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The rash of public-to-private transactions has heightened job-candidate sensitivity to the impact that these deals will have on them--should they join the company. The prime worry is of course that in short order, they could be out of a job. Blackstone’s acquisition of Equity Office is a prime example of the dismantling of an organization and producing a wave of relatively senior professionals on the street, some of whom were recent recruits. Today, the common view is that every REIT is in play, one way or another. Since everyone is hiring at all levels, this issue is a serious one for most senior-level candidates who are increasingly interested in--and insisting on--coverage under the company’s financial arrangements for key executives in the event of a change of control. (I’m even seeing candidates ask for this type of coverage from private companies.) Typically, these arrangements provide for vesting of all stock grants and options, and a year or more in base salary and bonus coverage. However, often these packages are solely for the most senior executives, and it’s not simple to include recruits (e.g., vice presidents), a move that typically requires action by the board of directors. This is a real issue, one that a hiring company may very well have to deal with, one way or another, to close with a candidate.
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
DELOITTE CONSULTING Senior Manager
(LOS ANGELES) The managers market, propose, and sell our services, while developing relationships with both new and existing firm clients.
TISHMAN SPEYER PROPERTIES Property Manager
(NEW YORK CITY) Actively manage the relationships with on-site owner’s representatives, tenants, contractors and management as necessary to ensure the asset achieves maximum operational effectiveness.
THE URBAN LAND INSTITUTE ULI Chicago–Director of Community Outreach–Housing Programs
(CHICAGO) The director will lead the affordable housing programs regionally and contribute to the institution’s other community outreach programs that engage members in initiatives that help to educate and provide value.
SONNENBLICK GOLDMAN NY Vice President/Director
(NEW YORK CITY) The hire will work as a member of transaction teams, marketing financing opportunities and investment sales on behalf of our clients, and will place investment opportunities with institutional investors as well as financial analysis, market research and preparation of marketing materials.
SELECTLEADERS Real Estate Asset Manager
(SAN FRANCISCO) Responsibilities include leadership and oversight of a portion of the company’s property investments, and strategic management of each asset, including value-add and development initiatives.
HILTON HOTELS CORP. Director of Project Finance
(BEVERLY HILLS, CA) The hire will handle all aspects of debt and equity finance transactions involving equity ownership, coupled with structuring and negotiating mezzanine and/or equity investments for Hilton managed hotels.
INLAND REAL ESTATE Senior Loan Originator: Southern and Northern CA
(LOS ANGELES) The originators’ responsibilities will be to market, source, structure, perform preliminary underwriting and assist in closing short-term, value-added opportunistic real estate transactions.
CB RICHARD ELLIS
(NASHVILLE) Janet Sterchi moves up to vice president from her previous position of senior associate. Sterchi focuses on office brokerage services where she is responsible for landlord and tenant representation, and general office brokerage.
New Hires
GRUBB & ELLIS
(WASHINGTON, DC) The Tenant representation team of Aaron Pomerantz and Sandra Weiss join the firm’s local office as senior vice presidents. Prior to joining the firm, both were senior vice presidents at Cresa Partners. Also coming on board is Benjamin Plaisted as senior associate.
JCF REAL ESTATE
(CHICAGO) Paul B. Robertson is the new executive vice president of development at JCF. He previously spent six years as vice president for Orix Real Estate Capital.
LEE & ASSOCIATES OF MICHIGAN
(NOVI, MI) The firm adds Todd Hoffmeyer as senior associate of the recital division. He will be responsible for sale and leasing of retail facilities in the southeastern Wayne and Monroe counties submarkets. He comes to the firm after six years as a senior associate in NAI Farbman’s Southfield office.
KING & SPALDING
(CHARLOTTE, NC) In another expansion move, the firm hires Jeff Brown, George Covington, Cory Hohnbaum and Mark Thigpen as partners. Brown will serve as office managing partner of the firm’s new local office. The four come on board from the law firm of Kennedy Covington. Wen Hutchinson also joins the firm as counsel.
WASHINGTON, DC-A forthcoming report from Delta Associates shows that distressed commercial real estate in the United States totaled $166.9 billion in January 2012, down $4.7 billion since October 2011.
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