Deal of the Year
Yesterday, Lehman Holdings announced that it is selling Archstone Inc. and its 59,355 apartment units, plus a significant pipeline of development deals to rivals Equity Residential and AvalonBay. Thus ends the journey of one of the great apartment companies that was built by CEO Scot Sellers. This comes after Lehman Brothers acquired the company in 2007 at the peak of the market, a transaction that has been given significant credit for the ultimate demise of Lehman. However, after Archstone was taken private, Sellers navigated the company through the worst of the downturn, and came out intact with the management team in place and poised to take full advantage of the recovery. Lehman Holdings has been preparing for an IPO, but the plans were trumped by the richer and less risky Equity/AvalonBay transaction. Lehman Holdings did a masterful job of maximizing shareholder value on the deal, but it's bittersweet for Sellers, who deserves to be very proud of the result – but sad to see the Archstone team dismantled.
Tony LoPinto is the Global Sector Leader of Korn/Ferry International's Real Estate Practice and founder of SelectLeaders. The views expressed in this article are the author's own.
CW CAPITAL ASSET MANAGEMENT
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(BETHESDA, MD) The real estate investment sales analyst will support the San Francisco sales team be responsible for involving pricing underwriting, investor interaction, buyer database management, market report authoring, attending presentations, assisting with preparation of sale proposals, and overseeing flyer and offering memoranda preparation. The skill set requirement is varied, and requires a candidate that is able to multi-task and switch priorities as directed by clients.
WASHINGTON REAL ESTATE INVESTMENT TRUST
(ROCKVILLE, MD) The development manager will report to the director of development and will work with members of the asset management, property management, acquisitions and due diligence teams, as needed, to proactively analyze and manage the acquisition and/or development of a diverse real estate portfolio. This position will also be responsible for evaluating new development opportunities as well as overseeing development projects from initial concept planning stages through stabilization for 4 different asset classes - office, multi-family, medical office and retail. Other duties will include monitoring and regularly reporting on existing joint ventures in development and monitoring WRIT's stabilized portfolio assets slated for future redevelopment.
TIFFANY & CO.
(NEW YORK CITY) The senior analyst will support operations and initiatives of the director of global real estate and the lease administration group. This position will provide analysis, reporting and research in support of global retail real estate processes, transactions and strategies. In addition, the senior analyst will provide real estate services to regional retail business leaders, including transaction management, interdepartmental communication and coordination.
ESSEX PROPERTIES TRUST
(PALO ALTO, CA) Responsibilities include organizing the entire process of multifamily dispositions, from the compilation of data sets to broker communications through due diligence and closing; creating financial reports for potential buyers using YARDI and Yieldstar; tracking information flow between buyer, seller and broker; creating broker presentation packages and offering memoranda; and organizing all due diligence information, which will include reviewing historical operating data and property information to ensure consistency.
RAM REALTY SERVICES
(PALM BEACH GARDENS, FL) The capital markets associate will represent Ram with capital market (debt) providers, including maintenance and development of current and new lending relationships; maintain current market knowledge regarding capital market trends and terms in an effort to keep the company's acquisition and development transaction officers abreast of capital availability and cost. Propose critical feedback regarding likely debt terms and pricing to assist in investment decisions; work with developers and investment professionals to prepare financing requests/packages; present financing materials directly to lenders and mortgage bankers with the intention of distribution to life companies and other lenders; and prepare an analysis of financing alternatives and make recommendations based on findings to the chief investment officer.
CIM GROUP
(LOS ANGELES) The residential assistant property manager with direction from the property manager will be accountable for lease administration and budget expense management for both residential properties and mixed use commercial properties with ground floor retail and or condo units. This position will primarily be focused on the back office operations of a management office with an emphasis on lease administration, rent collection, payables administration, and insurance certificates.
KAMEHAMEHA SCHOOLS
(HONOLULU) The development manager will create value from assets through evaluation and creation of long-term strategic development plans for KS' real estate portfolio; drive process and tasks as it relates to planning, development activities, due diligence, financial and pro-forma analysis, project management, and partner relationships for CRED development projects; prepare master plan and/or long range development strategy and plans for regional development areas and individual properties; prepare project budgets and project pro formas; and pursue maximum sustainable financial performance and asset value in keeping with the Kamehameha Schools Strategic Plan, Trustee Policies, Operational Procedures, and generally accepted business practices.
DTZ
(TORONTO) Duties include assuming responsibility for business development growth in assigned geographic area and or market; develop new business pipeline through regional market research, marketing and prospecting; responsibility for qualifying, developing, and orchestrating new business opportunities from lead generation to contract execution and transition; defining market/region intelligence and business operations within market segments; actively participating in national, regional local trade associations; meeting a predetermined annual sales goal; and working with UGL Services Operations and support teams to design winning strategies.
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.
MARCUS & MILLICHAP
(MIAMI) Marcus & Millichap Real Estate Investment Services has promoted Kirk Felici to first vice president. Weinstock joined the firm in 1999 as an office and industrial specialist. In 2005, he was promoted to regional manager from Fort Lauderdale and opened the Miami office.
INLAND DIVERSIFIED REALTY TRUST
(OAK BROOK, IL) The firm announced the promotion of Steven Hippel to chief financial officer. Since 2009, he has served as Inland Diversified Realty Trust's chief accounting officer.
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CBRE GROUP
(SAN FRANCISCO) CBRE Group announced that Simon Clark, Seth McKinnon, Matthew Mulry and Matt Manteuffel have joined the firm's San Francisco Pennisula office. Clark joins as a first vice president, while McKinnon joins as a vice president of the capital markets group. Both come from Grubb & Ellis. Mulry and Manteuffel are associates in the office brokerage group.
PINE TREE COMMERCIAL REALTY
(NORTHBROOK, IL) Pine Tree Commercial Realty appointed Vatsal Desai as creative director and property associate. He was formerly an intern at Gensler Chicago.
BERKELEY POINT CAPITAL
(BETHESDA, MD) Jim McDevitt has joined Berkeley Point Capital as president and is responsible for the firm's day-to-day operations. He most recently served as executive vice president for Wells Fargo Multifamily Capital.
SIMON PROPERTY GROUP
(LAKEWOOD, CO) Deborah Celaya was named director of marketing and business development at the firm's Colorado Mills outlet center. She was most recently a senior executive at Race Partners LLC.
NAI HANSON
(HACKENSACK, NJ) NAI Hanson hired Steve Pastor as vice president of the firm's Industrial Real Estate Group. He was a former vice president at CBRE for 17 years.
AVISON YOUNG
(LAS VEGAS) Matthew Bear has joined Avison Young's local office as principal. He was formerly the chief investment and chief operations offcer at Venture Development Group.
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