Sandy

Hurricane Sandy-New York

The construction crane, 75 stories up, on top of the building at 57 Street and 7th Avenue, that has been flapping in the winds like a badly broken wrist, is still there and perhaps has become the premier tourist attraction in New York this week and the early image that spread around the world.  

This week took on new meaning for millions of us New Yorkers.  Hurricane Sandy visited the neighborhood and left a swath of destruction and death, some of it still to be discovered.  The deaths related to Hurricane Sandy keep mounting. Some of the stories are just too sad to write about.  This is serious stuff.  

All of you, no matter where you are in the world, have seen the images of the disaster, the flooding, the fires, the faces of the anguished who have lost everything they have, which, in many cases, includes the loss of love ones.  But the story that didn't get told, because good news doesn't sell papers, is how New Yorkers banded together to help each other make it through.  People offering rooms or beds, for free, to those stranded by the closing of all bridges and tunnel access to Manhattan for only the second time in history (the first being around the September 11 events).  This is truly a special metropolitan area whose residents, unlike the opinion of some who don't live here, are not cold, aloof or arrogant, but are a thoughtful, caring and supportive lot that always rise to the occasion.  

On Wednesday, limited public transportation became available again, although many subway stations are still flooded and closed.  People, needing to get to their jobs, used whatever means they could, many walking across the bridges that connect Manhattan with outer boroughs Queens and Brooklyn, others sharing rides with those driving in to meet the three-person per vehicle minimum.  Last night at about 6:30pm I saw lines of hundreds and hundreds of New Yorkers, waiting patiently for their turn to get on a bus to take them home or at least somewhere closer to home than work.  At 9pm I saw people still lined up and waiting who, would probably not get home until 11 pm or midnight and then will be getting up, about now (5:10am), to go back to the city to their jobs.  

This Sandy was not the same girl that Bruce Springsteen sang about.  The one who 'worked that joint under the boardwalk, she was always the girl you saw boppin' down the beach with the radio." This Sandy destroyed the beach, the boardwalk, houses, boats, and lives. "The Boss" asks Sandy to "love me tonight for I may never see you again."  But the only love that Hurricane Sandy brought was the love that was shared between those who needed help and those who could help.  

When someone needs help, it usually doesn't take much.  Maybe a disaster like this will wake up those feelings in us that will carry forward, when things return to normal, that a good day is one when we can help someone, just that little bit, that will make a difference in their lives.  It's not about giving money, it's about giving time, the most precious thing we have. 

Thanks to many of you who wrote me asking if I was okay.  My apartment, in Long Beach, NY, is right on the beach.  I left on Sunday, just before a mandatory evacuation was ordered and stayed at my go-to hotel, the DaVinci in the city until yesterday.  I thought I'd be able to go home by now.  Last night I crashed on the couch of my son Kevin's Brooklyn pad and, today/tonight, well, who knows, as Long Beach still appears to be without electricity and other services.  

The Grove-Los Angeles
When I was in Los Angeles for the PREA conference, I had a chance to go to lunch with a good friend, real estate development expert Mike Russell at The Grove.  It was my first time. Mike, btw, serves as an expert witness, mediator, arbitrator and development advisor.     The Grove was created and developed by Rick Caruso. It is very cool.  His idea:  "We wanted to design something where people could come hang out just to meet a friend. The minute they do that, when they want to buy something, I guarantee they'll come back.'" Amazing stat: The Grove attracted 18 million visitors in its first year of operation. In the same year, Disneyland drew 19 million visitors! I don't know Caruso but he sounds like a guy I'd like to. 

Susan Hudson-Wilson Memorial Music Spot
11-17-70:  Elton John and his original band (Dee Murray, bass and Nigel Olsson, drums) performed live at a recording studio in New York.  The result was Elton's first live album called 11-17-70 which Elton has often called his best live performance...ever!  Included is an exceptional 18-minute medley which starts with Burn Down the Mission.  YouTube has some exceptional versions of that tune from later years with this one being particularly special (https://www.youtube.com/watch?v=7IHT5Kr7b4s).

Real Estate Foresight published a pilot report on China housing prices this week here are a few highlights (you can access the report and become a registered member here [http://www.realestateforesight.com/_pdf/REF_China_12Nov2_v1.pdf]:

• Overall macro-sentiment points at stabilization in the markets.
• House prices continue mild rebound month-on-month, up 0.17% but down 1% year-on-year.
• Sentiment stays stable for property equities and bonds through October

The Felix Consulting Group (FCG):  Update

• Thanks to the 15 firms who have become clients so far in this first year of operation
• Clients are investment management firms, commercial real estate service providers, trade associations, conference companies and one technology start-up
• All are happy with the services they received  (Yippee!) and have offered to be references
• The services FCG delivered to the 15 clients represent the entire spectrum of management consulting services offered by the firm.
• Please contact me if you'd like to talk about how one of these services could be helpful to your firm:
• Presentation Coaching
• Corporate Strategy Coaching
• Event Enhancement Services
• "How to raise institutional capital, 'Soup to Nuts' in one day."
• "How to..." Workshops:  Eight 45-minute workshops conducted in one day in your office to aide in the personal development of your team members:
• How to network
• How to get the most out of attending an industry event
• How to build your personal brand
• How to leverage your trade association membership
• How to be a memorable panelist
• How to be an effective moderator
• How to raise your visibility
• How to get meetings with people who don't know you

On the road....

Nov. 6:  Hartford, CT
Nov. 7:  Washington, DC to speak with students about "Careers in Real Estate:  Connecting the Dots."
Nov. 8-9:  New York to attend, moderate a panel and serve as chair at the PERE Forum

Special Event

What:  Felix Drink Thing.  YBYO (You buy your own) and I provide the famous Joe G pizza.
Where:  Joe G Restaurant, 244 W. 56th (bet. B'way and 8th) and downstairs from the DaVinci Hotel.
When:  November 8 
Time:  Starting at 6:30pm
Hope to see you there...bring an industry friend with you.  The more the merrier.

Nov. 27: Deloitte 2012 RE Industry Update, New York
Nov. 28:  Rockefeller Center Tree Lighting (Thanks to Tishman Speyer for the invite)
Dec. 3-4:  Chicago to moderate a panel at the NAREIM Capital Raising and Investor Relations Council Meeting
Dec. 15-Jan. 3:  Liberia.  Return trip with The MacDella Cooper Foundation to see residence school they opened and the progress in general made in Monrovia since my first trip in 2006.  Will be Santa again for a children's Christmas party. 
Mar. 12-15:  Cannes to attend MIPIM

PREA / PERE / Hot Dogs / RCA Q3 Trends / Napa Valley House 4 Sale

PREA-Los Angeles

What I believe was the largest PREA event ever was held this week in Los Angeles.  Adding to the excitement of many of the star-struck, at the same hotel, was the Hollywood Film Gala Awards dinner on Monday night honoring Robert DeNiro, Richard Gere and Ben Afleck.  On the red carpet and virtually mingling, in a way, with the PREA crowd were lots of movie stars and other celeb types.  It was pretty cool.

PREA Scholarship Recipients:  Congratulations

• Thomas Campbell, University of St. Thomas
• Andre Chachere, George Mason University
• Brittani Clayton, University of Connecticut
• Prashant Das, Georgia State University
• Derek Fohl, DePaul University
• Chris Goldsmith, Georgia Institute of Technology
• David Keane, DePaul University

PERE Global Investor Forum-Amsterdam

It's early Friday morning in Amsterdam on the overnight between the two days of this event.  A strong showing of LP's in the group added to some excellent networking opportunities yesterday as PERE has used the concept of "Speed Networking" well.  Bob Weaver of TPG is the Chair for the event and I moderated a fun session called, "The Great Debate" yesterday.  The subject:  Is now the time to invest in Europe?  "Yes" was the overwhelming winner but in a side straw poll it was clear the audience felt that the vote would have been different had question been asked in a non-European city.  

As the event wraps up today I'll be moderating the closing panel on Global Capital Raising and then heading back to New York tomorrow morning.  About six of us made the pilgrimage from PREA in LA to PERE in Amsterdam.  We are just such a totally global industry!


Watching the days go by:  Interesting how many people have been mentioning to me how fast this year has zipped by.  Was a time when it was only old people who felt time moving quickly...but they no longer have the monopoly on it.  A line from the legendary sports movie, Hoosiers:  "Don't get caught watching the paint dry."  Translation:  Don't let things pass you by. Be aware of the serendipity of it all.  And live your life so you'll have no regrets.

Getting investors across the finish line is still challenging.  Last minute changes of heart and mind and negotiation of terms seems rampant.  But from what I'm hearing, some folks have forgotten the concept that to make a deal it needs to be fair to both sides, otherwise why would someone do it?  It's great to throw your weight around in try to squeeze the other side.  But as I learned in my years in the deal-making world, you need to understand what the other side's needs are as well as know your own to be able to negotiate reasonably.  A deal that is too heavily weighted in favor of one side may not be a winner, even to the side that thinks they won.

RCA (Real Capital Analytics) Q3 2012 U.S. Capital Trends Highlights published this week:

• Hotel: Sales down 25% vs. 2011; early signs point to stronger Q4; equity funds (vs. REITS) are most active investor this year.
• Apartment:  Highest quarterly volume since Q407; total transactions up $47 Bn over 2011
• Retail:  Quarter sales lowest this year but signals point to a stronger Q4.
• Industrial:  Individual property sales (vs. portfolio) remarkably strong
• Office: Unmistakable shift to suburban properties and smaller markets; early signs suggest strong Q4.

Thanks to Julie Brenton of Ranieri Partners (and a long-time friend of Susan Hudson-Wilson) a simple button (see photo) was worn by many of Susan's friends and colleagues at the PREA conference this week.   We all agreed that Susan would have approved!  

Feedback on last week's comment about NAREIM discussion on the future of office space:  "At my ULI council, we have been concentrating a lot on creative office space.  I think it is very interesting but the real question is whether this is a long-term shift or a short-term phenomenon. I don't know the answer." 

Yoda quote correction from last week:  
"Do or do not.  There is no try."

Congratulations:

• Amelia Patt has joined Clarion Partners as Senior Acquisitions Analyst

Two cool Los Angeles restaurants that I went to for the first time:  Morels and RockSugar

Almost Real Estate:  Lois Weiss is a highly regarded and widely read real estate journalist who is also a personal friend and who wrote rock music reviews earlier in her career.  Anyway, last week she told me about Eco Nuts (http://econutssoap.com), co-founded by her daughter, Mona with her friend, Scott.  They are doing something important to the survival of the earth by packaging and selling "Soap Nuts" which are transcending the cleaning industry.  As soon as I settle down in my new place in New York, I'll be buying some of their stuff.    

Visiting someone at Morgan Stanley's New York. Sometimes it pays to start flipping through a book or magazine from the back, that's where I found this gem:

The Legacy

The great firms hold at heart a certain view,

Values of their founders that survive 

only because the energy and art of generations coming after thrive, like planted fields when the rains arrive.

There is this mystery; that such a firm and it’s people, beating within a single heart, are each in the other renewed as they renew, even as both are changed are both affirmed.

Written on the 75^th Anniversary of Morgan Stanley (1935-2010) by John Barr, Managing Director Morgan Stanley (1984-1990)

Thanks to Jeff Fisher for bringing this "Free the Damn Data" button to PREA and allowing me to photograph it (and his lapel!) that Susan Hudson-Wilson handed out at a NCREIF (National Association of Real Estate Investment Fiduciaries) meeting back in the 'old days.' 

I met a young man who is working as a bartender in a hotel bar near where I'm living.  He told me about a business that he and a partner are just about to launch.  It's such a brilliant idea and it's theirs so I won't spill the beans.  But one thing he reminded me about that he had learned when he was growing up and that I had read some years back:  True character is defined by your behavior when no one is looking.  

Pretty cool thing:  Toddle Tunes-Where Kids Learn to Play (http://www.toddletunes.org).

Hot dog of the week:  Clarion Partners hosted "Pink's Hot Dog" party on the Monday night of PREA.  How was I supposed to know that it's the family of Clarion Partners' Richard Pink that had founded a hot dog operation as famous as Pink's in 1939.  Anyway, I had their famous chili dog..delish! (http://www.pinkshollywood.com).

So, there was this other party on Monday night at Orson Welles' estate in the Hollywood Hills.  It was one of the most fun nights I've had in a long time.  A few of us jammed well into the night (make that morning) accompanied by tambourine players, percussion bangers and singers while others entertained themselves by shooting pool, shaking a tambourine, singing along, just enjoying the view.  

On the road..

Nov. 6:  Hartford, CT

Nov. 7:  Washington, DC for my "Careers in Real Estate-Connecting the Dots" talk with students at Johns Hopkins University.

Nov. 8-9:  PERE Forum, New York to attend, moderate a panel and serve as chair for Day Two (Gunnar Branson, CEO of NAREIM is Chair for Day One)

SPECIAL EVENT: 

Nov. 8:  Join me for a YBYO (You Buy Your Own) drink on the night of the first day of the PERE Forum in New York.  I'll provide the famous Joe G pizza.

Where:  Joe G Restaurant, 244 W. 56th St (bet. B'way and 8th) and downstairs at the DaVinci Hotel. (http://www.joegrestaurant.com/home.html)

When:  Starting at 6:30pm

Look forward to seeing you.  Feel free to bring your industry friends.

Nov. 27:  Deloitte 2012 Real Estate Industry Update at 30 Rockefeller Center, New York

Nov. 28:  Rockefeller Center Tree Lighting Ceremony Party (Thanks to Tishman Speyer for inviting me).

Dec. 3-4:  Chicago to moderate a panel at NAREIM's Capital Raising and Investor Relations Council Meeting

Dec. 15-Jan. 2:  Monrovia, Liberia.  Going back six years later with The MacDella Cooper Foundation (http://www.macdellacooper.org).

Feb. 27-28:  Hong Kong to attend the PERE Forum-Asia. (This is part of a two-week trip where I'll also visit Singapore and China for the first time!).

Napa Valley House for Sale (The photos don't do it justice!):  

(http://www.cbnapavalley.com/homes/CA/Napa/94558/3415_1_2_Browns_Valley_Rd/10521223049/index.html?cnt=6)

Is Your Company Cool? / Eye Contact / The Rainbow Room / Return to Liberia

Gunnar Branson, CEO of NAREIM (National Association of Real Estate Investment Managers) is one very creative-thinking dude who happens to head an industry trade association.  At their Executive Officer Meeting in Chicago this week (where I moderated a panel of Canadian institutional investors and played a YouTube of The McKenzie Brothers "Take Off To The Great White North" (Featuring Geddy Lee of Rush) while the panelists were getting situated on stage), he used the example of how the music industry has changed and challenged us to think about the future of real estate that way.  In the breakout brainstorming session that followed, I was the discussion leader / facilitator for one of the groups.  We decided to focus on office.  These are a few concepts that we all agreed are important for us to keep in mind: 

• "Cool" space
• People want to work for a company seen as "cool" (this isn't about what the company does but more how it exists).
• People want to have the ability to work together, to be part of the flow.
• More common / group / team space will be needed
• "Group space vs. a space for a collection of individuals."
• Provide amenities:  gym / free food and coffee / child care

The discussion was very lively.  Phrases like "Future Proofing" and "Density Collaboration" were offered into the mix by other tables, not as cool as ours of course, but cool in their own right!  Also, these are things that will help you attract and retain people.  

Eye Contact
So I'm sitting by myself in a restaurant the other night thinking I'd be watching the Yankee/Tiger game but it was rained out and the bartender couldn't figure out how to find anything other than some QVC show.  But right in my line of sight is a woman talking with a man.  I can see her but I can only see his back.  Without seeming like it (I think anyway) I watched.  This woman made such wonderful eye contact with this guy.  

This week when I spoke with students at DePaul University and The University of Chicago on Careers in Real Estate-Connecting the Dots I asked them how long a first impression took.  Based on my belief, they were right-on:  Four seconds.  It's the time it takes to shake someone's hand and look into their eyes.  It's really important, both the handshake and the eye contact.  And, while I'm at it, about the handshake:  wimpy ones are unacceptable but those of you who feel the need to crush my hand, please, save it for the gym!

"The Rainbow Room Is Now A City Landmark"

So said the headline in the NY Times this week. The Rainbow Room is the "65th floor space with the see-forever views at 30 Rockefeller Plaza in Manhattan".  I've been there over the years for drinks and for a couple of industry events.  It's been vacant since 2009.  But I have a personal story to relate....Baum + Whiteman Group (see below) were retained to reinvent The Rainbow Room.  In December 1987 it reopened with a new twist:  Evergreen, a healthy restaurant. Baum + Whiteman Partner, Michael Whiteman,  invited me to eat there with him shortly after the opening.  At that point, I was being particularly careful about what I ate.  The attraction/gimmick was that you got a printout of the caloric, etc. components of your meal.  Sadly, the concept was way too far ahead of it's time and didn't last long.  Whiteman and I remain good friends, ever since a trip we took to Louisiana together in, 1985/6 to scout out possible local tenants for a food court to be part of a new mall that the company I worked for was going to build at I-10 and Siegan Lane in Baton Rouge.  The mall was never built but the trip was legendary and launched our friendship.  Michael, no blushing now, is one of the smartest most forward thinking restaurant/food people in the world and his credentials are there to prove it.  Oh, one other food thing:  Michael's wife is Chef/Author Rozanne Gold.   Check her out!

The Eight of Them First ever photo of my sons, Brian (top) and Kevin with their wives, Bridget (Brian) on left and Marissa (Kevin) on right and the kids:  Top (Sean).  Bottom l-r:  Gavin (Sean's bro) and Benjamin and Edie (the twins).  Wow! Help Shannon Corey Help Kids I met Shannon in 2006 when I bought a Yamaha digital piano from her via Craigslist.  I didn't know it at the time but she is a very talented professional singer/songwriter.  I got to see her perform recently at the legendary Bitter End in NY. While there she told me about her trip to Nepal in January 2013 to bring music to orphans.  She needs some financial help.  Here's the link to donate (btw, she only needs $2500 and has already raised $650).  On behalf of Shannon (who has no idea that this is being mentioned her)...Thank you! "There is no try.  There is do or do not."  Yoda Congratulations: Anatole Pevnev who has joined ORG Real Property as Director of Research David Schaefer who has joined AEW as head of their Asia business Phil Greenberg who is now Senior Managing Director at C-III Capital Partners Howard Fields who has joined Inland Institutional Capital Partners as Senior Vice President Special: 17 Hottest Food and Dining Trends for Restaurants and Hotels, 2013  It's that time of year when Baum+Whiteman International Food+Restaurant Consultants give us a peek through the drive-up window of what will be cool and happening next year.  The whole report is here.  And, here's, you'll excuse the expression, is a 'taste to whet your appetite!" Menu shuffling aimed at flexitarians Donuts getting bizarre upscaling Weider and weider desserts Too many tasting menus Susan Hudson-Wilson Memorial Music Spot: One of my all-time favorite songs, When You Wish Upon A Star.  Have loved it since I first saw Pinocchio as a kid.  Play this version for your children.  They will love it too! When you wish upon a star Makes no difference who you are Anything your heart desires Will come to you If your heart is in your dreams No request is too extreme When you wish upon a star As dreamers do Fate is kind She brings to those who love The sweet fulfillment of Their secret longing Like a bolt out of the blue Fate steps in and sees you through When you wish upon a star Your dreams come true 1940 Academy Award for "Best Original Song."  Writeen by Leigh Harline and Ned Washington. Performed by Cliff Edwards in character as Jiminy Cricket. On the road... Oct. 22-24:  Los Angeles for the Pension Real Estate Association (PREA) Annual Investor Real Estate Conference Oct. 25-26:  Amsterdam to attend and moderate a panel on global capital raising and "The Great Debate" at the PERE Global Investor Forum (Btw: I got a sneak peak at the full attendee list this week...it's a great bunch...if you haven't made plans to attend, you may want to seriously think about it).  Nov. 6:  Hartford, Connecticut  Nov. 7:  Washington, DC-Johns Hopkins University speak with students on "Careers in Real Estate-Connecting the Dots." Nov. 8-9:  New York to attend, moderate a panel and act as chairman for Day Two at the PERE Summit. Special Event:  Nov. 8:  Following the PERE reception please join me and some your industry friends for a YBYO (You Buy Your Own) drink and famous Joe G Pizza (I provide). Joe G Restaurant 244 W. 56th Street (Bet. B'way and 8th) Down the stairs from the DaVinci Hotel Start: 6:30pm Bring your industry friends.  The more the merrier (and maybe someone will even buy me a drink!) Nov. 15-18:  New York.  My brother Jay makes a rare visit Nov. 19-24: London Dec. 3-4:  Chicago for NAREIM's First Annual Capital Raising and Investor Relations Meeting Dec. 20-Jan.3:  Return to Liberia with The MacDella Cooper Foundation.  It's been six years since my last visit; a lot of progress has been made. I need to see it and hopefully see some of the kids that I got to know in 2006. Feb. 27-28:  Hong Kong to attend the PERE Summit: Asia. Trips in the works: New Zealand:  My good friend, John, has been encouraging me to visit for years.  Why wait any longer?

Special OTR: The Industry Remembers Susan Hudson-Wilson

Thank you to everyone for sharing your thoughts, feelings and stories about Susan Hudson-Wilson who died suddenly on October 5, 2012.  She was 60.  I just wanted to share these with you.  The loss to Susan's family is unimaginable.  And we have lost one of our our own.

(Note: The original column is at the end )

• "I had the great benefit to having worked with SWH "I had the great benefit to having worked with SHW on a number of occasions, and she was an inspiration." Jon Lekander,Global Head-Property Multi-Manager, Aberdeen Asset Management 

• "I was among those who was more the beneficiary of her research and thought-leadership.  I met her a number of times informally and knew several of her professional prodigy who have also given much to our industry.  One of my recollections is her chairing an inter-active session, I think at PREA, some years ago.  The topic was something about the role of real estate in an institutional investment portfolio and I believe it was the last session of the last day.  The presentation was disappointingly flat, and I knew at the time it was because almost no one in the room knew enough about the other asset classes to contribute meaningfully to the topic.  She was always just so far ahead of the rest of us."  Jon Willis, Principal, Global Property Strategies

• "As a former client and ULI colleague of hers you paid a touching tribute. Shared it with a friend, Joanna Stimson, who was her fourth hire at PPR and she too thought it was quite fitting."  Ken Munkacy, Senior Managing Director-International Group, GID Investment Advisers

• "When Tom Klugherz and I were at GE Capital Investment Advisors in the mid-1990s, the firm hired PPR (they had to have been brand-new) as a research consultant. We would hold big market-review discussions with Susan, Steve Coyle, Bret Wilkerson, Josh Scoville and a few others. One of the fellows would go into great detail on a given metro, delving into employment stats, absorption and whatnot. He’d wrap up just when we were getting close to information overload. Then Susan, who had been standing by silently, would say, “We think San Jose is a yummy market.” And that was that! Doug Holm

• "I almost fainted when I read your blog; it is so hard to believe that we will never hear another one of her well thought out, timed, and pointed statements about issues in the real estate investment world.  I always admired Susan and wished I could have known her better.  As one of the leading voices in the institutional investment industry representing our “asset class”, she helped push real estate into its legitimate role as a significant part of a well diversified portfolio.  As a fellow CFA, I was thrilled with her work to add real estate to the list of topics that are studied in the CFA curriculum.  Unfortunately, there seems to have been no voice to replace hers. She was an icon." 
  Leanne Tobias, Managing Principal, Malachite LLC

• "I was deeply touched by your superb piece on my wife Susan, as well as by the wonderful comments from people I knew well personally or by constant reference in conversation with Susan. I appreciate the humor and candor and attention to detail, as would Susan herself! She is missed horribly, but always present." John Wilson, Susan's Husband
  
  
• " A wonderful lady who also served as a sterling example for women in the industry.  So very sad."  Lynn Cherney, Global Real Estate Practice Leader, Spencer Stuart

• " To say that she was a mentor would be an understatement not to mention what she did for women, our industry and everyone she touched. And always with a sense of dignity and humor."  Mary Hull, Managing Principal, Westbrook Partners 

• "We have lost a great person. I met her first when she was at AEW – early 90s I think – and remained a huge fan ever since. She certainly inspired me through my career. Jeannette Rice, Rice Consulting Inc

• "Wonderful tribute.  She will be “wicked” missed."  Nori Gerardo-Leitz, President, Areté Capital

• "Steve –  I never had the opportunity to personally meet Susan, but know her contributions to our industry are immeasurable.  I feel like I know her much better after reading your fantastic tribute!" Grant Walker, Teacher Retirement System of Texas

• "She was the one that reminded us that when talking about public, private, debt and equity the term "4 quadrants" was redundant!" Catherine Schuster, Head of Communications and Client Services, Real Estate, UBS Global Asset Management. 

• "Dear Steve, I hope that this e-mail finds its way to you. I read your tribute to my sister-in-law this morning and wanted to thank you for such a beautifully written item. Susan married my brother more than 40 years ago. She has been my best friend, source of inspiration and greatest cheerleader for all those years. I can't thank you enough for sharing your thoughts and feelings." Amy Wilson Demers
  

• "Nice column. I was at PPR after she sold the company to DMGI, but she never really left." Jeff Havsy, Director of Research, NCREIF

• "In the  early 90's I was head of research at the Property Council of Australia (NAREIT, NCREIF, NAREIM, BOMA all under one roof). I instigated a series of seminars where we brought the best real estate research minds to Australia - Michael Giliberto, Jacques Gordon, Blake Eagle, Charles Wurtzebach, Will McIntosh to name a few. And of course Susan. Susan returned a few times. I remember clearly her first presentation on four quadrant investing which really challenged the way Australians could look at real estate investing. Susan's research was well circulated in Australia as unfortunately we didn't, and still don't have a strong research community and very few people were writing and challenging our thinking the way Susan did. You describe her to a tee in your email but I would add her legacy goes well beyond just the US real estate industry." 
  Adrian Harrington, Head of Funds Management, Folkestone Limited
  
  
  The Original Column:
  On the Road with Steve Felix
  October 12, 2012
  
  
  Susan Hudson-Wilson
  
  
  The news about the death of Susan Hudson-Wilson (aka Susan H-W) this week was shocking in it's abruptness. Last Friday, she died from a severe cerebral aneurysm.  The medical team who investigated her death said that this could have occurred at any time or place and only coincidentally happened at the end of a joyous and successful safari in Africa. 
  
  Many of you know Susan.  Many more of you have heard of her.  Still more have been the beneficiaries of the output of her research and strategy work. 
  
  
  She was generous with her time and helped younger people grow.  When you were being considered for employment at PPR it was more of an audition for a Broadway show than an interview as everyone, no matter what job they were applying for, had to make a presentation in front of the whole team. Theme picked by the candidate – you present on a subject you know, you have command of, therefore are more comfortable with.  That way you’re not making stuff up and they got a better view of how you think on your feet.  Plus – the whole process helped those already on the team learn and hone their question asking skills – a “two-fer” as I learned Susan would call it. 
  Susan and I knew each other for a good number of years.  She was a regular reader of this column.  Probably six or seven years ago now, I went to the rooftop gym of a hotel in, gee I wish I could remember, some European city where we were both attending an industry event.  She was on the rowing machine and I walked in.  We said hello and she said, "Enough with the music stuff in OTR.  Get back to real estate!"  Of course, she was right and I listened.  She was like that.  She took an interest and had a passion for everything she did. 
  Life is just too mysterious to try to figure things out.  We don't know why someone so vital, so alive,  dies so young.  Even if there's a medical reason it doesn't stop us from asking, "Why her or him."  There is no rhyme or reason to so many things in life.  Why, why, why.  The answer is:  we have no friggin' clue.  
  Susan H-W gave a lot to the industry. She gave of herself, tirelessly, generously, caringly.  Not everyone does.  That's what makes her special in my mind and she took a lot of time to do things she was passionate about.  
  Another memory I have of Susan is sitting at a table during the cocktail time at an AFIRE meeting with Susan, John Streiker of Sentinel and Ted Leary of Crosswater.  If you think I got a word in edgewise, you are sadly mistaken!  We talked a lot.  We had a couple of glasses of wine. We laughed a lot.  We debated.   I don't know how much actual listening was going on but it was a scene that I've always remembered fondly and will cherish even more now.  
  
  
  Remembrances from others about Susan H-W:
  
  
• "She told us off on a regular basis and made us pay for it."  A former client.

• "I'm still stunned.  Susan had a huge impact on moving our industry forward at a critical time in it's evolution.  She leaves a big gap in the real estate research ranks."  Wylie Greig, former Head of Global Real Estate Research, RREEF

• "Susan was one of our best speakers and moderators.  She spearheaded many Trustee panels and many segments at Spring and Fall meetings.  She asked the tough questions and challenged us all to think deeper and smarter."  ULI Obituary

• "I will miss Susan. She was always a lot of fun to be around.  Having co-authored four articles with her, I can tell you that SHW (her track-changes initials) was absolutely never shy about offering up a provocative thought, a catchy phrase or a creative approach to data analysis.  Funny how our industry can feel like a "family" at times like this!"  Jacques Gordon, Global Investment Strategist, LaSalle Investment Management

• "Susan was an incredible thought leader for this industry who will be sadly missed by so many of us.  I am struggling to get my mind to accept this bright, inspiring, energetic woman, who has always made me think harder about my views on every subject, is no longer with us."  Lynn Thurber, Chairman, LaSalle Investment Management.

• "She touched so many people, each one in a very personal way.  Always looking to elicit something more thoughtful, more effective, ultimately to induce a better outcome.  We are fortunate to have had her in our lives and our careers.” Bret Wilkerson, Managing Director, Hawkeye Partners and former CEO of PPR.

• "I still have one of the “Free the Damn Data” buttons she had made up and handed out at a NCREIF meeting back in the “old days” which was certainly one of the catalysts to us now having a lot more disaggregated data for research on the real estate asset class.  And as one of the founders of RERI she helped make sure the data flowed to academics who could use it to help us better understand the asset class.  She was one of the first “Road Warriors” that helped pave the way for real estate to be included in institutional real estate portfolios.  And she continued her contributions to the asset class with her work on the REIS board.   We certainly all benefited from having Susan as a advocate for the real estate asset class even if it meant being scolded by her from time to time!  I will be the first to toast her at PREA or wherever we all find ourselves having a drink." Jeff Fisher, President of The Homer Hoyt Institute.

• "We will miss her brilliant mind, her unwavering resolve and her "wicked" sense of humor." Claudia Faust, Co-Founder / Managing Partner, Hawkeye Partners

• "I am beyond devastated about Susan.  She not only was a great mentor to me, she was a life force that no one in her grip could quite escape (and I say that with all respect). Susan was an iconoclast.  She had her moral sensibilities and her sense of code, but it never wavered and one never had to guess on what side of it they stood.  Susan was black and white.  For this, and for so much else, I adored her.  My only regret is that she never fully forgave me for leaving her/PPR.  In reality, I never left Susan (I never will). I only decided to take another job (which Susan had prepared and prepped me for in spades), because it was the next step in the evolution of my career.  I will remain forever indebted to Susan and all that she did for me.  I will miss her until my days on this earth are through.  My parting thoughts are....Susan, may you fly with the angels.  As Frank Sinatra sand (lyric by Paul Anka), you did it "your way."  I love and miss you."  Steve Coyle, Chief Investment Officer, Cohen & Steers Global Private Real Estate Multimanager Strategy

Surely, Susan is now challenging the status quo in the great beyond.  We need her to do that for us.  Speaking on behalf of myself and those readers of OTR who know Susan, our sincerest condolences to Susan's family.  It seems so little to say but maybe, out of this, we can take away another reminder that life is short and we just don't know what tomorrow will bring.

At the upcoming PREA event you know there will be Susan H-W stories exchanged, glasses clinked in toasts and teary eyes (nice timing Susan, deciding to take this trip just before PREA!). 

As Jacques said, we are a family. We are a high stakes industry, dealing in trillions of dollars of real estate investments but when you come down to it, we are simply a group of people, working to make a living, doing something we love and enjoying and respecting the people we do it with.  In that way, we are among the luckiest people in the world.  

I can't know for sure what Susan would write me after she read this column today but I have a feeling:  she would say, "I liked it. You focused on the industry."  And, for this column, in dedication to Susan, I deleted all the other OTR stuff that I had written to publish today.  It can surely wait for another day.  But what can't wait is for us to remember Susan.  To talk about her.  To heal ourselves.  To hug each other.  To let ourselves feel.  To appreciate what she meant to the industry as a whole and to those of us fortunate enough to know her personally.  And then, we will move forward, hopefully, really and truly remembering how precious each day we have on earth is; not taking anything or anybody for granted; being kind to each other; laughing; enjoying life; taking chances and loving ourselves and each other.

As I wrote in my song (listen free here), "Live Your Life" (Note:  The brilliant and emotional guitar work is by my friend, Ernie Hendrickson)

They say it's long but it's really short and you say you don't have time

You can spend your days, dreaming of the way to live it

But you say that you've got things to do before your time will come

You're the only one who can really make a difference.

You just make that call, keep your eye on the ball, and don't let anyone say no

You just live your life, love your life and when go you go you'll never have regrets

Live your live, love your life, don't think twice do it right

Live your life, love your life, don't think twice it's all right!Okay Susan, I threw something about music in. I couldn't help myself.  This one is for you!

Susan Hudson-Wilson

Susan Hudson-Wilson

The news about the death of Susan Hudson-Wilson (aka Susan H-W) this week was shocking in it's abruptness. Last Friday, she died from a severe cerebral aneurysm.  The medical team who investigated her death said that this could have occurred at any time or place and only coincidentally happened at the end of a joyous and successful safari in Africa. 

Many of you know Susan.  Many more of you have heard of her.  Still more have been the beneficiaries of the output of her research and strategy work. 

She was generous with her time and helped younger people grow.  When you were being considered for employment at PPR it was more of an audition for a Broadway show than an interview as everyone, no matter what job they were applying for, had to make a presentation in front of the whole team. Theme picked by the candidate – you present on a subject you know, you have command of, therefore are more comfortable with.  That way you’re not making stuff up and they got a better view of how you think on your feet.  Plus – the whole process helped those already on the team learn and hone their question asking skills – a “two-fer” as I learned Susan would call it. 

Susan and I knew each other for a good number of years.  She was a regular reader of this column.  Probably six or seven years ago now, I went to the rooftop gym of a hotel in, gee I wish I could remember, some European city where we were both attending an industry event.  She was on the rowing machine and I walked in.  We said hello and she said, "Enough with the music stuff in OTR.  Get back to real estate!"  Of course, she was right and I listened.  She was like that.  She took an interest and had a passion for everything she did. 

Life is just too mysterious to try to figure things out.  We don't know why someone so vital, so alive,  dies so young.  Even if there's a medical reason it doesn't stop us from asking, "Why her or him."  There is no rhyme or reason to so many things in life.  Why, why, why.  The answer is:  we have no friggin' clue.  

Susan H-W gave a lot to the industry. She gave of herself, tirelessly, generously, caringly.  Not everyone does.  That's what makes her special in my mind and she took a lot of time to do things she was passionate about.  

Another memory I have of Susan is sitting at a table during the cocktail time at an AFIRE meeting with Susan, John Streiker of Sentinel and Ted Leary of Crosswater.  If you think I got a word in edgewise, you are sadly mistaken!  We talked a lot.  We had a couple of glasses of wine. We laughed a lot.  We debated.   I don't know how much actual listening was going on but it was a scene that I've always remembered fondly and will cherish even more now.  

Remembrances from others about Susan H-W:

• "She told us off on a regular basis and made us pay for it."  A former client.
• "I'm still stunned.  Susan had a huge impact on moving our industry forward at a critical time in it's evolution.  She leaves a big gap in the real estate research ranks."  Wylie Greig, former Head of Global Real Estate Research, RREEF
• "Susan was one of our best speakers and moderators.  She spearheaded many Trustee panels and many segments at Spring and Fall meetings.  She asked the tough questions and challenged us all to think deeper and smarter."  ULI Obituary
• "I will miss Susan. She was always a lot of fun to be around.  Having co-authored four articles with her, I can tell you that SHW (her track-changes initials) was absolutely never shy about offering up a provocative thought, a catchy phrase or a creative approach to data analysis.  Funny how our industry can feel like a "family" at times like this!"  Jacques Gordon, Global Investment Strategist, LaSalle Investment Management
• "Susan was an incredible thought leader for this industry who will be sadly missed by so many of us.  I am struggling to get my mind to accept this bright, inspiring, energetic woman, who has always made me think harder about my views on every subject, is no longer with us."  Lynn Thurber, Chairman, LaSalle Investment Management.

• "She touched so many people, each one in a very personal way.  Always looking to elicit something more thoughtful, more effective, ultimately to induce a better outcome.  We are fortunate to have had her in our lives and our careers.” Bret Wilkerson, Managing Director, Hawkeye Partners and former CEO of PPR.

• "I still have one of the “Free the Damn Data” buttons she had made up and handed out at a NCREIF meeting back in the “old days” which was certainly one of the catalysts to us now having a lot more disaggregated data for research on the real estate asset class.  And as one of the founders of RERI she helped make sure the data flowed to academics who could use it to help us better understand the asset class.  She was one of the first “Road Warriors” that helped pave the way for real estate to be included in institutional real estate portfolios.  And she continued her contributions to the asset class with her work on the REIS board.   We certainly all benefited from having Susan as a advocate for the real estate asset class even if it meant being scolded by her from time to time!  I will be the first to toast her at PREA or wherever we all find ourselves having a drink." Jeff Fisher, President of The Homer Hoyt Institute.

• "We will miss her brilliant mind, her unwavering resolve and her "wicked" sense of humor." Claudia Faust, Co-Founder / Managing Partner, Hawkeye Partners

• "I am beyond devastated about Susan.  She not only was a great mentor to me, she was a life force that no one in her grip could quite escape (and I say that with all respect). Susan was an iconoclast.  She had her moral sensibilities and her sense of code, but it never wavered and one never had to guess on what side of it they stood.  Susan was black and white.  For this, and for so much else, I adored her.  My only regret is that she never fully forgave me for leaving her/PPR.  In reality, I never left Susan (I never will). I only decided to take another job (which Susan had prepared and prepped me for in spades), because it was the next step in the evolution of my career.  I will remain forever indebted to Susan and all that she did for me.  I will miss her until my days on this earth are through.  My parting thoughts are....Susan, may you fly with the angels.  As Frank Sinatra sand (lyric by Paul Anka), you did it "your way."  I love and miss you."  Steve Coyle, Chief Investment Officer, Cohen & Steers Global Private Real Estate Multimanager Strategy.

Surely, Susan is now challenging the status quo in the great beyond.  We need her to do that for us.  Speaking on behalf of myself and those readers of OTR who know Susan, our sincerest condolences to Susan's family.  It seems so little to say but maybe, out of this, we can take away another reminder that life is short and we just don't know what tomorrow will bring.

At the upcoming PREA event you know there will 

be Susan H-W stories exchanged, glasses clinked in toasts and teary eyes (nice timing Susan, deciding to take this trip just before PREA!).  

As Jacques said, we are a family. We are a high stakes industry, dealing in trillions of dollars of real estate investments but when you come down to it, we are simply a group of people, working to make a living, doing something we love and enjoying and respecting the people we do it with.  In that way, we are among the luckiest people in the world.  

I can't know for sure what Susan would write me after she read this column today but I have a feeling:  she would say, "I liked it. You focused on the industry."  And, for this column, in dedication to Susan, I deleted all the other OTR stuff that I had written to publish today.  It can surely wait for another day.  But what can't wait is for us to remember Susan.  To talk about her.  To heal ourselves.  To hug each other.  To let ourselves feel.  To appreciate what she meant to the industry as a whole and to those of us fortunate enough to know her personally.  And then, we will move forward, hopefully, really and truly remembering how precious each day we have on earth is; not taking anything or anybody for granted; being kind to each other; laughing; enjoying life; taking chances and loving ourselves and each other.

As I wrote in my song (listen free here), "Live Your Life" (Note:  The brilliant and emotional guitar work is by my friend, Ernie Hendrickson). 

They say it's long but it's really short and you say you don't have time

You can spend your days, dreaming of the way to live it

But you say that you've got things to do before your time will come

You're the only one who can really make a difference.

You just make that call, keep your eye on the ball, and don't let anyone say no

You just live your life, love your life and when go you go you'll never have regrets.
Live your live, love your life, don't think twice do it right
Live your life, love your life, don't think twice it's all right!

Okay Susan, I threw something about music in. I couldn't help myself.  This one is for you!
  

Susan Hudson-Wilson

On the road...

Oct. 14-16:  Chicago to attend and moderate a panel at the NAREIM Executive Officer Meeting

Oct. 17:  Chicago, DePaul University for my talk with students on "Careers in Real Estate: Connecting the Dots."

Oct. 18:  Chicago, University of Chicago for my talk with students on "Careers in Real Estate: Connecting the Dots."

Oct. 22-24:  Los Angeles to attend PREA's 22nd Annual Investor Real Estate Conference

Oct. 25-26:  Amsterdam to moderate a panel at the PERE Global Investor Forum

Nov. 7:  Washington, DC, Johns Hopkins University for my talk with students on "Careers in Real Estate: Connecting the Dots."

Nov. 6:  Hartford, CT for meetings

Nov. 8-9:  New York to attend, moderate a panel and serve as Chair of Day to of the PERE Forum

Special Event:  Nov. 8:  Post-PERE Day One chill with me and a bunch of industry folks at my "Drink Thing."  Joe G Restaurant, downstairs from the DaVinci Hotel, 244 W. 56th Street (bet. B'way & 8th).  You buy your own drink.  I supply the famous Joe G Pizza (the original pizza guy in the David Letterman theatre).  Starts at 6:30.  Hope to see you.  Bring your industry friends.

Dec 3-4:  Chicago to attend and moderate a panel at NAREIM's Capital Raising and Investor Relations Conference

Mar. 12-15:  Cannes to attend MIPIM

Trips in planning stages:

London (before year-end)

New Zealand

China