February 13, 2016

CoStar’s People of Note (Feb. 12)

It’s time to update those contact managers with CoStar’s People of Note, reporting news on significant new CRE hires and promotions. This week’s issue includes the following markets: Washington D.C., New York City, St. Louis, Los Angeles, Boston, Portland, South Florida, Reno / Carson City, Dallas / Ft. Worth, Hampton Roads / Richmond, Minneapolis, Northern New Jersey, Chicago, Las Vegas, and Phoenix / Tucson.


Boland Joins Newmark Grubb Knight Frank

By Jessica Bisacquino

Newmark Grubb Knight Frank has brought in former Cushman Wakefield executive director and leading tenant broker John Boland as vice chairman.

Boland brings 30 years of tenant representation and advisory experience, including strategic consulting, negotiating complex leases and managing build-to-suit projects, to the position. He has arranged more than $2 billion in transactions for both tenants and landlords. Boland holds a law degree and bachelor’s degree from Georgetown University.


Greystone Taps Fried to Expand Equity Capital Advisory

By Justin Sumner

Paul Fried has joined The Greystone Bassuk Group, a real estate capital intermediary and financial advisor to major developers, as an executive managing director in the firm’s New York office. Fried will be responsible for expanding the company’s equity capital advisory business while focusing on raising institutional equity capital.

Fried joins Greystone from LL Holding Co., where he handled the firm’s capital raising activities in excess of $2.5 billion across its portfolio. Previously, Fried worked at Deutsche Banc Mortgage Capital as director of the CMBS Group, and before that was an attorney with Milbank Tweed Hadley McCloy.

CoStar’s People of Note is published each Friday covering the latest commercial real estate executive level promotions and new hires.
Click on the headline of each article to jump to full coverage.
Follow the news on Twitter @TheCoStarGroup and @JSumner2.

Send new executive hires and promotion announcements to news@costar.com.


SARA Brings on Wolf to Oversee Finances

By Justin Sumner

Luke Wolf has joined SARA Investment Real Estate as its chief financial officer. Based in the firm’s St. Louis office, Wolf succeeds Justin Redderman, who will serve as the company’s vice president of finance.

Wolf brings more than 25 years of commercial real estate and construction experience in the St. Louis market, most recently serving as controller at Altus Properties. Before that he spent several years with Duke Realty, gaining experience in acquisitions, development, management and dispositions. He began his career with Fru-Con Construction. Wolf is a CPA and licensed real estate broker.


Westwood Financial Adds Lazar as CFO

By Justin Sumner

Jeanne Lazar has joined Westwood Financial Corp., an owner/operator of grocery-anchored retail centers. As chief financial officer, Lazar will oversee all finance and accounting functions for the company, including portfolio performance and the development of financial and operational strategies for the Los Angeles-based firm.

Lazar brings more than 20 years of commercial real estate finance experience, most recently serving as vice president and CFO of Topa Management Company. Before that she was the chief accounting officer for MPG Office Trust, senior vice president of finance with the Irvine Company Office Properties Group, and principal and controller for The John Buck Company in Chicago.

Three Top Brixmor Execs Resign After Accounting Review

By Randyl Drummer


Boros Launches Metropolitan Equities

By Justin Sumner

Gustavo Boros has launched a new, fully-funded, private equity investment platform, Metropolitan Equities, which will seek to acquire up to $500 million in commercial assets over the next 18 months.

Boros’ background is in institutional real estate and finance, transaction execution and asset management, most recently serving as managing director at BentleyForbes. In his new role, Boros will oversee a team of legal, financial, property management and transactional experts seeking out stabilized or value-add properties with strong asset fundamentals and local-market characteristics.


Cushman Wakefield Appoints Dawson to Sr Managing Director

By Heather Burgess

Cushman Wakefield has selected Brian Dawson to head up and expand its investor services and agency leasing practice across the region as a senior managing director in the firm’s Washington, D.C. office.

Dawson joined Cushman Wakefield in 2007 as co-manager of the capital markets group. A 28-year industry veteran, he has completed more than $5 billion in commercial real estate sales transactions in the D.C. metro area over the course of his career. Dawson is a member of NAIOP and graduated from the University of Maryland.


Biette Joins Boston Realty Advisors

By Fran Koerner

Anthony Biette joined Boston Realty Advisors as the new managing director of the firm’s capital markets team.

Biette was previously at Newmark Grubb Knight Frank for several years, where he focused on investment sales in the office, RD and industrial sector as well as land/development deals. Biette has handled more than $3 billion in commercial transactions throughout his career, which includes stops at Meredith Grew and the former Grubb Ellis.


Kahn Joins HFF as Director

By Justin Sumner

HFF hired Carrie Kahn as a director in its Portland, OR office. In her new role, Kahn will focus on multifamily investment sales throughout the Pacific Northwest.

Kahn brings more than 10 years of experience in multi-housing transactions, most recently serving as first vice president, investment properties group with CBRE, where she was involved in more than $1.5 billion in multifamily transactions. Kahn previously worked at Fifield Companies and with the real estate banking division of JP Morgan. She is a member of the ULI and is a licensed real estate broker in Oregon, Washington and Illinois.


Swire Hires Driggers as Director, Office Leasing

By Justin Sumner

Janette Driggers has joined Swire Properties, Inc. as director of office leasing for its Brickell City Centre office buildings in Miami, FL. In her new role, Driggers will oversee marketing and leasing of available office space within the $1.05 billion, mixed-use project rising in the heart of Brickell.

Driggers most recently served as a senior associate with CBRE’s office brokerage division, representing landlords in more than 350 transactions with local and national tenants. Throughout her career she has represented numerous owners across the South Florida office market. Driggers graduated from Florida International University.


Danna Joins Dermody Properties

By Justin Sumner

Dermody Properties has hired Shelagh Danna as an assistant development manager for its West Region. In her new role, Danna will handle project management across the firm’s development, management and acquisition process throughout the western U.S. markets.

Most recently an investment and development associate with KTR Capital Partners in Los Angeles, Danna has assisted in the development and management of more than 24 million square feet of industrial and commercial space. While at KTR she handled approval and entitlement, tenant improvements, and acquisition and disposition projects.

JLL Expands UK Asset Management Team in Brum

By Chris Borland


Fischer Co Hires Friedberg as SVP

By Teresa Blackmon

Fischer Co. has hired Sharon Friedberg as senior vice president in the Dallas office. Friedberg will specialize in tenant representation and business development as well as corporate services locally and nationally.

Prior to joining Fischer Co., Friedberg was responsible for landlord and tenant representation with Bradford Realty Services of Dallas. Friedberg began her career at Fischer Co. She holds a Master’s Degree from the University of North Texas and a bachelor’s degree from the University of Austin.


Cushman Wakefield | Thalhimer Promotes Four in HR

By Cooper Stevenson

Cushman Wakefield | Thalhimer promoted four brokers across multiple practice areas in the Hampton Roads, VA market.

  • Clay Culbreth, CCIM, SIOR has been promoted to senior vice president. He…
  • David Machupa has been promoted to first vice president. The retail specialist…
  • Christine Kaempfe, CCIM has been promoted to vice president. She specializes…
  • David Tunnicliffe (pictured, bottom left) has been promoted to senior associate…


    Camp Joins ESG Architects

    By Brandon Burns

    Gretchen Camp joined ESG Architects as vice president in the firm’s Minneapolis, MN office. In her new role, Camp will focus on multifamily and mixed-use projects.

    Camp brings 16 years of industry experience, having worked throughout the Twin Cities architecture community. Camp earned her bachelor’s degree in architecture from the University of Wisconsin and her Master’s Degree in architecture from the University of Minnesota.


    JLL Adds Davison to Consulting and Advisory Group

    By CoStar Research

    JLL has hired Brian Davison as a vice president with its Consulting and Advisory Group. He will provide transaction and brokerage support and report to Daniel Loughlin, international director and brokerage lead in New Jersey, and Joseph Messina, executive managing director.

    Experienced in managing complex transactions and using advanced financial analytics to develop client strategies, Davison was with Citigroup Global Markets for the past 10 years, first as a transaction manager and underwriter with its Large Loan Group and, most recently, as a director with its CMBS trading desk.


    MBRE Appoints McGann to VP

    By Colton Odonoghue

    MB Real Estate has hired Dennis McGann as vice president of its leasing services team, a division that represents more than 9 million square feet of space throughout Chicagoland.

    McGann joins MBRE from CBRE, where he served as vice president of the firm’s agency leasing group in Chicago. An 11-year industry veteran, McGann also spent more than eight years at JLL. He is a member of COLBA and NAIOP.


    BKM Establishes Property Mgmt Firm with Two New Hires

    By Justin Sumner

    Institutional fund manager BKM Capital Partners, which focuses on value-add, multi-tenant industrial investments, has established BKM Property Management Company within its operator platform, adding two new property managers.

    Kimberly Stinnett was hired as a property manager and will lead the Las Vegas office. Stinnet brings more than 10 years of property management experience, most recently serving as executive vice president at BOMA Nevada. Paul Asher (pictured, right) joins BKM as a regional general manager for the Phoenix marketplace. The 15-year industry veteran joins the firm from Hannay Realty Advisors, where he served as director of property management.

    Follow the news on Twitter @TheCoStarGroup and @JSumner2.
    Check out last week’s edition of People of Note.

  • Article source: http://www.costar.com/News/Article/CoStars-People-of-Note-Feb-12/179692?ref=/News/Article/CoStars-People-of-Note-Feb-12/179692&src=rss

    MBS RECAP: Temporary Correction or Long-Term Bounce?

    Day’s like today can’t hep but give the average market watcher a bit of a sinking feeling.  Was that it?  Was yesterday’s visit to the lowest yields since 20XX a sign of the final throes of market capitulation?  Did that wash out all the trades that were piling on to the insane momentum and are we now destined to move resolutely back in the other direction?

    At the risk of bearing bad news, that can’t ever be ruled out.  I would personally have an easier time ruling it out if stocks and oil prices didn’t simultaneously experience a double bottom  in line with late January lows.  As long as it looks like they’re contemplating holding their ground there, bond markets will remain at risk for further correction.

    The potential saving grace is that much of today’s bounce could simply have been driven by stock and oil traders covering short positions.  That would mean they are buying (thus pushing prices up) in order to close out their bearish bets ahead of the long weekend.  We will talk more about some of the technical mileposts we can use to gauge which way momentum is leaning on Tuesday, but certainly, that will include a big line in the sand at 1.84% in 10yr yields.   

    Article source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/566883.aspx

    Firms Dig Deeper Into Debt Markets

    Two well-known managers of private-equity funds are pushing further into debt investments partly in a bid to take advantage of the opportunities created by recent upheaval in the global capital markets.

    Related Fund Management, an arm of Stephen Ross’s Related Cos., will soon start raising a closed-end debt fund that could be as large as $2 billion, according to people familiar with the matter. New York-based Related started making…

    Article source: http://www.wsj.com/articles/private-equity-firms-dig-deeper-into-debt-1455049440?mod=residential_real_estate

    Westwood Financial Adds Lazar as CFO

    Jeanne Lazar has joined Westwood Financial Corp., one of the largest privately-held owner/operators of grocery-anchored retail centers across the country.

    As chief financial officer, Lazar will oversee all finance and accounting functions for the company, including portfolio performance and the development of financial and operational strategies for the Los Angeles-based firm.

    “I’m honored to join Westwood Financial Corp. and look forward to working with the team to further the company’s goals to grow and expand in the grocery-anchored retail space,” said Lazar.

    Lazar brings more than 20 years of commercial real estate finance experience, most recently serving as vice president and CFO of Topa Management Company. Before that she was the chief accounting officer for MPG Office Trust, senior vice president of finance with the Irvine Company Office Properties Group, and principal and controller for The John Buck Company in Chicago.

    Lazar earned her bachelor’s degree in accounting at the University of Illinois.

    Article source: http://www.costar.com/News/Article/Westwood-Financial-Adds-Lazar-as-CFO/179676?ref=/News/Article/Westwood-Financial-Adds-Lazar-as-CFO/179676&src=rss

    Northern Ireland Military Site Slowly Transforms

    Ebrington Barracks was a military base for more than 160 years, housing 1,000 British troops at the height of the conflict over whether Northern Ireland should remain part of the U.K. or join the Republic of Ireland.

    If all goes according to plan, the property soon will morph into a hub of hotel space, offices and shops, 18 years after a historic 1998 peace accord eased a period of bitter strife known as “the Troubles.”


    Article source: http://www.wsj.com/articles/northern-ireland-military-site-slowly-transforms-1455013801?mod=residential_real_estate

    MBS Day Ahead: Yellen Speaks Again, But Bonds Left Their Heart in Europe

    Stocks and bond yields ignited a fiery romance in 2016, not letting each other out of sight for almost the entire month of January.  That is to say, not only were stocks and bond yields moving in the same direction at the same time, but they were also matching each others’ intensity almost perfectly.

    The month-end trading environment as well as the surprise rate cut from the Bank of Japan led to a bit of disconnection between stocks and bond yields.  After all, easy central bank policies benefit both sides of the market (which would cause stocks to rise as rates fell).  Indeed, stocks managed to at least hold their ground into the start of February even though bond yields continued to fall.

    Then at the beginning of this week, we saw a new player enter the love quadrangle.  Whereas oil prices and central bank policies had combined with general fear to drive stocks and bonds, the interloper was the rapid deterioration in the European banking sector.  Seemingly out of left field, news made the rounds about a potential future Deutsche Bank default.  If you read nothing else in the previous three paragraphs, read this: the DAX (Germany’s blue chip index) fell more than 10% in the past two weeks while the SP lost less than 3%.

    Bond markets were forced to choose.  Who could provide the most drama and the greatest justification for flights to safety (read: buying bonds in lieu of riskier assets)?  The choice was clear and this chart makes it clearer.  Bonds have been far more in tune than most folks realize with the European situation over these past 2 weeks.  Look at how 10yr yields jump quickly out of bed with the SP and into bed with the DAX into the end of January.

    2016-2-10 DAX

    Yes, there are a few other market moving considerations at the moment, but not only is this one of the biggest, it just proved to be much more interesting than Yellen yesterday.  While it is true that the Senate Banking Committee tends to play more nicely with Yellen than the FSOC, it’s also true that they probably can’t think of anything super important to ask her that wasn’t already covered.  Rather than waiting on Yellen’s every word, we need to stay on guard for a corrective bounce in Europe.  

    Article source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/566214.aspx

    WeWork Shoots the Works With Expansion Plans

    Miguel McKelvey, co-founder of shared office space giant WeWork Cos, was speaking before a group of real-estate executives at a Napa Valley, Calif., vineyard last fall when he nonchalantly predicted the company would grow to 1,000 locations “in the near future.”

    Apparently surprised by the 1,800% growth this implied, the event’s moderator…

    Article source: http://www.wsj.com/articles/wework-shoots-the-works-with-expansion-plans-1455038275?mod=residential_real_estate

    Douglas Emmett Agrees to Buy Four W. Los Angeles Office Towers for $1.34 Billion

    Douglas Emmett (NYSE: DEI) on Tuesday revealed for the first time publicly that it will acquire a four-tower, 1.72 million-square-foot office portfolio in the Westwood district of Los Angeles for $1.34 billion, or $779 per square foot.

    DEI did not name the seller in confirming the deal for the first time in an 8-K fourth-quarter and 2015 year-end earnings document. CoStar information currently shows the owner of the four buildings at 10960, 10940 and 10880 Wilshire Boulevard and 1100 Glendon Ave. as Blackstone Group LP, which acquired the buildings as part of its 2007 takeover of Equity Office Properties Trust.

    “As has been our plan, these assets will be purchased by an institutional joint venture that we will manage,” Douglas Emmett said in the document, adding it expected the acquisition to close by March 31. The portfolio is 89% leased, according to the DEI document.

    The transaction will be structured as an acquisition through a joint venture managed by the Santa Monica-based office REIT. It would be one of the largest office acquisitions in Los Angeles in recent years and give DEI a 74% market share in L.A.’s high-profile Wilshire Westwood Corridor.

    Emmett would own an initial 20% of the buildings and could increase its stake “depending on our assessment of other opportunities to deploy our capital in the near term,” with the institutional JV owning an initial 80%.

    Fundamentals in DEI’s core Los Angeles office submarkets, consisting of Westside and Sherman
    Oaks/Encino, show that rents continue to rise by an average of more than 10% per year. Starting cash rents in office leases signed during the fourth quarter by DEI were 12.8% higher than the expiring rent from the prior leases covering the same space, while straight line rents were up 28.6%.

    The company leased 634,096 square feet during the fourth quarter and increased the leased rate for its total office portfolio to 92.9%, with an occupancy rate of 91.2%.

    DEI expects to take on portfolio debt of $580 million in new non-recourse mortgage loan to fund 43% of the purchase price, and expects to reflect the entire loan amount to on its balance sheet.

    Douglas Emmett will discuss its 2015 earnings, and presumably the transaction, marketed by Blackstone last September and first reported in November by the Wall Street Journal, in a call with analysts today at 11 am PST.

    Article source: http://www.costar.com/News/Article/Douglas-Emmett-Agrees-to-Buy-Four-W-Los-Angeles-Office-Towers-for-$134-Billion/179618?ref=/News/Article/Douglas-Emmett-Agrees-to-Buy-Four-W-Los-Angeles-Office-Towers-for-$134-Billion/179618&src=rss

    Los Angeles Rams’ Stan Kroenke to Buy Vast Texas Ranch

    A sprawling, 535,000-acre Texas ranch will be sold to billionaire Los Angeles Rams owner Stan Kroenke in a deal approved by a court Tuesday.

    The terms weren’t disclosed, but the property had been listed for $725 million.

    A sale price anywhere close to that figure would far outstrip any other in dollar value for a U.S. ranch, surpassing…

    Article source: http://www.wsj.com/articles/los-angeles-rams-owner-stan-kroenke-to-buy-waggoner-ranch-in-texas-1455060248?mod=residential_real_estate

    What to Do With Abandoned Suburban Offices?

    Companies from General Electric to Weyerhaeuser are pulling their headquarters out of leafy suburban campuses and moving to downtown high-rises, giving cities an economic jolt.

    But figuring out what to do with the vacant corporate campuses left behind is a quandary for civic leaders and landlords across the U.S. Towns have pondered turning them into gyms, community centers or education facilities, but finding large tenants for such…

    Article source: http://www.wsj.com/articles/casualty-of-cities-resurgence-the-suburban-offices-left-behind-1454957678?mod=residential_real_estate