Spent
I am a photography buff and have always been a photo gadget junkie, rushing out to pick up the latest model Canon camera with 18 billion pixels (when my current camera’s 10 million will do just fine). This weekend I saw an ad for a super slick new model, but alas, I rationalized that my current camera will be more than adequate for years to come. Coincidentally, on Sunday I picked up a copy of the New York Times and read David Leonhardt’s article: “We’re Spent.” Leonhardt argues that the economy’s inability to shake the Great Recession is due largely to the burst of the consumer bubble. We are in an era when the consumer will make do with less and not purchase the new car or stove (or camera) every few years--and forget about impulse purchases. Consumers are no longer living on debt and have begun the long march to the recovery of savings and security. If this holds true, and as I reflect on the domino effect of the end of the consumer economy, I can’t help but feel that the impact on real estate will be profound. Eventually we’ll need less of everything, and that translates to smaller retail stores, fewer warehouse distribution centers, fewer new homes--and who will need self storage facilities? And so on and so forth. On reflection, maybe I should go out and buy that camera.
Tony LoPinto is the Global Sector Leader of Korn/Ferry International's Real Estate Practice and founder of SelectLeaders. The views expressed in this article are the author’s own.
TOLL BROTHERS, INC.
Multi-Family Development Executive
(HORSHAM, PA) The development executive will be responsible for overseeing ground-up development of multi-family properties; building and maintaining strong relationships with brokers, banks, and financial institutions to continue building the development pipeline; executing strategic plans and maintaining annual budgets for each investment; and leading a team of professionals by setting team goals and objectives while monitoring performance; among other duties.
MARCUS & MILLICHAP
Sales Manager
(SAN DIEGO) Marcus & Millichap seeks seasoned managers within the commercial real estate sector, professionals who possess a track record of success at the transactional level and the management level. We prefer degreed professionals with seven to 10 years of relevant sales and management experience in the industry. A consultative and collaborative management approach is preferred. Specific experience identifying and recruiting new associates and experienced agents is required.
CB RICHARD ELLIS
Development Management, Senior VP
(DALLAS) The senior vice president is responsible for the profitability and/or cost effectiveness of a product line, business units™ operations, national program or significant transaction activity; product quality and strategic direction in area of responsibility; achieves budgeted financial targets and other standards set forth in approved business plans; serves on National Committees and Task Forces as requested; and other duties.
GENENTECH
Senior Manager
(SOUTH SAN FRANCISCO, CA) The senior manager will act effectively and efficiently as a primary point-of-contact or lead representative from LGA to others internally and externally; responding to regular and ad hoc inquiries and requests, special projects, forums or committees; perform, as appropriate, their role and responsibilities with considerable independence; and identify and cultivate important relationships with local legislators, administrators and other personnel, as well as other associations or societies that influence local government, local public policies, legislation, regulations; among other duties.
TISHMAN SPEYER
Director
(WASHINGTON, DC) The director will be responsible for coordination and implementation of investor reporting and with respect to progress on major strategic initiatives, leasing, property and portfolio level financial performance, etc; analytical review of draft budgets and periodic financial statements both on a property, portfolio and partnership level; and creation and updating of internal single-asset and portfolio-level cash flow pro formas and valuations, and detailed review of independent third-party appraisals; among other duties.
MADISON MARQUETTE
Vice President, Leasing
(BOCA RATON, FL) The vice president will source, negotiate and execute anchor leases, to include marketing, leasing and positioning projects as well as reviewing financial statements, leasing and associated legal documents; report on leasing performance, budget variances, and significant changes in market and property conditions; and review and approve comprehensive annual property business plans, operating and capital budgets, leasing strategies, and merchandising objectives for each assigned asset.
CUSHMAN & WAKEFIELD
Financial Services Director
(LOS ANGELES) The financial analyst will provide knowledge and prepare complex and sophisticated discounted cash flow analyses; make recommendations to brokers, their clients, and other service line professionals; increase complexity and scope of the position with time in the role; and effectively collaborate with other analysts and managers on selected assignments; among other duties.
SINGERMAN REAL ESTATE
Investment Analyst/Associate
(CHICAGO) The analyst/associate will be responsible for analyzing and underwriting investment opportunities; creating investment memoranda and presentations; performing detailed market studies; and maintaining and updating an investment pipeline and assisting in other tasks typically associated with entrepreneurial firms; among other duties.
No more than one submission per company will be considered per week.
Submissions with multiple names will be capped at three for coverage in Executive Watch.
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GE CAPITAL REAL ESTATE
(NORWALK, CT) GE Capital Real Estate is hiring Kathleen Carey as chief compliance officer. Carey assumes the role after serving as COO for GE Capital Real Estate’s Investment Management group, as well as leader of the group’s global Six Sigma team.
MARCUS & MILLICHAP REAL ESTATE INVESTMENT SERVICES
(ENCINO, CA) Marcus & Millichap is promoting Yitzie Sommer to vice president, in the downtown Chicago office and Mondana Hamzavi to vice president.
No more than one submission per company will be considered per week.
Submissions with multiple names will be capped at three for coverage in Executive Watch.
J.C. PENNY
(PLANO, TX) J.C. Penny is hiring Ron Johnson as its CEO. Johnson joins J.C. Penny from Apple Inc. where he has served for the past 11 years as senior vice president of the company’s retail strategy. Johnson joined Apple after 15 years at Target Corp., where he was a key strategic merchandising executive. Korn/Ferry advised J.C. Penny in the search and hiring.
CENTERLINE CAPITAL GROUP
(NEW YORK CITY) Centerline Capital Group is hiring Michael Riechman as the new head of affordable housing. Riechman joins Centerline from RBC Capital Markets in Charlotte, NC where he spent eight years, most recently as managing director.
NAI KILPATRICK
(OAKLAND, CA) NAI Kilpatrick is hiring Andrew Stoddard vice president, previously with ProLogis; Matthew Brasler joins NAI as a senior vice president in the San Francisco Office Services Group and was most recently with Grubb & Ellis; Zach Minor joins NAI as a senior associate in the firm’s San Francisco office; Patrick Metzger joins NAI Kilpatrick as an investment associate, previously with Lee & Associates in Southern California; and Benjamin Osgood is joining as a vice president of the office brokerage services team.
HOULIHAN LOKEY
(NEW YORK CITY) Houlihan Lokey is hiring Jeffrey Altman as a managing director in the newly formed Real Estate Strategic Advisory Group. Previously, Altman spent the past 13 years at Lazard Ltd.
SNR DENTON
(WASHINGTON, DC) SNR Denton is hiring Robert Bostrom as partner and co-head of its global financial institutions and funds sector. Bostrom was formerly the executive vice president, general counsel and corporate secretary at Freddie Mac Corp.
FLAGLER
(CORAL GABLES, FL) Flagler is hiring David Hillegas as asset management coordinator. Prior to joining Flagler, Hillegas worked with Grubb and Ellis | Phoenix Realty Group in Jacksonville, FL.
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