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Jonathan A. Schein President & CEO Real Estate Media GlobeSt.com

12/19/02: According to the US Labor Dept., the unemployment rate has hit 6%. This is the highest rate in eight years. Conventional wisdom dictates that unemployment is a lagging indicator in predicting a turnaround in the economy. In other words, it’s a hangover effect. Even though the economy is still in the clutches of a recession, new jobs are being created. Now this sounds great on paper, but what is the reality? The first measure in a growing economy is the rise in corporate profits, which leads to new job growth. However, as we have seen over time, the biggest driver in making profits grow starts with layoffs and attrition through early retirement packages, etc. It’s truly a double-edged sword. If this economy is poised for recovery, then the unemployment rate, according to economists, should not grow by more than one or two tenths of a percentage point. Let’s hope they’re correct this time.

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Peck

LANDAMERICA FINANCIAL GROUP (RICHMOND, VA) The transaction services provider hires Joel S. Peck as senior vice president and international commercial services transaction manager. Peck will be responsible for establishing company presence as LandAmerica expands its operations abroad.

Wolf

JONES LANG LASALLE (SAN FRANCISCO) Doug Wolf assumes a vice president role in charge of the company’s Western region, where he will spearhead the project and development of the Sun Microsystems account. Wolf was previously principal project manager of the Real Estate and Development group at Apple Computer Inc.

WELLS REAL ESTATE FUNDS (ATLANTA) The company has named Mark Preston investment officer–credit, Shak Presswala to the position of credit analyst, and Ginger Griffith to the role of investment officer–closing.

CITIGROUP INC. (NEW YORK CITY) Deborah G. Adelman has been named president, Citibanking commercial real estate, Mike Walker is now chief operating officer of Citibanking commercial real estate and Tom Lawyer has been named executive vice president, responsible for Cal Fed’s commercial real estate Southern California division.

DRAPER & KRAMER (CHICAGO) John M. Black has been appointed senior vice president by Draper & Kramer Realty Advisors Inc. to manage its new real estate advisory and investment management office in Washington, DC. Black was formerly with MHI Hotels in Greenbelt, MD.

Trump

INSIGNIA/ESG (NEW YORK CITY) Fred C. Trump III has been promoted to executive director of the firm’s Long Island operations, and will oversee the offices there and in Queens. The 17-year industry veteran was previously managing director of Insignia’s Long Island operations.

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