Commercial Property News - November 2008 - (Page 33)

INDUSTRY PULSE INTERNATIONAL INTERNATIONAL Continued from page 26 THE RUSSIAN DILEMMA growth that was, until very recently, remarkably robust. “Our industry is still very unstable (there),” explained Etienne Chovet, CEO of Binswanger Corp.’s international group. On a practical level,there is still a dearth of trained professionals in disciplines like investment and property management, he pointed out. Moreover, the Wild West excesses that sometimes mark Russia’s transition to capitalism continue to give many international investors pause. Nevertheless, almost 20 years after the collapse of the Soviet Union, leading Western real estate companies are carrying out bold investment and development plans in Russia. Hilton Hotels Corp. is in the early stages of a 10-year plan to open 70 hotels in Moscow,St.Petersburg and smaller Russian cities. The profit and the opportunities are what make (Russia) attractive,” said Olga Sirodoeva, a Washington, Visit www.cpnonline.com/international for more crossborder coverage. D.C.-based partner in the corporate group of global law firm Orrick, Herrington & Sutcliffe L.L.P .“Some companies that entered the market were able to exit with 200 percent profit.” Moscow is still the undisputed champion of Russia’s commercial real estate market. Between January 2007 and June 2008, the city’s closed investment sales accounted for $8.7 billion of the country’s $13.4 billion worth of transactions, according to a recent Real Capital Analytics study.The 206,599-squarefoot Ducat Place II Class A office building typifies the rapid growth of the city’s office market. In a $185 million deal that marks one of Russia’s biggest 2008 office transactions, Finnish firm Sponda Plc bought the property from London & Regional Properties.The building has traded three times since its completion in 1997, and its two most recent sales both realized a significant appreciation, noted Sirodoeva, who has advised the sellers in all three transactions. Moscow may reign supreme,but real estate investment and develop- ment opportunities are expanding steadily throughout Russia. Prosperity is fostering an affluent Russian middle class that will bolster the retail and industrial sectors in the long term. Russia is on the verge of becoming Europe’s largest automobile market; in response, General Motors Corp., Peugeot Motor Co., Volvo Car Corp. and other automakers are ramping up production to meet demand that could hit 15 million new cars over the next five to seven years, Chovet noted. The financial situation may skew perspectives on Russia and slow investment for the time being. Sirodoeva suggested that retail will be the first sector to feel the squeeze. When the global capital markets do stabilize, the country will likely offer promise and volatility in equal measure. Russia provides plenty of opportunity,but it is no place for the faint of heart to conduct business, experts say, and those eyeing the country should have a high tolerance for risk and a sense of dedication. —Reach senior associate editor Paul Rosta at paul.rosta@nielsen.com. U.S. Postal Service Statement of Ownership, Management, and Circulation (Required by 39 U.S.C. 3685) 1. Publication Title: Commercial Property News 2. Publication Number: 0003-6110 3. Filing Date: October 1, 2008 4. Issue Frequency: Semi-Monthly, Except Monthly in Jan, Feb, July, August & December December 5. Number of Issues Published Annually: 12 6. Annual Subscription Price: U.S. $140 7. Complete Mailing Address of Known Office of Publication: Nielsen Business Media, 770 Broadway New York County, New York, NY 10003-9595; Contact Person: Lana Tauk; Telephone: 646-654-5884 8. Complete Mailing Address of Headquarters or General Business Office of Publisher: Nielsen Business Media, 770 Broadway, New York, NY 10003-9595. 9. Full Names and Complete Mailing Addresses of Publisher, Editor, and Managing Editor: Victoria Osorio, Publisher, 770 Broadway, New York, NY 10003-9595; Suzann Silverman, Editor-in-Chief, 770 Broadway, New York, NY 10003-9595; Amanda Metcalf, Managing Editor, 770 Broadway, New York, NY 10003-9595 10. Owner: Nielsen Business Media, 770 Broadway New York, NY 10003 11. Known Bondholders, Mortgagees, and Other Security Holders Owning or Holding 1 percent or more of Total Amount of Bonds, Mortgages, or Other securities: Nielsen Business Publications, USA, 770 Broadway New York, NY 10003 13. Publication Title: Commercial Property News 14. Issue Date for Circulation Data Below: August-08 15. Extent and Nature of Circulation—a. Total Number of Copies: Average No. Copies Each Issue During Preceding 12 Months: 37,416; No. Copies of Single Issue Published Nearest to Filing Date: 37,989 b. Legitimate Paid and/or Requested Distribution (1) Outside county Paid/Requested Mail Subscriptions stated on PS Form 3541: Average: 35,105; Single: 34,997 c. Total Paid and/or Requested Circulation: Average: 35,105; Single: 34,997 d. Nonrequested Distribution: (1) Outside county Nonrequested Copies Stated on the PS 3541: Average: 503; Single: 473 (4) Nonrequested Copies Distributed Outside the Mail: Average: 798; Single: 484 e. Total Nonrequested Distribution: Average:1,301; Single: 957 f. Total Distribution: Average: 36,406; Single: 35,954 g. Copies not Distributed: Average: 1,009; Single: 2,035 h. Total: Average: 37,415; Single: 37,989 i. Percentage Paid and/or Requested Circulation: Average: 96.43; Single: 97.34 16. This statement of ownership will be printed in the November 2008 issue of this publication. 17. Certification that statements made in the above are true and complete: Original signed by Tracey Dwyer, Distribution Manager, on October 1, 2008. Congratulations to the winners and honorees of the CPN 2008 Executive of the Year Awards Executive of the Year: First Place: Jeffrey Schwartz, Chairman & CEO, ProLogis Honorees: Colin Dyer, President & CEO, Jones Lang LaSalle Inc., and Ed Linde, Director & CEO, Boston Properties Inc. Innovator of the Year: First Place: Colin Dyer, President & CEO, Jones Lang LaSalle Inc. Honorees: Ed Linde, Director & CEO, Boston Properties Inc., and Jeffrey Schwartz, Chairman & CEO, ProLogis Investor of the Year: First Place: Ed Linde, CEO & Director, Boston Properties Inc. Honorees: Ron Pressman, President & CEO, GE Real Estate, and Doug Shorenstein, Chairman & CEO, Shorenstein Properties L.L.C. Developer of the Year: First Place: Mark Rauenhorst, Chairman & CEO, Opus Group Honorees: Hamid Moghadam, Chairman & CEO, AMB Property Corp., and Jeffrey Schwartz, Chairman & CEO, ProLogis Sustainability Executive of the Year: First Place: Jeffrey Schwartz, Chairman & CEO, ProLogis Honorees: Charles Ratner, President & CEO, Forest City Enterprises Inc., and Mark Rauenhorst, Chairman & CEO, Opus Group Brokerage Executive of the Year: First Place: Bruce Mosler, President & CEO, Cushman & Wakefield Inc. Honorees: Colin Dyer, President & CEO, Jones Lang LaSalle Inc., and Brett White, President & CEO, CB Richard Ellis Inc. Financier of the Year: First Place: Ron Pressman, President & CEO, GE Real Estate Honorees: Diana Reid, Executive Vice President, PNC Real Estate Finance, and David Twardock, President, Prudential Mortgage Capital Co. Rising Leader: First Place: Jeffrey Hanson, President & Chief Investment Officer, Grubb & Ellis Realty Investors L.L.C. Honorees: Eric Anton, Executive Managing Director, Eastern Consolidated, and Donald Trump Jr. & Ivanka Trump, Executive Vice Presidents, The Trump Organization Female Leader of the Year: First Place: Constance Moore, President & CEO, BRE Properties Inc. Honorees: Pamela Herbst, Managing Director & Head of the Direct Investment Group, AEW Capital Management L.P., and Sally Wilson, Global Director of Environmental Strategy, CB Richard Ellis Inc. Office Property Executive of the Year: First Place: Ed Linde, Director & CEO, Boston Properties Inc. Honorees: Jeffrey Hines, President, Hines, and Doug Shorenstein, Chairman & CEO, Shorenstein Properties L.L.C. Retail Property Executive of the Year: First Place: Milton Cooper, CEO, Kimco Realty Corp., and David Simon, CEO, Simon Property Group Inc. Honorees: Steven Roth, Chairman & CEO, Vornado Realty Trust, and Robert Taubman, Chairman, President & CEO, Taubman Centers Inc. Hotel/Hospitality Executive of the Year: First Place: Ian Schrager, Chairman & CEO, Ian Schrager Co. Honorees: Andrew Cosslett, Chief Executive, InterContinental Hotels Group Plc, and Laurence Geller, President, Director & CEO, Strategic Hotels & Resorts Inc. Industrial Property Executive of the Year: First Place: Jeffrey Schwartz, Chairman & CEO, ProLogis Honorees: Tim Gunter, President, Industrial Developments International Inc., and Hamid Moghadam, Chairman & CEO, AMB Property Corp. Multi-Family Executive of the Year: First Place: Stephen Ross, Chairman & CEO, The Related Cos. Honorees: Bryce Blair, Chairman & CEO, AvalonBay Communities Inc., and R. Scot Sellers, Chairman & CEO, Archstone Net Lease Executive of the Year: First Place: Gordon DuGan, President & CEO, W. P. Carey & Co. Honorees: Jeffrey Hanson, President & Chief Investment Officer, Grubb & Ellis Realty Investors L.L.C., and Bruce MacDonald, President, Net Lease Capital Advisors Lifetime Achievement: John Cushman III, Chairman, Cushman & Wakefield Inc. www.cpnonline.com • November 2008 • COMMERCIAL PROPERTY NEWS http://www.cpnonline.com/international http://www.cpnonline.com

Table of Contents Feed for the Digital Edition of Commercial Property News - November 2008

CPN - November 2008 Contents Starting Line Seniors Housing Data/Analysis Conferences Through the Fog CPN’s Top Cities for Investment & Corporate Relocation Finance International Sustainability CPN-Nielsen Claritas Special Report

Commercial Property News - November 2008

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