October 10, 2006
Executive Watch

By Anthony J. LoPinto
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Perspective

In a heated recruiting environment, prospective employees often demand contracts to cover their downside in the event the new opportunity doesn’t work out. The REIT sector is fueling this trend by providing for large cash payments and acceleration of restricted stock in the event of a merger or if the new hire is terminated without cause. This topic inevitably emerges in the negotiation of employment terms, and even private-side employers are forced nowadays to reckon with the issue. However, despite growing candidate demands, most employers will draw the line and refuse to agree to employment contracts except for the most senior-level executive hires. For most other senior recruits, some lesser form of severance agreement is typically pre-negotiated for the eventuality of a termination without cause, providing for six to 12 months of salary payments (without a bonus component) and acceleration of a long-term incentive package. Let’s see what happens when the market softens. I expect that severance packages will follow suit and become less prevalent and not as generous.

Tony LoPinto is CEO of Equinox Partners, an executive search firm specializing in the real estate industry, and parent company of SelectLeaders.The views expressed in this article are the author’s own.

Job Opportunities

TISHMAN SPEYER PROPERTIES
 (NEW YORK) Associate – Acquisitions and Development Tishman Speyer is currently seeking an associate for its New York Acquisitions and Development group. The associate will be working on acquisitions, dispositions, and ground-up development of both commercial and residential properties.

EQUITY OFFICE PROPERTIES
 (ILLINOIS) Sr. Financial Analyst The senior financial analyst will prepare and provide key leasing information, trends, and analysis to management as well as assist in the preparation of monthly internal reporting package for the executive team.

JONES LANG LASALLE
 (MASSSACHUSETTS) Senior Project Manager The senior project manager will oversee all aspects of the new MBTA Green Line Station's design and construction related to our Northpoint Development Project in Cambridge, MA.

CHARTERMAC
 (NEW YORK) Underwriter/Sr. Underwriter The underwriter has overall responsibility for the processing and underwriting of a multifamily mortgage loan from the point of application through rate lock. Primary responsibilities include financial, market and underwriting analyses of various types of multifamily loans underwritten to Fannie Mae and Freddie Mac guidelines.

KENNECOTT LAND
 (UTAH) Manager, Land Planning The manager, land planning will develop strategy for and manage implementation of all planning and entitlement of property located in Salt Lake City. He or she will also manage all major entitlement issues in South Jordan.

HOLLIDAY FENOGLIO FOWLER LP
 (FLORIDA) Real Estate Analyst The position requires a minimum of three to five years of experience in commercial real estate, accounting, structured finance, private equity, or investment banking as an analyst or underwriter, and experience in multiple product types.

SELECTLEADERS
 (NEW YORK) Acquisitions Associate Our client, a leading multinational publicly traded boutique investment firm, is seeking an acquisitions associate for its real estate investment arm to be located in the company’s New York City office. The ideal candidate will possess a strong background in real estate valuation to go along with exceptional project management and due-diligence skills.
Promotions

TAURUS SOUTHERN INVESTMENTS
(ORLANDO) Heidi C. Adams is promoted to leasing director from executive associate.

MARCUS & MILLICHAP
(NEWPORT BEACH, CA) Jack Hopkins and Michael R. Woolbright are named senior investments associates. Hopkins joined the firm in 2002 and Woolbright in 1996

JONES LANG LASALLE
(PARSIPPANY, NJ and LOS ANGELES) Julio A .Villavicencio is made senior vice president to oversee the New Jersey operation, rising from vice president of the project and development services group for the Northeast. In Los Angeles, Cheri Pierce is promoted to vice president from associate of the capital markets group.

MARCUS & MILLICHAP
(PALO ALTO, CA) Justin S. Bautista, a multifamily investment sales specialist, earns a berth as senior investment associate after six years with the firm.

ML REALTY PARTNERS
(ITASCA, IL) Patrick J. Hogan, senior vice president and principal, is elected to the board of directors after serving with the firm since February 2002. Mary E. Francissen, who also joined in 2002 as controller, is promoted to vice president- controller.

CRESA PARTNERS
(ORANGE COUNTY, CA, and PARAMUS, NJ) Ashley Snyder, a Cresa broker since 2004, is named national accounts manager, a newly created position to build a team focused on increasing business in the arena. In New Jersey, Michael Giacobello is hired as an adviser.
New Hires

TRIPLE NET PROPERTIES
(SANTA ANA, CA) Jack Wood rejoins the company as vice president of sales and marketing after a brief stint with the Cole Cos. Wood was Triple Net's vice president of sales support. In addition, the firm has promoted Carma Bohannon to management site auditor after a year with the firm.

EQUINOX PARTNERS
(LOS ANGELES) Kathy Turansky Ranek starts as managing director of the new Los Angeles western regional office. She previously was executive director of Russell Reynolds Associates.

3700 ASSOCIATES
(LAS VEGAS) Audrey S. Oswell takes over as COO for the $2-billion Cosmopolitan Resort & Casino. Oswell most recently was president and CEO for Resorts Atlantic City. The company also recently named Marc H. Rubinstein as general counsel and Robert Kocienski as CFO.

DOW HOTEL CO.
(SEATTLE) Stephen Griffin is named senior vice president of finance, a newly created position to oversee investor relations, acquisitions and hotel accounting practices. The 25-year CPA previously was CFO for WineBid.com.

CUSHMAN & WAKEFIELD OF TEXAS
(HOUSTON) Jonathan D. Farris joins as a senior director, focusing on industrial tenant representation. He previously was a senior vice president for the Staubach Co.

BEHRINGER HARVARD
(DALLAS) Nick Corvinus is named senior vice president of the New England territory, vacating a managing director's role at Putnam Investments. In the Central Great Lakes region, Mitchell Moret starts as regional vice president, also from Putnam Investments where he was senior vice president and regional marketing director. Sam Stubbert becomes regional vice president in Northern California. He previously was a regional wholesaler with Federated Investors Inc.

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