The development/investment organization, which took a decade off from US activities in favor of European opportunities after making its mark during the go-go '80s, took a large step toward that $1-billion goal recently with the hiring of John S. Moody and Thomas A. Nye to head the German push. According to partner Larry Wyman, Moody will serve as president and CEO and Nye as chief investment officer of HRO Asset Management, the entity created to manage the fund.

For Wyman, the move makes perfect sense. "They've done it before," he says, "and they each have a history with German investors. Moody and Nye built a portfolio very much the size and quality of the portfolio that we're building for the fund."

Their resumes seem to bear out the claim. Moody, who is currently president of Marsh & McLennan Realty Advisors Inc.--and will remain so until he takes over his new post April 1-- was president and CEO of Cornerstone Properties Inc. until that REIT merged with EOP in June of 2000. On his watch, Cornerstone's portfolio blossomed into a $4.6-billion package. Prior to Cornerstone, Moody was president and CEO of Deutsche Bank Realty Advisors Inc.

Nye worked with Moody from 1991 to 2000. While at Cornerstone, where he was SVP and treasurer, he was responsible for finding, underwriting, negotiating and closing more than $2 billion in office-building merger and acquisition opportunities throughout the US. He started with HRO this week.