04/14/05: The trade deficit for February hit an all-time high of $61 billion, and many pundits are now indicating that once again, the sky is falling. This type of balance-sheet spike was one of the leading factors that caused the infamous stock-market crash of 1987, and logic dictates that other calamaties await us. There is no reason for alarm, however. Rather, now is a good time to take stock of our portfolio and asset-allocation strategies. The issue at the forefront is whether or not this growing trade deficit will become a disincentive to foreign investment in our securities markets. These markets, now reading their own warning signs, have been instrumental in fueling much of the growth in the real estate industry. Pundits aside, now is not the time to run and hide. It is time to take stock of how exposed you are.

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	COLLATERAL MORTGAGE CAPITAL (BIRMINGHAM) James M. Cope has been promoted to executive managing director. Cope, who joined the firm in 2003, has been active in the firm's production area.

	Wolf, Block, Schorr and Solis-Cohen LLP (PHILADELPHIA) Kenneth K. Fisher and Richard Salomon have joined Wolf, Block, Schorr and Solis-Cohen LLP. Fisher, most recently at Phillips Nizer LLP, will join the environmental and land use group. Salomon, previously at Salans, will become a member of the corporate/securities practice group. Both will be in the firm's New York City office.
	CORFAC INTERNATIONAL (ARLINGTON, VA) The organization has tapped John Bitzer as treasurer. Bitzer is president and founder of Bitzer Real Estate Partners/Corfac International in Denver. Bitzer has been a member of the Corfac executive committee since 2001.
	PYRAMID ADVISORS LLC (BOSTON) New to the firm is Daniel C. Wright, who has joined as chief financial officer. Wright was most recently chief financial officer at Leggatt McCall Retirement Properties, a senior housing project owner/operator.
	JONES LANG LASALLE (DALLAS) Ted Headings has come on board as vice president, leasing and management. He has left his prior post as vice president and director of leasing at Grubb & Ellis and has also held posts at Cushman & Wakefield and Balcor Property Management.
	PREDIUM (CINCINNATI) The company has named Steven Frankel as executive vice president for its locally based office. Frankel comes from US Bank, where he was most recently director of transactions.
	TRAMMELL CROW CO. (DALLAS) New to the firm are Jim Lobb, Michellel Stanley-Donaldson and Dolores Wood-Euart, who all join the corporate advisory services group. Most recently all three worked at Rent-a-Center.

EQUITY OFFICE PROPERTIES

Senior Financial Analyst – Due Diligence

(ILLINOIS)

This professional is primarily responsible for competing acquisition, disposition and due diligence work as well as creating and verifying accuracy of cash-flow projections. He or she will also generate projected rates of return, capital structure model and yields for office buildings dispositions and analysis.

CUSHMAN & WAKEFIELD

Director of Engineering

(NEW YORK)

Ideal candidate will maintain overall responsibility for proper operation of all building infrastructure systems, prepare maintenance budget, review cost estimates and negotiate contracts. In addition, he or she will monitor and initiate projects/operations to improve energy management and efficiency.

RREEF

Senior Researcher

(CALIFORNIA)

Senior Researcher will join a group in San Francisco using three to five years of experience in preparing and managing a range of applied real estate research projects, including national and metropolitan-area economic reports and real estate market studies for industrial and office sectors.

RELATED MANAGEMENT CO. LP

Property Manager

(NEW YORK)

This position will provide top-notch administrative support and oversight to condominiums within New York City. Successful applicant will have the ability and commitment to learn new material quickly and upgrade skills. Ideally he or she will possess experience working in luxury residential buildings.

SHORENSTEIN REALTY SERVICES LP

Portfolio Accounting Manager

(NEW YORK)

While managing accounting functions for a portfolio of properties, this professional must assist and direct property accountants in maintaining the property-level general ledgers while also overseeing cash management functions. He or she will ensure adequate funds are available to meet operating needs, using working capital, distributions and/or capital calls.

B.H. PROPERTIES

Director of Property Management

(CALIFORNIA)

Director will manage, motivate and supervise property management managers and staff of all commercial and residential locations. He or she will also assist on leasing, maintenance, property improvements, and contract /project management roles and responsibilities.

METLIFE REAL ESTATE INVESTMENTS

Regional Portfolio Loan Manager

(CALIFORNIA)

Ideal candidate will serve as primary regional gatekeeper for all loan management matters related to a commercial mortgage portfolio. This involves coordination with loan servicers and existing borrowers while performing mortgage asset management functions and completing annual financial reviews and ratings of loans.

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