11/24/04: This year's biggest real estate story will most likely be the Sears/Kmart merger. Although the ramifications for the retail industry have yet to be made clear, the conference call announcing the deal gave us some not-so-subtle hints. During the call, Kmart chairman Edward Lampert said, "I don't think any retailer should aspire to have its real estate be worth more than its operating business." In other words, Kmart and Sears are in a position to alter the landscape of the mall and shopping center arena--dramatically. One issue that has gone under-reported is that two US senators have asked the FTC to investigate the deal and its impact on the American consumer. I wish I could believe this is being done with our interests at heart. However, given that one of the senators is Herb Kohl of Wisconsin, also of the Kohl's Department Store family, one wonders if indeed it's our interests he's looking after.
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AZTEC CORP.
(ISELIN, NJ) Deborah Walsh has been named principal at the firm, moving up from her previous role as associate. Walsh joined Aztec in 1995 and specializes in project management and space planning.

CENDANT CORP.
(PARSIPPANY, NJ) The firm's hotel group has promoted Peter Strebel to executive vice president and chief marketing officer. Strebel, who has been at Cendant since 2001, was formerly senior vice president for sales and marketing. In addition, the firm's hospitality division has promoted Jean Thomas as corporate senior vice president of marketing. Thomas, a former senior vice president, joined Cendant in 2002.

CB RICHARD ELLIS
(CHICAGO) The firm has promoted Samuel C. Delisi as senior managing director of asset services. Delisi was previously managing director and has been at CBRE since its merger with Insignia/ESG in 2003. He had joined that firm in 1999.

MACRO CONSULTANTS
(NEW YORK CITY) Joann Galluccio has come on board as director of project management, specializing in office fixtures, furniture and equipment. She was most recently account manager at Waldner's Business Environments.

THE TREELINE COS.
(NEW YORK CITY) The firm has tapped Howard L. Schor as vice president of strategic operations and planning. Schor has a background in advertising and marketing services.

CUSHMAN & WAKEFIELD
(NEW YORK CITY) Timothy Gibson has joined the firm as senior director, specializing in office leasing. He has left his prior post as senior managing director at CB Richard Ellis.

LEGACY PARTNERS RESIDENTIAL DEVELOPMENT
(DALLAS) Spencer Stuart Jr. has been named senior vice president and partner, and will head the newly opened Dallas office. Prior to joining Legacy, Stuart was CEO of the Palladium Group EEIG – United States.

SWIG BURRIS EQUITIES
(NEW YORK CITY) New to the firm is Todd E. Korren, who comes in as senior vice president and director of leasing. Korren was most recently managing director of the commercial division at Rockrose Development.

SELECTLEADERS

Investment Analyst

(ILLINOIS)

Successful candidate will prepare detailed financial models including investment assumptions, develop market analyses, manage assignments from initiation to closing in conjunction with senior partners and lead budgeting and cash-flow forecasting.

JP MORGAN CHASE

Senior Acquisitions Advisor

(TEXAS)

This professional will work on all aspects of the investment process, including sourcing new transactions, underwriting, due diligence and closing. He or she will structure complicated transactions from a debt and equity standpoint and present opportunities to investment committee.

TISHMAN SPEYER PROPERTIES

Controller

(NEW YORK)

Appropriate applicant will prepare GAAP- and tax-based financial statements, budgets, reforecasts, escalation billings, etc., for one to two operating properties. Candidates should have more than four years' experience in public accounting and/or real estate accounting.

REIS

Research Operations Manager

(NEW YORK)

This position requires leadership in the operations area, including data collections systems and processes. Ideal candidate will manage and improve employee productivity while developing and implementing a metrics and measurement system to track operations processes for productivity, quantity and quality.

K. HOVNANIAN COS.

Chief Financial Officer

(MARYLAND)

Successful candidate will oversee financial operations, systems, banking relationships and documents review using a minimum of five years of background in equity and financial analysis, investment banking and real estate investment. An MBA degree is preferred.

GMAC COMMERCIAL MORTGAGE

Asset Manager

(OHIO)

Ideal applicant will review and analyze property-level reports and documentation, manage equity installment process and identify problem areas and issues that substantially affect the investment performance of assigned portfolio.

TAYLOR INVESTMENT CORP.

Acquisitions Manager

(WISCONSIN)

Ideal candidate will build successful high-level relationships with property owners, co-workers and the company while also coaching and recruiting other employees. He or she will use knowledge of market dynamics to reinforce objectives of all projects.

SELECTLEADERS

Director of Real Estate Development

(CALIFORNIA)

Primary responsibilities of this position include market research, planning, land selection, negotiation of purchase and sale of land, product development, project budget, marketing plans and lease negotiations or sale of buildings in the Los Angeles area.

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