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					Week of November 19-25, 2010                                                                                                                                                                                             Houston Business Journal                                                                                                                                         www.houstonbusinessjournal.com                     1

           REAL ESTATE DEVELOPMENT IN A
           CHANGING POLITICAL LANDSCAPE
                                                                                                            Houston@ULI.org                                                                                               713.349.8821                                                                         ULI-Houston.org

          Houston expected to emerge from recession stronger than most states
   Survey respondents signal hopeful signs for commer-
 cial real estate market improvements in 2011, according
 to Emerging Trends in Real Estate® 2011 forecast from PwC
 and the Urban Land Institute an ‘era of less,’ flight to quality accel-
 erates by investors to coastal gateway                                                                                        “Real estate market participants con-
 cities and prime class assets.                                                                                             tinue to see a gulf between buyers and
    After three years of dislocation and un-                                                                                sellers, however, there is an expectation
 precedented loss, commercial real estate                                                                                   that the ‘bid-ask” spread will begin to
 industry investors and professionals hint at                                                                               close in 2011 as selling sentiment im-
 hopeful signs of tempered commercial real                                                                                  proves dramatically from last year’s all
 estate market improvements, according to                                                                                   time survey lows and buyers temper ex-
 respondents of the Emerging Trends in Real                                                                                 pectations for giant discounts,” said ULI
 Estate® 2011 report, by PwC US and the                                                                                     Senior Resident Fellow for Real Estate
 Urban Land Institute (ULI).                                                                                                Finance Stephen Blank. “Investors with
    Survey respondents indicate a lowering                                                                                  cash could have excellent opportunities
 of performance expectations, anticipating                                                                                  to seize market bottom plays by recapi-
 high single digit returns for core properties                                                                              talizing cash-starved owners or buying
 and mid-teen returns for higher risk invest-                                                                               foreclosed assets.”
 ments. Without ample leverage and atten-                                                                                   Respondents to the Emerging Trends
 dant risk, real estate assets cannot sustain                                                                               cite the best investor bets for 2011
 higher performance, according to survey                                                                                    which include:
 respondents. The survey finds that lenders                                                                                  •Temper expectations - Buy well-leased                                                                    •Buy land – It won’t get any cheaper
                                                                                                                                                                                                                                        Buy                     any cheaper
                                                                                                                                                                                                                                                                  y h he                                                                                    pool.
                                                                                                                                                                                                                                                                                                                                                            pool.
 with strengthening balance sheets finally                                                                                    core assets and look for 6 to 7% cash                                                                                                   for
                                                                                                                                                                                                                                        than now, but prepare to wait for the
                                                                                                                                                                                                                                                                 wait fo                                                                             Austin
                                                                                                                                                                                                                                                                                                                                                     Austin and San Antonio get high marks
 step up foreclosure activity and disposi-                                                                                    flows.                                                                                                    right development opportunity.
                                                                                                                                                                                                                                                                    y                                                                                 in the survey again this year, for their
 tions of properties during 2011 and 2012,
                                                                                                                            •Lock-in leverage - Mortgage rates can’t                                                                   •Exercise caution on distressed loan
                                                                                                                                                                                                                                        Exercise                                                                                                      appealing quality of life and strong
 helping values reset 30-40% below 2007
                                                                                                                             get much lower and cyclical bottom is                                                                          l They                  i f di-
                                                                                                                                                                                                                                        pools – Th could be a recipe for di
                                                                                                                                                                                                                                                         ld b                                                                                         service economy k
                                                                                                                                                                                                                                                                                                                                                           i             keeping conditions
                                                                                                                                                                                                                                                                                                                                                                             i        di i
 peaks.
                                                                                                                             the optimum time to leverage proper-                                                                       saster if you don’t underwrite the as-                                                                        relatively favorable.
    “The market is predicting extreme bi-
                                                                                                                             ties in order to magnify future value                                                                      sets properly.                                                                                               Among property sectors, the survey
 furcation as the capital flight to quality
 creates a greater separation between the                                                                                    gains as property fundamentals ame-                                                                      Markets to watch                                                                                            finds that apartments outrank all other
 trophy and less desirable assets,” said Mitch                                                                               liorate.                                                                                                    Survey participants believe the 24-                                                                      sectors — favorable demographics and
 Roschelle, partner, US real estate advisory                                                                                •Provide debt and recap equity - Players                                                                  hour cities will always dominate and out-                                                                   the housing bust should increase renter
 practice leader, PwC. “Well-located and                                                                                     who fill the gap on assets with lowered                                                                  shine secondary markets. This year, the                                                                     demand and some interviewees forecast
 well-tenanted properties that can genera-                                                                                   cost bases can obtain excellent risk-ad-                                                                 top Emerging Trends markets selected                                                                        rent spikes by 2012 in some infill markets
 tive strong cash flow over the next several                                                                                 justed returns up and down the capital                                                                   by survey respondents offer no surprises                                                                    where development activity has ground
 years are exactly what buyers and lenders                                                                                   stack, including mezzanine debt and                                                                      — Washington DC pulls away from the                                                                         to a halt. Readily available financing from
 want, according to survey respondents. As                                                                                   preferred equity, if not loan to own op-                                                                 pack, followed by San Francisco, Boston                                                                     Fannie Mae and Freddie Mac bolsters
 a result, prime apartments and office build-                                                                                portunities.                                                                                             and Seattle, as the pre-eminent gateway                                                                     buying activity. Core players also like
 ings in gateway cities are generating the                                                                                                                                                                                            cities. Houston and Denver solidify rank-                                                                   warehouses and infill grocery anchored
 most attention from the increasing pent-                                                                                   •Focus on global gateways, 24-hour                                                                        ings and respondents show faith in South                                                                    retail, while full service center city hotels
 up sidelined capital.”                                                                                                      markets - Everybody wants to be in the                                                                   California’s resiliency, despite recent set-                                                                remain the top choice for opportunity in-
                                                                                                                             primary coastal cities with internation-                                                                 backs. While ratings improved for mar-                                                                      vestors.
 Debt market loosens further in 2011                                                                                         al airport hubs.                                                                                         kets from coast to coast over 2010’s re-                                                                       Now in its 32nd year, Emerging Trends
   The report indicates debt markets thaw-                                                                                  •Favor infill over fringe – The ‘move                                                                     sults, the gap between top and bottom                                                                       is the oldest, most highly regarded an-
 ing further in 2011 as banks continue                                                                                       back in’ trend gains force as twenty-                                                                    continues to widen, and more than 60%                                                                       nual industry outlook for the real estate
 to strengthen balance sheets, take their                                                                                    something Echo Boomers want to                                                                           of surveyed cities still fall below “fair” rat-                                                             and land use industry and includes inter-
 losses and step up lending, resulting in                                                                                    experience more vibrant urban areas                                                                      ings for commercial and multifamily in-                                                                     views and survey responses from more
 higher transaction volumes. Borrowers                                                                                       and aging Baby Boomer parents look                                                                       vestment prospects.                                                                                         than 1000 leading real estate experts,
 are expected to have improved chances                                                                                       for greater convenience in downscaled                                                                      Highlights from around the State:                                                                         including investors, developers, property
 to obtain refinancing if they own relatively                                                                                lifestyles.                                                                                                •Houston is expected to come out                                                                          company representatives, lenders, bro-
 well-leased cash flowing properties. But                                                                                                                                                                                                 stronger from the recession than                                                                        kers and consultants.
                                                                                                                            •Patience is a virtue - Transaction activity                                                                                                                                                                             A copy of Emerging Trends in Real Es-
 overleveraged owners dealing with high                                                                                                                                                                                                   most states, creating more real estate
                                                                                                                             will increase and more value add and                                                                                                                                                                                 tate® 2011 is available at www.uli.org/
 vacancies and rolling down rents may face                                                                                                                                                                                                demand.
                                                                                                                             distressed deals will appear.                                                                                                                                                                                        emergingtrends or www.pwc.com/us/
 more uncertain prospects in the credit mar-
 kets, including the increasing likelihood of                                                                               •Buy or hold REIT – Survey respondents                                                                      •Dallas attracts businesses with its low                                                                  realestate.
 foreclosure.                                                                                                                expect solid cash flowing returns.                                                                           costs, low taxes and sizeable talent
  EXHIBIT 3-5                                                                                                                EXHIBIT 3-7                                                                                                EXHIBIT 3-6                                                                                                EXHIBIT 3-8
  U.S. Apartment Buy/Hold/Sell Recommendations by Metro Area                                                                 U.S. Office Buy/Hold/Sell Recommendations by Metro Area                                                    U.S. Industrial/Distribution Property Buy/Hold/Sell                                                        U.S. Retail Buy/Hold/Sell Recommendations by Metro Area
                                                                                                                                                                                                                                        Recommendations by Metro Area
                         Q Buy          Q Hold          Q Sell                                                                                                                                                                                                                                                                                                             Q Buy         Q Hold          Q Sell
                                                                                                                                                                                                                                                                Q Buy         Q Hold          Q Sell
      San Francisco           75.0                                                                   15.6          9.3
                                                                                                                                         New York          64.9                                                   26.8          8.3                                                                                                                Washington, D.C.            50.5                                            40.2    9.3
        Los Angeles           73.2                                                               18.7              8.0                                                                                                                         Los Angeles          63.4                                                            28.6    8.0
                                                                                                                                   San Francisco           62.5                                                  29.4           8.1                                                                                                                          New York          48.2                                           38.3    13.6
            New York          72.6                                                               21.0              6.3                                                                                                                                Dallas        56.6                                                     33.7           9.6
                                                                                                                               Washington, D.C.            62.3                                                  23.9          13.7                                                                                                                    San Francisco           41.4                                    45.7           12.9
  Washington, D.C.            69.0                                                            21.0                10.0                                                                                                                             Houston          52.1                                                  40.9              7.0
                                                                                                                                            Boston         55.8                                           42.2                  2.0                                                                                                                       Los Angeles          36.1                                 49.1              14.8
               Seattle        67.6                                                        26.4                     5.8                                                                                                                                Miami         52.1                                                  36.6             11.3
                                                                                                                                      Los Angeles          45.2                                    41.3                        13.5                                                                                                                             Boston         31.7                           56.1                    12.2
               Denver         66.3                                                       24.2                      9.4                                                                                                                                Seattle       51.1                                                  44.6              4.4
                                                                                                                                           Houston         44.8                                    37.9                        17.2                                                                                                                           Houston          29.7                          56.8                     13.5
           San Diego          65.6                                                      21.8                      12.5                                                                                                                  Washington, D.C.            48.8                                              37.2                 14.0
                                                                                                                                             Seattle       39.3                             52.3                                8.4                                                                                                                         San Diego          29.0                          59.2                     11.8
               Boston         63.2                                                     28.7                        8.0                                                                                                                      San Francisco           48.6                                              41.9                  9.5
                                                                                                                                        San Diego          35.6                           51.1                                 13.3                                                                                                                            Chicago         27.8                          61.1                     11.1
             Houston          52.7                                            29.7                                17.5                                                                                                                              Chicago         46.1                                            39.3                   14.6
                                                                                                                                             Dallas        35.1                           53.2                                11.70                                                                                                                              Seattle       27.8                       60.0                        12.2
             Chicago          50.6                                            36.1                                13.2                                                                                                                               Denver         44.1                                           48.8                     7.1
                                                                                                                                            Denver         34.3                           56.6                                  9.1              San Diego          38.8                                    47.5                           13.8                 Denver         23.6                   61.8                            14.6
                Dallas        47.0                                      29.4                                      23.5
                                                                                                                                           Chicago         23.6                    54.9                                        21.6               New York          37.8                                    52.7                            9.5                  Miami         23.5                   57.4                            19.1
                Miami         38.2                               39.5                                             22.2
                                                                                                                                             Miami         21.1              55.3                                              23.7                  Boston         31.1                             56.8                                  12.2                  Dallas        23.2                   59.8                            17.1
        Philadelphia          34.3                            43.7                                                21.8
                                                                                                                                           Phoenix         20.6              39.1                                              40.2                 Phoenix         26.2                      48.8                                         25.0          Philadelphia          19.2              55.8                                 25.0
             Phoenix          31.6                        36.7                                                    31.6
                                                                                                                                      Philadelphia         17.7              48.4                                              33.9                  Atlanta        21.9                52.1                                               26.0                Phoenix         17.3            48.2                                   34.6
               Atlanta        29.5                       45.9                                                     24.4
                                                                                                                                             Atlanta       14.3              50.0                                              35.7           Philadelphia          20.4                53.1                                               26.5                 Atlanta        10.3     58.8                                          30.9
                         0%       10%      20%          30%      40%    50%      60%     70%          80%   90%      100%

  Source: Emerging Trends in Real Estate 2011 survey.                                                                        Source: Emerging Trends in Real Estate 2011 survey.                                                        Source: Emerging Trends in Real Estate 2011 survey.                                                        Source: Emerging Trends in Real Estate 2011 survey.
2   www.houstonbusinessjournal.com                                              Houston Business Journal                                                                Week of November 19-25, 2010




    Houston Mayor Annise Parker Among four U.S. Mayors named as Daniel Rose fellows                                                         ULI HOUSTON OFFICERS
                                                                                                                                            Jonathan Brinsden
    by the Urban Land Institute Daniel Rose Center for public leadership in land use.                                                       District Council Chair
                                                                                                                                            Exec. Vice Pres., COO, Midway Companies
   WASHINGTON – The Urban Land Institute                                                      based Rose Associates, Inc., whose career     Gary Altergott
(ULI) Daniel Rose Center for Public Lead-                                                     has involved a broad range of profession-     District Council Vice-Chair/Mission Advancement
ership in Land Use has named Houston                                                          al, civic, and nonprofit activities.          Principal, Morris Architects
Mayor Annise Parker and three other                                                              According to Rose, the Center is unique    Matthew Behrmann
outstanding local community leaders                                                           in how it facilitates collaboration among     Chair, Young Leaders
to serve in fellowships for the Center                                                        leaders in land use by bringing partici-      Assistant Project Manager Hines
through 2011. Parker’s local team will                                                        pants together from the public and pri-       Russ Bynum
join three others led by the mayors of                                                        vate sector. “Each has much to learn from     Co-Chair, Membership
Charlotte, Detroit and Sacramento.                                                            the other,” he said. “The more knowledge-     Project Manager, Southwest & Mountain Region, AECOM
   The mission of the ULI Rose Center is                                                      able and better trained people are on
to encourage and support excellence in                                                        both sides of the table, the more effective   Greg Erwin
land use decision making. By providing                                                        they are. The most successful projects in-    District Council Vice-Chair / Sponsorship
public officials with access to information,                                                  variably reflect those relationships.”        Winstead Real Estate Development &
best practices, peer networks, and other                                                                                                    Investments Practice Group Head
                                                                                                 In addition, ULI has assembled a team
resources, the Center seeks to foster cre-                                                    of eight urban development and design         Edwin Friedrichs
ative, efficient, practical, and sustainable                                                                                                Co-Chair, Advisory Services
                                                                                              leaders from around the nation who will
land use policies.                                                                                                                          Sr. Principal, Walter P Moore
                                                                                              be serving as faculty for the 2010-2011
   “The City of Houston is honored to be                                                      Rose Center Fellowship cities. The current    Lance Gilliam
selected for the Urban Land Institute’s                                                       class of Daniel Rose Fellowship teams fol-    Co-Chair, Advisory Services
Rose Fellowship program,” said Parker.                                                        low the inaugural 2009-2010 class, led        Managing Director, Moody Rambin Interests
“These resources will be very beneficial                                                      by the mayors of Minneapolis, Nashville,
as we strive to accommodate growth and                                                                                                      Bill Odle
create a sustainable future for our city
                                               Houston Mayor Annise Parker                    Philadelphia and Phoenix.                     District Council Vice-Chair/Programs
                                                                                                 “The Rose Fellowship has been a tre-       Principal, TBG Partners
while maintaining the integrity of our         them overcome obstacles posed by the           mendous asset for us,” said Philadelphia
neighborhoods.”                                current economic environment, reposi-          Deputy Mayor for Economic Develop-            Cullen Powell
   Parker and her team will offer guidance     tion their cities for long-term prosperity,    ment Alan Greenberger, a 2009-2010            District Council Vice-Chair/Treasurer
to ULI in the development of products,         and establish a course for success that        fellow. “It has given us an opportunity to    Vice President, Wells Fargo
programs and services that cover a broad       can be applied to other cities.”               step back and think about a particular        Adrienne Schwartz
spectrum of work incorporating three                                                          land-use problem with outside expert          Co-Chair, Membership
over-arching themes: real estate finance       Parker’s 2010-11 ULI Daniel Rose Fel-
                                                                                              help. That is very difficult to achieve in    Director of Business Development, Harrison Kornberg
and development; the interdependen-             lowship team members are:
                                                                                              the public sector, when all of our time is    Architects
cies and respective roles of the public        George Greanias is the President and           extremely pressured. Through this fel-        Ann Taylor
and private sectors; and the role and im-       CEO of Houston METRO.                         lowship, we were able to travel to other      Executive Director
portance of the public realm in creating
                                               Andy Icken currently serves as Mayor           cities, interact with colleagues, and hear    ULI Houston and San Antonio
viable, thriving communities.                                                                 from other experts in fields that are re-
   “The slow pace of economic recovery is       Parker’s Chief Development Officer                                                          Governance Committee
                                                for the City of Houston.                      lated to what we’re doing. That is not an
continuing to take a toll on our nation’s                                                     opportunity that comes often in the daily     Reid C. Wilson
cities. This is undercutting America’s         James Noteware is the Director of the          course of life.”                              Governance Chair
overall economic stability, because the          City of Houston Housing and Com-                For more information on the Daniel         Managing Shareholder, Wilson, Cribbs & Goren
nation’s economy is largely based on             munity Development Department.               Rose Fellowship program, visit: http://       John Landrum
the strength of its metropolitan areas,”                                                      www.uli.org/rosecenter                        Co-Managing Partner, MHP Investments
said ULI Chief Executive Officer Patrick         The ULI Rose Center was created in                                                         Jim Noteware
L. Phillips. “ULI looks forward to working     2008 with a $5 million endowment by                                                          Director
with the new class of Rose fellows to help     Daniel Rose, chairman of New York City–                                                      City of Houston Department of Housing & Community
                                                                                                                                            Development
    Join ULI for these upcoming tours, leadership events and celebrations of excellence.                                                    Tim Williamson
                                                                                                                                            Sr. Vice President
                                                                                                                                            Wells Fargo
Nov. 30, 2010                                  no more than 120 ULI Members, with a          opment partnerships. The panelists will
                                                                                                                                            Ed Wulfe
                                               complimentary luncheon and presenta-          discuss the latest information on new or-
 CEO’s Tour of Texas Children’s Hospital                                                                                                    President
                                               tion by TMC leaders by invitation only.       dinances affecting real estate, as well as
      West and TMC West Campus                                                                                                              Wulfe & Co.
                                                  All invited guests may attend the          380 agreements, the Proposition 1 drain-
Speakers:                                      luncheon, and both events are free-of-        age fee, and other topics of interest to
    Mark Wallace, President and CEO,           charge, but reservations are required.        Houston real estate professionals.
    Texas Children’s Hospital
                                               Dec. 9, 2010                                                                                         2011 DEVELOPMENT OF
    Ron Girotto, President and CEO
                                                   Doing Business with the City
                                                                                             Jan. 25, 2011                                               DISTINCTION
    The Methodist Hospital System
                                                           of Houston                                ULI Houston Development of                       AWARD FINALISTS:
    Dr. Richard Wainerdi, President and
    CEO, Texas Medical Center                  Speakers:                                                  Distinction Award
                                                 Marlene Gaffrick, Director, City of           ULI Houston honors developers and             For Profit:
    David Wolff, Chairman and President,         Houston Dept. of Planning and Devel-                                                        BP Helios Plaza
                                                                                             development teams that exemplify best
    Wolff Companies                              opment                                      practices in design, construction, eco-         Capitol Oaks
                                                 Andy Icken, Chief Development Offi-         nomic viability, management and mar-
                                                 cer, City of Houston                        keting. All finalists and winners will be       Heritage:
                                                 James Noteware, Director, City of           honored at a gala Award reception and           Greenway Plaza
                                                 Houston Dept. of Housing and Com-           dinner at the Rice Crystal Ballroom.
                                                 munity Development                            Individual tickets and table sponsor-         Not-for-profit:
                                                                                                                          ships     are      Brays Crossing, by New Hope Housing
                                                 Moderator: Reid Wilson, Managing
                                                                                                                          available at
                                                 Shareholder, Wilson, Cribbs & Goren
                                                                                                                          ULI-Houston.
                                                                                                                                             The Children’s Museum of Houston
  Please join ULI and Wolff Companies for                                Taking us inside                                                    Houston Museum of Natural Science,
                                                                                                                          org, or by
the inauguration of Texas Medical Center                              our local govern-                                                      Sugar Land
                                                                                                                          calling 713-
West Campus, the first expansion in the                               ment, three de-
                                                                      partment heads
                                                                                                                          349-8821           The Monarch School, Chrysalis Building
65-year history of the Texas Medical Cen-                                                                                 or emailing
ter to share that prestigious name and                                will explain their
                                                                      priorities     and
                                                                                                                          Houston@           Honorable Mention:
brand outside the original downtown                                                                                       ULI.org.
campus. An exclusive tour of the new                                  the opportuni-                                                         Memorial Park, Living Bridge
Texas Children’s Hospital is for ULI Mem-                             ties they see for                                                      The Terraces
bers only. Tour attendance is limited to                              public + private
                                                                      real estate devel-
Week of November 19-25, 2010                                                     Houston Business Journal                                        www.houstonbusinessjournal.com   3


   A year to celebrate the best practices, best projects and best people, with ULI Houston
   January, 2010                                                 May, 2010
                                        One Park Place and                               Many economists see “Eds and
                                     The Finger Compa-                               Meds”—educational and health-
                                     nies President/ CEO                             care institutions—as the brightest
                                     Marvy Finger, were                              spots on the real estate horizon.
                                     the toast of the town                           ULI Houston hosted a conversa-
                                     at the 2010 ULI Hous-                           tion with Chancellor of the UH
                                     ton Development of                              System, Renu Khator, who over-
                                     Distinction Awards.                             sees an organization that serves
                                     The 37-story One                                more than 61,000 students, has a
 Park Place is Downtown’s first high-rise multifamily de-
 velopment in 40 years. Lake Plaza in Hermann Park, and
                                                                                     budget over $1.2 billion, and a ($3
                                                                                     billion) economic impact on the
                                                                                                                               Please join ULI in thanking the
 The Hermann Park Conservancy won the Development                                    Greater Houston area each year.         visionary companies that are com-
 of Distinction Award in the Not-for-profit category.
                                                                 June, 2010
                                                                                                                             mitted to making the Houston re-
    Hines took home the Award in the Heritage Category                               Opening hurricane season 2010,          gion a better place. Annual spon-
 for Williams Tower, a
 development that has
                                                                                  ULI examined the massive rebuild-
                                                                                  ing effort on Galveston Island, and
                                                                                                                             sors support the ongoing work of
 exemplified excellence                                                           how recovery has progressed al-            the Houston District Council, as well
 more than 25 years.
 Architects Philip John-
                                                                                  most two years after Ike. Galveston
                                                                                  Mayor, Joseph Jaworski, and former
                                                                                                                             as educational outreach and schol-
 son and John Burgee                                                              Pittsburgh Mayor, Tom Murphy, ULI          arships for public leaders sector and
 of New York designed
 64-story Williams Tow-
                                                                                  Senior Resident Fellow for Urban
                                                                                  Development and ULI Gulf Coast
                                                                                                                             students.
 er in association with                                                           Liaison, joined a panel with Jim
 Morris/Aubry of Houston, and it was completed Decem-                             Noteware, Director, City of Houston        Benefactor Sponsor
 ber 8, 1982 by Hines. Requiring minimal retrofitting (        Dept. of Housing and Community Development, and                 Midway Companies
 completed Dec. 8, 1982 by Hines, and requiring minimal        Betty Massey, Chair, Galveston Citizens Long-Term Re-
 retrofitting) to enhance its sustainability, Williams Tower   covery Committee.
 earned LEED EB Gold certification this year.                                                                                Presenting Sponsors
                                                                 August, 2010                                                  Transwestern, Walter P Moore,
   February, 2010                                                                                 The “doctors” were in,
                                        A sold-out ULI                                        for “Real Estate Rx: expert      Wilson, Cribbs & Goren, P.C., Winstead,
                                  walking tour took                                           diagnosis for properties
                                  participants to inside
                                  the transformation of
                                                                                              in distress.” Fred Caldwell,
                                                                                              President, CEO, Caldwell
                                                                                                                             Supporting Sponsors
                                  downtown with Marvy                                         Companies moderated a            Camden Property Trust, Capital One
                                  Finger, President / CEO,
                                  The Finger Companies
                                                                                              panel of top real estate
                                                                                              practitioners: Fred Balda,
                                                                                                                               Bank, Gensler, Grayco Partners, Jones
                                  ; Guy Hagstette, Presi-      President, Hillwood Residential; Russell Ingrum, Exec.          Lang LaSalle Capital Markets, HFF,
                                  dent, Discovery Green
 Conservancy; Nick Massad, Jr. President / CEO, Ameri-
                                                               Vice President, Investment Properties, Institutional
                                                               Group, CBRE Capital Markets; Jeff Majewski, Exec. Man-
                                                                                                                               Hines, Moody Rambin Interests, Wells
 can Liberty Hospitality; and Aaron Thielhorn, Principal,      aging Dir., Grubb & Ellis; and Tim Williamson, Senior Vice      Fargo Bank
 Office Development, Trammell Crow Company.                    President, Wells Fargo Bank. A podcast of the panel dis-

   March, 2010
                                                               cussion is available to download and listen for free at
                                                               ULI-Houston.org
                                                                                                                             Contributing Sponsors
                        The annual ULI Houston Mayoral                                                                         BoyarMiller, Brewer & Escalante,
                     Forum hosted a conversation be-             September, 2010
                     tween past District Council Chair-                                  Suburban Marketplace Honor-           Brown McCarroll, L.L.P., Bury + Part-
                     man, Ed Wulfe and Mayor Annise
                     Parker 60 days into her adminis-
                                                                                     ary Chairman, legendary developer
                                                                                     Larry D. Johnson, welcomed 500
                                                                                                                               ners, CDS/Spillette Consulting Alli-
                     tration. Participants urged ULI to                              participants to the sold-out con-         ance, Clark Condon Associates, Energy
                     serve as an informational and lead-
                     ership resource to the City. “We at
                                                                                     ference “Suburbia Transformed:
                                                                                     The next decade and beyond.” A
                                                                                                                               Corridor, Everett Family Fund, Fidelity
                     ULI are ready to help Mayor Parker                              ULI member since 1965, Johnson            National Title Insurance, Friendswood
                     and Houston work though tough                                   values, “The opportunities to learn
                     issues in tough times with our                                  from and share with my peers. If          Development Company, Greenspoint
 knowledge of best practices and the ability to get proj-
 ects accomplished.”
                                                                                     you are not a ULI member, you are
                                                               missing an important opportunity to invest in your own
                                                                                                                               District, Haynes Whaley Associates,
                                                               professional development, form lifelong professional as-        HOK, Jackson Walker L.L.P., Jones &
   April, 2010                                                 sociations and treasured friendships.” View and download        Carter, Kelly Hart & Hallman, LLP /
                                   A ULI panel of experts      presentations, videos and podcasts from keynote speak-
                               helped separate hype from       er, Tom D’Alesandro, and panelists David Weekley; Sugar         Cassie B. Stinson, Kendall Heaton As-
                               hard-nosed reality of sus-      Land Mayor, James Thompson; Ted Nelson, Central Re-
                               tainable development. Tim       gion President, Newland Real Estate Group; Les Newton,          sociates, Inc., Kudela & Weinheimer,
                               Relye, Vice Chairman, Cush-
                               man Wakefield, Texas; Da-
                                                               President, Planned Community Developers, Ltd.; David
                                                               Hightower, Executive Vice President, Wolff Companies;
                                                                                                                               Mission Management Company, Mis-
                               vid Roberts, Helios Program     and more, all free at ULI-Houston.org                           cher Investments, Morris Architects,
                               Director, BP America, Inc.;
                               Matt Khourie, President, CB                                      Exclusively for ULI Subur-
                                                                                                                               Newland Real Estate Group, North-
                               Richard Ellis Investors; and                                  ban Marketplace attendees,        marq Capital, Stewart Title, TBG
                               Jonathan Brinsden, Chief                                      behind-the-scenes mobile
                               Operating Officer, Midway                                     workshop tours of The Ener-        Partners, Trammell Crow Company,
                               Companies dished out
                               straight talk and real-world
                                                                                             gy Corridor were hosted by
                                                                                             leaders with first-hand expe-
                                                                                                                                Trendmaker Development Com-
                               experience.                     rience building world-class workplaces for ConocoPhil-           pany, Valencia Group, Walker Park-
                                                               lips, Shell, BP, and the new Energy Centers I and II.
                                                                                                                                ing Consultants, Wolff Companies,
                                                                                                                                Wylie & Associates, Inc., Ziegler
                                                                                                                                Cooper Architects
4   www.houstonbusinessjournal.com                                               Houston Business Journal                                                          Week of November 19-25, 2010




    EXPERTS UPBEAT ON HOUSTON
   A roundtable of local real estate experts      “That was the steroid era, not just in       other job growth drivers are boosting lo-
sat down with Houston Business Journal         baseball, but also in real estate.”             cal prospects. Even potentially negative
Publisher, John Beddow to conclude the            Instead, Fenoglio and panelist Chip          events have had some silver linings.
ULI + Real Estate Center at A&M Econom-        Clarke, President of the Gulf Coast and           “Retail has been hard hit, but retail al-
ic Forecast on Nov. 12.                        Mountain Regions for Transwestern, say          ways reinvents itself,” Wilson said. “We
   After a day of presentations to more        Houston is rebounding by attracting             have rebuilt Circuit City stores as Ashley
than 500 in attendance, their mood was         “Long-term commitments,” in large office        Furniture locations, so the space was put
upbeat.                                        leases and major purchases.                     quickly back in operation.”
   “Any time we stop building and get job         Fenoglio said the commercial mort-             In addition to the keynote speaker and
growth, good things will happen,” said         gage-backed securities (CMBS) business          industry roundtable, presentations by
Grandbridge Real Estate Capital Senior         is cranking up again, but what is different     Dr.Robert W. (Bill) Gilmer and Dr. Mark
Vice President, John Fenoglio, who tem-        is “Loans are being made on real value.”        Dotzour are available online at www.uli-
pered his optimism by saying he foresees          Welcome Wilson, Jr., said the flow of car-   houston.org, and videos and podcasts of
no return to 2005-2007 prices or sales         go through an expanded Panama Canal             the event will be available for free down-
volume.                                        will be very good news for Houston and          loads.

    THOUGHT LEADERS AND INDUSTRY EXPERTS PANELISTS                                                                                              ULI + REALESTATE CENTER 2011
                                                                                                                                                     ECOMOMIC FORCAST
                Frederick D. McClure           of the Federal Reserve Bank of Dallas as a        In 1982, John Co-founded Holliday
                Managing partner of the        senior economist in 1989, and has been          Fenoglio, Ltd. and was President/CEO of        Honorary Chairmen
                                                                                                                                              Fred Caldwell
                Washington, DC office          officer in charge of the El Paso Branch         Holliday Fenoglio Fowler, L.P., which grew     Caldwell Companies
                of Sonnenschein Nath &         since 2003. He co-manages the 11th Dis-         from start-up to the largest commercial
                Rosenthal LLP.                 trict’s regional economic analysis, and is      mortgage bank in the US. At his retire-        Jim Casey
                                               editor of two of the bank’s regional pub-       ment, it had 27 offices and 350 employ-        Trammell Crow Company
   He has extensive legislative experience     lications. His work has been referenced in      ees.
with Congress, and broad advocacy ex-          The Economist, Fortune, the Wall Street                                                        David Cook
perience with the U.S. Executive Branch.       Journal, and the New York Times. Dr.                          Welcome W. Wilson, Jr.           Cushman & Wakefield
National media regularly seek his insight      Gilmer holds an M.A. and a Ph. D. in Eco-                     President & CEO                  Brad Freels
on public policy and politics. Mr. McClure     nomics from the University of Texas.                          GSL Welcome Group                Midway Companies
was Assistant for Legislative Affairs to
President George H. W. Bush and to Presi-      Panel 2: Industry Outlook Panel                                  For more than 30 years,       Keynote Sponsors
dent Ronald Reagan, and Associate Dep-                                                                        Welcome W. Wilson, Jr. has
uty U.S. Attorney General. He is the for-                    Chip Clarke                       overseen the development, leasing, con-        Tom Fish
mer managing shareholder of Winstead                         President, Gulf Coast and         struction, and purchase of single tenant       Executive Managing Director, Co-Head
Sechrest & Minick’s Washington, D.C. of-                     Mountain Regions                  office, lab, manufacturing, and industrial     Jones Lang LaSalle Capital Markets
fice, and served as a managing director                      Transwestern                      facilities in Texas. GSL has built over 150
of First Southwest Company, a financial                                                        such facilities since 1998, and owns over      Mike Melody
advisory and investment banking firm.                          Chip directs Transwestern’s     75. He has extensive experience in indus-      Executive Managing Director, Co-Head
   In 1991, Texas A&M University honored                     Gulf Coast and Mountain Re-       trial development, residential subdivi-        Jones Lang LaSalle Capital Markets
him as its 115th Distinguished Alumnus         gions, including Houston, Denver, Salt          sions, office buildings, and retail centers.
and in 1995, he was appointed by Gov.          Lake City and New Orleans. He oversees          A developer with Kingham ∙ Dalton ∙ Wil-       Tom Melody
George W. Bush to the Board of Regents.        Transwestern’s leasing, property man-           son Ltd., a Design/Build affiliate of GSL,     Executive Managing Director, Co-Head
                                               agement, investment sales, brokerage            he was President of Belmont Corpora-           Jones Lang LaSalle Capital Markets
Panel 1: Economists Panel                      services and development projects, and          tion, owner of a 25,000 - acre project near
                                                                                                                                              Conference Steering Committee
                                               serves on Transwestern’s Executive Com-         Phoenix, and a Director of Dover Homes
                Dr. Mark Dotzour               mittee and Board of Directors. Chip has         of Houston, builder of more than 3,000         Brandon Houston
                Chief Economist, Director      directed the Southwest region, opened           homes in Texas. He also redeveloped over       Midway Companies
                of Research                    the Denver office in 1997, and served as        two-million square feet of office proper-      Co-Chair
                The Real Estate Center         executive vice president in the Houston         ties.
                at Texas A&M                   office leasing group. Prior to joining Tran-                                                   Gary Maler
                                               swestern, he worked in the office services                   Moderator                         The Real Estate Center
              Dr. Dotzour earned his           division at Trammell Crow Company in                         John C. Beddow                    at Texas A&M University
Ph.D. in the Department of Finance at          Denver.                                                      Publisher                         Co-Chair
the University of Texas and was Associ-                                                                     Houston Business
ate Professor of Real Estate and Finance                     John T. Fenoglio                               Journal                           Katie Fleming
at Wichita State University for 10 years.                    Senior Vice President                                                            TBG Partners
Since joining the Center in 1997, he has                     Grandbridge Real Estate
given more than 975 presentations to                         Capital, LLC                         John returned to Houston as Pub-
                                                                                                                                              Tim Heinrich
                                                                                                                                              BoyarMiller
more than 150,000 nationwide. He was                                                           lisher of the Houston Business Journal
the first nonmember appointed to the                           John became Senior Vice         in 1998, after serving as Publisher of the     Todd Johnson
Texas Association of Realtors Board of Di-     President of Grandbridge Real Estate            HBJ for three years, from 1987 to 1990.        Caldwell Companies
rectors.                                       Capital in 2009 after it acquired Live Oak      From 1990 to 1998, he was Publisher of
                                               Capital, a firm he co-founded in 2000.          the Tampa Bay Business Journal. He also        Colleen McLaughlin
                Robert W. (Bill) Gilmer        With production offices in 27 cities.           was Publisher of the Pittsburgh Business       Midway Companies
                Senior Economist and           Grandbridge is one of the nation’s largest      Times for four years. John has appeared
                Vice President                 full-service commercial and multifamily         on the Houston PBS current affairs show
                                                                                                                                              Ricardo Rivas
                                                                                                                                              Allied Realty
                Federal Reserve Bank           mortgage banking companies. The firm            Houston 8 as the voice of reason, and Co
                of Dallas                      has a servicing portfolio of nearly $24.9       Hosts the BusinessMakers weekly radio          Ann Taylor
                                               billion, representing 100 capital provid-       show with his partner Russ Capper on           ULI Houston
  Bill Gilmer is a Senior Economist and        ers.Before being acquired by Grandbridge        Clear Channel’s 950 Radio MOJO.
Vice President of the Federal Reserve Bank     Real Estate Capital, Live Oak Capital closed                                                   Jonathan Wilson
of Dallas. He joined the Houston Branch        in excess of $7 Billion of transactions.                                                       Summit Energy Services
                                                                                                                                   sponsors
        Keynote Sponsor
         Jones Lang LaSalle Capital Markets
                                     media sponsor
                                                                                                                             supporting sponsors
                                                                                               Hoar Construction • SKA Consulting, LP • Planned Community Developers, Ltd.

				
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