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October 29, 2009
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Roosevelt
Real Estate Gala!
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| Last night, though Pritzker Realty's Penny Pritzker reported the recession's end isn't in sight yet, Roosevelt University faculty, alumni, students, and friends could still enjoy each other's company, as they packed the Four Seasons to raise funds for the University. |
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Penny spoke candidly about her experiences on the President's Economic Recovery Advisory Board, saying that the loss of retail and construction jobs was a major blow because commercial real estate creates about 13% of the GDP. Prices have plunged 40-50% this year, and there's 95% less activity than last year, she added.
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Hispanic Housing Corporation's Hipolito “Paul” Roldan (second from right) received the Lifetime Industry Leadership award for developing 3,100 affordable housing units and using his $100k fellowship from the MacArthur Foundation to establish a scholarship for young Hispanic industry leaders at Roosevelt. He's joined by Clark Hill Attorney's John Joyce and his students Milo Aguilar and Babson Capital's Elvin Velez.
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| Economic Outlook with CREW |
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Members of CREW gathered for lunch at the East Bank Club yesterday to hear the economic outlook from the Federal Reserve Bank's Carl Tannenbaum. We snapped Morningside Equities Mary Ellen Martin telling Standard Parking's Marilyn Brooks and Huck Bouma PC's Jodi Hennigan about her company's new multifamily development in Elmhurst. Marilyn explained how parking is down for people staying at hotels, but more revenue is coming from day business at hotels, such as conferences.
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Carl indicated that the economy is making a comeback, but commercial real estate lags behind job growth, which has been slow coming out of the last two recessions. He also says getting a reasonable valuation on a building is hard because nothing is selling because no one is lending. Finally, he reported that his old work friends at the former LaSalle Bank now think he's a regulator causing problems with too much scrutiny, and his current co-workers blame him for causing today's problems. Catch 22 for Carl!
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| The Long Run at NAI Hiffman |
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NAI Hiffman's Dan O'Neill and Jim Adler, center, have known each other since high school. Both went to the University of Illinois, and Dan convinced Jim to start working in commercial real estate in the mid-1990s. But the first time they officially teamed up was as suburban office brokers in 2003. The pair now markets several properties in the I-88 corridor and earned exclusive listing agent rights on Estancia Corporate Center in Burr Ridge, a 260k-SF office campus along I-55. Two of the campuses three buildings are already fully leased. Above, additions from the past couple years: DePaul grad Garrett Schultz and 15-year leasing whiz Pat Kiefer.
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Ideas for Bisnow? Contact Maureen Wilkey, 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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