PREA Spring
Conference
The
institutional real estate industry descended on Washington, DC this week for
the annual PREA (Pension Real Estate Association) spring conference. If you’re
looking for a quick immersion into the pension real estate world, consider
attending the next PREA meeting in the fall.
Judging by conversations in
the hallways, the commercial real estate industry is HOT. “It feels like time
to sell,” suggested the CEO of a nimble private equity real estate firm. Overall, the energy level inside was
reflective of the industry climate outside. Recruiters told me they are busy,
as hiring is on an upswing. Investment
managers suggested that those who have remained true to their strategy and
delivered consistent solid returns are being rewarded with capital - both from
existing investors and those hoping to get in on a good thing. One apartment company
executive told me they have 27 new projects in various stages of the
development process! “It’s too pricey to
buy properties today.”
In some ways being in the
presence of this energy is stimulating.
But the exuberance feels a little too familiar and possibly suggests we
take a deep breath and pinch ourselves to see if this may not be the beginning
of another estate bubble.
David Brooks
Speaks
New
York Times Columnist David Brooks treated PREA attendees to a thought-provoking
talk. His beat is Washington, DC so he included enough anecdotes to keep those
political junkies in the audience satisfied.
But, of most interest to me, as you might imagine, were his comments
about society and the human condition.
He
talked about how American society has evolved.
“One of the biggest
transformational changes in American society relates to the decline of
generational consciousness.” Brooks
added, “American society is becoming more self-focused. We have lost the sense of modesty and
humility.” Perhaps he was referring
to the “Me” generation (aka Baby Boomers born between 1946-1964). “One feature of Boomers
was that they tended to think of themselves as a special generation, very
different from those that had come before.” (Source: Wikipedia). And, as a
Boomer it got me thinking: was or is
that me?
On
another topic, he referred to the Mount Holyoke College Freshman Handbook of 1945,
which suggested to their all-female student body, “Go where nobody else wants
to go and do what nobody else wants to do?”
David then added the question, “What had life assigned to you?” No, this was not a sermon, or maybe it was.
One
last quote from the social scientist David Brooks relating to his concept of
generational differences. “Do we trust ourselves and distrust those outside or
the reverse? In the 1940’s people
distrusted their desires, today it’s more the reverse.” If you have never seen him speak in person
please try to. No matter what side of
the aisle you gravitate towards I am fairly certain you will enjoy him.
A Formula for Living Longer
Given that many of us are working on
healthy eating, I felt you’d enjoy a portion (no pun intended!) of Chef /Author
Rozanne Gold’s February 27, 2013 Huffington Post blog:
“The Mediterranean plan is not so much about weight loss as
it is a formula for living longer. It is also so much easier and enjoyable to
maintain than many other diet plans, which eliminate large swaths of fresh food
groups. It is ‘inclusive’ rather than extreme and faddish. This cuisine
naturally exists in areas whose coastlines hug the Mediterranean, including
Spain, Greece, Cyprus, parts of Italy and France, and many Middle Eastern
countries. And it would behoove us all to take a look at Nancy Harmon Jenkins
seminal book called The Mediterranean Diet, written almost 20 years ago. It is
as valid as ever and the most sensual way I know to take charge of your health
every single day.”
This piece is a good healthy reminder as I’ve been paying
more attention to my own food intake. I even made plans to eat at a great
Mediterranean / Greek restaurant this weekend!
Byron Wien: Life
Lessons
In February, The Blackstone Group’s
Byron Wien published a supplement to his monthly commentary in which he
reflects on his first 80 years. Thanks
to those of you who brought this to my attention - it was ‘right up my
alley!’ Please allow me to share some
points that Byron makes:
·
“Network
intensely. Luck plays a big role in life
and there is no better way to increase your luck than by knowing as many people
as possible.
·
When
you meet someone new, treat that person as a friend.
·
Read
all the time.
·
Get
enough sleep.
·
Evolve. Try to think of your life in phases so you
can avoid a burn out.
·
Travel
extensively.
·
Take
the time to give those who work for you a pat on the back when they do good
work.
·
When
someone extends a kindness to you take the time to write a hand-written note,
not an email.
·
Never
retire. If you work forever you can live forever.”
While I’ve embraced many of Byron’s
hints, I will add one lesson from my own life that continues to pay
dividends: there is so much to learn from
someone who has been around the block a few times.
Restaurant of the week
Stella
Macy’s
Department Store, Sixth Floor
Herald
Square, New York.
Stella offers a delightfully authentic Neapolitan
menu and skilled, welcoming service. A
friend and I had lunch there on Monday, just two days after the grand
opening. The food more than satisfied
our cravings and the view of the Empire State Building, and très cool interior, provided visual
delight.
Trivia: In Latin and Italian, Stella means
‘star.’ Since 1858, when R.H. Macy
opened his first store in New York, their logo has been a star. The star comes from a tattoo that Mr. Macy
got as a teenager when he worked on a Nantucket whaling ship.
On The Road…
Mar. 17 -19: NAREIM (National
Association of Real Estate Investment Managers) Spring Executive Officers
Meeting, Santa Monica, CA
April 1 – 2:
Client meetings, Chicago, IL
Apr. 9 -10: PERE (Private Equity
Real Estate Magazine) Global Investor Forum, Los Angeles, CA
May 29 – 30: IMN (Information
Management Network) U.S. Real Estate Opportunity Fund and Private Fund
Investing Forum, New York, NY
June 4 – 5: PERE Summit (Private
Equity Real Estate Magazine), London, UK
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