Rosemary Scanlon will take the reins as the divisional dean of the NYU Schack Institute of Real Estate, a division of the New York University School of Continuing and Professional Studies.
Scanlon, who has served as interim divisional dean since October 2011, will also remain a clinical associate professor of economics.
Scanlon joined the NYU Schack Institute of Real Estate in 2000 and has played a key role in ensuring the quality and stature of the Institute with its master’s degrees in real estate, real estate development and construction management. In her role as divisional dean, she also oversees the institute’s prestigious continuing education program of noncredit offerings in real estate.
A noted expert and scholar in the areas of urban and regional economics, Scanlon was a visiting research fellow at the London School of Economics from 1997 to 1999, where she recommended the establishment of a chief economist function in the new London government.
From 1993 to 1997, Scanlon served as New York State Deputy Comptroller, with the assignment of monitoring the budget and economy of New York City and conducting performance audits of city agencies, including a financial review in 1996 of the Metropolitan Transit Authority capital plan. Prior to this, she was the chief economist for the Port Authority of New York & New Jersey, where she initiated a wide range of research programs on the economy, demography, economic impact analysis of capital investment projects and economic development needs of New York City and the surrounding region.
NREI spoke with Scanlon about what she foresees for the economy and how the next generation of commercial real estate professionals can prepare for the future.
An edited transcript of that interview follows.
NREI: What do you believe are some of the biggest challenges for the commercial real estate sector in the coming year?
Rosemary Scanlon: For private sector developers, I think the biggest challenge for this year and next is the ‘courage of conviction’ for investing now in new projects or for reinvestment in existing buildings or structures. This low-interest environment is a gift, of low carrying charges on construction loans and moderated costs of building or refurbishing, as well as for those firms that are still deleveraging. The New York economy is recovering well, and we not only need more housing, but more hotels and retail throughout the five boroughs. I also think that before the end of this decade, we will need more office space.
NREI: How do you see NYU Schack preparing real estate professionals to deal with those challenges?
Rosemary Scanlon: Our students learn the intricacies of finance, market analysis, the development process and construction cost estimating, amongst other skills, and our faculty, both full-time and adjuncts, are all experts and practitioners in the many aspects of real estate, whether law, planning and design, finance and investment, accounting and taxation, negotiating skills or economics. All are aware of the business cycle and the importance of timing in the real estate industry.
NREI: What do you think that the world of commercial real estate can learn from the world of city/state budgeting and economic development?
Rosemary Scanlon: The first and most important lesson is from the study of economics and particularly the business cycle, and the resulting cycle that happens in real estate. The boom-and-bust cycle in all types of real estate and construction has characterized the New York economy since I began working here in 1969. Our students in the real estate and real estate development Masters programs study real estate economics and market analysis as one of their first set of courses. Our goal is to make them aware of the cycles they will likely face, which we think will set them apart since institutional memories tend to be surprisingly short.
New York City’s prudent budgeting since its fiscal crisis of the mid-1970s is also an important model for any real estate or construction firm, whether the task is keeping a close watch on operating expenses, or avoiding the pitfalls of over-leveraging.
New Midwest Posts for Marcus & Millichap
Marcus & Millichap has promoted several of its employees in offices in Cleveland, Cincinnati and Chicago.
The company named Scott J. Wiles director of its national retail group in Cleveland. Wiles joined Marcus & Millichap in August 2005. During his career, he has closed 74 transactions valued at more than $261 million.
Joel M. Dumes has been named director of the firm’s national retail group in Cincinnati. He joined Marcus & Millichap as a sales intern in July 2003 and became an agent five months later. He was promoted to senior associate in 2006 and to associate vice president in 2008 and became a vice president of investments in 2009. So far, Dumes has closed over 93 transactions valued at more than $235 million.
Four Chicago agents have also been appointed to new positions.
Michael J. Marks, Evan L. Halkias and Scott A. Niedergang have been named directors of Marcus & Millichap’s national retail group, and Gino Lollio has been named associate director. Marks, Halkias and Niedergang were formerly associate directors and Lollio was previously a member.
Marks joined the firm in July 2004. During his career, he has closed 120 transactions valued at more than $310 million. Halkias has been with the firm since December 2004 and has closed 109 transactions worth more than $249 million. Niedergang began his career with Marcus & Millichap in July 2007 and has closed 39 transactions with a total value of more than $111 million. Lollio joined in March 2008 and has closed 49 transactions valued at more than $53 million.
CB Richard Ellis Names Two New Senior VPs
Kyle Juszczyszyn and Carlos Febres-Mazzei have joined CB Richard Ellis – N.E. Partners LP and have been named senior vice presidents in the Boston office.
Juszczyszyn joins CBRE’s debt and equity team after working most recently in its retail sector. He has nearly two decades of experience in the industry and has been part of a number of successful ventures, including 14 years of acquisitions, development and capital-raising with Samuels & Associates, where he was involved in over $1 billion worth of retail and mixed-use transactions.
Febres-Mazzei comes from the Boston office of HFF, where he was responsible for underwriting, structuring, advising on and marketing capital markets transactions. He has participated in client engagements that raised several billion dollars in debt, structured finance and investment sales transactions, including more than $700 million in transactions closed in 2011.
New Retail Tenant Representation Hires at Jones Lang LaSalle
Jones Lang LaSalle is expanding the firm’s retail tenant representation services in Manhattan with four new hires.
Paul Berkman and Craig Slosberg are joining the firm as executive vice presidents, David Berke comes on board as a vice president and Justin Haber joins as an associate.
Before coming to Jones Lang LaSalle, Paul Berkman served as a senior managing director at Newmark Knight Frank Retail, specializing in securing high-profile locations for retailers that are new to Manhattan. He has assisted some of the world’s finest brands in entering the New York market for the first time. Prior to joining Newmark Knight Frank, he was the owner and operator of a 20-store clothing chain.
Berkman is member of ICSC and REBNY, which awarded him in 2003 with its prestigious Deal of the Year award for his strategic representation of the owners of 25 West 14th Street in the Guitar Center’s lease of 22,000 sq. ft. for its Union Square flagship store.
Craig Slosberg focuses on tenant representation, both on a national and local level, and landlord representation, ground-up development, existing residential, office and retail properties. With more than 23 years of experience in retail real estate, he has represented a wide array of retailers and landlords in the tri-state area.
He comes to Jones Lang LaSalle from Newmark Knight Frank Retail, where he was a senior managing director; previously, he was vice president of commercial brokerage and management for Grenadier Realty Corp., a wholly-owned subsidiary of Starrett Corp.
David Berke previously served as a director with Newmark Knight Frank Retail, executing numerous transactions, including the rollout of several national and local chains. He has provided tenant representation services to a diverse array of clients ranging from the food industry to clothing and apparel to associations. Berke is fluent in Spanish, enabling him to meet the needs of Spanish-speaking clients within the U.S. and internationally.
Justin Haber was previously an associate with Newmark Knight Frank Retail, where he specialized in tenant representation and landlord leasing services.
Jez Named New Head of Due Diligence, Product Development at Behringer Harvard
Behringer Harvard has named a new head of due diligence and product development.
Patrick Jez will be responsible for managing due diligence efforts for all product offerings, generating market and competitor research, and contributing to new product development and expansion of the firm's investment platform. He will be based in Dallas.
Most recently, Jez was director of due diligence and market research for Hines, a Houston-based real estate firm involved in real estate investment, development and property management worldwide, with controlled assets valued at approximately $22.9 billion. There, he was responsible for establishing and maintaining client relationships with the selling partners for the company's non-listed REITs and managing product research and competitive intelligence.
Before joining Hines in June 2005, Jez was affiliated with several Houston firms including work at Beacon Alliance, a consulting firm focusing on the real estate and oil and gas industries and at AIG American General, where he was senior internal auditor for their broker-dealer and life insurance companies. Jez also was a financial planning manager at Dell and a sales associate for Smith Barney from 1997 to 1999.
Two New Execs Lead Cassidy Turley New England Capital Markets Group
Cassidy Turley has launched its New England Region Capital Markets Group, hiring two new executives to lead the effort.
David Pergola Jr. will serve as senior managing director and principal, overseeing all New England capital market transactions and providing both investors and corporate users with a full spectrum of capital markets services.
Brian Doherty, a newly named senior vice president, will work closely with Pergola. Prior to joining Cassidy Turley FHO, both worked most recently at Cushman & Wakefield.
Pergola formerly lead Cushman & Wakefield’s middle markets investment sales for New England, has more than 20 years of a commercial brokerage experience and has transacted more than $10 billion in sales and leasing transactions nationwide.
Doherty served as a director at Cushman & Wakefield for more than nine years. There, he worked closely with institutional and regional clients on office, industrial and mixed-use sales under the middle markets platform. Doherty has transacted more than $2 billion in total sales and has represented some of the area’s largest pension fund advisors and REITs.
New Denver Office for Stream Realty
Stream Realty Partners LP, a provider of commercial real estate services, has opened a regional office in Denver, its seventh location nationwide.
Stream Realty also named Patrick Blasdell as the managing partner to lead the new Denver office, whose opening follows the company’s recent launches in Orange County, Calif. and Atlanta. Blasdell will oversee the growth of Stream’s service lines in Denver, and recruit talent to expand the office.
The Denver office will provide a full range of commercial real estate services throughout all product types, with an emphasis on leasing and management. The firm completed 21 million sq. ft. of transactions in 2011, representing diverse local, national and international clients.
New Senior VP, Director of FHA Lending at Arbor
Arbor Commercial Mortgage has appointed Joseph Donovan as senior vice president, director of FHA lending, in the company’s Boston office.
Donovan will oversee the expansion of Arbor’s targeted FHA Multifamily Lending business, including its FHA lending platform, the day-to-day operations of Arbor’s FHA loan production group and the development of Arbor’s FHA origination and underwriting teams on a regional basis.
As an approved FHA Multifamily Accelerated Processing Lender, Arbor’s FHA group provides borrowers access to all FHA-insured multifamily and healthcare loan programs on an expedited basis. Arbor also provides bridge loans that are underwritten to a permanent FHA loan take out.
Donovan was previously responsible for overseeing the day-to-day operations of Arbor’s Fannie Mae, FHA/Ginnie Mae and commercial mortgage-backed securities production unit. In addition, he managed Arbor's initial evaluation, screening and analysis of all loan opportunities under the company’s agency product lines.
Good Property Hires New VP
Good Property, a real estate firm specializing in brokerage, consulting, development, financing and investments, has hired Vasilios Klitsas as the company’s new vice president, to be based in New York City.
The two-year-old group, a division of global real estate firm Good Property Company, enlisted Vasilios for his deep and broad knowledge and understanding of the New York City residential market.
Vasilios got his professional start with Citi Habitats, a residential real estate firm specializing in rentals and sales. His track record also includes nearly two years at Corcoran. While there, Vasilios closed on nearly $3.5 million worth of inventory in his first few months alone.
New VP, Info Officer for Regency Centers
Regency Centers has hired Dale Johnston as vice president, chief information officer for the national owner, operator and developer of grocery-anchored and community shopping centers.
With more than 16 years of experience leading technology teams and projects for commercial real estate companies, Johnston will oversee Regency’s information technology team nationwide and advance the company’s technology platforms from Regency headquarters in Jacksonville, Fla.
Before joining Regency, Johnston served as vice president and chief information officer for neighborhood shopping center developer and owner EDENS in Columbia, S.C. Previously, Johnston worked as vice president of information services with Canadian Real Estate Investment Trust and held senior I.T. positions at CBRE Canada and Canadian Imperial Bank of Commerce.
ICSC Appoints New Chair of European Advisory Board
Alexander Otto, chief executive officer at ECE Projektmanagement G.m.b.H. & Co. KG , a European developer specializing in urban shopping centers, has been named chair of the ICSC European Advisory Board.
Otto’s goals for ICSC during the coming years are to turn the organization into a truly international platform in order to meet the needs of a globalized industry. One focus of ICSC’s research will be on defining standards for shopping centers and collecting and publishing data about the European shopping center industry.
After nearly 12 years at the helm of ECE, Otto has built the company to be one of Europe’s most successful real estate businesses, continuing to grow despite the global financial turmoil. At the height of the crisis, the company not only fulfilled its financial obligations but started new investments and developments of around one billion Euros.
ASB Names Dietz Managing Director
ASB Real Estate Investments has named Andrew Dietz managing director and head of marketing and client service for institutional investors in the public/corporate pension and non-pension sectors.
Dietz will also become a member of the firm's management committee. Prior to joining ASB, Dietz was a managing director at Keefe, Bruyette and Woods (KBW). Before that he was a managing director at Eastdil Secured, where he co-led the private equity capital raising group.
Dietz brings more than 16 years of real estate industry experience to his new role with ASB. During his eight years with KBW and Eastdil Secured, he worked closely with institutional investors both international and domestic, advising investment management firms and real estate operators on the formation of funds, joint ventures and large portfolio recapitalizations.
Dietz has raised equity commitments in excess of $12 billion in his career. Prior clients include Brandywine Realty Trust, Secured Capital Japan, Douglas Emmett, AvalonBay, ProLogis and Regency Centers.
Illi Appoints New Investments Director
John Raudsep has been named director of investments at illi Commercial Real Estate, and will focus on retail acquisitions throughout the Western U.S.
Raudsep began his career at ReMax International as a commercial agent, eventually becoming the acquisition manager for a $100 million investment syndicate, buying 100,000 sq. ft. of retail multi-tenant projects in Florida, Georgia, Texas, Colorado, Arizona and Nevada.
Later he focused on the Southern California marketplace, supporting local retail landlords, tenants and investors as senior vice president with NAI Capital.
Prior to his commercial real estate career, Raudsep worked as director in the international health systems division of Bristol-Myers Squibb, where he led and developed multimillion dollar health management projects in Europe, Asia, South America and North America, He also managed large multilingual, international teams to accomplish health transformation projects in cooperation with local health care entities, including governments.
WNG Promotes New Senior VP
Western National Group (WNG) has promoted Cyndy Breit to the post of senior vice president at the multifamily real estate company.
In her new role, Breit will lead the operation of several divisions within WNG, including human resources, risk management, facilities, customer care and investor relations.
Having joined Western National Group in 2001 as an environmental health and safety manager, Breit was promoted to vice president of risk management in 2007. In this role, she was responsible for directing, developing and managing programs that identify, control, administer and transfer risk for Western National Group and its affiliated companies.
Breit is an EPA Accredited Management Planner and Building Inspector for Asbestos, and a Certified Safety Playground Inspector. She is also a member of the Risk and Insurance Management Society, American Society of Safety Engineers, American Industrial Hygiene Association and National Recreation and Park Association.
HFF Has New Senior Managing Director
HFF has hired Tim Hall as a senior managing director in its Washington, D.C. office.
Hall will head the office’s single-tenant net lease practice and, together with HFF’s Dallas office’s Mark West, Coler Yoakam, and Brandon Chavoya, grow the firm’s private equity/sale lease back initiative.
Hall has more than 17 years of experience in the real estate and finance industries and joins HFF from CapitalSource Inc., where he served as director since 2001. Hall is a frequent lecturer on a variety of middle-market M&A topics and has been an active board participant and former president of the National Capital Chapter of the Association for Corporate Growth.