| There’s a changing of the guard taking place in the real estate industry—say goodbye to the Lehmans and Bear Stearns, who are "being replaced by strong capital players of a new ilk,” FTI Schonbraun McCann Group real estate head Bruce Schonbraun tells us. Investment firms like Alliance Bernstein, Cantor Fitzgerald, and others are forming major real estate funds, positioning themselves to provide capital and be players as we enter a new cycle. We’ll increasingly see these firms in JVs with existing project owners to get prominent deals unstuck, as well as JVs on established properties with solid cash flow. Already, he’s been involved in SL Green’s JV with the Moinian Group at Three Columbus Circle, and CPP Investment Board’s JV with The Rockefeller Group in ownership of 1221 Avenue of the Americas. |
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