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GLOBAL ORGANIZERS OF INSTITUTIONAL
FINANCE & INVESTMENT CONFERENCES
✯ REAL ESTATE ✯
Fourth Annual U.S.
OPPORTUNITY & PRIVATE FUND
HIGH-PERFORMANCE PROPERTY INVESTMENTS IN
DIRECT REAL ESTATE, PRIVATE EQUITY & MERCHANT BANKING
May 28-29, 2003 ✯ Crowne Plaza Times Square ✯ New York City
Participating Real Estate Funds And Investment Advisors Include:
ACI CAPITAL CO, INC. DLJ REAL ESTATE CAPITAL PARTNERS O'CONNOR CAPITAL PARTNERS
AEW CAPITAL MANAGEMENT DRA ADVISORS LLC OLYMPUS REAL ESTATE PARTNERS
AIG GLOBAL REAL ESTATE EQUUS REALTY ADVISORS, INC. PENSION CONSULTING ALLIANCE, INC.
INVESTMENT CORP. FOG CUTTER CAPITAL GROUP, INC. THE PARMENTER COMPANY
ANGELO, GORDON & CO. GE CAPITAL REAL ESTATE PERRY REAL ESTATE PARTNERS
ANTARES REAL ESTATE GOLDMAN SACHS WHITEHALL PORTFOLIO ADVISORS
APOLLO REAL ESTATE ADVISORS STREET FUNDS THE PRAEDIUM GROUP
BLACK CREEK CAPITAL GREYSTAR REAL ESTATE ADVISORS PRICOA PROPERTY PRIVATE EQUITY LTD.
BLACKACRE CAPITAL MANAGEMENT ING REALTY PARTNERS PRUDENTIAL REAL ESTATE INVESTORS
BLACKSTONE REAL ESTATE ADVISORS JP MORGAN FLEMING ASSET RAWSON, BLUM & LEON
CABOT PROPERTIES MANAGEMENT RIVERSTREET REALTY ADVISORS
CARGILL FINANCIAL SERVICES CORP. LANDMARK PARTNERS, INC. SOROS REAL ESTATE PARTNERS
CONTRARIAN CAPITAL MANAGEMENT LLC THE LASHINE GROUP STARWOOD CAPITAL GROUP
COVENTRY REAL ESTATE PARTNERS LEHMAN BROTHERS REAL ESTATE STRATEGIC INVESTMENT GROUP
CUTWATER CAPITAL LLC PARTNERS THAYER CAPITAL PARTNERS
DB REAL ESTATE LIQUID REALTY PARTNERS WALL STREET REALTY CAPITAL
D E & J LEVY LUBERT-ADLER MANAGEMENT, INC. WALTON STREET CAPITAL LLC
DENHOLTZ ASSOCIATES MORGAN STANLEY REAL ESTATE FUND WATERMARK CAPITAL PARTNERS
To Register For This Forum, Please Go To: www.imn.org/a457/m/
✯ Agenda ✯ Wednesday, May 28, 2003
Financial Times C o u r t e s y O f :
7:30 R e g i s t ra t i o n . . . B re a k fa s t C o u r t e s y O f :
8:15 OPENING REMARKS
Information Management Network
David Brush, Managing Director & Global Head of Real Estate Opportunity Fund Group DEUTSCHE BANK REAL ESTATE
8:30 MACROECONOMIC OUTLOOK OF PROPERTY AND CAPITAL MARKETS FROM THE FUND MANAGERS’ PERSPECTIVE:
EVALUATING THE LIKELIHOOD OF INCREASED DISTRESS
✯ What is the expected impact of the macro economy and war on valuation? ✯ Will low interest rates prevent the collapse of the
industry? ✯ Property Regulations Update: What effect will current Washington proposals have? REIT regulations: Good for private fund
markets? ✯ Valuation and the buy/sell divide: Where is pricing heading this year? When will demand return and supply burn off?
✯ How do you assess value within the framework of current vacancies? ✯ What are the risk factors of operating in the current market?
David Hodes, Managing Director CSFB REAL ESTATE PRIVATE FUND GROUP
Ron Kravit, Managing Director BLACKACRE CAPITAL MANAGEMENT
John Kukral, Senior Managing Director BLACKSTONE REAL ESTATE ADVISORS
Barry A. Sholem, Chairman DLJ REAL ESTATE CAPITAL PARTNERS
Jay Mantz, Managing Director MORGAN STANLEY REAL ESTATE FUND
Richard Georgi, Global Managing Partner SOROS REAL ESTATE PARTNERS
9:30 STRATEGIES FOR REAL ESTATE FUNDS: IS THIS THE TIME TO BUY?
✯ Where are the 20% IRR deals? ✯ Where are you investing now? Where will you be investing in six months? Twelve?
✯ Hot Sectors 2003-04 ✯ Where is the "safe-haven" for investing? ✯ Surviving or thriving: What is your strategy in today's market?
✯ West Coast vs. East Coast ✯ What are your target returns? ✯ Who are your investors? Are you currently fund raising? ✯ What was
your last acquisition? How much did you pay? Did you go it alone or did you have a partner? ✯ Where are your leads on opportunities
coming from? ✯ Limited Partner trends: Are expectations changing? What effect will it have on the market? ✯ Who will be left in the
Real Estate market in one year?
Dennis Yeskey, Regional Managing Director DELOITTE & TOUCHE LLP
Martin Zieff, Principal AEW CAPITAL MANAGEMENT
Michael McNamara, Managing Director LEHMAN BROTHERS REAL ESTATE PARTNERS
Darryl Parmenter, President & Chief Executive Officer THE PARMENTER COMPANY
Robert M. Stern, Managing Director PERRY REAL ESTATE PARTNERS
Jeffrey S. Quicksilver, Principal WALTON STREET CAPITAL LLC
Michael G. Medzigian, Chairman & Managing Partner WATERMARK CAPITAL PARTNERS LLC
10:30 R e f re s h m e n t s C o u r t e s y O f :
10:45 WHAT'S IN A NAME? DO "OPPORTUNITY FUNDS" STILL EXIST?
✯ Are Opportunity Funds returning money or changing fund mandates? ✯ How are the funds dealing with investor 20% expectations?
Is 20% a reasonable benchmark? Are you marketing 20%? ✯ Lessons learned: How has the industry changed over the past 10 years?
✯ What are the actual performance projections for existing funds? ✯ Are investors shying away from "opportunity" funds? ✯ How are
you diversifying your business focus: Other investment products, distribution channels, property management involvement, etc.?
✯ Blended return approaches ✯ Defensive opportunistic investing: An oxymoron? ✯ Impact of new funds entering the market
✯ Core Strategies: Will more funds be doing core and value-added investing going forward rather than being opportunistic?
Debbie Levinson, Partner ERNST & YOUNG LLP
Keith Barket, Managing Director ANGELO, GORDON & CO.
David Glickman, Partner APOLLO REAL ESTATE ADVISORS
Ronald Sanders, Partner CLIFFORD CHANCE LLP
Gil Tenzer, Partner CONTRARIAN CAPITAL MANAGEMENT LLC
Dean Adler, Principal LUBERT ADLER MANAGEMENT, INC.
Russell Appel, President THE PRAEDIUM GROUP
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11:45 FUTURE OUTLOOK FOR REAL ESTATE OPPORTUNITIES ABROAD
✯ Evaluating current US attitude toward overseas investing ✯ Risk profile ✯ Transparency of European markets: Has it improved? Or
have US funds’ expectations of transparency come down? ✯ Is there an edge enjoyed by funds with local market expertise? ✯ Does
the euro help US investors? ✯ What is the current investment climate for Eastern Europe and the Baltic States? ✯ Distressed
opportunities in Japan/Asia ✯ Latin America: Is the investment climate heating up?
Martin Edelman, Partner PAUL, HASTINGS, JANOFSKY & WALKER LLP
Jeff Leu, President CARGILL FINANCIAL SERVICES CORP.
Richard Watson, Investment Partner D E & J LEVY
Andrew A. Wiederhorn, Chairman & Chief Executive Officer FOG CUTTER CAPITAL GROUP, INC.
Philip N. Feder, Partner PAUL, HASTINGS, JANOFSKY & WALKER LLP
Jonathan Short, Chief Executive PRICOA PROPERTY PRIVATE EQUITY LTD.
Bradford H. Dockser, Managing Director, Europe STARWOOD CAPITAL GROUP LLC
12:45 Luncheon Cour tesy Of:
✯ CONCURRENT SESSIONS: CHOOSE “A” OR “B” ✯
2:00 IS RETAIL ON THE REBOUND? 2:00 DEAL STRUCTURING: EFFICIENT TAX, LEGAL AND
✯ Near-term sector outlook ✯ Impact of bankruptcies and ACCOUNTING PRACTICES
restructuring ✯ Dealing with excess or non-strategic space ✯ What is your leverage (financing, interest rates, etc.) in
✯ Retail investors' sudden emergence as winning bidders structuring your deals? ✯ What issues are involved in
for Trophy assets ✯ Valuation: Are there any clearance sales creating a new fund? ✯ Domicile considerations
going on? ✯ Buying leases in bankruptcy Moderator:
Moderator: Peter Fass, Partner PROSKAUER ROSE LLP
Derek M. Smith, Partner Panelists:
PAUL, HASTINGS, JANOFSKY & WALKER LLP David Moldenhauer, Partner CLIFFORD CHANCE LLP
Panelists: Sanford Presant, National Director of Opportunity Funds
Richard Mack, Partner ERNST & YOUNG LLP
APOLLO REAL ESTATE ADVISORS LP Bradley Muth, Managing Director ING REALTY PARTNERS
Peter Henkel, Managing Partner Bruce L. Gelman, Partner
COVENTRY REAL ESTATE PARTNERS MAYER, BROWN, ROWE & MAW
Francis X.Tansey, President DRA ADVISORS LLC Paul Ryan, Partner PRICEWATERHOUSECOOPERS LLP
P.J.Yeatman, Principal LUBERT-ADLER MANAGEMENT, INC.
Joseph D. Blum, President RAWSON, BLUM & LEON
Robert Hellman, Managing Principal
RIVERSTREET REALTY ADVISORS
3:00 OUTLOOK FOR THE MULTIFAMILY SECTOR:WILL IT 3:00 STRATEGIES FOR PAN-EUROPEAN REAL ESTATE
BE IN THE PENTHOUSE OR THE DOGHOUSE? FUNDS
✯ The impending doom of single family residential: Have ✯ What are the current market trends? ✯ What general
rates been holding up the industry? Is there a false confidence issues need to be considered when structuring such funds?
in home equity? ✯ Homebuilders' perspective ✯ Interest rate
✯ Which fund structures are commonly used?
impact on home and apartment living ✯ Is this the time to
build new apartments? ✯ Which markets have slack where ✯ Which investor specific issues will you face? ✯ What are
you can add supply? ✯ Converting to apartments: What is the principal management and operational issues?
the potential upside? ✯ Which carried interest considerations are relevant?
Moderator: ✯ Which transactional issues are important? ✯ Trends in
Steven C. Koppel, Partner fund terms and conditions
HELLER EHRMAN WHITE & MCAULIFFE LLP Moderator:
Panelists: Nigel Hatfield, Partner CLIFFORD CHANCE LLP
Roger Barris, Managing Director & European Head of Real Estate
Opportunity Fund Group DEUTSCHE BANK REAL ESTATE Panelists:
Ben Friedman, President GREYSTAR REAL ESTATE ADVISORS Steven Meise, Vice President
John A. Rivard, Partner & Co-Head of North American AIG GLOBAL REAL ESTATE INVESTMENT CORP.
Operations O’CONNOR CAPITAL PARTNERS Urban Edenstrom, Chief Executive Officer NEWSEC AB
3:45 R e f re s h m e n t s C o u r t e s y O f :
INFORMATION MANAGEMENT NETWORK Email: email@example.com Tel: (212) 768-2800 Fax: (212) 768-2484 l3
4:00 WHICH FACTORS WILL DRIVE OFFICE MARKET RECOVERY? 4:00 SHORT-TERM FINANCING OPTIONS FOR YOUR
✯ Tenants: What are reasonable expectations for job REAL ESTATE INVESTMENTS
growth? ✯ How do you Underwrite Vacancy? ✯ Using Credit Facilities ✯ Bridge Loans
✯ How much vacancy is there? How much shadow space?
Moderator: ✯ Evaluating ERISA prohibited transaction rules as they
Chad M. Carpenter, President relate to subscription secured credit facilities
EQUUS REALTY ADVISORS, INC. Panelists:
Panelists: James E.Tyson, Jr., Managing Director
Jonathan W. Cappo, Managing Principal
CUTWATER CAPITAL LLC BANC OF AMERICA SECURITIES LLC
Kurt Roeloffs, Managing Director & Head of Asian/American Timothy E. Powers, Partner HAYNES AND BOONE, LLP
Real Estate Opportunity Fund Group James Sullivan, Managing Director JP MORGAN CHASE
DEUTSCHE BANC REAL ESTATE N. Richard Kalikow, Founder and President
Stan Gale, Chairman and Chief Executive Officer MANCHESTER REAL ESTATE & CONSTRUCTION LLC
THE GALE COMPANY
Richard G. Brace, Jr., Senior Vice President Jeffrey Schaffer, Managing Partner
TORTO WHEATON RESEARCH SPECTRUM INVESTMENT PARTNERS LP
4:45 THE INDUSTRIAL SECTOR: IS IT RECESSION PROOF? 4:45 PERFORMANCE MEASUREMENT, FUND
✯ Multi-use facilities: Can you build flexibility into your properties? TRANSPARENCY AND MONITORING
✯Turning around tech properties ✯ Repositioning, redeveloping ✯ Should there be a separate body set up to compare the
& turnaround strategies ✯ Which markets have growth results of the funds on a consistent basis? ✯ What are the
potential? ✯ Is cold storage heating up? ✯ Is there a trend best benchmarks for Opportunity & Private Funds?
✯ Are real estate funds becoming more transparent?
towards smaller warehouses?
Moderator: Gary Koster, Partner ERNST & YOUNG LLP
Richard C. Mendelson, Partner Panelists:
ORRICK, HERRINGTON & SUTCLIFFE LLP Nancy Lashine, President THE LASHINE GROUP
Panelists: Nori Gerardo Lietz, Managing Director
Franz Colloredo-Mansfeld, Chief Executive Officer PENSION CONSULTING ALLIANCE, INC.
CABOT PROPERTIES Kenneth Wisdom, Vice President PORTFOLIO ADVISORS LLC
Robert Davis, Global Marketing Executive Director
STANDARD & POOR'S RATINGS SERVICES
5:30 WORKING WITH JOINT VENTURES: FINDING THE 5:30 TAX-EXEMPT FINANCING TOOLS FOR REAL ESTATE
PERFECT PARTNER PROJECTS
✯ What are the advantages and disadvantages of joint ✯ Using special assessment bonds to achieve 20% returns
ventures vs. Direct private fund investment?
✯ Evaluating local equity partners ✯ Investor-Fund JVs: ✯ Special taxing districts: What are they? ✯ What costs
Managing expectations from your institutional partners may be financed with tax-exempt bonds? ✯ Which states
Moderator: have enabling legislation? ✯ What kind of properties are
William G. Murray, Jr., Partner being financed by tax-exempt bonds?
ORRICK, HERRINGTON & SUTCLIFFE LLP Moderator:
Panelists: Ramiro Albarran, Managing Director
Howard L. Michaels, Chairman
CARLTON ADVISORY SERVICES BANC OF AMERICA SECURITIES LLC
Craig Medwick, Partner CLIFFORD CHANCE LLP Panelists:
David Brush, Managing Director & Karl Frey, Partner ANTARES REAL ESTATE
Global Head of Real Estate Opportunity Fund Group Joseph A. Fanone, Partner
DEUTSCHE BANK REAL ESTATE
Lauren J. Zucker, Vice President BALLARD SPAHR ANDREWS & INGERSOLL, LLP
GOLDMAN SACHS,WHITEHALL STREET FUNDS Keenan Rice, President MUNICAPITAL
6:15 Networking Cocktail Reception
7:30 Day One Concludes
✯ Day Two: Thursday, May 29, 2003 ✯
8:00 C o n t i n e n t a l B re a k fa s t C o u r t e s y O f :
8:30 DAY ONE RECAP
Charles R. Purse, Director CSFB REAL ESTATE PRIVATE FUND GROUP
8:45 LIMITED PARTNERS' ROUNDTABLE: WHAT'S IN YOUR PORTFOLIO?
✯ How has your investment philosophy changed over the past year? ✯ Are you seeing promised returns? ✯ How are you feeling
about your current investments? What would you like to see change (shorter funds, more immediate calls on capital)? ✯ Do investors
have pent up demand? ✯ What are you doing with funds' pending capital calls? ✯ Are you rebalancing your debt/equity portfolios or
are you upping your allocations to real estate?
Charles R. Purse, Director CSFB REAL ESTATE PRIVATE FUND GROUP
Joanne Douvas, Vice President JP MORGAN FLEMING ASSET MANAGEMENT
Sally Haskins, Senior Research Analyst RUSSELL REAL ESTATE ADVISORS (INVITED)
Paul S. Kramer, Investment Officer STRATEGIC INVESTMENT GROUP
4 l To Register For This Forum, Please Go To: www.imn.org/a457/m/
9:45 LIQUIDITY THROUGH SECONDARY MARKET TRANSACTIONS
✯ Who is selling? Who is buying? ✯ What are you buying? ✯ Secondary transactions as an exit strategy
✯ Fund limited partnerships vs. Single building partnerships ✯ Valuations: Do you really get your $$ worth?
Richard W. Maine, Managing Partner LANDMARK PARTNERS, INC.
Mitchell B. Sikora, Managing Director ACI CAPITAL CO, INC.
Maryfrances Metrick, Principal THE BLACKSTONE GROUP
Joe Hill, Managing Director CSFB PRIVATE FUND GROUP
Stephen Can, Managing Director & Chief Operating Officer DLJ STRATEGIC PARTNERS
Mark Berman, Managing Partner LIQUID REALTY PARTNERS
Paul St. Pierre, Executive Vice President WALL STREET REALTY CAPITAL
10:45 R e f re s h m e n t s C o u r t e s y O f :
✯ CONCURRENT SESSIONS: CHOOSE “A” OR “B” ✯
11:00 REAL ESTATE PRIVATE EQUITY 11:00 INVESTING IN REAL ESTATE DEBT, MEZZANINE,
✯ What exactly is Real Estate Private Equity? ✯ How does PREFERRED EQUITY, ETC.
this investment strategy compare and contrast with ✯ Where are fund managers finding the strongest returns?
traditional Private Equity? ✯The evolution of investment ✯ Distressed Mortgages/Debt: Will there be loan purchases
at deep discount? ✯ Investing in Real Estate CDOs
strategies in Real Estate and the emergence of Real Estate
✯ Is CMBS headed for distress? Can it survive a downturn?
Private Equity ✯Valuation and structuring in a Real Estate ✯The impact of the current downturn on CMBS issues: Debt
Private Equity transaction ✯ Corporate governance, decision that used to have banks behind it is now securitized. How will
making and operating a Real Estate Private Equity platform the market deal with defaults? How will servicers deal with
✯ Liquidity and exit issues in a Private Equity platform defaults? What opportunities will arise for the real estate funds?
Douglas Weill, Managing Director Robert J. Ivanhoe, Chairman, Real Estate National Practice Group
GREENBERG TRAURIG LLP
CSFB REAL ESTATE PRIVATE FUND GROUP
Panelists: Leonard W. Cotton, Chairman ARCAP REIT, INC.
James R. Mulvihill, Founder & Principal Jeffrey B. Citrin, Managing Principal
BLACK CREEK CAPITAL BLACKACRE CAPITAL MANAGEMENT
Jonathan Eilian, Managing Member JD HOLDINGS LLC Stephen M. Alpart, Managing Director
Stephen Tomlinson, Partner KIRKLAND & ELLIS COMMERCIAL VENTURES
Marc Halle, Principal Stuart Green, Chief Investment Officer DENHOLTZ ASSOCIATES
Frank Marro, Managing Director, Leveraged Equity
PRUDENTIAL REAL ESTATE INVESTORS
GE CAPITAL REAL ESTATE
Barry M. Wolf, Partner Clayton A. Scheetz, Vice President
WEIL, GOTSHAL & MANGES LLP OLYMPUS REAL ESTATE PARTNERS
12:00 HOTEL & LEISURE PROPERTIES 12:00 LONG-TERM FINANCING ROUNDTABLE
✯ Are there an increasing number of bankruptcies? ✯ Exploring mezzanine finance ✯ CMBS vs.Traditional
✯ What has been the impact of war and recession on the finance ✯ Initial (mortgage) financing: Financing your
industry? ✯ Where are you on the spectrum: Luxury, purchase ✯ Fund perspective on dealing with lenders
resort, limited service, etc.? Moderator:
Moderator: Steven Lichtenfeld, Partner PROSKAUER ROSE LLP
J. Philip Rosen, Chairman, Real Estate Department Panelists:
WEIL, GOTSHAL & MANGES LLP Scott Liebman, Managing Director
Panelists: COMMERCIAL VENTURES
Kenneth Caplan, Associate Thresa Joyce, Vice President
BLACKSTONE REAL ESTATE ADVISORS FREMONT INVESTMENT & LOAN
Judy Miles, Partner Richard Grimaldi, Managing Director
HELLER EHRMAN WHITE & MCAULIFFE LLP GE CAPITAL REAL ESTATE
Clark Hanrattie, Partner Jeffrey Lenobel, Partner & Chairman, Real Estate Department
OLYMPUS REAL ESTATE PARTNERS SCHULTE ROTH & ZABEL LLP
Rick S. Kirkbride, Partner Gordon J. Whiting, Executive Director & Deputy Director of
PAUL, HASTINGS, JANOFSKY & WALKER LLP Acquisitions W.P. CAREY & CO. LLC
Frederic V. Malek, Chairman THAYER CAPITAL PARTNERS
1:00 T h e Fo u r t h A n n u a l U. S . R e a l E s t a t e O p p o r t u n i t y & P r i v a t e F u n d I nv e s t i n g Fo r u m C o n c l u d e s
INFORMATION MANAGEMENT NETWORK Email: firstname.lastname@example.org Tel: (212) 768-2800 Fax: (212) 768-2484 l5
SPlatinumO N S O R S
Information Management Network Would Like To Thank
The Following Sponsors For Their Generous Support Of This Event
Clifford Chance is a world leader in providing legal services to real estate opportunity funds.The firm is focused
on delivering commercial solutions to complex transactions for investment banks, sponsors and managers in the
domestic and international real estate sectors. Through our unique global network, we offer clients coordinated,
full-service legal advice, no matter where their investment activities take them. We assist several of the most
significant real estate investment funds in their formation, financing, investments and day-to-day operations as well as representing clients making strategic
investments in real estate funds. Our team of investment fund experts assists in structuring funds, investing domestically and internationally and in related
tax and insolvency matters. The firm's real estate opportunity fund capabilities are complemented by our market leading real estate securities practice.
Clifford Chance is a fully-integrated global law firm with a comprehensive US practice. Unrivaled in international resources, Clifford Chance has 32 offices
in 19 countries, including six US offices.We have more than 3,700 legal advisors worldwide, 650 of whom are US-based. Nearly one-half of the Fortune
500 call on Clifford Chance for transactional, regulatory and litigation advice. We offer these clients a combination of locally qualified lawyers along with
practitioners deeply experienced in international matters in virtually all of the world’s key financial centers.
✯ Gold ✯
The DB Real Estate Opportunities Group ("REOG") entrepreneurs, providing the equity capital and financial expertise
is a division of DB Real Estate, the world's largest necessary to realize their projects. REOG takes great pride in being a
manager of real estate equity investments, with in reliable, responsive and trustworthy partner to local entrepreneurs, with
excess of $40 billion of funds under management. many of whom REOG has established a longstanding and mutually very
DB Real Estate provides the full spectrum of investment styles, from core profitable relationship.
to opportunistic, and operates across a wide variety of jurisdictions. Access to DB Real Estate's broader resources give REOG a unique
REOG is responsible for acquiring and managing high-yield, opportunistic perspective on the market and an exceptional access to deal flow. In
real estate equity investments on behalf of Deutsche Bank and its clients. particular, DB Real Estate provides state-of-the-art market research across
Since 1994, the group has acquired over 100 investments in 19 countries the globe and real-time letting and selling experience in a large number
in Europe,Asia Pacific and the Americas with almost US$6 billion of capital of markets, involving all significant asset types. Access to this global real
invested on behalf of Deutsche Bank and its partners. estate experience, as well as the relationships and financing platform
The group invests in a variety of strategies including; distressed loans, provided by the Deutsche Bank Group, constitute significant competitive
distressed property, corporate restructuring, asset pricing arbitrage, advantages for REOG.
development/re-development, corporate public to private, and private GE Real Estate ( www.gerealestate.com ), a
company growth strategies. Recent investments include: the Hotel Arts business unit of GE Commercial Finance, is one of
complex in Barcelona, Spain, one of the leading hotels in the world; the the world's leading resources for commercial real
purchase of GA SA, a leading provincial French real estate and estate capital. Headquartered in Stamford,
construction company; the acquisition of Impresol SPA, a company owning Connecticut, GE Real Estate boasts assets of nearly $28 billion and more
240 diversified real estate assets in Northern Italy from Banca Popolare di than 30 offices throughout North America, Europe and the Pacific Rim -
Novara; the acquisition of a portfolio of 23 properties from Thales, one of from five operating platforms:
Europe's leading military and information technology companies; the • North America Equity Holdings • North America Debt
acquisition of a portfolio of 16 assets from Deutsche Telekom; and the • Specialized Industries • Europe • Asia Pacific
acquisition of a luxury hotel/resort complex in Portugal. GE Commercial Finance, part of GE, an AAA-rated company, has over
REOG continues to leverage its global real estate platform with local $180 billion in assets and offers businesses of all sizes a wide array of
investment professionals in actively seeking new investment opportunities. financial services and products. GE is a diversified services, technology
REOG has a long track record of working with local real estate and manufacturing company with operations worldwide.
✯ Silver ✯
Banc of America Securities LLC, a homebuilders, REITs and mortgage banking companies. Our products and
subsidiary of Bank of America services include: Construction Financing, Residential Acquisition &
Corporation, is a full-service investment Development, Loan Syndications, Treasury Management, Interest Rate
bank and brokerage firm with principal offices in San Francisco, New York, and Management, Debt Capital Raising, Equity Capital Raising, M&A Advisory,
Charlotte. The firm delivers capital raising, financial advisory and risk REIT Financing, Portfolio Acquisitions, Credit Lease Financing, Mortgage
management solutions, bulge-bracket trading and global distribution services, Backed Securities, and Tax-Exempt Bond Financing.
and objective research on global markets and growth sectors to corporations,
institutional investors, financial institutions and government entities. For more information on Real Estate Investment Banking contact Ron
Bank of America is one of the world’s preeminent real estate financial Sturzenegger, Managing Director, BofA Securities, 600 Montgomery Street,
partners. Together with its investment banking affiliate, Banc of America San Francisco, 415-627-2004. For additional information on Real Estate
Securities, the company delivers in-depth market insights and the full Debt Capital Markets contact Jim Tyson, Managing Director, 9 West 57th
spectrum of capital raising and strategic advisory solutions through Street, New York, 212-847-5161. And for more information on Real Estate
specialized groups of professionals. Clients range from residential and Tax-Exempt Bonds contact Ramiro Albarran, Managing Director, 750 S.
commercial developers to investors, funds and operating companies, to Orlando Ave., Winter Park, Fl, 407-646-6118.
6 l To Register For This Forum, Please Go To: www.imn.org/a457/m/
✯ Silver (Continued...) ✯
Credit Suisse First Boston Real Estate Private involved in four of the ten largest New York real estate transactions of 2002.
Fund Group (CSFB REPFG) is an extension of Greenberg Traurig has substantial experience in secured lending for major financial
the activities of CSFB's Private Fund Group. The institutions and other opportunistic investors, ranging from first-mortgage term
group acts as placement agent for sponsors of high quality private real loans to syndicated construction loan facilities, mezzanine financings, participating
estate investment opportunities. CSFB's REPFG seeks to attract capital loans and preferred equity investments. We have also handled numerous
from public and private pension funds, foundations, endowments, transactions involving joint ventures, mezzanine loans and preferred equity
insurance companies and other institutional and accredited investors investments between developer/sponsors and opportunity funds.Many of our real
worldwide. Transactions include real estate private equity funds, entity estate lawyers have extensive hands-on experience in complex financial structures,
level transactions and asset-specified joint ventures across the risk/return loan restructurings and workouts. We have earned a reputation for tax-exempt
spectrum on a global basis. Sponsors of these transactions include private bond financing for major residential projects, both in New York and nationally.
investments firms, real estate operating companies and public REITs. Kirkland & Ellis regularly represents real
Credit Suisse First Boston (CSFB) is a leading global investment banking estate private equity fund sponsors and
firm serving institutional, corporate, government and individual clients. investors active across a broad range of
CSFB's businesses include securities underwriting, sales and trading, investment strategies. The Firm’s real estate practice focuses on the
investment and merchant banking, financial advisory services, investment representation of major pension organizations, private equity funds, public
research, venture capital, correspondent brokerage services and online and private REITs and other institutional investors in transactions involving
brokerage services. CSFB is a truly global institution. It operates in more real estate and/or related securities investments. Kirkland lawyers have
than 89 locations across more than 37 countries on six continents. The broad experience in the real estate, corporate and securities, tax, ERISA
Firm is a business unit of the Zurich based Credit Suisse Group, a leading and public pension law issues presented by the formation of or
global financial services company. investment in multi-investor pooled vehicles, binary and multi-party joint
Greenberg Traurig’s Real Estate Department is ventures and direct real estate investments, both in the United States and
considered one of the premier practices in the United abroad, including the acquisition of debt and equity securities in
States.The firm’s attorneys regularly handle sales, leases corporations, partnerships and other operating entities. The breadth and
and other transactions involving significant office, depth of the Firm’s overall private equity practice affords its real estate
residential, retail and industrial properties throughout the nation. In 2002 lawyers ready access to the most sophisticated private equity structuring
alone, we closed hundreds of real estate transactions throughout the and transactional techniques.
country. Our New York City-based real estate lawyers, for example, were
✯ Bronze ✯
Apollo Real Estate Advisors is a privately held, employee- Led by Carlton's Chairman, Howard L. Michaels, Carlton has become one of the
owned, principal investment team founded in 1993 by premier real estate financial advisors in the United States and has completed
William Mack. Apollo serves as the General Partner of a billions of dollars of successful transactions in recent years. Carlton has an
series of eight diversified real estate investment funds. Apollo manages more extensive network and very strong relationships with principals of all asset
than $3.7 billion of clients' and partners' equity in more than 200 separate classes as well as debt and equity providers which enables Carlton to meet all
investments in portfolios and individual property assets, with a gross asset of its clients' needs and expectations. Carlton's success is proven time and again
value in excess of $15 billion, in the United States, Europe and Japan. Apollo's by the satisfaction of its many repeat clients who continue to retain Carlton on
business is built on the longevity and hands-on operating experience of its 35 an ongoing basis due to the value-added advisory services which Carlton
real estate professionals, located in New York, Chicago, Los Angeles and provides on each individual transaction.
London. Opportunistic real estate is Apollo's only investment strategy. Its
Moreover, Carlton's success is greatly attributable to its unique ability to
clients include domestic and international retirement systems, pension plans,
identify, procure and coordinate the necessary capital sources that are needed
endowments, foundations, banks, insurance companies and family offices. For
to fulfill the requested capital structure and to consummate a transaction.
ten years, Apollo has successfully delivered strong returns to its investors by
identifying off-market and under-managed properties, often teaming with Carlton is consistently able to secure for its clients the absolute best terms
strong local operating partners, and creating value through active asset available in the marketplace through its extensive network of investment and
management and by developing, re-developing, operating, and financing and commercial banks, insurance companies, pension and opportunity funds,
selling investment grade real estate. finance companies and hedge funds and private equity investors
Apollo has recently begun a mezzanine real estate investment fund with Commercial Ventures (CV) is the
GMAC Institutional Advisors as a co-sponsor. This Fund will invest in junior Merchant Banking Division of
mortgage and preferred equity positions (average targeted investment size: GMAC Commercial Mortgage
$8-15 million) in a portfolio of medium to large sized domestic properties Corporation (GMACCM). CV's mandate is to employ GMACCM's balance
diversified by geography, type and duration. It seeks to deliver high current sheet to provide custom solutions to the specific financing requirements of
returns during its six-year term to qualified investors. borrowers. Since our inception in January 2000, we have provided
Carlton Advisory Services, Inc. ("Carlton") is a national approximately $1.25 billion to private and public companies for a variety of
real estate and loan sale advisory firm prominent in purposes including the acquisition, repositioning or construction of
debt and equity placement, commercial and residential commercial real estate, and the recapitalization of real estate operating
loan sales, residential mortgage banker merger and acquisition advisory, and entities.These transactions range in size from $10 million to $335 million. Our
investment sales representation. goal is to provide simple but innovative financing solutions to borrowers in the
Founded in 1991, Carlton has completed in excess of $12 billion of form of mortgage loans, equity loans or preferred equity. When appropriate,
transactions since 1998 alone. A significant portion of Carlton's historical we will work with other divisions within GMACCM to provide a single source
financial success is attributable to its known proficiency in advising clients on for a transaction's entire capital structure.We are located at Wall Street Plaza,
the sale and/or financing of financial and real estate assets and its unique ability 88 Pine Street, 18th Floor, New York, New York 10005. Telephone -
to structure large, complicated transactions which result in Carlton achieving 212.898.8900.
the maximum benefit for its clients.
INFORMATION MANAGEMENT NETWORK Email: email@example.com Tel: (212) 768-2800 Fax: (212) 768-2484 l7
✯ Bronze (Continued...) ✯
Deloitte & Touche is recognized as a preeminent provider Mayer, Brown, Rowe & Maw has over 1,300 attorneys, with
of real estate audit, tax and consulting services, with 400 thirteen principal offices in key business and government centers
partners, directors and senior managers nationwide in the United States, Europe, and Asia. Our real estate securities
dedicated to our real estate practice. Our leadership is evident in the clients practice is one of the leading practices in the world with
we serve, the depth of expertise we offer, and our high visibility in industry expertise in all of the related disciplines including real estate, corporate, tax,
affairs. Deloitte & Touche is currently serving a large percentage of global and ERISA. Mayer, Brown, Rowe & Maw has represented a variety of clients in
opportunity funds. Our superior service has helped many of the most well connection with a wide range of transactions involving real estate operating
known opportunity funds succeed. companies, including IPO's, real estate private equity investment funds,
The EY Kenneth Leventhal Real Estate Group of mergers, acquisitions and contribution transactions, and mortgage-backed
Ernst & Young LLP is dedicated to serving the real securities. For more information, please visit www.mayerbrownrowe.com.
estate industry. We have invested in an integrated
Orrick, Herrington & Sutcliffe LLP is a full-service, 650 attorney
international team dedicated to solving the unique issues faced by real estate
opportunity and private investment funds. Our mission is to create value for our law firm with eleven offices in the United States, Europe and Asia.
fund clients by directly focusing our expertise in real estate tax consulting and Orrick's Real Estate Group, one of the leading real estate
compliance, assurance, advisory and capital markets on their critical success practices in the United States, representing diverse clients that are active
factors. Ernst & Young is the leader in serving the real estate industry. We have throughout the world in all phases of real estate investment, financing,
the largest real estate practice of any Big Five firm, with more than 2,300 development, and operations. We represent a large number of U.S. pension
professionals providing audit, tax and real estate advisory services to owners, funds and pension fund advisors, including CalPERS, RREEF, Hearthstone, Lend
builders, lenders and users of real estate.We serve more than 4,000 real estate Lease, SSR, Bristol Group, McMorgan, Wisconsin State Investment Board, LA
clients across the country and throughout the world, giving us unparalleled County Employees Retirement Association, Oregon PERS and others. We are
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Fremont Investment & Loan (“Fremont”), a subsidiary other funds and investors in such funds. In addition, as the real estate industry
of Fremont General Corporation, (NYSE “FMT”) is a has increasingly become an integral part of the national capital markets, Orrick
commercial and residential real estate lender specializing in commercial loans has become one of the leading firms in the representation of parties involved
on mid-market properties, as well as non-conforming residential loans. in mortgage-backed security transactions, public and private REITs, and other
Headquarters in Anaheim, California, the company originates loans in all 50 real estate structured finance transactions.
states through its nine regional offices. Paul, Hastings, Janofsky & Walker LLP is an
The commercial real estate division provides variable rate financing on all international law firm comprised of nearly 860
types of income producing properties ranging from $5 million to $50 million. attorneys in eight domestic and four overseas
Fremont’s expertise in structured lending and the flexibility afforded by being offices. The Firm's real estate department is one of the preeminent groups
a portfolio lender has allowed it to become one of the top lenders in its niche. throughout the world, with over 160 lawyers. Paul Hastings' real estate
In 2002, the company closed over $1.3 billion in structured, commercial real
department was named 2002/2003 “International Real Estate Law Firm of
estate loans, and closed the year with earning assets in excess of $6 billion.
the Year”. The Firm also has an experienced finance and capital markets
You can contact us at: Fremont Investment & Loan, 175 North Riverview
practice which specializes in the representation of lenders and borrowers in
Drive, Anaheim, CA 92808, (714) 283-6500, (714) 283-6555 fax,
financings that encompass conventional loans and mezzanine financing, as well
as sophisticated capital market and securitized transactions.With international
Haynes and Boone, L.L.P. is an international corporate offices serving three industrialized continents, Paul Hastings is uniquely poised
law firm with nine offices throughout Texas,
to assist opportunity fund investors and members of the real estate industry.
Washington, D.C. and Mexico City providing a full
Commitment to client objectives, unparalleled responsiveness to client needs
spectrum of legal services to clients around the world. With more than 425
attorneys, Haynes and Boone is ranked among the largest law firms in the and freedom to be creative have established Paul Hastings as an international
nation by National Law Journal. AmLaw Tech Magazine Scoreboard ranked leader in legal services. For more information, visit us at our website:
Haynes and Boone first in law firm technology in 2001. The firm has been www.paulhastings.com or contact Philip N. Feder at firstname.lastname@example.org
recognized as one of the 25 “Best U.S. Law Firms at Which to Work” (Of regarding distressed real estate, domestic or international, Rick Kirkbride at
Counsel, 2000), one of the “Best Corporate Law Firms in America” email@example.com regarding distressed hotels and hospitality, or
(Corporate Board Member Magazine, 2002) and recipient of the Minority Cindy Cohen at firstname.lastname@example.org regarding distressed debt/loan
Corporate Counsel Association’s 2002 Thomas L. Sager Award for workout Issues.
commitment to diversity. Haynes and Boone is one of the leading U.S. law PricewaterhouseCoopers Financial Services
firms in representing agents and arrangers of subscription secured credit Group is one of the leading providers of
facilities for real estate opportunity funds. integrated professional services to major financial services organizations. The
Heller Ehrman's Real Estate National Practice Group Real Estate Group, which is an integral part of our Financial Services Group,
represents major real estate players on projects assists clients in achieving their goals through every phase of the real estate
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and the latest technology.
Beyond conventional real estate transactional expertise, our attorneys
Our integrated approach to problem-solving involves an international
routinely address the structural challenges of capital investment associated
with contemporary real estate deals. We counsel clients in development joint network of real estate accounting, tax and consulting professionals who can
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structure variation. We also have extensive experience dealing with the special draw upon a shared wealth of prior experience as real estate managers,
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entities, investment funds with offshore and tax exempt investors, and REITs. managers and tax attorneys.
8 l To Register For This Forum, Please Go To: www.imn.org/a457/m/
The efficient execution of real estate Standard & Poor’s unmatched understanding in all structured finance markets,
securities and finance transactions requires a our absolute commitment to quality service and our long-standing reputation
unique expertise from a variety of disciplines - corporate, tax and real estate for objectivity, openness, integrity, and credibility has made us a forward
law. Proskauer Rose LLP is a full service law firm with an almost unparalleled thinking leader worldwide. For additional information, visit our website at
depth of experience in, and long-standing commitment to, real estate www.realestatefundmgr.standardandpoors.com
securities and finance. Proskauer's ever-expanding real estate securities and
finance clients include opportunity funds, public real estate companies and
REITs (publicly traded, non-traded publicly offered and private), underwriters Torto Wheaton Research (TWR) is the premier provider of commercial real
of real estate securities, institutional lenders, real estate pension advisors and estate data, analysis and consulting. Highly sophisticated forecasting models,
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recognition. TWR tracks and forecasts commercial real estate supply and
attorneys have pioneered a number of structures and techniques in real estate
demand indicators and updates them quarterly. Data and analysis is available
securities, including the unique "paper clip REIT structure," structuring one of
the first limited partnership tender offers and creating a preferred equity in various formats including TWR Outlook reports for office, industrial, hotel,
product to be utilized instead of mezzanine debt. retail and multi-housing sectors covering 53 metros nationwide and TWR
Select office and industrial database access including 245,000 commercial
Prudential Real Estate Investors (PREI) is a
leader in the global real estate investment properties and 1500 submarkets. TWR Outlook reports for single markets
management business, offering a broad range of and TWR Office and Industrial Select queries are available online. By
investment vehicles that invest in private and public market opportunities in the leveraging the extensive data, information and forecasting resources available
U.S. and abroad. As of December 31, 2002, PREI manages over $21.6 billion in at TWR, our strategic consulting offers customized services and reports.
equity in real estate on behalf of investors worldwide. Our internationally Services range from asset-specific market assessments and individual market
recognized platform uniquely positions our investors to capitalize on our reports to portfolio analysis and asset allocation guidance.TWR also provides
proprietary pipeline for investments, and real estate and operational expertise. commercial real estate risk management via debt portfolio analysis. TWR is
PRICOA Property plc, which was formed in 1984 as the European real estate an independent business unit of CB Richard Ellis, the world's leading global
investment vehicle of PREI, manages $3.1 billion as of December 31, 2002, as real estate services company and is based in Boston. TWR is located at 200
specialist investors in real estate and corporate entities located in the UK and High Street, 3rd Floor, Boston, MA 02110, (617) 912-5200,
throughout Europe. PRICOA Property plc is a market leader in the formation www.tortowheatonresearch.com.
and management of specialist operating programs for major domestic and
international investors and the operation of single client accounts. Walton Street Capital, L.L.C. is a Chicago-based private real
estate investment company that has received total equity
The national real estate group of Rothstein, Kass &
commitments of $1.1 billion through its prior three Funds, of
Co. services the needs of closely held, private and
institutional real estate companies. Founded in which Walton Street Principals committed $111 million.
1959, Rothstein, Kass & Co. has provided the traditional core services of Walton Street recently announced the marketing of its fourth private equity
accounting, audit and tax, and today, offers risk management and insurance real estate investment fund,Walton Street Real Estate Fund IV, L.P.The Fund is
consulting, information technology consulting, strategic business counseling, projected to raise $600 million, including $30 million investment directly from
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provides services to approximately 1,000 hedge funds, investment funds and both fee ownership and distressed debt on office properties in distressed
private equity funds. For more information, please contact Scott Farb, technology markets and full-service hotels adversely impacted by the slowing
principal-in-charge of the national real estate group at (310) 273-2770. economy.The Fund will access its investments through long-term relationships
Additional information is available at www.rkco.com with institutional property owners and lenders. With expected leverage of
Schulte Roth & Zabel LLP is a 325-lawyer firm with offices 65%-75%, Fund IV's investment objective is to achieve risk-adjusted returns
in New York and London. The Real Estate Department with targeted portfolio returns of at least 20% per annum.
handles a broad range of complex real estate transactions
on behalf of its U.S. and foreign clients, including acquisitions and sales, Founded in 1931,Weil, Gotshal & Manges is one of the
securitization, financing, foreclosures, workouts and restructuring, world's leading international law firms with over 1100
development and leasing. lawyers, including 240 partners.The Firm serves a broad
Clients represented by the Department include major domestic and foreign and diverse group of clients, including many of the largest and most prominent
commercial banks, investment banks and other financial institutions, real estate corporations and government agencies around the globe, as well as many of
funds, local, national and international real estate developers, insurance the world's leading financial institutions. Weil Gotshal has one of the world's
companies, institutional and non-institutional investors, brokers, owners and leading private equity and opportunity fund practices with over 100 lawyers
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pension funds, both directly and through their investment advisers, in and the execution of transactions by such funds.
connection with debt and equity investments in commercial real estate. Weil also has one of the world's leading international property practices and
Standard & Poor’s Structured Finance Ratings offers globally regularly represents the major finance institutions, private equity and
a range of rating services, which help investors, bankers, opportunity funds, real estate investment trusts, foreign investors, property
issuers and other constituents benchmark the credit quality developers, investors and users in the full range of property and corporate real
of securitized assets.
estate transactions, including portfolio acquisitions, asset, project and structured
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mortgage-backed securities, in addition to collateralized debt obligations, real
estate companies, REITs and homebuilders. We also provide servicer The Firm also has the largest, most broadly-based bankruptcy and business
evaluations, assessments of collateral managers and real estate equity reorganization practices in the United States. International in scope, it includes
managers, tools to track and analyze commercial and residential mortgage attorneys in New York, Dallas, Houston, London and Miami.The Department has
risk, as well as deliver through the web, extensive on-going asset performance been involved in virtually every major Chapter 11 reorganization case in the United
and collateral information. States and in major national and international out-of-court debt restructurings.
INFORMATION MANAGEMENT NETWORK Email: email@example.com Tel: (212) 768-2800 Fax: (212) 768-2484 l9
✯ Media Sponsors ✯
About Albourne Village Mortgage Mag is a series of web sites devoted exclusively to
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SOLUTIONS, a monthly e-newsletter providing innovative ideas and
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custom research, SNL provides leading industry professionals, executives,
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and investors with key financial, market, corporate, and M&A data
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information of Industrial, Commercial and Investment Real
Estate, Land, Farms, Businesses and more. Over 9,000 SOLUTIONS is a monthly e-letter and
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Investment Management Weekly
resorts development. It is an ideal marketplace to present products and
is a "must-read" for institutional
services to the industry. View current issue at: sosplan.com/5192.htm.
money managers looking for new business leads as well as plan sponsors
Published by Global Marketing Group, Ltd. Tel. 212 247 6060, Email.
and consultants who want to stay abreast of the industry as a whole. Each
weekly issue provides news briefs, feature stories and listings covering
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shifts, and general industry trends. For daily updates visit IMWeekly.com. publication covering the $250 billion pension,
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807-8667 or visit our website at www.imweekly.com. market.Written for the plan sponsor community,The Letter gives pension
Institutional Real Estate Newsline is a weekly electronic fund advisers, consultants and others serving this industry inside
newsletter. IREN provides a digest of topical news and information on investment patterns, trends and strategies. To subscribe,
up-to-date information on institutional investment in real please call 925-933-4040 and ask for client services.
estate gleaned from a variety of news sources. Topics covered include
manager searches, mergers, joint ventures, research, legislation, property
transactions, development and industry conference updates.
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IMN's Third Annual Real Estate Opportunity &
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attracted over 425 key real estate investment and
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rti Its Ann he L
cip Kin ua ar
ants O d l g
In Eve est
GLOBAL ORGANIZERS OF INSTITUTIONAL en er 42 e Ut
FINANCE & INVESTMENT CONFERENCES
Fourth Annual U.S.
Fourth Annual U.S. ’s
REAL ESTATE Ev
OPPORTUNITY & PRIVATE
OPPORTUNITY & PRIVATE
FUND INVESTING FORUM
FUND INVESTING FORUM
(Agenda Is Updated Daily Online)
HIGH-PERFORMANCE PROPERTY INVESTMENTS IN
DIRECT REAL ESTATE, PRIVATE EQUITY & MERCHANT BANKING
DIRECT REAL ESTATE, PRIVATE EQUITY & MERCHANT BANKING
May 28-29, 2003 ✯ Crowne Plaza Times Square ✯ New York City
Participating Real Estate Funds And Investment Advisors Include:
ACI CAPITAL CO, INC. DLJ REAL ESTATE CAPITAL PARTNERS PENSION CONSULTING ALLIANCE, INC.
AEW CAPITAL MANAGEMENT DRA ADVISORS LLC THE PARMENTER COMPANY
AIG GLOBAL REAL ESTATE EQUUS REALTY ADVISORS, INC. PERRY REAL ESTATE PARTNERS
INVESTMENT CORP. FOG CUTTER CAPITAL GROUP, INC.
ANGELO, GORDON & CO. GE CAPITAL REAL ESTATE
THE PRAEDIUM GROUP
ANTARES REAL ESTATE GOLDMAN SACHS WHITEHALL
APOLLO REAL ESTATE ADVISORS STREET FUNDS PRICOA PROPERTY PRIVATE EQUITY
BLACK CREEK CAPITAL GREYSTAR REAL ESTATE ADVISORS LTD.
ING REALTY PARTNERS PRUDENTIAL REAL ESTATE INVESTORS
BLACKACRE CAPITAL MANAGEMENT
JP MORGAN FLEMING ASSET RAWSON, BLUM & LEON
25 West 45th Street, 6th Floor
BLACKSTONE REAL ESTATE ADVISORS
CABOT PROPERTIES RIVERSTREET REALTY ADVISORS
LANDMARK PARTNERS, INC.
CARGILL FINANCIAL SERVICES CORP. THE LASHINE GROUP SOROS REAL ESTATE PARTNERS
CONTRARIAN CAPITAL MANAGEMENT
New York, NY 10036
LEHMAN BROTHERS REAL ESTATE STARWOOD CAPITAL GROUP
STRATEGIC INVESTMENT GROUP
COVENTRY REAL ESTATE PARTNERS LIQUID REALTY PARTNERS
THAYER CAPITAL PARTNERS
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