Too Much Cash

Too Much Cash - 06.29.2010
Last week both the Wall Street Journal and New York Times ran articles about the piles of capital that has built up in the coffers of private equity shops, a record $280 billion to be exact for US-based buyout firms. Most of the cash had a five-year string on it, and for some the deadline to invest is fast approaching. The conundrum the private equity guys have is that if they have to hand it back, raising new capital isn’t so easy anymore. So as they scramble for investments, what’s on everyone’s mind is the specter of the firms lowering the bar on the quality of investments they make to put the cash to work. Closer to home, the story is the same, if not more extreme on the real estate front. The lack of action is deafening and it appears that most investors are going back to the beach this summer to wait it out and hope for transactional activity to emerge in the 4th quarter. Clearly this is going to be a slow and steady return to the “new normal,” and the full impact on real estate organizations is still unclear. Don’t forget the coconut oil.

Tony LoPinto is a senior client partner and head of Korn//Ferry International’s Real Estate Practice and founder of SelectLeaders. The views expressed in this article are the author’s own.

COSTAR GROUP
Senior Sales Representative
(CHICAGO) The representative will position the company as the premier source for independent, commercial real estate research, advisory, and risk management services; achieve targeted monthly and annual sales and revenue quotas; and work closely with PPR’s research team to create and close revenue-generating opportunities; among other duties.

ING CLARION
Associate – Defined Contribution, Marketing & Product Development
(NEW YORK CITY) The associate will launch Clarion Property Trust and the Lion Diversified RE Fund as well as other strategic new business initiatives; prepare ad-hoc reports, models and analysis for senior management; and provide detailed product knowledge and support for sales teams; among other duties

CB RICHARD ELLIS
Sr. Transaction Manager
(SAN FRANCISCO) The senior manager will provide real estate transactions services to customer(s) with focus on effective management of real estate functions, contracts and negotiations and all transaction services required of CBRE under the agreement with the customer(s); effectively manage a large volume of transactions related to GCS business line; and assist in defining CBRE customer(s) real estate requirements; among other duties.

GLOBAL FUND INVESTMENTS
Retail Property Staff Accountant
(MIAMI BEACH, FL) The staff accountant will oversee daily bookkeeping of a designated portfolio of community and neighborhood shopping centers; monthly closing and preparation of reporting packages on designated portfolio; and perform annual budgeting duties for designated portfolio; among other duties.

LUCESCU REALTY
VP – Finance and Capital Markets
(NEWPORT BEACH, CA) The VP will interface with Lucescu Realty clients when obtaining debt and equity financing; act as a primary point of contact and relationship manager; and remain abreast of fluctuations in the capital markets and submarket activity; among other duties.

INVESCO REAL ESTATE
Investment Analyst
(DALLAS) The analyst will be responsible for supporting the commercial real estate mortgage and structured finance team's note acquisition, loan origination and debt restructuring efforts; among other duties.

HEITMAN
Compliance Officer
(CHICAGO) The compliance officer will administer the public securities compliance programs to ensure compliance processes and procedures are integrated and aligned with business processes; evaluate and review existing programs, policies and procedures based upon changed requirements; and review marketing materials, advertising, disclosures, notices, compliance related regulatory reports and forms for compliance with rules and regulations, and maintains a database of approved materials for use in presentations and client meetings; among other duties.

COHEN & STEERS
Research Associate
(NEW YORK CITY) The associate will update and maintain proprietary database of analyst estimates for each security within coverage universe; run daily valuation models after the market close to assist the investment team in analyzing relative value; assist analysts with macro-level sector research and individual security analysis, including updating earnings (FFO) and net asset value models; among other duties.

No more than one submission per company will be considered per week.
Submissions with multiple names will be capped at three for coverage in Executive Watch.

CUSHMAN & WAKEFIELD
(EAST RUTHERFORD, NJ) Cushman & Wakefield is promoting Jon Marks to senior director and Miles Loo, Jr. to managing director in the New York office.

HALSTEAD PROPERTY
(STAMFORD, CT) Halstead Property is promoting Marjorie Carano from sales manager to director of sales.

No more than one submission per company will be considered per week.
Submissions with multiple names will be capped at three for coverage in Executive Watch.

EASTERN CONSOLIDATED
(NEW YORK CITY) Eastern Consolidated is hiring Marion Jones Pavone as director. Pavone previously was the founder and principal of New Doric Advisory Services, LLC.

A10 CAPITAL
(CHICAGO) A10 Capital is hiring Greg Cazel to head up the Midwest markets for the firm. Greg most recently was the Midwest Regional Director for a Jones Lang LasSalle and Real Estate Disposition (REDC) joint venture.

SIERRA REALTY CORP.
(NEW YORK CITY) Sierra Realty is hiring Gary Zaid as senior vice president of residential property management. Prior to joining Sierra, Zaid served as owner’s representative at A. S. Realty Partners.

JONES LANG LASALLE
(CHICAGO) Jones Lang LaSalle is hiring Lyle Patterson as senior vice president. Patterson joins Jones Lang LaSalle from Romanek Properties, Ltd. where he was director of acquisitions.

TCN WORLDWIDE
(DES MOINES) TCN Worldwide is hiring Bill Wright as the central regional vice president.

THE RICHLAND COS.
(HOUSTON) The Richland Cos. is hiring Lisa Spalding, Jay Potikasame and John R. Ray III. Spalding is joining the San Antonio leasing team, Potikasame will serve as a Houston-based tenant representative and Ray will handle asset & property management from the Houston headquarters.

FRANKLIN STREET FINANCIAL PARTNERS
(TAMPA) Franklin Street is hiring Wes Amick as a partner and will lead the company's private client group.

THE SPECTOR GROUP
(NEW YORK CITY) The Spector Group is hiring Gary Rudoren to Project Manager. Rudoren, 47, will report directly to Spector Principal Scott Spector, AIA. Rudoren joins Spector after nearly two decades as a senior principal at Hartshorne Plunkard Architecture (HPA) in Chicago