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The press recently picked-up on a trend that may create some issues for the tax advantages of Real Estate Investment Trust (REIT) legislation that was passed in the 1950's. When enacted, the law required that the assets covered by the law were only real estate such as apartments and office buildings. However, recently bankers and tax lawyers have finagled with the interpretation of the law and taken license with the interpretation of real estate by converting prisons, cell towers, casinos, and most recently, the data and storage company, Iron Mountain into the REIT format. Prior to this most recently trend, Healthcare companies had also availed themselves of the legislation by slicing off their real estate and putting the physical assets such as hospitals, nursing facilities, and special care facilities into REIT structures. For the revenue-starved federal government, one can predict a move to look at the legislation to find more tax revenues which doesn't bode well for any REIT, especially for the apartment, mall, office, industrial and other sector companies for which the REIT legislation was created. REIT analysts are also going to be stretched to expand their analytical skills to cover exciting new asset classes such as prisons where brand segments such as maximum security for long term stay, white collar spas, juvenile detention camps with high-speed internet in every room, and other opportunities to segment and grow the prison market.

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.



SHORENSTEIN REALTY SERVICES, L.P.
Manager of Engineering Services
(NEW YORK CITY) Position will develop and implement engineering standards for Class A commercial high rise property operations and provide technical support for acquisitions, divestitures and special projects as assigned by senior management. Additional duties include developing and implementing clear and consistent engineering operating standards for all property operations and engineering departments; provide high quality engineering technical and project support for all property operations and engineering departments to senior management including participation in establishing priorities; provide high quality engineering consultation, guidance and support to senior management for acquisitions, dispositions and refinances; ensure uniform and consist application of engineering standards in all property operations through regularly scheduled property visits; and prepare Engineering Services annual operating plan on an ongoing basis.

CONFIDENTIAL (CRE PRIVATE EQUITY FIRM)
Associate (Acquisitions)
(CLIFTON, NJ) The client is a capitalized, growing commercial real estate private equity firm seeking a self motivated, dynamic associate for its NYC office to support the Company's acquisitions and asset management efforts. This positions will work with senior management to source, underwrite and manage new real estate investments, and require a strong understanding of investing principles across major asset classes. Proficient in financial modeling including Argus, excellent communication skills required. Two to four years of CRE experience also required.

THE TOWNSEND GROUP
Asset Manager
(CLEVELAND) The position will work with transaction leads to oversee investments, ensuring that implementation of business plan at each asset is consistent with approved plans; provide status updates to internal management and clients; identify risks and challenges that can impact investment performance; review leasing proposals, capital projects, service contracts, and debt proposals, making recommendations as appropriate to transaction leads; manage asset/investment structures, including tax efficient implementation for international, REIT and other structured investments; work with partners and lenders to assist in putting loans in place for new investments; perform due diligence review for new investments as requested; structure currency hedging for international investments; negotiate SSG fund credit facilities; and oversee preparation of closing binders for new investments. Monitor compliance with third party agreements and restrictions.

ODGERS BERNDTSON
Senior Vice President, Real Estate Management Services
(VANCOUVER, BC) Reporting to the executive vice president, real estate management services, the senior vice president will have overall responsibility for the strategic direction, operations, and financial results of the Western Canadian operations. He/she will be responsible for driving growth, market share, and profitability across the region. The Senior Vice President will play a key role in leading all property management operations with a focus on service excellence and developing a client-centric organization, as well as leading and managing business development activities in Western Canada. As a senior leader within the organization, he/she will be an important contributor and advocate for the company's strategic plan and vision.

JONES LANG LASALLE
Senior Financial Analyst
(NEW YORK CITY) Duties include supporting all levels of transaction activity, including deal pursuit, assignment engagement, and transaction execution, for prospects and clients of the New York brokerage operations; supporting strategic planning activities by providing financial analysis, financial reporting, strategy development, tactical implementation and special projects as assigned in order to support decision making by client management groups; producing financial models and other analyses for transactions of varying complexity to support the negotiation of lease and ownership terms with third parties; gathering economic, demographic and real estate market data; assisting in the preparation of proposals, client memorandums and white papers, presentations and reports; and analyzing portfolio-wide occupancy data and determine trends and opportunities.

EQUITY OFFICE PROPERTIES
Vice President-Leasing
(NEW YORK CITY The vice president-leasing will be directly responsible and accountable for the effective marketing and leasing of all office properties within the assigned market. This responsibility will be carried out through the direction and management of all third-party leasing agents or brokers. Additionally this position will be responsible for putting in place the necessary resources to meet annual leasing goals and developing market performance goals in keeping with overall company-wide goals and objectives.

RAM REALTY SERVICES
Senior Development Manager
(CHAPEL HILL, NC) This position will direct the design, approval and implementation of projects; support acquisitions department in preliminary investigations of development opportunities and identify potential deal risks; run proformas, develop specific and overall project analysis, budgets and financial schedules connected with implementing approved projects; prepare monthly and periodic project progress reports; negotiate terms and conditions of leases, purchase agreements and other contractual agreements connected to the implementation of projects and services rendered by consultants; manage the activities of consultants hired to perform specific project-related activities from due diligence thru construction completion; and report upon government policies (City, County, State and Federal) or actions that may impact projects or activities being pursued by the company.

BLU HOMES
Sales Operations
(NEW YORK CITY) Blu Homes is seeking exceptional candidates for the position of Sales Operations Associate, based in the New York/Northern New Jersey area. The new sales operations associate will work with the New York and Mid-Atlantic sales consultants to close new business, design innovative processes and technology tools, and manage our growing customer base through the home design and purchasing process. Duties include supporting New York, New Jersey, and Mid-Atlantic sales consultants with client documentation management, contract pricing and estimating, design requirements and home specification choices; accompanying Sales Consultants on regional sales calls, with occasional travel required to support the Mid-Atlantic sales region; achieving expert status on a range of technical and production information related to Blu homes, including but not limited to energy efficiency systems, materials & finishes and operational processes; and working with the sales operations leadership team to define and implement internal processes and new technology tools for the Company's growing sales team.


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NAI ROBERT LYNN
(DALLAS) The NAI Robert Lynn Fort Worth office recently hired Kornel Romada as executive vice president. In this role, he primarily is responsible for building the retail tenant representation division of NAI Robert Lynn's Fort Worth office.


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TRANSWESTERN
(NEW YORK CITY) Robert Montaquiza joined Transwestern's New York City office as director. He will focus on leasing and tenant advisory services in New York City and the Tri-State Area. Montaquiza was previously at CBRE, where he served as senior transaction manager with the firm's Global Corporate Services group.

GRIFFIN LAND AND NURSURIES
(NEW YORK CITY) Griffin Land & Nurseries, Inc. announced that at its board of directors meeting held yesterday, John J. Kirby, Jr. was elected a drector by the Board. Kirby is a retired partner of Latham & Watkins, LLP and was head of litigation of that firm's New York office.

HFF
(ORLANDO) HFF announced today that Whitaker Leonhardt has joined the firm as a real estate analyst in its Orlando office. Leonhardt has more than four years of experience in the retail real estate industry and will focus on financial and market analyst for investment sale and debt placement transactions across all property types in the southeastern United States.

DERMODY PROPERTIES
(RENO, NV) Dermody Properties, one of the nation's leading industrial developers, has hired Gregory J. Arnold, as their newest partner. Prior to joining Dermody Properties, he was Principal at NorthPointe, NA.


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