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Real Estate
Executive Council
2008 Spring
Chairman’s Forum
Jumeirah
Essex House
New York
REAL ESTATE EXECUTIVE COUNCIL
2008 SPRING CHAIRMAN’S FORUM
MAY 1 – 2, 2008
JUMEIRAH ESSEX HOUSE
160 Central Park South
New York, NY 10019 (212) 247-0300
Thursday, May 1st, 2008
2:00 - 4:00PM
REEC BOARD MEETING (Board Members Only)
Jumeirah Essex House (Hibiya Room)
4:00 - 6:00PM
TOUR of TIME WARNER CENTER
(REEC Members & Invited Guests)
10 Columbus Circle, New York, NY 10019
6:00 - 9:00PM
RECEPTION & DINNER (REEC Members & Invited Guests)
Porter House New York (Time Warner Center, 4th Floor)
10 Columbus Circle, New York, NY 10019, (212) 823-9477
Friday, May 2nd, 2008
8:00 – 9:00AM
BREAKFAST
Jumeirah Essex House (Borghese Room)
9:00 – 9:15AM
REEC CHAIRMAN’S WELCOME & OPENING REMARKS
Jumeirah Essex House (Tivoli Room)
• Quintin E. Primo III, Chairman & CEO, Capri Capital Partners, LLC
9:15– 10:00AM
KEYNOTE ADDRESS
• William C. Thompson, Jr., Comptroller, City of New York
10:00 – 10:15AM
BREAK
10:15 – 11:00AM
ROUNDTABLE DISCUSSION: CAPITAL MARKETS UPDATE
• Moderator: Kenneth A. McIntyre, Jr., Managing Director, MetLife
11:00AM–12:00PM
“AROUND THE ROOM” DISCUSSION: BREAKING NEWS
• Moderator: Richmond S. McCoy, President & CEO/CIO,
UrbanAmerica, LP
12:00 – 12:30PM
BREAK
Friday, May 2nd, 2008 cont’d.
12:30 – 1:30PM
LUNCHEON
Jumeirah Essex House (Borghese Room)
1:30 – 2:15PM
ECONOMIC UPDATE
Jumeirah Essex House (Tivoli Room)
• Moderator: Ronald Gaither, Chief Operating Officer,
Arbor Commercial Mortgage, LLC
• Guest Speaker: Brooks H. Wells, Director – Research, RREEF
Alternative Investments
2:15 – 3:00PM
ROUNDTABLE DISCUSSION: NEW YORK’S OUTER
BOROUGHS UPDATE
Jumeirah Essex House (Tivoli Room)
• Brooklyn: Edward S. Scott, Deputy General Counsel,
Senior Vice President Development & Acquisitions,
UrbanAmerica, LP
• Status of National Development Subsidies: Michael Yuzon,
Vice President Business Development, UrbanAmerica, LP
3:00PM
REEC CHAIRMAN’S CLOSING REMARKS
• Quintin E. Primo III, Chairman & CEO, Capri Capital Partners, LLC
SPEAKERS AND PANELISTS BIOGRAPHIES
William C. Thompson, Jr.
Comptroller
City of New York
William C. Thompson, Jr., New York City’s 42nd Comptroller was re-elected for
his second term on January 1, 2006. Thompson has used the powers of his office
to aggressively safeguard the City’s finances, seeking out savings and rooting out
waste. His audits of City agencies have uncovered more than $193.6 million in
savings, including more than $22 million in Medicaid reimbursements unclaimed by the Department of
Education and almost $4 million in fines uncollected by the Taxi and Limousine Commission. Also, under
Thompson’s watch, the amount of money collected for damage done to City property rose dramatically.
Thompson has earned a reputation as a tough advocate for New Yorkers. He has stood on the side of
working people seeking a living wage and fairness on the job. He led the fight to protect the City’s MealsOn-Wheels program, an invaluable lifeline for many frail elderly. Thompson’s battle against the proposed
bus and subway fare hikes forced the Metropolitan Transportation Authority to open its books to the
public. He alerted New Yorkers that the Federal government was failing to make good on its promise of
aid in the wake of the September 11th terrorist attacks. Thompson challenged the City’s inequitable plan
to reduce trash collection in some boroughs and was a leader in the successful campaign to fully reinstate
the City’s recycling program. Through his Community Action Center, Thompson has helped more than
40,000 New Yorkers with problems regarding City services.
As custodian and investment advisor to all five of the City’s pension funds, Thompson manages a
combined portfolio of more than $105 billion. In this role, Thompson has invested hundreds of millions
of dollars in affordable housing and commercial real estate in New York City, helping increase housing
and job opportunities within the five boroughs. He has demonstrated a serious commitment to fostering
opportunities for women- and minority-owned firms to conduct business with New York City, with a
particular focus on capital market activities. Under his leadership, the amount of New York City Pension
Fund assets managed by women- and minority-owned firms has more than tripled to approximately $3.7
billion.
The Comptroller has spearheaded the creation of the largest Emerging Managers program in the United
States. With the approval of the New York City Pension Funds, the Comptroller authorized a $175 million
allocation to a groundbreaking Emerging Managers program targeting first-time funds, particularly those
managed and owned by women and members of minority groups.
Thompson has been a leader among institutional investors in advancing important corporate governance
and corporate social responsibility reforms such as the repeal of the classified structure of corporate
boards and the annual election of directors, the establishment of a board protocol for addressing
shareholder proposals that win majority votes, a prohibition against workplace discrimination based
on sexual orientation and gender identity, the adoption of stronger standards of director independence
for members of key board committees, as well as the adoption of standards for the protection of the
environment and human rights globally.
He gained a national reputation for his efforts to stop corporations - Halliburton, General Electric,
ConocoPhillips, Cooper Cameron, and the Aon Corporation - from engaging in business with countries
that are identified by the U.S. State Department as state sponsors of terrorism. Thompson also worked
with leaders of the financial services industry in bringing about reform at the New York Stock Exchange.
Edward S. Scott
Deputy General Counsel, Vice President Development & Acquistions
UrbanAmerica, LP
Mr. Scott is a real estate executive with diverse transactional and project management
experience in public and private sector leasing, acquisitions, development and
construction management for more than two million square feet of commercial real
estate projects. Mr. Scott has been associated with UrbanAmerica since 2000 and is
responsible for Development. He also holds the title Deputy General Counsel. Prior to
joining UrbanAmerica, L.P., Mr. Scott was the Deputy Director of the Office of Property Management for
the District of Columbia Government. His duties included managing multi-disciplined teams of project
managers, architects, engineers, construction trades and relocation coordinators for more than 100 active
leases, acquisitions and construction/re-development projects in the 6 million square foot portfolio of
leased and owned properties. Projects included construction management for the District’s first (600,000
square foot) government campus consolidation, and the program development and pre-development of 1
million square feet of new construction for government centers. Previously, Mr. Scott served as Assistant
Commissioner for Acquisitions for the Department of Citywide Administrative Services for the City of
New York, where he was the chief transaction negotiator and manager of teams of in-house and consultant
site locators, project managers and space planners responsible for more than 200 active lease projects
in the 21 million square foot portfolio of leased space. Prior to his term with the City of New York, Mr.
Scott was associated with the law firm of Gibson, Dunn & Crutcher where he drafted and negotiated
commercial loan documents, leases and closed multi-state commercial real estate purchase transactions
for institutional investment clients.
Brooks H. Wells
Director – Research
RREEF Alternative Investments
Mr. Wells is responsible for managing and preparing research analysis and strategy for RREEF’s New
York City corporate office related to potential property acquisitions, portfolio management valuations and
alternative investments. Mr. Wells serves as the industrial specialist for RREEF Research, formulating the
firm’s outlook for all major North American industrial markets. He is also responsible for economic and
market research efforts related to industrial acquisitions in the eastern half of the United States, as well
as Canada. Joining RREEF in 2004, Mr. Wells has over 20 years of institutional experience in all aspects
of real estate investing. Mr. Wells got his start in the institutional real estate business in 1985 when he
joined CBRE Investors (formerly TCW Realty Advisors) where he held acquisition, asset management
and portfolio analytics responsibilities. In 1998, Mr. Wells moved to PMRealty Advisors, where he
held the position of Vice President of Research. During his five years at PMRA, he was responsible for
investment strategy, market research and transaction due diligence. Most recently, Mr. Wells served as the
Director of Research for American Realty Advisors from 2003 until September of 2004 where he oversaw
the firm’s research capabilities. Mr. Wells received a Masters of Business Administration in Finance from
the University of Southern California.
Michael Yuzon
Vice President Business Development
UrbanAmerica, LP
Mr. Yuzon joined UrbanAmerica in 2007 and is responsible for originating investment
opportunities and overseeing the underwriting, due diligence, negotiating and
structuring of direct investment opportunities. In addition, Mr. Yuzon also assists
in overseeing client and investor relations. Mr. Yuzon has more than 15 years of
experience in real estate and investment management experience in negotiating and
structuring complex and innovative financings, including industrial development
bonds, Section 108 loan, new market tax credit and non-profit bond transactions. Prior to joining
UrbanAmerica, Mr. Yuzon served as the Director of Economic Development for the City of Los Angeles
where he had overall responsibility for more than $700 million of the City’s economic development
programs and services that included: HUD Section 108 loan program; Industrial Development Authority
conduit bond programs, administration of the State Enterprise Zones, the Federal Empowerment Zone and
Renewal Communities. Mr. Yuzon has also held roles at Intel Capital, B.T. Alex Brown and the City’s
of Los Angeles and Riverside where he participated in transactions with a total valuation of more than
$4 billion. Mr. Yuzon is a graduate of California State University with a B.A. in Finance and M.P.A. and
Northwestern University with an M.B.A.
REEC BOARD MEMBER BIOGRAPHIES
Rod L. Bailey, Vice President of The Staubach Company is responsible for
developing new business opportunities in an effort to drive additional revenue to all
Staubach lines of business. Staubach is a market leading global real estate advisory
firm that delivers cost-effective solutions for office, industrial and retail clients.
Staubach has in excess of 1,600 professionals located in over 65 offices throughout
the Americas and serves more than 3,000 clients. The company completed 7,280
transactions totaling $26 billion and 835 million square feet during the fiscal year
ending 2007. Worldwide, the DTZ Staubach Tie Leung partnership has more than
12,000 professionals delivering services and solutions to multinational clients.
Thomas J. Baltimore, Jr., President & Co-Founder of RLJ Development, LLC, a
privately held real estate investment company owned and controlled by billionaire,
Robert L. Johnson (Founder and Chairman of The RLJ Companies and owner of the
NBA’s Charlotte Bobcats). RLJ Development currently owns 114 hotels in major
markets in North America, with more than 15,000 guestrooms and a portfolio value of
$2.5 billion.
Alan R. Braxton, Managing Partner & Co-Founder of Presidio Partners, LLC, a
real estate private equity and advisory firm with a singular focus on providing capital
raising and advisory services to real estate fund sponsors, operators, REITs and other
real estate market participants. Since the firm’s inception in May 2003, Presidio has
raised over $9.0 billion of equity on behalf of its clients. These engagements have
included strategies for U.S., European, Asian and Indian real estate markets with
institutional equity investors spanning the global markets.
Moctesuma Esparza, Chief Executive Officer of Maya Cinemas North America,
Inc., is an award-winning filmmaker, producer, entertainment executive and
entrepreneur, well-known for his contributions to the movie industry and his
commitment to providing access and opportunities for Latinos in Hollywood. As an
entrepreneur, he built and operated the first Latino-owned cable company, Buenavision
Cable TV, in East Los Angeles. In addition to producing films, he has established
a chain of movie theatre mega-complexes -- Maya Cinemas North America, and an
acquisition and distribution company -- Maya Releasing, under the umbrella of Maya
Entertainment, a fully integrated entertainment company. As a businessman with a
strong commitment to social responsibility and philanthropy especially within Latino
communities, Mr. Esparza was recently appointed by Los Angeles Mayor Antonio
Villaraigosa as Commissioner to the Los Angeles City Employees Retirement System.
Ronald Gaither, Chief Operating Officer of Arbor Commercial Mortgage, LLC,
which combines traditional mortgage lending with the innovations of an investment
bank, bridging the lending gap left behind by traditional sources of capital. Arbor
Commercial Mortgage joins capital strength with financial flexibility to offer a broad
array of commercial financing options, including Fannie Mae DUS, FHA, CMBS,
DUS Seniors Housing, Bridge, Mezzanine and Arbor 85 Preferred. Arbor Commercial
Mortgage also manages Arbor Realty Trust (NYSE:ABR), a real estate investment trust
that invests in a diversified portfolio of multifamily and commercial real estate related
bridge and mezzanine loans, preferred equity investments, mortgage-related securities
and other real estate related assets.
Victor B. MacFarlane, Managing Principal, Chairman and Chief Executive Officer
of MacFarlane Partners, one of the leading real estate investment management firms
in the U.S. with $21 billion in assets under management. Considered a pioneer of the
urban investment concept among institutional real estate managers, Victor has 29 years
of real estate investment, development and management experience and has worked
extensively on behalf of some of the world’s largest pension plans and institutions.
Richmond S. McCoy, Founding Partner, President & CEO/CIO of UrbanAmerica,
LP, founded in 1998 as a real estate private equity firm to become America’s preeminent vehicle for fiscally and socially prudent investment in inner city commercial
real estate. UrbanAmerica’s Fund I and Fund II have raised over $500 million in
equity. In 2004 UrbanAmerica’s Fund II extended its general partnership to include
the New York-based Fisher Brothers. UrbanAmerica’s focus is to deploy equity into
projects tenanted by government, medical, academic institutions and supermarketanchored retail in its portfolio, as well as for-sale housing. The organization operates a
$400 million portfolio consisting of 25 properties and is currently developing over $600
million of new properties. UrbanAmerica’s investors include many of the country’s
largest public pensions, banks and insurance companies.
Ronald K. McDonald, Managing Principal - RMC Development, LLC, a full-service
real estate development consulting, finance and investment company with a focus
on private and public-private projects including major mixed-use, transit-oriented
development (TOD) and base closure (BRAC). RMC crafts solutions on behalf of
public and private clients for large, complex real estate development projects that offer
economic and community benefit. RMC currently has a joint venture with Actus Lend
Lease to acquire and redevelop major closed military bases from the 2005 round of
closure. RMC also spearheads the redevelopment of a former military base as a $250
million, 46-acre waterfront office campus across from the U.S. Naval Academy in
Annapolis, MD.
Kenneth A. McIntyre Jr., Managing Director of MetLife is responsible for the
various structured commercial mortgage products including senior notes, subordinate
and mezzanine debt, warehouse lines and subscription lines. Additionally, investments
in private equity funds are originated in the Capital Markets Group. In 2006 Ken’s
team generated in excess of $3.0 billion of commitments. MetLife has $32 billion of
commercial mortgages and $7 billion of equity real estate in its portfolio.
Aasia Mustakeem, Partner of Locke Lord Bissell & Liddell LLP, is the Practice
Group Leader for the Atlanta Real Estate practice group. Ms. Mustakeem practices in
the area of commercial real estate, including representation of developers, purchasers
and sellers in connection with the acquisition, disposition and development of office,
hotel, retail, industrial and mixed-use projects. She also has significant experience in
connection with lease transactions, representation of both borrowers and lenders in
secured loan and workout transactions, and the representation of companies nationwide
in connection with the ownership, operation and finance of corporate-owned real estate.
Ms. Mustakeem has been recognized for several years as a Georgia Super Lawyer
by Atlanta Magazine, as well as one of Georgia Trend’s Legal Elite. She is a past
chairperson of the 2,000 member Real Estate Section of the State Bar of Georgia and is
a member of the American College of Real Estate Lawyers.
Quintin E. Primo III, Chairman & Chief Executive Officer of Capri Capital
Partners LLC, a real estate investment management firm headquartered in Chicago.
The firm has over $4.6 billion in real estate assets currently under management,
representing pension funds, governmental agencies and other institutional investors.
Kirk A. Sykes is President of Urban Strategy America Fund, A New Boston Real
Estate Fund. The USA Fund is a $200 million fund and New Boston Fund has acquired
or developed $4 billion of real estate investments. Kirk is a passionate and seasoned
leader with 25 years of combined finance, development, architecture, and communitybased experience, he leads the partnership equity placement, identifies investments
and developments, and manages the day-to-day business operations of the Urban
Strategy America Fund. With a bottom-line sensibility garnered during his experience
as a member of FleetBank and BankBoston First Community Bank Advisory Board
and more recently as a director of the Federal Reserve Bank of Boston. Mr. Sykes is
adept at bridging the competing concerns that sometimes hinder the progress of urban
projects. He combines his professional training and hands-on experience to create
customized responses to the complex issues of urban real estate development.
Michael E. Tabb, Managing Principal of Red Rock Global, LLC and GVA Advantis
Advisors, LLC, a full-service provider of real estate transaction management, advisory
and development services to real estate owners and users. Red Rock specializes
in advising on revitalization and repositioning of underserved communities and
underperforming asset, and executing these strategies through its owned subsidiary,
GVA Advantis Advisors, LLC.
REEC FALL CHAIRMAN’S FORUM
CONFIRMED ATTENDEES AS OF April 28, 2008
GUESTS
Mr. David Bengel
Capital Markets Leader
Genworth Financial
Mr. A. Keith Gordon
Investments Associate
Equity Residential
Mr. Jeffrey Monge
Senior Vice President - Principal
UrbanAmerica, LP
Mr. G. Lamont Blackstone
Principal
G. L. Blackstone & Associates LLC
Mr. Michael B. Holmes
EVP & Chief Operating Officer
Holland Horizon Group, LLC
Mr. Joseph J. Bonner
Managing Director
Prudential Real Estate Investors
Mr. Arthur Kindred
General Associate
E. G. Bowman Co., Inc.
Mr. Richard Monteilh
Director of Development
& Capital Markets
New Orleans Redevelopment Authority
Mr. Joseph Branch
National Basketball Association
Mr. Kenneth J. Knuckles
President & CEO
Upper Manhattan Empowerment Zone
Mr. Vaughn Bryant
Manager, Player Development
National Football League
Mr. Dale Burnett
Principal Associate,
Global Real Estate Private Equity
AIG Global Real Estate
Mr. Douglas Lawrence
Vice President
JP Morgan Asset Management
Ms. Yvonne D. Nelson
Senior Investment Officer
Office of New York City Comptroller
Mr. Brian D. Nichols
Assistant Vice President
Centerline Capital Group
Mr. Jacques-Philippe Piverger
AIG Real Estate
Mr. Reginald M. Livingston
Principal
TerraMark, LLC
Ms. Rita Sallis
Chief Investment Officer, Real Estate
Office of New York City Comptroller
Mr. Michael L. Campbell
Managing Director
UBS AG
Ms. Elizabeth L. Martin
President
E.L. Martin Partners, LLC
Mr. Fred Sanders
Managing Partner
Quantum Capital Partners, LLC
Mr. Taj Clayton
Attorney
Fish & Richardson, PC
Mr. Jason Martin
Managing Director
Concordis MCCG
Mr. Donald P. Cogsville
CEO
The Cogsville Group, LLC
Mr. Jose Martinez, Jr.
General Counsel
Maya Cinemas North America, Inc.
Mr. Edward S. Scott
Deputy General Counsel, Senior Vice
President Development & Acquisitions
UrbanAmerica, LP
Mr. Kevin M. Davis
Director, Global Commmercial
Real Estate
Merrill Lynch
Mr. Alvin McCoy III
Managing Partner
Quantum Capital Partners, LLC
Mr. Harry T. Delaney
Associate Director
Marcus & Millichap
Mr. Joseph C. French, Jr.
National Director of Retail
Sperry Van Ness
Mr. Shelton S. Getter
Managing Director
BlackRock
Ms. Shawna Menifee
Senior Director, Brokerage
Cushman & Wakefield
Mr. Roland S. Merchant, Jr.
Vice President
Eastdil Secured
Mr. Trevor L. Michael
Managing Director
Domestic Acquisitions Real Estate
TIAA-CREF Global Real Estate
Mr. Fred Scott
Vice President
Strategic Capital Partners
Mr. E. Smith
Mr. William C. Thompson, Jr.
Comptroller
City of New York
Ms. Marjorie Tsang
Assistant Comptroller
New York State Common
Retirement Fund
Division of Pension Investment and
Public Finance
GUESTS - continued
Mr. Samuel C. Watkins
Senior Associate
Greenberg Traurig, LLP
Mr. Carey A. White
Vice President
Genworth Financial
Mr. Brooks H. Wells
Director - Research
RREEF Alternative Investments
Mr. Eric S. Yarbro
Senior Vice President
CB Richard Ellis, Inc.
Mr. Michael Yuzon
Vice President Business Development
UrbanAmerica, LP
REEC BOARD MEMBERS
Mr. Quintin E. Primo, III
Chairman & CEO
Capri Capital Partners, LLC
REEC Board Chairman
Mr. Rod L. Bailey
Vice President
The Staubach Company
Mr. Thomas J. Baltimore, Jr.
President
RLJ Development, LLC
Mr. Alan R. Braxton
Managing Partner
Presidio Partners, LLC
Mr. Moctesuma Esparza
Chief Executive Officer
Maya Cinemas North America, Inc.
Mr. Kenneth A. McIntyre Jr.
Managing Director
MetLife
Mr. Ronald Gaither
Chief Operating Officer
Arbor Commercial Mortgage, LLC
Ms. Aasia Mustakeem
Partner
Locke Lord Bissell & Liddell LLP
Mr. Victor B. MacFarlane
Managing Principal, Chairman & CEO
MacFarlane Partners
Mr. Kirk A. Sykes
President
Urban Strategy America Fund
Dr. Richmond S. McCoy
President & CEO/CIO
UrbanAmerica, LP
Mr. Michael E. Tabb
Managing Principal
Red Rock Global, LLC &
GVA Advantis Advisors, LLC
Mr. Ronald K. McDonald
Managing Principal
RMC Development, LLC
REEC MEMBERS
Mr. Amachie Ackah
Managing Partner
Cedar Hill Real Estate Partners
Mr. Lee A. Brathwaite
Vice President - Real Estate
Verizon
Mr. Herman E. Bulls
Chief Executive Officer
Public Institutions
Jones Lang LaSalle
Chief Executive Officer
Bulls Capital Partners
Mr. Charles E. Frazier, Jr.
President
Educational Development Company
of America, LLC
Ms. Leslie D. Hale
Chief Financial Officer
& Senior Vice President
RLJ Development, LLC
Mr. Bernel E. Hall
Senior Associate
Urban Investment Group
Goldman, Sachs & Co.
Ms. Maxine V. Mitchell
President
Applied Real Estate Analysis, Inc.
Mr. Lyneir Richardson
Vice President
Urban Land Development
General Growth Properties, Inc.
Mr. James H. Simmons
Partner
Apollo Real Estate Advisors, LP
Mr. Markus Trice
Managing Partner
Presidio Partners, LLC
REEC STAFF
Mr. Oscar Groves
Associate – Public Affairs
Capri Capital Partners, LLC
Ms. L. Heather Mitchell
Vice President – Public Affairs
Capri Capital Partners, LLC
SPECIAL THANK YOU
Capri Capital Partners, LLC
MetLife
UrbanAmerica, LP
REAL ESTATE EXECUTIVE COUNCIL
Interested in becoming a REEC member, please contact:
Real Estate Executive Council
875 N. Michigan Ave., Ste. 3430
Chicago, IL 60611
(312) 573-5260
www.reec.org