05/05/05: The Federal Reserve doesn't appear to be concerned about the latest disappointing reports that the economy may be slowing down. In fact, the Fed is still quite bullish on the expanding economy and proved so by increasing short-term interest rates by one quarter point--the eighth increase in the past 10 months. The board of governors has taken its bird's-eye view of conditions and has determined that we're still going strong. With the belief that we can withstand additional increases in lending rates, the Fed stated that it will continue to increase rates at a "measured" pace. However, much of these increases are due to inflationary pressures that have little to do with growth. Look, for example, at what is happening to energy prices. It will be interesting to see how the summer months will play out as the travel season heats up. How high can gas prices go before we go from expansion to contraction?

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	MORRIS SOUTHEAST GROUP/CORFAC INTERNATIONAL (PLANTATION, FL) Joshua Kramer has been named senior associate at the firm, moving up from his previous position as associate. Kramer, who joined the company in 2002, is a specialist in tenant representation in South Florida.
	INLAND REAL ESTATE AUCTIONS INC. (OAK BROOK, IL) Frank J. Diliberto has been promoted to president and CEO of the firm. He was hired as senior vice president in 2001. Diliberto is charged with leading the firm's expansion into new markets.
	TRIZEC PROPERTIES (CHICAGO) The company has promoted David Canaday, in the Atlanta office, Thom Ridnour, in Dallas, Paul Schulman, in Washington, DC, and Gerard Schumm, in New York City, to senior vice president positions.

	THE DURST ORGANIZATION (NEW YORK CITY) New to the firm is John Grotto, who has become assistant vice president of leasing. Grotto was most recently director at Colliers ABR. He specializes in office and retail leasing in Manhattan.
	RENDINA COS. (PALM BEACH GARDENS, FL) The company has tapped Harry R. Darling as executive vice president of construction and development for the eastern region. Darling was previously chief executive officer at Catalfumo Construction and Development Inc.
	ALLIANCE COMMUNITIES (AUSTIN, TX) Alexander Condos has been named development director for this company's newly opened Austin office. He was most recently responsible for directing mortgage banking at Investment Realty Co. LC in San Antonio.
	MOHR PARTNERS (DALLAS) Chris Bargowski has joined the Chicago office as managing director. Bargowski was most recently director with ProTen Realty Group in Chicago. He will work in the office sector.
	THE PIZZUTI COS. (COLUMBUS, OH) The organization has hired Christiane Isabell as senior property manager. Previously at Jones Lang LaSalle, she will oversee operations, finances and tenant relations in various properties.

EQUINOX PARTNERS

SVP, Real Estate Investment Banking

(CALIFORNIA)

Ideal candidate will originate new business on a national scale while also developing calling program, managing marketing, advising public and private real estate companies on corporate finance and coordinating all aspects of the transaction process. The latter includes financial modeling, due diligence, credit analysis, term-sheet preparation and negotiation and deal closing.

COMMERCIAL MORTGAGE SECURITIES ASSOCIATION

Communications Director

(NEW YORK)

Position requires the ability to develop and implement overall marketing strategy to encompass all of CMSA's programs, products and services. This involves managing and overseeing meeting sponsorship, special events, public and media relations, in-house magazine publication, website and member communications.

CONTINENTAL REAL ESTATE COS.

Director of Asset Services

(FLORIDA)

Charged with making continuous improvement of systems, operations and financial results, most-qualified applicant will have previously managed a commercial portfolio with multiple sites and at least 3 million sf of space. He or she should have experience with owned and third-party management.

CARRAMERICA REALTY CORP.

Project Manager, Commercial Office Tenant Improvements

(CALIFORNIA)

This professional will manage assigned tenant improvement and capital improvement construction projects, which includes supporting leasing team, reviewing and evaluating plans and bid documents, preparing project budgets for client and management team and assisting in preparation of consultant agreements, construction contracts and other documents.

MDC HOLDINGS/RICHMOND AMERICAN HOMES

Senior Land Acquisition Specialist

(CALIFORNIA)

Suitable candidate will coordinate and conduct technical and financial feasibility analysis of acquisition opportunities, prepare due diligence items for project feasibility and prepare preliminary land development. He or she will also assist managers in preparation and execution of land purchase and with entitlement and zoning documents.

INVESTORS PROPERTY MANAGEMENT GROUP

Property Manager

(CALIFORNIA)

Using current real estate license and, ideally, leasing and sales experience, this professional will perform everyday coordination among tenants, vendors and owners. He or she must also possess capacity to do budgets, CAM reconciliations and monthly property updates.

THE STERLING GROUP

Asset Manager

(ILLINOIS)

Reports to CFO, most qualified prospect will assess financial performance of multifamily apartment assets and prepare recommendations for improved performance. Position also requires communication with institutional investors regarding operational and performance activity and analysis of potential partnerships and acquisitions.

HOLLIDAY FENOGLIO FOWLER LP

Associate Director of Research

(TEXAS)

This professional will provide detailed supporting analysis of trends and conditions in Dallas, Austin and San Antonio markets, while also writing quarterly reports and delivering timely and in-depth market presentations. He she must create and maintain an effective capital markets presentation as well as run research files and library.

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