Sixth Annual Casden Office and Industrial Forecast
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SIXTH ANNU A L Cas DEN OFFI C E A ND INDU S TRI A L FO RE cas T NEW PERS P ECTIVES FOR SOUTHER N CALIFOR N IA OFFICE A N D IN DUSTRIAL MARKETS THUR S D A Y , DE C EMBER 13, 2007 | 4:30 PM | FO UNDER S CLUB , USC GA LEN CENTER UNIVER S ITY O F SO UTHERN CA LIF O RNI A MARSHALL SCHOOL OF BUSI N ESS SCHOOL OF POLICY , PLA nn I N G , & DEVELO pm E N T Spo N so R S : PR og R A M WEL co ME Raphael Bostic, Associate Director, USC Lusk Center for Real Estate 2007 Cas DEN OFFI C E A ND INDU S TRI A L MA RKET FO RE cas T Delores Conway, Director, USC Casden Real Estate Economics Forecast PA NEL DI sc U ss I O N Michael Gottlieb, Editor, California Real Estate Journal (Moderator) Chad M. Carpenter, Chief Executive Officer, Equastone Real Estate Investment Advisors Tim Feemster, Senior Vice President and Director of Global Logistics, Grubb and Ellis Company William H. Flaherty, Senior Vice President Marketing, Maguire Properties Diana M. Laing, Chief Financial Officer, Thomas Properties Group Howard Schwimmer, Managing Partner, Rexford Industrial Chauncey M. Swalwell, Stroock & Stroock & Lavan LLP CL os IN G REM A RK S A ND AC KN ow LED G EMENT S Delores Conway, Director, USC Casden Real Estate Economics Forecast NET wo RKIN G RE C E P TI O N SP E A KER DELO R ES A. CONWAY RAPHAEL BOSTIC MICHAEL GOTTLIE B USC Casden Real Estate USC Lusk Center California Real Estate Journal BI og R ap HIE S Economics Forecast for Real Estate DEL O RE S A. CO N wa Y Rap H A EL Bos TI C Delores Conway is the director of the Casden Real Estate Eco- Raphael Bostic is the Associate Director of the USC Lusk Center nomics Forecast at the USC Lusk Center for Real Estate and for Real Estate and an Associate Professor in USC’s School of Associate Professor in the Marshall School of Business. Dr. Policy, Planning, and Development (SPPD). He is also the Direc- Conway is widely respected for her research on the commercial tor of the Master in Real Estate Development Program in SPPD. and residential real estate markets in Southern California. She is Prior to joining SPPD, Dr. Bostic spent six years on the staff at frequently interviewed by the national news media for her view- the Federal Reserve Board of Governors. While at the Fed, he points on real estate markets. In 2007, Real Estate Southern CA was responsible for studying and advising on fair lending and dis- Magazine listed her as one of the “50 Women of Influence in Real crimination issues and received a Special Achievement Award in Estate.” Prior to joining USC, Dr. Conway served on the faculty 2000 for his work supporting a Congressional mandate. of the University of Chicago - Graduate School of Business. Dr. Bostic has done extensive research on housing markets and Much admired for her teaching skills, Dr. Conway is a distin- homeownership, including a recent study on barriers to home- guished faculty fellow at the USC Center for Excellence in Teach- ownership and determinants of gentrification. He also has written ing and received USC’s highest teaching honor - the University extensively on consumer banking issues, with a particular focus Associates Award for Teaching Excellence. She is an elected fel- on mortgage and small business lending, bank branching patterns, low of the American Statistical Association and was an associate and credit scoring and automated underwriting. He is currently editor for the Journal of the American Statistical Association. conducting research on the ways in which the Community Rein- vestment Act has influenced the behavior of lenders and credit Dr. Conway received her Ph.D. and master’s degree in statistics markets. His work has been published in the Journal of Urban from Stanford University, and undergraduate degrees in math- Economics, Real Estate Economics, the Journal of Real Estate Fi- ematics, statistics and computer methods from the University of nance and Economics, and the Journal of Banking and Finance. Wisconsin, Madison. Dr. Bostic received his B.A. in psychology and economics from Harvard University and his Ph.D. in economics from Stanford University. MI C H A EL GO TTLIEB , EXE C UTIVE EDIT O R , CA LIF O RNI A RE A L ES T A TE JO URN A L Michael Gottlieb is the Editor of the award-winning California Real Estate Journal, the No. 1 news source dedicated to covering the state’s commercial real estate industry. Michael also is Execu- tive Editor for the Daily Journal Corp.’s Daily Commerce Group where he is responsible for overseeing all aspects of 9 local busi- ness publications located throughout California and Nevada. A career journalist, Michael has received a variety of awards while working in various editing and reporting positions for Gannett Corp., Times Mirror Corp. and Tribune Corp. newspapers in New York and California. Immediately prior to joining the California Real Estate Journal in 2001 as Assignment Editor, Michael was City Editor of the Los Angeles Times’ Westside Weekly section. Michael is a graduate of the University of Southern California. CHA D CA R PE R NTE R TI M FEE M STE R WIILLIA M H. FLAHE R TY EQUASTONE REAL ESTATE Grubb and Ellis Company Maguire Properties INVEST M ENT AD VISO R S CH A D M. CA R P ENTER , CEO, rationalization, warehouse network analysis, and third party quali- EQU as T O NE RE A L ES T A TE INVE S TMENT ADVI S ER S fication and selection. Mr. Carpenter co-founded Equastone and has been involved with all major investment, acquisition and operating decisions since its In addition, Mr. Feemster has been responsible for warehouse op- inception in 1993. Mr. Carpenter is a Managing Member of Equa- erations, strategic planning, marketing, site selection, inventory stone Value Fund Manager and Equastone Value Fund II Manager planning and deployment, quality management, and private fleet and sits on Equastone’s Acquisition and Disposition Committees. management both nationally and globally. He holds an M.B.A. with Mr. Carpenter has over 20 years of experience in real estate invest- distinction in Marketing and Operations Research from the Univer- ing, brokerage and operations. sity of Michigan, Ann Arbor, Michigan. He received his Bachelors in Mathematics from DePauw University, Greencastle, Indiana. Prior to Equastone, Mr. Carpenter spent eight years with Business Real Estate Brokerage Company (BRE) and CB Commercial Real Estate Services. Mr. Carpenter is a graduate of the University of WILLI A M H. FL A HERTY , SENI O R VI C E PRE S IDENT O F MA RKETIN G , Southern California (BA in Economics) and the Harvard University Mag UIRE PR op ERTIE S , IN C . Graduate School of Design “Running a Real Estate Company Pro- gram.” Mr. Carpenter is a licensed real estate broker in California Bill Flaherty is a Senior Vice President at Maguire with responsibil- and a member of the National Association of Industrial and Office ity for creating and overseeing marketing strategies and branding Properties in San Diego. initiatives, managing the Maguire Macquarie Office joint venture relationship and participating in analyst and investor presentations Equastone is a real estate investment firm specializing in the oppor- and market tours, speaking engagements and industry conferences. tunistic acquisition and asset management of value-added real es- tate. Equastone manages investment capital on behalf of Equastone Prior to joining Maguire Properties, Flaherty served as a Partner of Real Estate Funds, private equity funds for high net-worth and in- Maguire Partners where he directed leasing and marketing at the stitutional investors. Since 1993, Equastone sponsored investments firm’s 900-acre Solana mixed use campus development in Dallas, have consistently delivered attractive returns due to its highly selec- Texas. From 1998 - 2002, Flaherty was an SVP at Hillwood, a pri- tive approach and proven ability to add value. Equastone currently vate real estate firm owned by Ross Perot, Jr., where he directed the owns 57 office and flex buildings encompassing more than 9 mil- highly successful marketing, sponsorship and sales campaign for lion square feet throughout the United States. the $420 million American Airlines Center, and he oversaw the in- troduction, marketing and development activities for Victory Park, TIM FEEM S TER , SENI O R VI C E PRE S IDENT , the 72-acre urban, master-planned development adjacent to the Dal- DIRE C T O R O F GL O B A L Log I S TI cs , GRUBB A ND ELLI S las CBD. In a previous role, Flaherty served as senior vice president at Rosewood Property Company where he directed all marketing Over 35 years of experience have provided Tim Feemster with a and leasing activities for office properties owned by Rosewood and variety of hands on problem solving situations in logistics, distribu- the Caroline Rose Hunt Trust, including The Crescent, a $400 mil- tion, and marketing. He is currently Director of Global Logistics lion mixed use development in Uptown Dallas. for Grubb and Ellis in Dallas, Texas. Grubb and Ellis is one of the world’s leading commercial real estate services firms, with offices Flaherty is a member of ULI and serves on the Executive Com- in more than 100 domestic markets. mittees of ULI-LA and ULI-OC, NAIOP where he serves on the Executive Committee and as Treasurer for 2007 of NAIOP So- Before joining Grubb & Ellis Company, Mr.