headwinds in the coming years. “It is dispositions and to attract new sources
expected that job losses will be perva- of funds through joint ventures,” he
sive through- says. “We have pulled back on new
out nearly all developments, but have a strong back-industries and log of projects in the pipeline, which
regions. With will help us weather the downturn.
rising unemployment
comes an Grubb & Ellis
increased sup- Gary Hunt, Director & Interim CEO
ply of space, Revenues Fiscal Year 2007: $887.9 Million
which naturally Area of Specialization: Brokerage
pushes rents Number of Offices: 130
downward. We Number of Employees: 6,379
are seeing this
Gosin effect already 2Last year was a 3big one for 50-year-old
and anticipate Grubb & Ellis, which merged with NNN
that there is more to come,” says Gosin. Realty Advisors to create an asset man-
“The years 2009 and 2010 will be a agement and
period when clients are going to need
advisors who are smart and creative.”
2Duke Realty Corp.
Dennis D. Oklak, C
Revenues Fiscal Ye CMN Inc.
Areas of Specializa Doug Frye, President & CEO
Development Revenues Fiscal Year 2007: $780 Million
Number of Offices: Area of Specialization: Brokerage
Number of Employe2hairman & CEO
ar 2007: $923.2 Million
tion: Ownership/Investment,
24
es: 1,275 Number of Offices: 145
Number of Employees: 5,356
Listed on the S&P MidCap 400 Index, services firm
with a capitalization of $725
million. The
Santa Ana,
CA-based company brokered
16,250 deals
worth $22.3
billion in
2007.
This year,
Hunt investor uncer-this publicly traded diversified REIT tainty is keep- Based in Seattle, this firm places great
focuses on the ownership, develop- ing transaction volume and velocity 2emphasis on lo5cal market knowledge,
ment, construction, leasing and man- lower. “Many investors are sitting on while acknowledging that that business
ag emen t of the sidelines, waiting until the volatility is growing ever more global. “Our world
i n d u s t r i a l , in the markets and the financial system economies are becoming increasingly
o f f i c e a n d abate,” says Hunt. “Corporate users are interdependent,” says Frye. “This is
healthcare real revisiting their space needs to keep up clearly evident in the domino effect
estate. Duke, with business conditions. Our job is to we’re seeing in capital markets across
headquartered identify opportunities for our clients the globe. We
in Indianapolis, during this turmoil and to build a plat- need to main-has a portfolio form that will position us to take advan- tain our local
of 143 million tage of the eventual rebound.” market leader-sf in 24 major ship whilebuild-U S m a r k e t s ing and leverag-and controls Mack-Cali Realty Corp. ing our global
7,400 acres for Mitchell Hersh, President & CEO p l a t f o r m s .
Oklak the future Revenues Fiscal Year 2007: $808.4 Million We’ve been
development Areas of Specialization: Ownership/Investment, here before,
capability of more than 110 million sf. Development and know that
The company’s national develop- Number of Offices: 6 the quick and
ment division completed 52 of the 55 Number of Employees: 488 the smart take
buildings it broke ground on in 200724 Frye advantage of
for a total of 11. 7 million sf, worth $1.2 With portfolio that spans from Wash- opportunities.”
billion. ington, DC to Boston, Mack-Cali is one In business for more than 100 years,
As for next year, Oklak anticipates of the Northeast’s top owners of class A CMN operates in 145 markets around
that it will be a challenging time for office buildings. The Edison, NJ-based the world. Given that, it’s of no surprise
commercial developers due to the com- REIT currently owns or has an interest that nearly three-quarters of its deals
bined effects of a tight credit market in 294 assets totaling 337 million sf and were closed outside of US borders last
and a slowing economy. “We are plac- serving approximately 220 tenants and year. In all, the company completed
ing a priority on liquidity and are work- has developed more than 21 million 16,149 leasing and sales transactions in
ing diligently to recycle capital through sf for a diverse range of corporations. 2007, worth a collective $37 billion.
This $5-billion company has been in
business for more than 50 years.
“While this is a difficult time in the
economy and the capital markets, a
company like
ours, that is
modestly leveraged with a
strong balance
sheet, positioned in deep
markets with a
portfolio of
well-leased,
class A assets
from diverse
Hersh sectors of the
global economy, can not
only navigate through this storm, but
should be poised to take advantage of
opportunities that arise in the future,”
says Hersh.
