Slow-Motion Wreck

The clock started on the current economic debacle in September ’08 during that fateful weekend that Lehman went down. Since that moment, opportunistic distress players began gearing-up and making plans to seize the opportunity of a lifetime. They wanted to capitalize on what was sure to be a wasteland of bad paper and hard assets that would be coughed-up at huge discounts. Well, it hasn’t happened, yet. I recently read a quote by Richard Parkus, head of commercial real estate debt research at Deutsche Bank, who said, "It’s a train wreck in slow motion." Because it’s in 'slo-mo,' people get this sense that it’s really not happening; except that it is happening. There is no doubt that real estate deals that were done in ’05, ’06, and ’07 are going to hit the wall; it’s just a matter of time. My sense is that we are going to see the train wreck speed-up during the second half of this year, and hit the wall sometime in ’11 or ’12. In the meantime, there is still that eerie quiet out there.

Job Opportunities SL GREEN REALTY CORP. Analyst/Associate (NEW YORK CITY) The analyst will be responsible for underwriting, due diligence, creating and using financial models, reviewing legal documents, and managing the investment process; among other duties. HOLLIDAY FENOGLIO FOWLER, L.P. Loan Sales Producer (CHICAGO) The loan sales producer will call regional, community and money center banks, CDOs and other holders of commercial mortgage notes as well as the marketing and sales of such notes; among other duties. KBS REALTY ADVISORS Investment Associate (WASHINGTON, DC) The associate will review, underwrite, recommend potential acquisitions; conduct and initial analysis of investments for the purpose of determining general suitability and presentation at the weekly pipeline meetings; among other duties. STARPOINT PROPERTY MANAGEMENT, LLC Director of Commercial Operations (BEVERLY HILLS, CA) The director will ensure the efficient management of company assets by: preparing and maintaining the adherence to budgets; monitoring income and expenses; calculating direct expense reimbursement and common area maintenance fees; liaising with and managing 3rd party property management companies and leasing teams; among other duties. THOR EQUITIES, LLC Development/Tenant Coordination/Construction (NEW YORK CITY) The candidate will manage and execute construction contracts, purchase orders, change orders, and proposals procure subcontractor and contractor bids manage request for information (RFI), request for clarification (RFC) and requests for proposal (RFP); among other duties. PRUDENTIAL Manager, Asset Management (DALLAS) The manager will provide oversight and direction to team members for the review, analysis and negotiation of complex requests from borrowers and recommend appropriate course of action; and provide coaching and mentoring to team members; among other duties. DRA ADVISORS LLC Asset Manager (NEW YORK CITY) The manager will carry out strategic goals at the property level through leasing and implementation/completion of capital improvements, as well as completion of some development projects. The position entails working with the acquisition and disposition departments during the life of the asset; among other duties. SELECTLEADERS Senior Associate--Investments and Acquisitions (NEW YORK CITY) The senior associate will source investment opportunities for equity acquisitions in the office, multi-family and urban retail sectors; source investment opportunities in mezzanine debt/preferred equity originations and subordinate capital acquisitions including mezzanine debt, preferred equity and senior debt; review, analyze, and evaluate opportunities including thorough property level and market due diligence; 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. <!----> JONES LANG LASALLE (PHILADELPHIA) Jones Lang LaSalle is promoting John Van Buskirk from senior vice president to executive vice president in the firm’s industrial team. 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. INNOVATIVE DEVELOPERS, INC. (FORT WORTH) Innovative Developers is hiring Chris Petta as senior vice president Real Estate Services. VOIT REAL ESTATE SERVICES (ANAHEIM, CA) Voit Real Estate Services is hiring Ryan Moore as a senior associate. Moore previously worked at Lee & Associates’ Irvine office where he focused on the representation of landlords and tenants in the Riverside market. BRODER & SACHSE REAL ESTATE SERVICES, INC. (BIRMINGHAM, MI) Broder & Sachse are hiring Harry Cohn as director of leasing and new business development. Cohn was previously vice president and director of the retail brokerage division at Friedman Real Estate Group.