The past few years have certainly been interesting. The optimism that abounded during the first half of each year was quickly dashed by mid-summer, as job growth slowed and other economic indicators posted disappointing or alarming results. At the same time, prices in most markets are rising and cap rates are dipping as investors flock to the safety of real estate. For many in the market, it’s been a tough time to make decisions.
By now, however, institutional players have come to terms with the reality that the current situation is one that’s here to stay. It may not be ideal, but for better or worse, this is what recovery looks like and—like it or not—capital must be put into play and—believe it or not—there are some decent opportunities out there. At least, that’s what most of the conversation centered around during the 16th Annual Transwestern/Real Estate Forum Institutional Investor Symposium, held this past June at the Top of the Hay at the Hay Adams Hotel (check out the view) in Washington, DC. The event brought together decisionmakers from some of the nation’s top institutions for a frank and lively discussion of the environment for business.
PANELISTS
James Street is an Atlanta-based principal of dispositions for Prudential Real Estate Investors. As of year-end 2011, the firm had about $42 billion in gross assets under management, $12 billion of it offshore. These assets are held in approximately 12 equity funds and two mezzanine debt funds.
Anthony Polston is a director with Milwaukee-based Northwestern Mutual, which has a $31.3-billion portfolio of commercial mortgages and real estate equities, of which $24.7 billion is debt.
Michael Desiato (moderator) is vice president and group publisher of ALM’s Real Estate Media Group in New York City.
Steve Pumper (moderator) is executive managing director of investments for Transwestern in Houston.
Lynette Pineda is director of dispositions, global real estate for TIAA-CREF in New York City, which has about $50 billion in real estate exposure, including mortgage, CMBS and direct real estate.
Jim Halliwell is managing director, eastern US investments, for Principal Real Estate Investors in Des Moines. At the end of 2011, the firm had $35 billion in assets under management, including $14 billion in equity.
Steve Wallace is the Chicago-based managing director of the Central Equity Region for Cornerstone Real Estate Advisers. The firm had $32 billion in assets under management as of year-end 2011, split into approximately $20 billion in debt and $12 billion in equity.
Brian Casey is Mid-Atlantic region director for MetLife Real Estate Investments. The firm’s US portfolio consists of $40 billion in debt and $10 billion in equity.
To read what these experts had to say, visit the July/August issue of Real Estate Forum.
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