Global Finance Roundtable
June 10, 6:00 PM - 8:00 PM
REAL ESTATE 2004: Leverage Play or Value Creation?
Grubb & Ellis' Executive Vice President & Regional Managing Director Michael O’Hanlon, Heitman's Managing Director Christopher Merrill, Piper Rudnick's Partner Stephen Gordon, Sterling Real Estate Partners' Senior Managing Director David Friedman, & The Greenwood Group's Senior Managing Member Louis Conforti cover MARKET FUNDAMENTALS (office, retail, shopping centers/malls, the WAL-MART effect, industrial, apartments, outsourcing’s impacts, vacancies/rent levels), CAP RATES (REITs, private/public buyers, liquidity issues, specialty assets like manufactured housing, healthcare, self-storage, parking), & INTERNATIONAL INVESTING (efficiency/competition issues, emerging/developed/Third World nations, currency risks) to determine whether commercial/private real estate can continue to outperform other asset classes, given rising interest rates/weak fundamentals.Where:
450 North Cityfront Drive
Map on how to reach Gleacher Center
Business casual to business attire is appropriate. You do not need to be a GSB alum to attend plus guests are also welcome provided everyone registers their attendance in advance.
DAVID FRIEDMAN is Senior Managing Director of Sterling Real Estate Partners, the real estate investment arm of Sterling Partners, a 20- year old private equity firm with offices in Northbrook, Illinois and Baltimore, Maryland. Sterling manages over $500 million in assets in a variety of venture capital, buyout and real estate funds with a particular emphasis on education-related investments. Prior to joining Sterling, David was Managing Director and Executive Vice President of Heller Financial, Inc. where he most recently supervised capital market activities. During his sixteen years with Heller, he was responsible for a wide variety of activities including the firm’s conduit group and subordinated CMBS and asset-backed investments as well as real estate debt syndication partnerships with the Morgan Stanley Real Estate Funds and Prudential Real Estate Investors. He also launched Heller’s first institutional real estate mezzanine fund. Prior to his capital markets responsibilities, he managed the Marketing, Strategy and Development and the Credit Tenant Property Groups.
LOUIS CONFORTI Described by the Chicago Sun-Times as “often outspoken”, Lou Conforti is Senior Managing Member of The Greenwood Group, LLC., a Chicago-based real estate investment advisory firm established in 2003. Greenwood provides maintenance and growth capital for small-and mid-cap REIT’s and private real estate companies through investment structures such as preferred and joint venture equity, mezzanine debt and entity-level financing. The company has over $150 million in capital available to fund a comprehensive array of investment products for its clients. Prior to establishing Greenwood, Lou was a real estate investment banker with Alex. Brown & Sons and CIBC World Markets and Co-President and Chief Financial Officer of Prime Group Realty Trust, a leading Chicago-based office and industrial REIT. He graduated from Lake Forest College with a B.A. and attended the M.B.A. program from our own U of C GSB.
STEPHEN GORDON is a Chicago-based partner at Piper Rudnick, a leading international law firm widely known for its expertise in all aspects of commercial real estate. Steve represents public and private real estate owners and investors, including tax-exempt organizations, on a wide range of real estate tax and transactional matters and has been extensively involved in the REIT industry. He has structured and closed numerous REIT transactions including IPO’s, mergers and acquisitions, partnership roll-ups, UPREIT’s and down-REIT’s as well as a variety of REMIC’s. He has also been actively involved in representing domestic and international private real estate opportunity funds. Steve graduated from Michigan State University with a B.A. and M.B.A. and holds a J.D. from the University of Michigan. He is admitted to practice in Illinois and also holds a C.P.A.
CHRISTOPHER MERRILL is Managing Director of the international private equity group at Heitman Real Estate Investment Management, a leading international real estate investment advisor headquartered in Chicago. He is responsible for new business development and marketing and has been involved in over $1 billion in European real estate debt and equity investment in the last seven years. Chris is a member of Heitman’s Board of Directors, Marketing Committee and Product Development Group and a Director of two $300 million funds, Heitman Central Europe Property Partners and Crescent Euro Fund, which targets industrial opportunities in Germany, Italy and France. He is a member of the Association of Foreign Investors in Real Estate and the President’s Council of the Chicago Council on Foreign Relations and on the editorial board of the International Journal. Chris holds a B.A. from Roanoke College and an M.B.A. from the City University of London.
MICHAEL O'HANLON is Executive Vice President and Regional Managing Director of Grubb & Ellis, a leading national real estate services provider with offices around the country. He oversees the company’s leasing, sales and management activity in the North Central Region including major markets such as Chicago, St. Louis, Kansas City, Minneapolis and Detroit. Prior to joining Grubb & Ellis, Mike was Executive Director of Insignia/ESG’s Dallas region and Senior Managing Director with Cushman & Wakefield in Chicago. He also served as head of the $6 billion asset management group at Chicago-based Balcor Company and in the late 1980’s ran Citibank’s $1.5 billion workout group. Mike holds an M.B.A. in Finance from Columbia University and a B.S. in Accounting from Fordham University and is an active member of the Urban Land Institute and the International Council of Shopping Centers.