Michael G. Frankel, who's based in Dallas, is replacing Les Loffman, who recently returned to private law practice. "We have a very nice REIT practice. My job is to continue to make sure we are delivering topnotch services to our clients," Frankel tells GlobeSt.com. "It's business as usual." Ernst & Young has an estimated 1,000 employees in the REIT group.
Frankel will continue as national director for the real estate, hospitality and construction group for the New York City-headquartered powerhouse advisory firm. The 26-year professional says he foresees the most activity in the REIT sector will continue to be mergers and acquisitions. About a month ago, the REIT sector went relatively quiet, but "it's picking back up again," Frankel says. "REITs are continuing to try to be smart in terms of their buying, in terms of their repositioning and their operating."
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