06/02/05: Not even the Federal Reserve is immune to Washington's version of inside baseball. The minutes from the May 3 meeting indicate that there was "a discernible upcreep" in inflationary measures. In other words, prices are rising faster than anticipated. To be fair, the Fed also believes that there are enough balances in place to keep long-term inflation in check. However, the last time the Fed used such understated terms was in describing the rapidly rising stock market. In that case, the term "irrational exuberance" took on an entirely different meaning. Wonder how long before "discernible upcreep" joins the lexicon of prophetic statements.

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	WEITZ CO. (PHOENIX) Recently promoted at the firm were Clay Wells, Steve Smith and Gary Lewis. Wells was named vice president, business development for the company's Southwest business unit, while Smith was promoted to senior vice president and construction manager for the same unit. Lewis was appointed vice president and construction manager for Weitz-Norris Custom Homes, a unit of the company.

	CB RICHARD ELLIS (BETHESDA, MD) Rejoining the firm's local office here are Robin Burke and Andy Cole, who have returned as vice presidents. Both worked together at CBRE before taking their most recent positions at Advantis/GVA, where they helped start that company's suburban Maryland office.
	JER PARTNERS (MCLEAN, VA) James W. Smith III has been named principal of fund investment management at the firm, in which he will oversee asset management activities of all North American private equity funds. Smith was most recently at Jamestown, where he was director running the firm's real estate investment program.
	RECKSON ASSOCIATES REALTY (NEW YORK CITY) The company has tapped William Elder as senior vice president and co-director of its local division here. Elder will oversee the revenue side of operations. He was previously senior vice president at Shorenstein Co., where he ran leasing operations on the East Coast.
	WATT GENTON ASSOCIATES (LOS ANGELES) New to the company is Jeannie DeFazio, who joins as vice president. She will run leasing, sales and marketing of mixed-use residential and retail developments. DeFazio was most recently at Regis Corp., where she was real estate director.
	CRESA PARTNERS (NEW YORK CITY) Scott Savin has come on board as senior vice president. Savin specializes in site selection, contract and lease negotiation and financial analysis. He was most recently first vice president at CB Richard Ellis.
	ARBOR COMMMERCIAL MORTGAGE (UNIONDALE, NY) Salvatore Villani has joined the firm as associate general counsel. Villani will manage Fannie Mae and structured finance transactions. He comes from the law firm of Herrick, Feinstein LLP.
	ADVANTAGE TITLE AGENCY (HUNTINGTON, NY) Joseph Taylor has been named director of sales, moving over from his most recent position as EAM Land Services, where he worked in business development. Taylor will be responsible for expanding Advantage's business in the New York City metropolitan area.
	TIC PROPERTIES (GREENVILLE, SC) The firm has hired Robert Martin, most recently at Carter Real Estate in Atlanta, as vice president of investments, a newly created position. Martin will be responsible for locating, analyzing and acquiring institutional-grade property for use in TIC programs.

EQUINOX PARTNERS

Portfolio Director

(NEW JERSEY)

While managing multiple properties in targeted area, ideal candidate will participate in capital improvement projects, develop strategy for the operation of each property and work with regional asset team on development and acquisitions projects. He or she will also support community management team.

SELECTLEADERS LLC

Investment Analyst

(CALIFORNIA)

Most qualified applicant will analyze prospective real estate acquisitions, developments and dispositions by creating proforma financial analyses and presentations of prospective transactions for investment committee review. He or she will collect market, financial and physical data and support due diligence and closing processes, as required.

JPMORGAN FLEMING

Real Estate Debt Group – Asset Management, Fixed Income

(NEW YORK)

Deal manager will be responsible for all aspects of real estate debt transaction execution, including taking lead responsibility for management of commercial whole loan and subordinate financing underwriting, structuring, negotiating, documenting and closing. He or she will also assist senior originators in sourcing prospective investments, including whole loans, subordinate notes and CMBS mezzanine investments.

TISHMAN SPEYER PROPERTIES

Associate

(DISTRICT OF COLUMBIA)

Reporting to senior management, suitable candidate will accurately and efficiently originate and modify detailed property cash flows, calculate asset and portfolio level return and manage collection and analysis of market research information. He or she will also gather, analyze and present project, market and company information.

COLUMBIA UNIVERSITY

Senior Engineer

(NEW YORK)

This professional will oversee design and management of physical plant-related mechanical or electrical projects while also providing technical support on major new construction projects and designs. He or she will develop budgets, prepare construction documents, and observe construction of engineering projects.

GRUBB & ELLIS CO.

Business/Financial Analyst

(ILLINOIS)

Best applicant will hold responsibility for preparing financial and business-related analysis and research, preparing forecasts and analyzing trends. He or she will work closely with accounting and field offices to create variance reports, analyze trends in current and historical sales activity and maintain systems for assessing historical and current information.

HEALTHCARE REALTY TRUST

Property Manager

(NEVADA)

Using leasing experience, ideal candidate will work with tenants in class A medical office building. He or she will possess excellent communication skills and ability to develop and maintain long-term relationships with these tenants.

PRUDENTIAL

Investment Analyst

(VIRGINIA)

This position is offered in a variety of functions, including originations, closing and underwriting, securitization and asset management and servicing. Qualifed candidate will possess degree in finance or real estate as well as the ability to work independently and communicate effectively.

ARBOR COMMERCIAL MORTGAGE LLC

Asset Management Analyst

(NEW YORK)

Serving as key member of a team of asset management professionals, this professional will analyze strategies for workouts, foreclosures, acquisitions and dispositions. The position requires ability to review portfolio properties for operations, budgets and variances, as well as loan documents. He or she will also interpret appraisals and engineering reports.

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