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October 15, 2009
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NAIOP's Development '09
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| Yesterday, NAIOP kicked off its three-day national meeting at the Sheraton on Columbus Drive. Despite the name (Development '09), topics ranged from finance, to marketing, to sustainable trends. |
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The biggest finance issue will be the $1.8 trillion in debt coming due by 2012, according to Bank of America's Eugene Godbold, flanked by Transwestern Realty Finance's Thomas McCahill and MetLife Real Estate Investment's Mark Wilsmann. Where's the credit coming from? Mark said that life companies were still definitely lending on performing assets, but construction loans would be hard to come by in the next three years.
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Paris Development II's Aaron Paris, a veteran of five recessions with his current company and DP Partners, encouraged developers to diversify (if you're already in industrial, why not try self-storage?), be skinny and outsource, and cultivate good relationships with small lenders. He said this recession might affect commercial real estate less because we haven't overbuilt to 18-19% vacancy as we did in the early 1990s.
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The Naturals
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Yesterday, US Green Building Council Chicago chapter held its annual Natural Leaders luncheon at the Hyatt on Wacker Drive. Keynote Andrew Winston (co-author of Green to Gold) talked about how companies can leverage green technology to make profits since the climate change industry will be a $2 trillion business by 2020. USGBC's Kelsey Mullen joined Architectural Energy Corporation's Kristin Shewfelt and Paul Sobiski, who’re renovating affordable housing with stimulus funds in Albuquerque and Denver.
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Superior Spaces' Jason Berry, Laten Design's Katherine Darnstedt, and Jones Lang LaSalle's Adam Cook are making an impact, too. JLL worked on the first multi-tenant LEED Platinum building, at 550 W. Washington and is in the process of retrofitting the World Trade Center, while Jason worked on the first LEED-Certified MOB in the city, a Silver building on Lake Street in Austin. Katherine's company just built a community center in Ghana and is hoping to get an assignment for one on the South Side soon.
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Women in Achievement
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Top women in commercial real estate gathered at Holland & Knight last night for the 2009 Women in Achievement awards. Out supporting their co-worker and award recipient Janis Schiff were Holland & Knight's Trisha Rich, Reetu Dua, Marlo Del Percio, Elizabeth Berlinsky, Amy Armond, and Elisa Westaphor. Janis received an award honoring her extensive experience and mentoring of young women through the “Rising Stars” program.
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Holland and Knight's Tony Frink presented Millbrook Corporate Real Estate's Goldie Wolfe Miller with the Real Estate Philanthropy award for her $3 billion in transactions completed as well as work with the Jack and Goldie Wolfe Miller Foundation and her scholarship program at Roosevelt University; the program is in its third year and has seen its first graduates out in the marketplace this summer.
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Clarification
Tuesday's Deal Sheet should have indicated that Jim Dieter, not Jim McShane, was retiring after a 30 year career in commercial real estate. Bisnow uses first names only on second reference and both Jims had been mentioned in the previous paragraph. Don't worry, Mr. McShane, we're not trying to push you out!
Ideas for Bisnow? Contact Maureen Wilkey at maureen@bisnow.com
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This newsletter is a journalistic news source which accepts no payment for featured interviews. It is supported by conventional advertisers clearly identified in the right hand column. You have been selected to receive it either through prior contact or professional association. If you have received it in error, please accept our apologies and unsubscribe at bottom of the newsletter. © 2009, Bisnow on Business, Inc., 1323 Connecticut Avenue, NW Washington, DC 20036. All rights reserved.
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