Buzz of 7/20
We are going to experiment with a little buzz instead of an interview this week. Like it? Hate it? Got more tips? Let us know directly: firstname.lastname@example.org.
We hear that:
- Grubb & Ellis is making a run at Cassidy & Pinkard. The Collins Brothers are so desirable that bidders for them have to consider buying the whole firm. A few months ago, we heard CBRE was trying—right around the time Bill and Paul were sighted at a CBRE party.
- Why are they joined at the hip with their firm? Maybe it's a question of who's after them. We heard Goldman tried, but the bros. didn't cotton to New York culture. Or maybe they're content because, frankly, they've done an amazing job for C&P and vice versa.
- The stockholders vote to approve Blackstone's purchase was July 11, but CarrAmerica has already spun out the development division that will take over former Carr development sites and pursue new opportunities. Other operating divisions of the company may be in play, including property management and leasing.
- Morale at Carr has also been low, since fee streams can't be predicted until the new owners of their properties are known—contracts in the industry are usually just 30 days. Plus, the new buyers may have their own staffs. We hear there hasn’t yet been a mass exodus, but "mass interviewing."
- Bids from 4-5 groups for all of Carr's 26 local properties and others in its 26.4 million square foot portfolio (some say its California properties are the most valuable) are expected Friday. Everyone is wondering if Blackstone will get more back than they paid. Expect sales prices to leak out in the next couple weeks.
- Grubb & Ellis may be feeling its oats after raiding Bruce McNair and Billy Morris from GVA Advantis. It was a saving coup for Grubb since they lost Randy Harrell and Kevin Howard five weeks ago from the landlord rep side to CBRE. McNair and Morris do that plus investment sales. You need a scorecard: Keith Lipton, the new managing director of Grubb, came from the asset management side of CBRE. How'd they get Keith?Mark Rose, Grubb & Ellis CEO, was a buddy of Keith's when they were at a Jones Lang predecessor.