5/05/04: As we're all so painfully aware about this fledgling economic recovery, the big question is at what point will the job market truly recover. Unfortunately, one of the biggest obstacles in gaining employment momentum are the additional costs associated with it. Benefits are now 30% of all employment costs, and this is not going to get any smaller. According to the recent Labor Department's EconomicCost Index, benefit costs increased 2.4% in the last quarter alone--the biggest three-month jump since 1982. With so much focus on growing the domestic labor force, economic realities really begin to set in when trying to determine the most fiscally responsible direction when hiring additional employees. Although financial resources are starting to loosen up for expanded payrolls, it' s unfortunate that much of these resources are being eaten by this ever-spiraling increase in employee costs.
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EDWARD THOMAS MANAGEMENT
(SANTA MONICA , CA) Armella Stepan has been promoted to vice president for business development for the Shutters on the Beach and Hotel Casa Del Mar resort properties. She was most recently general manager of the Shutters property.
  MATRIX DEVELOPMENT GROUP
(CRANBURY, NJ) Edward F. Piekarz has been named vice president of design and construction. Piekarz, who has been with Matrix since 1985, was most recently director of construction.

WASHINGTON MUTUAL
(SEATTLE) Edward Ely and Al Brooks have each been promoted. Ely has been tapped as executive vice president and head of the bank's multifamily lending division. He was most recently senior vice president and Western regional manager. Ely has been at the bank since 1999. Brooks is stepping up to chief lending officer at the firm's commercial group; he previously headed the multifamily lending division. Brooks joined Washington Mutual in 1998.

BROADWAY REAL ESTATE PARTNERS
(NEW YORK CITY) William Scully has been tapped as president of the company. Scully joins the firm after serving as partner at Apollo Real Estate Advisors. He has more than 20 years of industry experience at firms such as the Argo Funds, GE Capital and the Linpro Co.

EDWARDS & ZUCK CONSULTING ENGINEERS
(NEW YORK CITY) Carlo Marzot has joined the firm as principal. Marzot has more than 30 years of experience in high-rise and hotel design.

SCI REAL ESTATE INVESTMENTS
(LOS ANGELES) Kathy Kunau has been named vice president and director of asset administration. She has worked in senior positions at firms such as GIC Real Estate, CarrAmerica and Heitman Financial.
CB RICHARD ELLIS INVESTORS
(LOS ANGELES) Troy Jenkins has joined the firm as director. Jenkins was most recently founding principal of Fenton Fourth Capital Partners. In his new role, he will conduct business development, portfolio management and acquisition activities.
PRAEDIUM GROUP
(NEW YORK CITY) Christopher Pappas and Brian O'Flanagan have been appointed portfolio managers. Pappas was the portfolio manager for Deutsche Bank's REIT-dedicated PRIMUS fund; O'Flanagan comes from Northland Capital Partners, where he was portfolio manager. Both will now lead Praedium's long/short hedged strategies.

RREEF

VP Research

(NEW YORK)

Successful candidate will perform market analyses for all major property types, create strategic reports and forecasts on market conditions and performance, and perform other top-down analysis related to property markets.

JONES LANG LASALLE

Associate

(ILLINOIS)

In this role, associate will support the activities of group that defines space requirements, identifies alternatives, recommends appropriate occupancy solutions and negotiates lease terms with third parties on behalf of clients.

NATIONAL CAPITAL REVITALIZATION CORP.

Senior Development Manager

(DISTRICT OF COLUMBIA)

Appropriate individual will perform project management and implementation, including assisting SVP in day-to-day management, developer selection process, as well as drafting RFPs, conducting feasibility studies and negogiating development agreements.

SELECTLEADERS

Property Manager-CPM

(NEW JERSEY)

Successful candidate will review and input budget information, monitor and analyze income and expense variations, conduct rent collections and tenant relations, maintain lease files, and act as a liaison with legal counsel.

TRIMONT REALTY ADVISORS

Asset Manager

(GEORGIA)

This position requires managing debt and equity portfolio from inception to resolution, including executing deal resolutions, assessing asset performance, reviewing and approving monthly reports, and interacting with third-party consultants.

CIM GROUP

VP of Finance and Treasury

(CALIFORNIA)

Candidate will be charged with sourcing, structuring and negotiating construction project financing, take-out loans, permanent project financing and corporate working capital financing. He or she will also coordinate placement of public bond financing and other financial details.

SELECTLEADERS

Director-Asset Management

(VIRGINIA)

Position requires supporting vice president with coordination and monitoring of annual strategic plan implementation, as well as managing an asset management group and overseeing process and preparation of financial projections.

THE CARLTON GROUP

Senior Real Estate Analyst

(NEW YORK)

Ideal candidate will work on large, high-profile principal and advisory debt, equity and distressed debt transactions by using strong financial/analytical skills and background in commercial real estate.

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