| We snapped Colliers International's managing partner for investment sales Lisa Campoli surrounded by pictures of her husband and (yes, count them) four children. She tells us that a month ago, she closed a bellwether deal, the sale of 51-63 Franklin St, which is a good indicator for the value of non-trophy office buildings downtown. At a time when so much Class-B space is contributing to the Financial District?s historically high 24% vacancy rate, this information is valuable. The 65k SF portfolio, 63% vacant, was purchased by National Development from Eastern Bank, which acquired it when it bought Wainwright Bank. National paid $11M or $170 SF. Lisa figures that a similar property would have sold for about $90/SF last year compared to $350/SF during the ?06 market peak. |
| Lisa says that the investment strategy that she used with team mates Nick Herz and Ann Kerwin to position the portfolio as an opportunity was to highlight its location adjacent to One Franklin, the infamous excavated hole in the ground left by Vornado and Gale International. Lisa says despite the negatives of the site now, it will be developed and initially, likely as residential. That will lead to new retail opportunities nearby. Investors responded with a great deal of interest in the portfolio and many offers. Lisa says that day to day, she sees momentum accelerating for Financial District offices, a phenomenon that won't show up in the statistics for another six months. In her view, there's been ?substantial value recovery? and a return to normalcy (for all you Warren G. Harding buffs). |
| Lisa, here with Adam Coppola and investment sales partner David Douvadadjian, tells us that she first became lured into CRE by her interest in historic buildings, then a yen to do development. Ironically, instead of jumping onto either of those tracks, her first real estate job was with MetLife. She says she learned a lot about finance, investing, and institutional real estate underwriting from some terrific mentors there. Unfortunately, she says, it's not that easy for women to find mentors in CRE, which leaves hurdles for those seeking to enter the profession. But she says it's worth trying because hard work does bring success. She credits her father with instilling her with confidence and her husband for being there for the family. |
COLLIERS' COMPOLI
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Related Topics:
Eastern Bank, Gale International, Lisa Campoli, National Development, Nick Herz, Wainwright Bank
