Diamonds Arent Forever

Diamonds Aren't Forever

This morning, Barclays' CEO, Robert Diamond, resigned after coming under intense pressure resulting from a UK and US probe that showed his traders blatantly sought to manipulate the London Interbank Offered Rate, or LIBOR, to disguise the high cost of the bank's own funding and to pad the profits of certain traders. In the wake of the scandal, the chairman resigned and the new chief operating officer is also expected to resign. Barclays is now without a leadership team, and the board is likely scrambling to determine if internal solutions exist or if they will need to launch searches to fill the seats. This scandal comes after JP Morgan's Jamie Dimon was grilled on Capitol Hill over bad trades with losses that will likely top out over $9 billion, based on reports in the Wall Street Journal and New York Times four days ago. I must admit, I am not a big fan of government regulation but these recent, serious lapses in management and self-control do not make my case any easier.

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.

Job Opportunities LOCATE A JOB

PROLOGIS
Research Associate/Director
(SAN FRANCISCO) ProLogis has an immediate opportunity for a research associate/director to perform the following: develop a strong knowledge of industrial real estate, global markets and logistics demand drivers; assemble quarterly data on macroeconomic and real estate trends; attend meetings with regional teams, brokers and other local experts to gain and share insight into changing market conditions and opportunities; create quarterly reports on key market drivers and market conditions for internal and external consumption and to further brand as a thought leader; and contribute to forecasts of turning points and future growth in local and regional economies, trade, real estate supply, demand and pricing.

LOWE ENTERPRISES
Leasing Associate
(LOS ANGELES) In collaboration with the brokerage and management teams, the successful incumbent will successfully lease all vacant space at the project, renew/expand existing tenants, and minimize turnover within the project. Duties include assisting asset manager and brokerage team to perform all new leasing at the six plus and Alameda project, including prospect qualification, proposal generation, NPV analysis and lease negotiation; lease renewals and tenant expansions; interfacing with existing tenants at the project; meeting with existing tenants to discuss space expansion/renewal requirements; generating all renewal proposals/leases; preparing NPV analysis; and understanding assigned market areas.

PROLOGIS
Property Manager
(EAST RUTHERFORD, NJ) Prologis is seeking a property manager in their East Rutherford, NJ office. This position is responsible for the overall operation and financial success of assigned properties in accordance with company policies, procedures and standards to ensure that service delivery meet company performance and quality standards. Bachelor's degree is required. Ten-plus years of experience as a property manager; or a CPM or RPA designation; or equivalent combination of education and experience is necessary. Three years property management is required.

ERNST & YOUNG
Senior Manager, Corporate Real Estate Advisory Services
(NEW YORK CITY) E&Y is currently seeking a senior manager for the their corporate real estate and investor advisory practice to manage client engagement teams, work with a wide variety of corporate real estate clients to deliver advisory services, and lead business development activities on strategic and global priority accounts. The candidate will cultivate and manage business development opportunities, understand Ernst & Young and its service lines and actively assess/present ways to serve clients, develop and maintain long-term client relationships and networks, and develop relationships with team members across all Ernst Young practices to serve client needs.

PALMER CAPITAL
Capital Markets Partner
(SACRAMENTO) Palmer Capital Inc., an industry leading private commercial real estate firm, is seeking a real estate professional to join its capital markets team headquartered in Sacramento. The firm is recognized for innovative business strategies that source investment opportunities as well as provide debt and equity placement for office, industrial, and retail properties in multiple western markets. The successful candidate will be responsible for underwriting, marketing, structuring debt and equity, and the management of client relationships. A minimum of a Bachelor's degree is required, as well as experience in commercial real estate.

SUN TRUST BANK
Senior Real Estate Manager
(ATLANTA) The senior real estate manager will be responsible for planning, organizing, directing and controlling all aspects of real estate operational management including management suppliers, asset management (site selection, real estate acquisitions and dispositions, contract negotiations); project management (code compliance, construction, bidding, value engineering, feasibility studies); and facilities management (code compliance, maintenance repairs, health life safety, environmental) for a geographic area of the company. This position will also be responsible for relationship management with LOB and Function representatives.

CB RICHARD ELLIS
Divisional Research Director
(CHICAGO) The research director will ensure the research department is strategically aligned with business development objectives of the CBRE Chicago offices. In addition, this position will form ad hoc research teams and utilize proprietary data and resources to support business development; proactively connect with sales professionals at all levels as well as the sales management team to generate ideas for the constant improvement of research-related client facing materials; spearhead the production of market analysis and timely white papers addressing market trends; ensure the accuracy and comprehensiveness of the department's proprietary data and analysis; and partner with the region's regional research center leader, who is responsible for the day-to-day research operations of the region.

REIT MANAGEMENT & RESEARCH
Fiscal Operations Manager
(CHICAGO) The fiscal operations manager for the Midwest Region will be responsible for the financial reporting for a 13 million square foot portfolio of office, medical office, and industrial assets. The focus of this position is on managing the budget, variance reporting and reforecasting, and on working closely with the regional vice president to develop the annual Midwest Region strategic business plan and asset strategies.

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ARBOR COMMERCIAL MORTGAGE
(UNIONDALE, NY) Arbor Commercial Mortgage, LLC, a national, direct commercial real estate lender, announced the appointment of Joseph Donovan to senior vice president, director of FHA Lending, in Arbor's Boston office. Donovan previously held the title of senior vice president, production management.

CUSHMAN & WAKEFIELD
(EAST RUTHERFORD, NJ) Curtis Foster has been promoted to the position of executive vice president at commercial real estate services firm Cushman & Wakefield, Inc. Foster began his career at the company 27 years ago and has risen through the ranks as one of its consistently top-producing leasing brokers.

New Hires POST A NEW HIRE

BERKELEY POINT CAPITAL
(BETHESDA, MD) Berkeley Point Capital recently hired two seniors housing loan originators, Donald Husi in Nashville and Doug Harper in Columbus, OH. Both Husi and Harper were previously employed by Red Capital Group.

MARCUS & MILLICHAP
(SEATTLE) Marcus & Millichap Real Estate Investment Services has named Joel Deis sales manager of its Seattle office. Prior to joining Marcus & Millichap, Deis worked for an office tenant representation firm in downtown San Francisco.

COLLIERS INTERNATIONAL
(SOUTHFIELD, MI) Michael Grammatico joins Collier's International Detroit regional office as associate vice president. He was formerly with L. Mason Capitani and has over seven years of experience in commercial real estate.

REGENCY CENTERS
(JACKSONVILLE, FL) Regency Centers, a national owner, operator and developer of grocery-anchored and community shopping centers, announces the addition of Dale Johnston as vice president, chief information officer. Before joining Regency, Dale served as vice president and chief information officer for neighborhood shopping center developer and owner EDENS.

AVISON YOUNG
(SAN FRANCISCO) John Norton, Jonathan Allen and John Cashin join Avison Young as Principals. Melinda Miyagishima joins the firm as a sales and marketing specialist/office manager and Raquel Ledesma becomes sales and marketing specialist/market research co-ordinator. All five will be based in Avison Young's new downtown San Francisco office. Prior to joining Avison Young, all five worked in the San Francisco office of Cornish & Carey Commercial Newmark Knight Frank.

VOIT REAL ESTATE SERVICES
(INLAND EMPIRE, CA) : Tom Swieca, Tony Archer and Sandie Smith joined Voit as senior vice presidents. All three previously help positions at Grubb & Ellis.