07/05/05: The message the US Department of the Treasury is sending out regarding the TRIA extension as needless is not a welcome one. One of the mainstays of the economy has been the real estate industry and one of the reasons behind this has been the ability of owners of commercial properties to insure their properties against possible terrorist acts. TRIA enabled this industry to not only survive but also flourish. Now owners may be put in the position of having to insure their holdings against events that are not only unpredictable but also completely out of their control. This is not like insuring against fire, weather or any other calamity. It’s about creating a safer and financially feasible environment for the real estate industry to continue its progress. If TRIA is not granted an extension after Dec. 31, 2005, it’s apparent that the federal government will have dropped the ball. And the consequences could be severe.
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CRESCENT REAL ESTATE EQUITIES (FORT WORTH) The firm has named John P. Albright as senior vice president, finance, moving him up from his prior position as vice president, finance. Albright, who specializes in mezzanine loan investments, has been at the company since 2004. The firm has also promoted Daniel E. Smith from vice president to senior vice president and corporate counsel. Smith joined Crescent in 1998.
SL GREEN REALTY (NEW YORK CITY) Andrew J. Vander Veen has been tapped as vice president, construction. Vander Veen was previously director of design and construction for the northeast region at Trizec Properties. In his new role, he will manage redevelopment at newly acquired properties.
INNKEEPERS USA (PALM BEACH, FL) Bruce Riggins is slated to join the firm as chief financial officer later this month, in which he will oversee accounting, audit, finance and debt and equity transactions. Riggins is leaving his prior post as senior vice president and treasurer of Interstate Hotels & Resorts.
CB RICHARD ELLIS (DETROIT) Mike Gerard has been appointed managing director of the firm’s office here. He will run brokerage, investment properties, asset services and global corporate services for the local market. Gerard was most recently executive vice president at Grubb & Ellis in Detroit.
TRAMMELL CROW CO. (SAN FRANCISCO) Sharon Stagg has joined the firm’s local office as project manager. Stagg comes from Gotham Bay Construction, where she was assistant project manager. In her new role, she will assist in development projects in the Northern California region.
PALLADIUM USA (DALLAS) New to the firm is Joan Maxwell, who has been named senior vice president and chief operating officer. Maxwell was most recently at Pace Realty Corp., where she spent two decades in property management functions, last as regional vice president.
CRESCENT REAL ESTATE EQUITIES (FORT WORTH) The firm has hired S. Lee Moreland as vice president for joint venture asset management for the Houston region. Moreland was previously vice president and regional manager at CMD Realty Investors LP. Also new to the firm is Charles D. Coleman, who joins as vice president, investments and development. Coleman comes from the Related Co. in Las Vegas, where he ran development efforts.
HERSHA HOSPITALITY TRUST (PHILADELPHIA) Michael R. Gillespie has joined the firm as chief accounting officer. Gillespie was most recently manager of financial policy and controls at Tyco Electronics Corp. In his new role, he will run accounting, reporting and audit functions.
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