3/7/06:Blackstone’s planned acquisition of REIT CarrAmerica, as reported early yesterday on GlobeSt.com, may be an omen of things to come. Blackstone has been insatiable in its appetite for quality real estate assets. However, this is the second REIT in the past few months to be acquired and taken private. There are two basic rationales that fuel this privatization trend. First, there’s the ongoing abundance of private money and the dearth of places to park it. Second, there’s the specter of Sarbanes-Oxley, which has made the public-equities market a costly nightmare of accountability—the muddled thinking of an overzealous legislature responding to the actions of a very small part of the business community. The result has been to transform what was once a terrific field in which to raise capital into an onerous business environment. Rest assured, as more corporations choose the private route, those same legislators will be hard at work crafting new ways to regulate them as well.
The views expressed in this article are the author’s own.
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IDI(ATLANTA) Linda Booker is named vice president and CFO. As a 10-year veteran of the firm’s ranks, she most recently was vice president and controller.
NEWMARK KNIGHT FRANK(SAN FRANCISCO) William Benton, Michael Brown and Quentin Knights are named principals. Four years ago, the trio of managi
NEWMARK KNIGHT FRANK(WASHINGTON, DC) Earl L. Segal, an attorney with more than 30 years’ experience in real estate law, has joined the Newmark Knight Frank team to launch a new career in specialty practices like law firm and not-for-profit advisory services, corporate accounts and investment sales. Segal, ending two decades as a partner in Akin Gump Strauss Hauer & Feld LLP, also will help to develop other global specialty practices, including hospitality.
SPERRY VAN NESS(BRADENTON, FL) Anthony Mazzucca plants a flag in Central Florida as a Sperry Van Ness senior adviser. He will be assisted by Cynthia Hoffman, who was named associate adviser for the office’s roll-out at 10540 Portal Crossing. Mazzucca previously was president of the Blackpoint Group.
RLS (HARTFORD, CT) David Scruggs is named CFO. He replaces founding principal Doug Powell, who’s been CFO since 1989 of the seniors’ housing development and management firm. Scruggs previously was CFO for a multi-site, continuing-care retirement sponsor.
NAI HORIZON(PHOENIX) Cliff Denton becomes senior vice president, tasked with leading the office property group.
INTRACORP SAN FRANCISCO(SAN FRANCISCO) Michael McCone starts as vice president of development, assuming the lead role for entitlement, design and construction of projects like the 268-unit Arterra. He most recently was with the Rosenberg Co.
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