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07/12/05: Not in recent memory has one United States Supreme Court decision generated so much discussion in coffee shops and around water coolers. With a narrow four-to-five decision in the case of Kelo vs. the City of New London, the High Court granted a private entity the right to condemn privately held homes. This decision has implications far beyond the concerns of private homeowners. There may well be a time when we read about the condemnation of a free-standing motel, strip center, movie theater or fast-food restaurant in order to create a higher tax-generating property. Private real estate ownership is the bedrock of the American dream and identity, and it appears that in the name of short-term gain, this decision may undo one our most precious guarantees.
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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.


VP & Director of Finance, Real Estate Investment Group

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