Vornado at REITWeek
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|Our Chicago reporter is on the ground for NAREIT's REITWeek, where she snapped Vornado's Wendy Silverstein, Michael Fascitelli, and Joe Macnow. They say the road to recovery will be rocky. Michael reports they plan to stay in office and retail investments in New York and DC, and are waiting for a big, hairy,complicated deal where they'll have fewer competitors. He thinks the next deal will be similar to the company's ownership of 1540 Broadway, which required complicated re-tenanting. But mostly, Vornado likes the flight-to-quality brought on by the recovery.|
|In what was billed as "the smallest panel of the day" (indicating physical stature) at NAREIT's REITWeek at the Chicago Hilton, Ventas' Debra Cafaro interviewed Sam Zell, who says that on the most basic level, a REIT is a stock. And at the end of the day, liquidity is the best value. He told the crowd that entrepreneurial spirit has gotten the better of REIT owners, and that there should be just 30-40 REITs-rather than 200. Sam also recommends keeping liquidity 50% higher now than he did two years ago.|