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DOWNTURN’S SILVER LINING

DOWNTURN’S SILVER LINING
DOWNTURN’S SILVER LINING
Historically, downturns have given birth to the Taconics, Emmeses,Moinians and Witkoff/Glucks of the market—investors who were more tolerant of risk and jumped in when the barriers to entry werelower. We recently caught up with Jones Lang LaSalle managing director Nat Rockett in his 53rd Street office; his philosophy is that today is ripe for tomorrow's stars to make their entrance (or re-entrance). Since the high-leverage IRR deals have gone by the wayside, yield investors who were priced out may make their return, finding friendlier-priced assets in ‘09. So you may see somefamiliar, but formerly dormant, buyers, welcome news given transaction volume this year is expected to be only $15B, less than half of 2007. Oh, and one more bonus of the downtime: investment gurus are taking the downtime to reconnect with their clients andfamilies. Nat reports his three sons are seeing more of him these days.
Related Topics: JLL, Nat Rockett