February 13, 2007
Executive Watch

By Anthony J. LoPinto
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Perspective
The intrigue and maneuvering during the final hours between Blackstone and Vornado in their bidding for Equity Office Properties was interesting stuff: a deal so large, so significant, yet when the hammer fell on the Blackstone bid, it was all over.  Within a day or two, the transaction closed and EOP ceased to be.  During the whole process I often thought about the human side of the deal.  The seesaw of bids must have been frustrating for the rank and file of the company, knowing all too well that their careers were going to be turned upside down.  What is interesting about the final outcome is the speed with which the company and portfolio are being dismantled.  Overnight, corporate staff became unnecessary, and the breakup of the portfolio will dislocate all levels of the organization, even down to onsite staff.  Not only was this the biggest buy-out ever, but it’s the largest wholesale dismantling of an organization constructed during the REIT era.  I guess that’s progress?

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

THE PRAEDIUM GROUP
(NEW YORK CITY) Assistant Controller Primary responsibilities of the new hire will be to maintain controls over cash accounts, assist in the review of monthly operating reports, open new bank accounts and more.

SELECTLEADERS
(MCLEAN, VA) Director of Real Estate Investments The ideal candidate will have a proven track record in multifamily development and acquisitions, and be able to identify and inventory all available multifamily land on which residential development can occur under existing or future land use and zoning designations.

MORGAN STANLEY
(NEW YORK CITY) Real Estate Portfolio Analyst The candidate will possess broad-based analytical and mathematical skills and superior capabilities with information technology. Additionally, the candidate must have a working knowledge of real estate investments.

LOWE ENTERPRISES INC.
(PORTOLA, CA) Senior Vice President and Project Director The hire will manage all aspects of the planning, development, marketing and sales of Grizzly Ranch, an upscale residential and golf course community located near Lake Tahoe in Northern California.

SELECTLEADERS
(LAS VEGAS) Vice President, Development A public REIT is currently seeking a vice president of development to be located in their Las Vegas offices.

KEYBANK REAL ESTATE CAPITAL
(ALBANY) Regional Transaction Manager, Corporate Real Estate The RTM is responsible for ensuring that the real estate transactions and lease administration activity, within his/her region, support the corporation's strategic plan, management's vision, line of business needs, employee requirements and customer's goals.

WYNDHAM HOTELS
(CHICAGO) Director of New Construction Development The hire would be responsible for the day-to-day project management of all new construction hotel franchises executed by the Wyndham Hotel Group within their territory.

Promotions

CIRRUS GROUP   
(DALLAS) Jason K. Dodd, who joined the firm in 2000, rises to president from executive vice president. In addition, Allison Teague becomes senior vice president; Nathan Golik, vice president; Jason Signor, vice president of leasing; Stephanie Steele, vice president of accounting; and Kyle Libby, senior leasing associate.

CORFAC INTERNATIONAL
(HOLLYWOOD, FL) The 2007 executive committee will be led by John Bitzer, executive vice president of Bitzer Real Estate Partners in Denver. The lineup also includes vice president James J. Garibaldi of the Garibaldi Group in Chatham, NJ; treasurer Jeff Graham, president of King Commercial Realty in Jacksonville, FL; secretary Tim Gallagher, president of Donohoe Real Estate Services in Washington, DC; and past president David Bruce, principal of the C. Chase Co. in Minneapolis. At-large members for the executive committee are David Hagan, president of Hagan Properties in Greensboro, NC; Dennis McGillivray, senior vice president and regional manager of TRI Commercial in Sacramento; Owen Rouse Jr., senior vice president and principal of Manekin in Columbia-Baltimore, MD; Charles Sevier, chief manager and principal broker of Crump Commercial in Memphis; and G. Raymond Lyons of Thomas L. Johnson Realty in Toronto.

CHARLES DUNN CO.
(LOS ANGELES) Eileen Conn rises to regional vice president from senior portfolio manager. She joined the firm in 1997 as an on-site manager for a Downtown high rise.

APARTMENT REALTY ADVISORS
(ATLANTA) Lisa Robinson becomes COO after two years with the firm as national director of operations.

GROSVENOR
(VANCOUVER, BC) James Delmotte is made vice president of investment and equity lending, getting oversight for a new team to provide mezzanine financing for residential development projects in the headquarters city, Seattle, San Francisco and Washington, DC.

HUDSON REALTY CAPITAL
(NEW YORK CITY) Karim Demirdache is accorded a managing director's title. He joined the company in November 2003 as a director.
New Hires

STUDLEY
(SAN FRANCISCO) Julia Wilhelm starts as associate director, assigned to the Downtown market. Marking her fourth year in the industry, she most recently worked for Cornish & Carey.

SPERRY VAN NESS
(SAN DIEGO and IRVINE, CA) Alex Hazery begins as senior adviser, coming on board from the ranks of Realty Executive. In the Irvine office, Doug Wubbena joins as vice president. He previously was senior vice president of Vanguard Commercial Realty.

CASSIDY & PINKARD COLLIERS
(WASHINGTON, DC) The firm makes three high-level hires for the government services group. Named as managing directors are Bob Hines and Scott Killie, co-founders of Trammell Crow Co.'s federal government practice group. Leroy Battle, previously with ISI Professional Services Inc., starts as vice president.

VESTA HOSPITALITY LLC
(VANCOUVER, WA) Mark Hemmer joins as vice president of operation. He previously was regional director of operations for Chicago-based First Hospitality Group.

DRAGONE REALTY INVESTMENTS
(BETHESDA, MD) Jon Fedder, formerly with Ross Development & Investment, joins the team as vice president for multifamily acquisitions.

INTERCONTINENTAL REAL ESTATE CORP.
(BOSTON) Alissa Crafa becomes portfolio analyst. She previously was acquisition analyst and asset manager at the Broe Cos.

GVA KIDDER MATHEWS
(SEATTLE) The team of Tim Foster, Jeff Huntington and Lloyd Low comes over from Colliers International Inc., holding onto their Downtown territory with the affiliation change.

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