01/26/05: The Bureau of Economic Analysis has released a report stating that corporate profits in the third quarter of 2004 declined by 4.8% from the previous quarter. Much of the decline was based on increased oil prices and big-ticket increases in raw materials such as steel. But there is another factor that has contributed to the slowing of profits, and that is the slowing rate of worker productivity. While productivity growth averaged 4.2% between 2001 and 2003, it dropped to 1.8% in Q3 of last year. In other words, future economic growth cannot depend on high worker productivity. The law of diminishing returns is an increasing threat. It's time to take the risk and rev up the hiring engines. It's the only way to see this recovery all the way through.

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	RENDINA COS. (PALM BEACH GARDENS, FL) The company has named David M. Strachan vice chairman. Strachan will continue to serve as president of the firm's western division, where he oversees day-to-day operations. Also, David Carrillo has been promoted to chief operating officer. Carrillo, who joined the firm three years ago, was most recently senior vice president and chief financial officer.
	COLLIERS INTERNATIONAL (OAKLAND, CA) The firm has promoted Todd Severson, James Bohar and Aileen Dolby to senior vice presidents. Severson is a six-year veteran at Colliers; Bohar and Dolby have each served for eight years at the firm.
	GARIBALDI GROUP/CORFAC INTERNATIONAL (CHATHAM, NJ) Gerald E. Moore has been named partner at the firm. Moore was most recently managing director of financial services. He has been at Garibaldi since 1998 when he joined from Prudential Corporate Real Estate Advisors.

	J.G. PETRUCCI CO. INC. (ASBURY, NJ) The firm has tapped George P. Molloy as senior vice president of marketing. Molloy, who will run marketing efforts pertaining to leasing, acquisitions, build-to-suits and development, leaves his prior post as president of GM Realty Advisors Inc.
	FIRST INDUSTRIAL REALTY TRUST (CHICAGO) The firm has named Wallace G. Murfit as senior investment officer. Murfit was most recently partner at Jackson-Shaw Co. In his new post, he will run acquisitions in San Francisco and Seattle.
	PARAMOUNT REAL ESTATE SERVICES (PALM BEACH GARDENS, FL) John D. Evans has been appointed chief operating officer. Evans was most recently chief executive officer, general counsel and owner in a multistate consumer finance company.
	CUSHMAN & WAKEFIELD (MINNEAPOLIS) Brenton Wold has come on board to manage Northland Plaza, a class A office property in nearby Bloomington, MN. Wold was most recently property manager for a local industrial property owner.
	ARBOR COMMERCIAL MORTGAGE (UNIONDALE, NY) The company has designated Agustin Grube as director. Grube, who will be based in Pasadena, CA, was most recently at Marcus & Millichap. He will originate loans as well as bridge, mezzanine and structured finance in the West.

TISHMAN SPEYER PROPERTIES

Controller

(NEW YORK)

The responsibilities of this position include preparation of GAAP- and tax-based financial statements, budgets, reforecasts and escalation billings for various operating properties. Candidates require experience in public accounting and/or real estate accounting.

CITIGROUP

Project Manager

(NEW YORK)

Successful candidate will document clients' space requirements and produce project schedules according to specific objectives. He or she will also develop budgets and review particulars of lease agreements related to building technology and operations.

RREEF/DB REAL ESTATE

Research Analyst

(CALIFORNIA)

This position requires collecting and organizing real estate information on a metro and submarket level, which will involve touring markets and interviewing brokers. Analyst will also assess economic data and research events that will affect real estate market.

HEITMAN

Associate

(MINNESOTA)

Ideal applicant must prepare pro forma cash flow projections for potential debt and equity financing opportunities while also assembling summaries of debt and equity financing opportunities for internal and client presentation and participating in due diligence relating to debt and equity financing opportunities.

EQUINOX PARTNERS

Vice President, Acquisitions, East Coast

(UNITED STATES)

Focusing specifically on net leased properties, the key responsibilities of this position include identifying direct investments, presenting to investment committee, then coordinating transactions process with other departments, including underwriting/due diligence, legal and asset management.

NEW PLAN EXCEL REALTY TRUST INC.

Accounts Payable Manager

(NEW YORK)

Directing a 10-member team, this professional must demonstrate strong leadership skills in a high-volume environment. He or she will work in an advanced-technology group that includes invoice imaging, electronic approval and vendor payments via electronic means and checks.

ARBOR COMMERCIAL MORTGAGE LLC

Senior Analyst, Capital Markets

(NEW YORK)

Ideal candidate will act as liaison for sales force by attending weekly pipeline and underwriting meetings as well as all deal kickoff and status calls. He or she will also prepare and distribute packages for loan committee and attend loan committee meetings.

KSI SERVICES INC.

Project Executive, Multifamily Development

(VIRGINIA)

Suitable applicant will oversee development and acquisition of market-rate, rental, and for-sale communities, which includes managing land acquisition, approvals/permitting, pre-development activities, construction/development, project delivery and project stabilization. He or she is responsible for underwriting and due-diligence of each project as well as market and financial feasibility.

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