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December 17, 2008


Hey, if you can’t get Giants tix, you fans of college football should hop down to DC this Saturday for the first bowl game ever held in the Nation’s Capital, and the first bowl game of the post-college season. Navy v. Wake Forest. Please see ad to right!


The financial crisis has left no stone unturned, including labor, recruitment, channel sourcing and geographic placement, which have all affected corporate real estate. We stopped by a CoreNet Global NYC-hosted luncheon yesterday at the Time Life Building to hear about helpful strategies to get through this market from KLG founder Doane Kelly and Duff Capital Advisors co-CEO Eileen Murray.


Doane and Eileen with CresaPartners principal Marcus Rayner (also CoreNet Global NYC’s programs chair). The good news: if this recession follows historical trends, it will be shorter in duration than past recessions, and the rally will come more rapidly. The not-so-stellar news: thanks to higher leveraging, headcounts, compensation and occupancy costs over the past five years, recovery is going to be tough. Geographic workforce changes will also present challenges. Their advice for real estate professionals: represent a broader perspective than square footage and become part of a cross-functional team as companies look to cut costs; get real about the recovery and how you manage real estate by not being overly optimistic; and put every option on the table, even if painful. People are looking for solutions, and real estate should be a partner.


Merck’s Bill Mayo, Jones Lang LaSalle’s Cindy Froggatt and Universal Moving & Storage’s Robert Koncelik. Bill works for the pharmaceutical giant’s global real estate division, which is looking to reduce its global footprint through property disposition. Unfortunately, transactions are pretty much at a halt, but he’s hoping they’ll improve by the latter part of ’09.


Take note, Bill: Janko Rasic Architects’ Janko Rasic (with Pfizer’s Rick Davis and Adam Hoy) says there will be real estate business next year, but we all need to be patient. There was plenty of Big Pharma at the lunch; if one of them makes a patience pill, they’d make a killing in today’s market.


Merck’s Tim Bender, Milrose Consultants’ Louis Milo, Herman Miller’s Gina Rizzo (also CoreNet Global NYC’s chair), Milrose’s Jaclyn DiRenzo and Knoll’s Christine Chavez. Louis’ crystal ball was more detailed: he expects real estate will hit bottom no later than April; we’ll experience a flat third quarter; and then return to a positive leasing market by year end.


Here's architectural firm Clarke Caton Hintz at the groundbreaking for their new $3.5M HQ on the third floor of the Trenton Masonic Temple—space left untouched for 80 years. (Actually, we didn't know you could break "ground" on the third floor.) Left to right: CCH partners John Hatch, Brian Slaugh, George Hibbs and Philip Caton; Mercer County freeholder Anthony Carabelli; New Jersey Economic Development Authority CEO Caren Franzini; Mayor Douglas Palmer; and CCH partners Carl Hintz, John Clarke and Michael Sullivan. The project will be LEED-CI certified, with help of a $1.5M loan from the NJEDA’s Urban Plus program. They found the space after assisting the Masons with the long-term stabilization and renovation of the 1927 building.

Eagle Bank
Arent Fox
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