Chapter News
MASS. NAIOP Chapter & New England SIOR
Team Up for June 15th Mid-Year Forecast
Boston,
MA - This event is jointly held by the New England SIOR Chapter and
the Mass Chapter of NAIOP. Approximately 300 commercial real estate
professionals attended this event. Tom Farrelly, the New England SIOR
Chapter President welcomed the attendees to the program and thanked the
sponsors. He introduced the program. The event would begin with an
economic overview by Harvard Kennedy School’s Edward Glaeser who
provided a snapshot of the economy and its impact on the local real
estate market. Then some of Greater Boston's most senior real estate
professionals gave sector reports with a special look at the office,
multi-family and capital markets. Panelists explored the drivers and
market fundamentals behind 2011 statistics, including emerging trends in
specific markets, new growth areas, and a general outlook for the
future.
L-R: David Begelser, NAIOP Executive
Director and Tom Farrelly NE SIOR President
Frank Petz
of RBJ & Partners on the
Capital Markets
Frank
concluded the program by stating that the capital markets have had a
great time in the last 12 months and that Boston is in the top 3 markets
in the U.S. for investors. It has been fun and he welcomed the other
panelists to join the party but it was time to get back to basics. His
sector is not trading as much in volume but still attracting big prices.
He said that as a comparison, 2007 was a ridiculously high year of
volume but now he is experiencing in 2011 the same low volume that he
had in 2001. There is ample (a ton) of capital. Cap rates are down and
the volume of transactions is increasing.
Greater
Boston
-
The
2011 YTD volume breakdown = 10.3% of sales are greater than $50
million; 3.4% are in the $25-50 million range and 86.2% are less
than $25 million.
-
He is
seeing more activity along Rt. 495 because there is too much demand
inside Rt. 128 and very little or no product to buy inside Rt. 128.
There are smaller deals along Rt. 495 and not as much large
portfolios to purchase.
-
Core
trophy sales are also back as the Hancock Tower traded at $490 psf.
Distressed
Sales
Frank
stated there were still distressed opportunities in the market but not
much movement on pricing. The distressed properties have 50% or more in
vacancies and the core trophy assets are back. He is not seeing as much
distressed sales in Boston and therefore does not see any Tsunami
occurring. Lenders are looking to place capital to work and there is
debt available which is driving deals.
Cap Rates
Frank is
experiencing extreme compression. Boston cap rates are in the 4.5-5.0 %
range. Recently Bay Colony sold at 6.9% cap; Landmark Center at 5.7% but
its unusual to see cap rates below 5% unless its multi-family but it is
happening.
-
The 10
Yr. T-Note is hovering below 3% so the spreads are widening. For
instance, from 2001-2011 the 10 year average = 342 bps over the 10
yr T-Note.
-
Jan.
2005 the spread was 265 bps over the 10 Yr; Jan. 2007 it was 182 bps
spread and now April, 2011 it is 361 bps over the 10 Yr. Note.
Mortgage Spreads are Narrowing
In terms of lender’s interest rates, Frank stated the spreads are
getting narrow for lenders.
-
In
June, 2001 mortgage rates were 230 bps over 10 yr. T-Notes; March
’07 = 109 bps; April ’09 = 272 bps; May ’11 = 192 bps and June ’11 =
225 bps. We still have positive leverage.
-
Frank
concluded that the CMBS market is finally back. In 2009, there was
$0.9 billion of volume and the estimate 2011 volume is $50 billion.
We would
like to thank Garry Holmes, SIOR for organizing this event and to the
following sponsors:
Market
Sponsors
CBRE
Cushman & Wakefield
Grubb & Ellis
Jones Lang LaSalle
RBJ
Event
Sponsor
Greenburg Traurig LLP
Top of Page
Incoming President, Thomas
Farrelly Honors Outgoing President
October 14, 2010 - Algonquin Club, Boston - Incoming New
England SIOR President,
Tom Farrelly
(right)
gives a token of appreciation to
Greg Klemmer (left)
for serving as the chapter
President for the past two years.
The New
England Chapter of SIOR, which includes Massachusetts, Maine,
New
Hampshire, and Rhode Island, has 56 active members that hold the SIOR
designation, with a growing list
of Associate members and Candidates. The Associate members include
developers, property owners, architects, corporate real estate
executives and others directly involved in commercial real estate.
The Chapter
organizes and presents several programs throughout the year including
six breakfast programs featuring prominent developers and landlords, and
an annual golf outing. In addition, the Chapter sponsors a
scholarship each year, that is presented annually to a young up and
coming real estate broker. The Scholarship covers the cost of taking an SIOR
educational course, and attending an SIOR Conference. The Chapter
also presents a Market Overview twice a year in conjunction with NAIOP.
Top of Page
New England
Chapter Holds Annual Scholarship Evening
October 14, 2010
Boston,
MA - October 19, 2010 - The New England SIOR Chapter held its annual RW Holmes Scholarship
evening on Thursday, Oct. 14, 6:30pm to 8:30pm at The Algonquin Club in
Boston’s BackBay. The event attracted over 40 SIOR members, spouses and
invited guests. David Zimmer, the incoming SIOR National President
attended from Kansas City for the presentation. Mr. Zimmer updated the
chapter on SIOR national news. Approximately 46 new members from
England, France, and Germany have formed a new European Chapter to help
expand the SIOR network. In 2010, SIOR only lost less than 1% of its
members to attrition which is a great tribute to the SIOR organization.
From 2006-09, SIOR members averaged 30 transactions per person and 1.1
million SF per person. SIOR is still attracting the “best of the best”.
For the San Antonio convention in October, over 570 members have
registered as great programs are planned.
Greg then thanked Jim Boudrot and Don Mancini for their programming
efforts and reflected on his last year in office. As chapter members are
aging, the chapter needed new life and he focused on young blood. We
started with the Candidate program and he stated that the Candidate
program has become a big part of what the Chapter executes. Greg
acknowledged some of the new SIOR Chapter Candidates.
Greg then announced the night’s scholarship process and winners. The
scholarship was named after Bob Holmes who was a long-time SIOR member,
past Chapter President of SIOR and the founder of RW Holmes Realty in
Natick, Mass. His son, Garry Holmes now the President of the firm, is an
SIOR and past Chapter President.
The scholarship is by application only to an SIOR
Candidate who exemplifies the commitment to the SIOR organization and
stellar professionalism as an office/industrial broker in the greater
Boston market. The applications were reviewed and interviews conducted
by an SIOR panel included Mark Stevens, Bob Cleary, Greg Klemmer and
Garry Holmes. The scholarship is in the amount of $2,000 and can only be
used towards an SIOR
designation course. Greg Klemmer announced this year’s co-winners; John
Dolan and Bill Lynch, both of Meredith & Grew. Congratulations to both
John and Bill!
Tom Farrelly was then introduced as the 2011 new Chapter President. Tom
thanked Greg for his hard efforts to attract new members and praised the
SIOR organization for its networking value and personal relationships.
As he attends SIOR Chapter conference calls, Diana Lee, SIOR staff,
informs other SIOR Chapters about the numerous and impressive New
England Chapter programming events. Tom stated that the New England
Chapter really sets the model nationally. Tom then thanked Greg with a
gift from the New England Chapter.
The Chapter would like to thank Dacon for sponsoring this event.
Top of Page
New England
Chapter has Joe Zink, Atlantic Management as Featured Landlord
Newton,
MA - April 28, 2010 - The New England Chapter held its April
breakfast event at the Newton Marriott on Wednesday, April 28. The
Landlord Featured breakfast event introduced Joe Zink, President and CEO
of Atlantic Management. Approximately 36 SIORs and guests attended this
private invitation only event. Greg Klemmer, Chapter President first
thanked Jim Boudrot and Don Mancini for organizing the event. He then
announced that he had just returned from the SIOR National Convention in
Orlando and that the New England Chapter was awarded the Best Recruiting
Program of any chapter on a national basis. He thanked Mike Zieja and
Mike McCarthy for their contributions as Candidates with recruitment
events at Atlantic Beer Garden and King’s Bowling. Greg then announced
upcoming events with the May 27 Golf Outing at Turner Hill sponsored by
Vantage Builders and the October 7th Scholarship Night that offers
$2,000 to a Candidate with at least 2 years of commercial real estate
experience. The scholarship is applicable to an SIOR course and the fall
convention travel expenses. Greg also welcomed our newest member, George
Paskalis, SIOR of MG Commercial. The Chapter also has 2 more
applications for membership.
On May 13, the Chapter will be teaming up with Big Brothers/Big Sisters
at Porters to meet with the staff on ways that SIOR Chapter members can
contribute to the BB/BS program.
Joe Zink was then introduced by Greg. Joe is the President and CEO of
Atlantic Management and oversees the all the federal, state and local
permitting for the company. Atlantic Management is a 38 year old company
with 62 properties and approximately 4 million square feet of space
including industrial, medical, life sciences, residential and other
commercial buildings. They manage their own properties and do not engage
in third party management. Prior to working at Atlantic, Joe worked at
the Flatley Co. He is a graduate of Babson College and involved with
charities on health care and children’s education.
Summary of Joe’s presentation
- On Dec. 15, 2009, Atlantic sold Math Works in Natick, Mass and
as part of a 1031, purchased 750,000 sf of properties in 8 buildings
located in Billerica, Avon, Stoughton, Brockton, etc. The properties
were a mix of medical, office, R&D, etc.
- In this environment, investors need to be creative and get in
front of deals before they hit the open market. Joe is trying to tie
up properties within days of being introduced to the opportunities.
- Joe is finding more available financing and lenders. He feels
that this coming fall and winter, 2011, the market will experience
more lenders trying to sell off troubled assets. He feels that the
banks in 2009 and early 2010 have been able to strengthen their
balance sheets and can now afford to take the loss on troubled
assets. The banks will be a quick to expedite the sales of these
properties. It will not be a long, drawn out procedures.
- Financing is tough to obtain as compared to the early 1990s.
Back then, financing was readily available and now underwriting
criteria is stricter.
- Joe has seen positive activities in the last 60 days with
tenants as well. He feels that the market has stabilized and tenants
are ready to move up to nicer and less expensive space, or expand
and he sees more landlord TI money for tenants. He also believes
that we will continue to experience rent compressions. Some
properties will result in foreclosures and lenders will probably
sell well below replacement costs. Joe was able to buy below $20
psf. The low basis for sales will be the future.
- Joe has a 15 year average cash-on-cash return of 27% due to low
basis costs. If an investor has a high basis, then the basis can
never change but the rents can decrease and occupancy costs can
increase. The investor is doomed. But with low cost basis, the
investor has flexibility with rent reduction and rent concessions.
An investor cannot pay $200 psf for suburban office building which
he has observed and expect to survive.
- Lending: Joe feels that the smaller banks in 2009 had
ample money for financing but they now expect equity contributions
and a borrower with solid real estate experience. He sees no
problems obtaining financing from small bank sources. The larger
banks have the asset problems and are not good sources. The small
banks have clean balance sheets. Joe recently closed on non-recourse
financing at 6.25%, 10yr. term with 35% equity financing. During
Labor Day of 2008, he closed on financing with GE Capital and then
GE Capital offered no more financing. Now, a year and half later, GE
Capital is active in the market. It is a healthier situation.
- Joe also has equity partners. He could have one partner or a few
partners. He has only one institutional partner.
- Operating commercial buildings however has become more
expensive. He sees real estate taxes are a problem as it is
increasing. Joe has experienced 30-35% increases with taxes or $5.00
psf. Add the $7.00 psf operating expenses and office building are
now experiencing $12-13 psf costs. It is becoming more difficult to
be competitive and the margins are slimmer.
- Rent delinquencies have seemed to stabilize. In 2009, Joe stated
that rents were way behind and it was a bad situation. Now tenants
are catching up with past rents. Tenants are also feeling better
about the economy and starting to grow.
- Cap Rate Environment: Off-market deals, Joe is observing
deals at or above 10% but with higher base building capital issues.
So the 10% cap rate can be deceiving as money is needed for base
building improvements.
- When shopping for investments, Joe likes to focus less on the
building condition and more about the future value of his location
to tenants when turnover occurs. If he likes the location and sees
future benefits for a tenant then he will investigate the asset in
more depth. They can make quick decisions.
Joe concluded that they are very active seeking investment
opportunities. He feels that the bottom has been reached and that the
next few months will serve to be a great opportunity.
Top of Page
Two New
England SIOR's Win Top CBA Achievement Awards
Boston, MA, March 4, 2010 - The New
England Chapter is please to announce that Greg Klemmer, SIOR Chapter
President has captured the coveted "2009 Broker of the Year" and
"Industrial Deal of the Year" award. James Elcock won "2009 Retail
Deal of the Year".
2009 Broker of the Year - Greg
Klemmer pictured on far right.
You may read more about it by following this
link to the article in
The Real Reporter.
Top of Page
New SIOR Candidates Accepted
Into New England Chapter
CLICK HERE to read article written in New England Real Estate
Journal (NEREJ).
Top of Page
New
England Chapter Holds Second Event of 2010
Newton, MA, March 2, 2010 -
The New England
Chapter of SIOR held its second chapter event with its popular Breakfast
Series Event. The breakfast was held Wednesday, February 24, 2010 at the
Newton Marriott, Newton, Mass. for approximately 30 SIOR members and
their guests. The speaker was Mr. Paul Marcus from Marcus Partners who
focused on the status of investment real estate.
Marcus Partners
is based in Boston, MA with regional offices in Norwalk, Connecticut and
Tampa, Florida. The firm invests in real estate or related assets,
pursuing a mix
of strategic and opportunistic investment strategies.
Marcus Partners is experienced in the complexities of real estate and
the capital markets. Marcus Partners focuses on complex financial
transactions in today's real estate environment and is currently
investing its Marcus Capital Partners Fund I into a diversified
portfolio of office, bio-medical, medical office, and light industrial
properties in major metropolitan areas primarily east of the Mississippi
River. Paul is a graduate of MIT.
Chapter President Greg Klemmer welcomed the audience and gave a succinct
summary of the upcoming March 25 Kings Bowling Event; the April 28
Newton Marriott Breakfast and the SIOR Annual Golf Outing at Turner Hill
on May 27. Greg also announced that he wanted the Chapter to be more
involved with a charity and has suggested the Big Brother/Big Sister
organization. The Chapter plans to meet with Big Brother/Big Sister for
SIOR Chapter members who want to hear more details. Typically a Big
Brother meets 1-2 times a month for 1.5-2 hours per meeting with a
teenager that needs mentoring. Greg then introduced Paul Marcus.
Paul
concluded at the beginning of his lecture that there will be a “new
normal” in the next 2 years and a restructuring of the economic order.
The way business plans “grow and think” will change for the good and for
the bad but an investor needs to be in the right place for these
upcoming changes. He stated that the U.S. remains in a recession but the
way we are coming out of this recession will be very different than from
past recessions. The way we do business will be very different than the
other recessions but we will come out of this recession. Paul was able
to raise $225 million in equity last April 2009 during “Armageddon”
which shows that cash is ready to go.
Paul
then referenced an MIT study and chart on the economy that could suggest
where this current opportunity will take us. The economy peaked in 1987
and bottomed during the 3Q of 1992 in terms of values. We then
experienced a 5-year decline in real estate values. Then the asset
bubble occurred by 2006 and Paul thought prices were crazy high then. In
fact he removed 80% of his potential purchases off the “table”. We still
have a ways to go down in his opinion based on opportunities and cap
rates. How bad will it be? It depends on the U.S. confidence level, etc.
Real estate is down 40% from its peak in 2006.
Where will we see values?
Paul concluded that distressed properties are increasing. The majority
of real estate debt is owned by banks and not the CMBS market and it’s
the banks we need to watch. The supply and demand of capital issues and
fundamentals are changing. A bigger issue is the capital.
The Funding Gap
Paul stated that we are past the massive turning point of
“hitting bottom” and now we need to decide how to deal with the capital
issue. There is a $26 million equity shortfall with owned investment
real estate. Paul gave an example of properties financed 5 years ago at
75-25% LTV and that new values are 51% less creating an equity shortfall
of $ 26 million. The market will experience these problems related to
this shortfall and it will take 4-5 years to work out this equity issue.
In the early 1990s it took real estate 2.5 years to recover after job
growth began. But right now job growth last and extrapolates to 2010.
Where is investment real estate today?
Paul stated that investors are raising capital in the
amount of $50-60 billion so there is money out there but not much real
estate supply. There is very little inventory so money is coming off the
target. Real estate will get tougher and not better in the next few
years. Tenant improvement money is being used up as well.
When does real estate bottom?
The leasing rates and values bottom historically at about
the same time. The office side, Paul sees bottoming in 2010-12. The
greater Boston rental rates will bottom late in 2010 or 3Q 2011. The
rental rates might drop another 10% or more for Class A and for Class B
office space. Medical space has done better than most assets. Inflation
will help some properties and will hurt other types of properties. The
institutional property owners will be having problems as well. Tenants
trying to obtain SNDA language from institutional owners will be
difficult. 2010 will be the beginning of the “Revolution.”
Paul
then reviewed the S&L Crisis in 1989 to the Dotcom era in 2000 to
today’s 2010 status. He felt that the low space demand/high vacancy
issue is worse in general than an oversupply issue. And the market is in
a low demand scenario. To solve this problem, Paul felt that
Massachusetts needs to work and focus on keeping college students here
in the state and help the economy grow.
For
the next two years, the real estate industry will be in a volatile
market. Prices will spike in the next few months and then a flood of
properties will hit the market. We will hear great news and bad news
constantly but not consistent news. News will be quick so investors need
to be prepared for volatility and pricing volatility.
Current Investment Strategies
In concluding his presentation, Paul felt that they are 2
types of real estate investment choices: Assets returning to lenders
which Paul felt could be minimal. The other choice is the majority of
investments that will be negotiated between borrower and new equity
buyer and with the existing debt holder. The new opportunities with be
with existing borrowers and more than 50%of transactions will be with
these existing owners. Most properties will not hit the market. We are
still early in the down cycle and the last down cycle; it took us 5
years to recover. So we need to be patient.
Top of Page
NAIOP/SIOR Holds End of the Year Forecast 2009
Boston, MA, December 7, 2009
- The New England Chapters of SIOR and NAIOP held is annual “End of the
Year Review and 2010 Forecast” on Thursday, December 3, 2009 at the
Hyatt Regency. This event attracted over 350 commercial real estate
practitioners to hear an economist and a panel of commercial real estate
experts. Greg Klemmer, SIOR Chapter President, introduced the moderator
and panelists and thanked the sponsors. The moderator was Bret
Wilkerson, CEO of PPR Global who offered his overview of the state of
the national and regional economy. The expert panelists included Greg
Cahill, SIOR, SVP of Lincoln Property Co on the Industrial Market; Jack
Kerrigan, EVP of Grubb & Ellis on the Suburban Market; Mark Winters,
Executive Director, Cushman & Wakefield on the Cambridge market, Chris
Cuddy, SVP of CBRE on the Boston Market and Frank Petz, EVP of RBJ &
Associates on the Capital Markets.
CLICK HERE to view a PDF summary of
their presentations.
Top of Page
2009 Robert W. Holmes Scholarship Awards and Legacy Circle Member
Dedham, MA, Oct. 22, 2009 - The New
England SIOR Chapter held its Annual Scholarship Award Night on October
21, 2009 at the D
edham Country and Polo Club. Approximately 35 SIOR and
guests attended the event. Greg Klemmer, Chapter President began the
evening thanking our sponsor Vantage Builders and then announced that
SIOR National has developed the Legacy Circle for members of 30 years or
more. Legacy Circle members receive complimentary convention
registrations and Greg announced that within the New England Chapter the
sole member was Chip Detwiller. Congratulations to Chip for becoming
part of this prestigious circle and his years of commitment. Greg then
stated that with it was just as important to attract new members and
announced that during 2009 the Chapter developed the Candidate Program
for up and coming brokers of less than 5 years experience who are
committed to earning their designation with SIOR. This year the newly
accepted candidates are Mike Zieja, John Dolan and Bill Lynch of
Meredith & Grew. Three other brokers are also pending: Mike McCarthy,
Tim Brodigan and Evan Gallagher.
Greg reviewed the genesis of the New England Chapter/Robert W. Holmes
Scholarship Award which is given by the Chapter to an "up and coming"
Boston area commercial broker, with less than three years experience.
The scholarship offers the broker the opportunity to attend an SIOR
course at an SIOR National Convention. The Scholarship was started 3
years ago with the efforts of Mark Stevens and Garry Holmes. Mark
Stevens then spoke to the attendees on the background of Bob Holmes’s
professional career at Ryan Elliot and becoming an SIOR in 1970. Bob
then worked at Nordblom Co. prior to starting his own firm in Natick,
Mass. in 1976 and enter into virgin territory of the Rt. 495 market. In
1979, Bob Holmes became the SIOR Chapter President. Garry Holmes then
followed his father years later and served as Chapter President as well
and now chairs the Chapter Scholarship Committee. Past recipients have
included Jeremy Freid and Tim Brodigan.
Greg announced that this year there were two co-recipients; Mike Zieja
of Meredith & Grew and Evan Gallagher of NAI Hunneman Commercial. Each
recipient will receive $ 2,000 for tuition, room and board towards an
SIOR course and to attend the Fall National Conference. Congratulations
both to Mike and Evan who plan to attend this October’s SIOR courses in
Toronto and attend the Fall Conference.
The Chapter would like to thank Vantage Builders, Inc. for sponsoring
this event.
Top of Page
2009 National Spring
World Conference in San Diego, CA
San Diego, CA, Apr. 30-May 2, 2009 -
Fellow New England Chapter members, the 2009 SIOR National Conference in
San Diego was another fantastic time. The speakers were entertaining
and thought provoking, the breakout sessions were very informative, the
dinners and nightlife entertaining. The Chapter members that made the
trip were myself, Tom Farrelly, Tom's wife Devin, Garry Holmes, Chuck
Reilly and Greg Cahill.
Several items worth passing on:
-
3
CE credits (working on increasing) for those Massachusetts brokers
attending the conference break out sessions. This is a new and
fantastic benefit. Working on RI and NH.
-
All
conference presentations are recorded and some presenters put their
slides on the website. View the presentations online through this
link, CLICK
HERE. Most of them are worth listening to. The slides
are equally helpful. Broker Management was particularly
entertaining but you can't hear the pearls of New England wisdom
from the tapes. I'll fill you in at some point.
-
We
will be sending notes from the break out sessions once we can
interpret them.
Look forward to seeing you soon and don't forget to save the dates for
the fall Conference in Toronto, October 29-31, 2009.
Sincerely,
Greg Klemmer, SIOR
NE Chapter President
Top of Page
Annual SIOR/NAIOP Mid-Year Market
Review for 2009
Boston, MA, June 10, 2009 - The New England SIOR/NAIOP
Mid-Year Commercial Real Estate Market Review is set for Thursday, June
10 at 8:00am. Registration will begin at 7:30am at the Hyatt (Lafayette)
Hotel in the Downtown district. Doug Poutasse will be the moderator.
Panelists are being confirmed at this point. Mark your calendars and
look for further details via email to SIOR members.
Top of Page
FM Global Speaks to New England SIOR
Chapter: April 21 Breakfast Meeting
Newton MA, April 21,
2009 - The New England SIOR Chapter held its April “Featured
Landlord Breakfast” event on Tuesday, April 21 at 7:30 a.m. at the
Newton Marriott. Approximately 35 SIOR members and their guests attended
to hear the Featured Landlord, Don Oldmixon of Hobbs Brook Management/FM
Global. Since its inception in 1952, Hobbs Brook Management has been a
pioneer in the development of premier office space in the Boston
suburbs. The program presented the opportunity to learn more about its
newest project at 175-185 Wyman Street in Waltham, Massachusetts.
Comprised of 2 news buildings encompassing over 335,000 SF, the latest
additions to Hobbs Brook Office Park offer direct access to Rt. 128-95
via the Wyman Street on/off ramp. Additionally, tenant signage will be
directly visible from Rt. 128/95 and spectacular water views of the
reservoir and the hill so Weston will be available to tenants.
FM
Global is developing one of the few speculative suburban office
buildings. Their newest spec project is located at 175-185 Wyman Street,
Waltham, Mass. This first class office building is expected to be
delivered to the market by December, 2009. This project is one of the
last spec office buildings available and represents a significant
suburban office development. FM Global is the real estate arm of Factory
Mutual and it owns other Boston area projects that Don will review at
the breakfast. FM Global’s portfolio includes: Edgewater Place in
Wakefield and 404 Wyman Street and Hobbs Brook Office Park Waltham.
The Chapter would like to thank Jim Boudrot and Ned Leeming for
arranging this event.
Pictured in Photo L-R:
Don Oldmixon with Hobbs Brook Management and Greg Klemmer, SIOR New
England chapter President.
Top of Page
New England SIOR Chapter Congratulates
Newest SIOR Designee
WORCESTER
MA, April 1, 2009 - Congratulations to Don Mancini of Kelleher &
Sadowsky of Worcester, Massachusetts for earning his SIOR designation in
an announcement made April 1, 2009. Donald J. Mancini, SIOR also holds a
CCIM designation and is a Vice-President at Kelleher & Sadowsky
Associates, Inc. in Worcester, Massachusetts.
Top of Page
Nahigian Receives the 2009 "James Felt
Creative Counseling Award" As Top CRE Counseling National Assignment
NEW YORK CITY -
Rob Nahigian, SIOR, CRE of Auburndale Realty Co. was the
recipient of the 2009 James Felt Creative Counseling Award at The
Counselors of Real Estate National Conference in NYC at The
Waldorf-Astoria on March 30, 2009. The award is given to a CRE for the
most outstanding achievement and ingenuity counseling project
nationally.
Rob’s
project was a 3 year project for the Abby Kelly Foster Charter School,
spearheading its real estate acquisitions. The acquisitions consisted of
$37 million, 301,259 gross square foot complex situated on 15 acres
known as 6 and 10 New Bond Street, Worcester, Massachusetts. Rob was
engaged for this project during September, 2005 and it was completed
June 19, 2008. It is one of the largest real estate charter school
acquisitions in U.S. history. Rob acted at the real estate counselor and
took the project from concept to closing. He worked closely throughout
the process with the Superintendent of Schools, Mr. Robert M.
Harrington. Established in 1992, the James Felt Creative Counseling
Award recognizes the most innovative and creative counseling on complex
real estate issues in an ethical, objective and expert manner. Rob was
congratulated for his creativity, commitment and expertise, all
contributing to the resolution of the school’s expansion issue.
Top of Page
Pete Hayes Named to BC/BS Board of
Directors in Providence
Blue
Cross & Blue Shield of RI recently named Peter Hayes, SIOR to its Board
of Directors. Pete is partner and co-founder of Hayes & Sherry Real
Estate Services. Prior to co-founding his firm, Hayes served as VP and
regional manager of The Codman’s Co. Providence office. His 25-year
business career includes negotiating office, industrial, land and retail
sales and leases for some of the nation’s most prestigious companies,
included AT&T, Bank of America Fidelity Investments, GE, IT and others.
A 1978 graduate of St. Lawrence University, Pete holds the SIOR
designation and served as the New England Chapter President. He is also
a member of the board of trustees of the RI Chamber of Business &
Industry; an incorporator with The Providence Foundation; on the Board
of Directors with the RI Public Expenditure Council, the New England
SIOR Chapter; an advisory board member for YearUp Providence; a member
of the RI Commodores and founding member of the board of the Ross Elkhay
Foundation. Congratulations to Peter Hayes!
Top of Page
New England SIOR Chapter Holds Scholarship
Award Night
Reprinted from the NE Real Estate Journal
The New England SIOR Chapter held its second annual
Scholarship Award Night on Thursday, October 23, 2008 at the Boston
College Club, 100
Federal Street in Boston. Over 50 SIORs and guests attended
the event. The Scholarship Award is given by the Chapter to an "up and
coming" Boston area commercial broker, with less than three years
experience. The scholarship offers the broker the opportunity to attend
an SIOR course at an SIOR National Convention. The Scholarship is named
after Bob Holmes who served as New England Chapter president in the
1970s and was a long-time SIOR active member.
The evening included special guests:
David Zimmer, SIOR
national
vice president; Diana Lee, vice president of Chapter Relations; and
Karen Lewis, SIOR northeast regional director. Each said a few words
about SIOR, the upcoming MN convention and the strength of the New
England Chapter.
Mark Stevens, Chapter president, then
announced that he was serving his last event as New England Chapter
president as his term was expiring. He thanked everyone for allowing
him to serve as Chapter president for the last two years and in
particular his board officers, Greg Klemmer, Jim Boudrot, Ned Leeming,
Tom Farrelly, Bob Cleary, Garry Holmes, Peter Hayes and Rob Nahigian.
Stevens then announced the new chapter leadership team for 2009 and
2010: Greg Klemmer as the new Chapter president, Tom Farrelly as vice
president, Jim Boudrot as treasurer and Tony McDonald as secretary. He
explained that the reasons the officers serve the Chapter is to give
something back to SIOR and to help younger brokers move up the ladder.
Stevens then described the Robert W.
Holmes Scholarship as being established to provide young up and coming
commercial real estate brokers with the opportunity to further their
education and to learn more about SIOR and what it has to offer. The
scholarship provides the funds to attend an SIOR educational course as
well as the cost of attending an SIOR national conference. The
scholarship is valued at $2,500.
He
introduced the 2007 winner, Jeremy Freid to share his experience
attending last year's St. Louis conference and taking his first SIOR
course. Stevens then announced that the Chapter SIOR board elected this
year's award to Tim Brodigan from Klemmer Associates. Brodigan started
his career in 2003 specializing in the suburban market focusing on
office and industrial transactions. To date he has been involved in over
two million s/f of lease and sale transactions. He is a member of CBA,
a founding member of the CBA Futures Leaders Committee, a member of the
North Shore Chamber of Commerce, participates in the Greater Boston Big
Brother Program and is involved in the DreamMaker program at the Boston
Children's Hospital. The Chapter would like to thank our sponsor Dyer
Brown Architects for this event.
The Chapter would also like to thank
Mark Stevens for his tireless efforts in running the Chapter over the
last two years. His contribution to SIOR and the New England Chapter
has been well appreciated by its members and officers. He has also
simultaneously served as the president of the Commercial Brokers
Association. Thank you Mark, you have made a difference in our industry!
Pictured in top Right Photo L-R:
David Zimmer, National SIOR President-elect, Tim Brodigan, Scholarship
Winner, and Mark Stevens, President New England Chapter SIOR.
Picture in bottom Left Photo: Candidates for SIOR Scholarship.
Top of Page
