consistency and profitability; support strategic consulting knowledge management by assisting in the development of project process, tools, and client deliverables that will be included in best practices; among other duties. VIEW CAPITAL, LLC Controller (LOS ANGELES) The controller will develop, implement and enforce accounting policies and procedures; establish, maintain and document strong internal control processes; maintain financial books and records in accordance with GAAP and company policies; provide accurate, timely and high quality financial reporting services to senior management, investors and statutory authorities; ensures monthly financial results accurately portray current operations and activities; and prepare routine and ad hoc financial analyses; among other duties. COSTAR GROUP, INC. Media Relations Director (BETHESDA, MD) The media relations director will take responsibility for directing all media and public relations activities for CoStar; develop, manage and measure media outreach and PR programs/campaigns that support the continued growth of CoStar’s brand leadership; bring energy, determination and drive to CoStar’s media relations to produce strong consumer driven initiatives with results; lead the development of the overall media strategy, including developing story pitches and strategically positioning the company and the brand in stature media through effective messaging; among other duties.
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.

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STUDLEY (HACKENSACK, NJ) Studley promoting two real estate advisors, Joseph J. Messina and Gregg K. Najarian, both formerly corporate managing directors, have assumed the titles of senior managing directors. HANOVER REAL ESTATE PARTNERS (GREENWICH, CT) Hanover Real Estate Partners is hiring Romano Orlando as CFO. Prior to Hanover, Orlando was the finance manager of Wittek Development, LLC, a real estate investment and development company. MAX SPANN’S REAL ESTATE & AUCTION CO. (CLINTON, NJ) Max Spann is hiring Glenn McDonald joined the firm as regional director of business development.
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.
GRUBB & ELLIS

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