| At NYU Schack's REIT event at The Pierre hotel last week, we snapped Apollo Global Real Estate managing partner Joseph Azrack and W.P. Carey CEO Trevor Bond. Trevor says—and we've heard it before—that sale-leaseback investments are like bonds, but never has anyone said that while sitting behind a name placard that said "T. Bond." He says W.P. Carey has $12.1B in assets (mostly triple-B and below) that make up the middle of the American economy. The firm spent over $1B in 2010 and $1.2B in 2011 and raised $630M last year. |
| So how would Sam Zell like to see CRE change? More conceptualists and fewer transactionalists driving deals. In '66, when he got out of law school, everyone was convinced that major markets were the best target. They were delivering 4% returns, so he went to Ann Arbor and got a 16% return. (Those Wolverines are more of a draw in Michigan than we thought.) In '73, CRE was a golden child—while Sam was building a distressed-property management company. |
| We also snapped NYU economics prof Rosemary Scanlon, newly minted NYU Schack Institute of Real Estate divisional dean. She's been interim dean since October and has been with NYU Schack since 2000. Her past gigs have included being a visiting research fellow at the London School of Economics, NYS Deputy Comptroller, and chief economist for the Port Authority. |
| We asked a kind stander-by to snap this of Bisnow reporter Amanda Metcalf and Morgan Stanley co-head of real estate investment banking Guy Metcalfe because, hey, like kinds gotta stick together. |
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