No Deal - 08.31.2010
The Wall Street Journal this morning reported about what many investors are already acutely aware: the bargain bin from failed financial institutions is dwindling and is a lot pricier than many had expected. The number of failures since 2007 stands at 286, and the feds expect that there will be more than 140 failures in 2010. While the numbers are significant, the number of bidders has increased and the Fed is offering lower discounts and less guarantees or “loss-sharing” in order to move the assets. The current situation is a reflection of the amount of capital vying for deals, and the Fed’s decision to more shrewdly manage losses rather than dumping the assets into the hands of investors who made bundles on quick flips on failed S&L assets back in the early '90s. This general trend mirrors the real estate situation, so the pump is not being primed and transactional activity remains relatively anemic. However, based on what I am hearing in the market, the tide is expected to shift in 2011 when lenders will begin to more aggressively clear troubled assets, and the flood of upside-down CMBS loans will hit the market, albeit at prices that are above the bargains that were originally anticipated. This renewed activity ultimately will positively impact hiring activity, and I expect to see more numbers on the boards as we approach 2011.

Tony LoPinto is a senior client partner and head of Korn//Ferry International’s Real Estate Practice and founder of SelectLeaders. The views expressed in this article are the author’s own.

MADISON CAPITAL
Acquisitions Analyst
(NEW YORK CITY) The analyst will be responsible for building ground-up, 10-year pro forma models for both equity and debt acquisitions, dispositions and loan financings that contemplate an array of capitalizations and scenarios across all asset classes; and perform thorough and thoughtful market research to make modeling assumptions with thoughtful analysis and a common sense approach; among other duties.

COSTAR GROUP
Account Executive
(CLEVELAND) The executive will develop and execute a detailed business plan to manage and grow revenue opportunities from within the book of business, and new prospects within your market; meet or exceed monthly and yearly revenue objectives/quotas; understand the value of CoStar’s products and pricing as well as competitive offerings and articulate CoStar’s benefits in a manner meaningful to the customer; among other duties.

H.I.G.
Director, Finance
(MIAMI) The director of finance will be responsible for all finance and accounting for operating and property management units; all finance, accounting, and reporting (financial and tax) for private equity fund; preparation of monthly internal reporting package, annual budget, and cost analyses; monitor the cash flow and financial performance of properties; and reconciliation of bank accounts; among other duties.

SELECTLEADERS
Vice President, Acquisitions – Multi-family
(NEW YORK CITY) The VP, acquisitions will be responsible for active participation in the acquisition process, supervising due diligence including legal, accounting, engineering and financial to gaining necessary internal approvals and closing; participate in the negotiation of project debt; and handle comprehensive reporting and reviews of operating/financial performance, variance analysis, and operating/capital project status; among other duties.

JONES LANG LASALLE
Marketing Associate, Business Development
(WASHINGTON, DC) The associate will track marketing metrics, including but not limited to, win/lose rates and marketing contribution; collaborate with marketing team to produce targeted materials, focusing on copy writing and editing; materials may include brochures, direct mail and e-mail campaigns, award applications, internal marketing communications, etc.; draft initial responses to RFP's and other client deliverables as assigned - write content and coordinate graphics for a completed proposal that accurately reflects RFP; and manage the RFP as a project, including setting, enforcing, and maintaining a timeline for successful completion of proposal; among other duties.

GENERAL INVESTMENT AND DEVELOPMENT
Divisional Manager
(SEATTLE) The manager will supervise and coordinate preparation and implementation of current business plan; set short and long range plans for each property under jurisdiction consistent with overall profit and growth objectives of the company; acquire and maintain knowledge of current and long-term market conditions in order to provide economic information in region to enable accurate forecasting of both short and long range plans; help individuals develop skill needed to be effective team members, and promote team building; and perform human resource administration for all employees in assigned region accounting to company policy and procedure, and insure a competent and well-trained operation staff at all levels; among other duties.

SELECTLEADERS
Investment Consultant – Director of US Investments
(NEW YORK CITY) The director of US investments will establish an investment strategy for the US market, and lead the process of identifying, underwriting and acquiring opportunistic investments through joint-venture structures with local market experts in identified target markets. Priorities will include: A demonstrated track record of sourcing on and off-market investment opportunities,as well as deep experience in handling the full cycle of investment activity, from identificationto ongoing investment management; and critical to success is a calculated, risk-taking orientation, an entrepreneurial spirit, and deep commercial instincts on how to make money from acquiring and structuring real estate investments; among other duties.

UNIVERSITY OF CALIFORNIA, RIVERSIDE
Assistant Director, Real Estate Services
(RIVERSIDE, CA) The assistant director will assist the associate vice chancellor in negotiating terms for ground leasing and development of University land and facilities by external parties and public/private joint ventures; and coordinate pre-development planning and analysis including capital project alternatives analyses, performs special projects, conducts complex financial analyses, and researches real property acquisitions and gifts; among other duties.

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MARCUS & MILLICHAP CAPITAL CORP.
(LOS ANGELES)Marcus & Millichap is promoting Jake Roberts to the position of vice president capital markets. Most recently, Roberts held the position of senior director; and Nat Gambuzza is moving to the position of vice president investments from senior associate in Elmwood, NJ.

GABLES RESIDENTIAL
(ATLANTA) Gables Residential is promoting Philip Altschuler to SVP of human resources and member of Gables Senior Management Group and is also promoting Jennifer Antos to vice president, learning & development.

STUDLEY
(NEW YORK CITY) Studely is promoting Ian Zilla from managing director to corporate managing director.

S.L. NUSBAUM REALTY CO.
(NORFOLK, VA) S.L. Nusbaum is promoting the following associates to vice presidents: Lee Davis, Caroline Forehand, Andy Friedman, Bill Harrington, Joy Herlong, Chris Hucke, Kathy Jones, Andrew Myers and Chris Zarpas.