26th Annual Cornell Real Estate Conference

Strategies and Opportunities
in a Resource Constrained World

September 25th & 26th 2008
Ithaca, New York

These are certainly challenging times in the commercial real estate industry. This year's 26th Annual Cornell Real Estate Conference, entitled Strategies and Opportunities in a Resource-Constrained World, is focused on a lively and candid discussion of practical solutions to these challenges. Taking place on Cornell's beautiful Ithaca, NY campus on Thursday and Friday September 25th and 26th, this conference features inspiring and experienced keynote speakers, and successful and creative industry veterans on in-depth discussion panels. You will hear timely information you just can't get anywhere else; information to help you turn challenge into opportunity.

Keynote Address

STEPHEN J. FURNARY
Chairman & CEO of ING Clarion

Stephen J. Furnary is the Chairman & CEO of ING Clarion, and is Chairman of its Investment Committee and of the ING Clarion Executive Board. He joined the firm in 1984, and is one of Clarion’s founding partners.

Prior to joining ING Clarion, Mr. Furnary was a Partner and Executive Vice President at Lazard Realty, Inc. from 1980 – 1983, and a Vice President, regional head of acquisitions, in the Real Estate Investment and Management Department of Citibank from 1974 – 1980

Mr. Furnary received a B.S. from Villanova University in 1972, and an M.B.A. from Boston College in 1974. He is a Trustee and Governor of the Urban Land Institute, former Chairman of the Pension Real Estate Association (PREA), as well as former Chairman of the National Association of Real Estate Investment Managers, (NAREIM). Mr. Furnary is an appointed vice president of the Muscular Dystrophy Association, a voluntary national health agency, and serves as an advisory board member of Georgetown University’s College Board of Advisors and also the Villanova School of Business.

Mr. Furnary is a member of the Global Management Board of ING Real Estate Investment Management and also serves on the Management Council of ING Group.

Representative Speakers

John B. Hynes, III, CEO and Managing Partner, Gale International

John Hynes is CEO of Gale International, a premier, New York-headquartered international real estate development and investment company, responsible for landmark projects including the $30 billion Songdo International Business District Project in South Korea, and the largest historic renovation project in Boston's history, the $700 million redevelopment of the Filene's complex in Downtown Crossing, which is currently under construction. Hynes, who has been a leader in the Greater Boston commercial real estate community for more than 20 years, has been the driving force behind Gale's aggressive expansion both domestically and in Asia.

Gary Garrabrant, CEO, Equity International

Gary Garrabrant is CEO of Equity International, a firm he co-founded with Sam Zell in 1999. Since then, Equity International has raised over $1 billion in equity capital and invested in 15 portfolio companies representing a wide spectrum of businesses with a focus on homebuilding, and corporate and retail properties, and a geographical concentration in Mexico, Brazil, and more recently, China. Garrabrant's extensive real estate, investment management and banking experience began in 1981, and has included many noteworthy public and private transactions including the formation of Capital Trust (NYSE: CT), and the consolidation of the four Zell/Merrill Opportunity Funds into a firm that became Equity Office Properties Trust, at one time the largest publicly-traded REIT.

Richard Saltzman, President, Colony Capital

Richard Saltzman is President of Colony Capital, LLC, a private, global real estate investment management firm with 14 offices in 10 countries that has invested in a portfolio of properties and securities throughout the world with an aggregate value of $30 billion. Richard is based in New York and shares responsibility for the firm's global operations, including among many other areas, acquisitions and new business initiatives. Prior to joining Colony in 2003, Saltzman spent 24 years in investment banking, most notably running Merrill Lynch's global real estate, hospitality and restaurant businesses.

Michael Errichetti, Managing Director, JPMorgan Real Estate

Michael Errichetti is a senior Managing Director in JPMorgan’s Real Estate and Lodging Investment Banking group, where he is responsible for relationships with many of the firm’s key clients. Mr. Errichetti has been in Real Estate Investment Banking at J.P. Morgan since 1988, with management positions in New York, Paris and London. During his career in Real Estate, Mr. Errichetti has completed Corporate Advisory, Mergers & Acquisitions, Public and Private Equity, Syndicated Bank, Bond, and Private Debt Financings in the U.S., Europe, Latin America and Japan totaling over $67 billion.

Thomas Arasi, President, Harbinger Advisors

Thomas Arasi is president of Harbinger Advisers, L.L.C. where he advises developers, real estate owners, lenders and hospitality firms globally in their strategy, growth, operations execution, acquisitions, asset management and capital needs. Prior to Harbinger Advisers, Mr. Arasi spent more than two decades leading prominent global hospitality and real estate companies, including Portman Holdings, where as President he managed the Atlanta, Shanghai-China, Mumbai-India and Seoul-Korea offices, CNL Hotels & Resorts, where he served as Chief Investment Officer, and Bass Hotels & Resorts (now Intercontinental Hotels Group) , where he was President of three major divisions. Tom's prior experience also includes stints at Salomon Brothers, HVS International, and Sheraton Hotels.

Joseph Azrack, Managing Partner, Apollo Global Management

Joseph Azrack is the Managing Partner of the Real Estate Practice for Apollo Global Management, a leading global alternative asset manager with assets under management in excess of $40 billion in private equity, hedge funds, distressed debt and mezzanine funds. Prior to joining Apollo, Mr. Azrack was President and CEO of Citi Property Investors where he chaired the firms Management Committee and Investment Committees, and provided strategic guidance for investment policy and strategy. Prior to joining CPI, Mr. Azrack was Chief Executive and Chairman of AEW Capital Management, L.P., Founder and President of the AEW Partners Funds, a Director of Curzon Global Partners and Founder and Chairman of IXIS AEW Europe.

Selected Panel Topics

Deals in a Resource-Constrained Environment

Think the markets are dead and no deals are getting done? Think again. Certain creative and opportunistic investors are very active, and this panel will feature several of the most interesting and entrepreneurial deal mavens. Learn how these transactions are being sourced, financed and closed, and how underwriting standards and return expectations have shifted to address the new investment environment.

International Opportunities Revealed

While U.S. markets face the headwinds of debt capital constraints and a transaction drought, more dynamic international markets offer select opportunities to realize very attractive risk adjusted returns. Hear from the investors and developers who are harvesting these opportunities in several different asset classes, and learn about the unique business strategies, deal structures and return targets each employs. The discussion will cover recent projects and transactions in both developed and developing markets, and will address some of the hurdles encountered abroad in these unique business and regulatory environments. No passport required; global insight delivered straight to you.

Focus on Development Projects

Despite considerable headwinds, exciting and groundbreaking new projects are being designed and built, and we've gathered leading developers and architects to discuss their most interesting recent development deals. These leading practitioners will share how they are navigating more demanding and cost-conscious owners and tenants, more receptive but still onerous entitlement and zoning processes, sky high energy prices, and moderating but still expensive materials costs. This will be a visually- and intellectually-stimulating session not to be missed.

Message from Conference Program Chairman

What a difference a year makes.

When we convened in New York City one year ago to hear ‘Real Estate Titans’ discuss their recent mega-deals and postulate on where they might uncover opportunities to invest their vast pools of capital, who among us imagined how severely our economy and industry would change?

Oil and commodity prices are at record high levels. Financial markets are stressed. In commercial real estate, transaction activity has ground to a halt, triggered by massive reductions in debt financing, and the valuation/pricing chasm that separates buyers and sellers. Amidst this gloom and inactivity, it is challenging to envision the future of our industry, and what catalysts might propel our business forward.

This year’s 26th Annual Cornell Real Estate Conference takes this challenge head-on. In keeping with our conference theme, “Real Estate Strategies and Opportunities in a Resource-Constrained World”, we have assembled thoughtful, forward-thinking and inspiring speakers from across the country and abroad, and have encouraged them to focus on the innovative ideas and creative deal structuring they have employed over the past 9-12 months. We’ll examine how companies large and small are dealing with our industry’s considerable resource constraints, and hear seasoned veterans provide their perspective on alternative recovery scenarios.

As is the case with all our conferences, we limit attendance to provide attendees the opportunity to personally interact with speakers and to network with key industry decision makers. We place great emphasis on speakers’ sharing deal specifics, including a candid comparison of pre-investment expectations with post-closing reality. This is all part of the “high take home value” that is a hallmark of our conferences.

We look forward to welcoming you back to Ithaca in late September, typically a great time to come to campus. This year Homecoming Weekend immediately follows the conference. Please join us for what is sure to be a very special and informative conference.

Attend the real estate conference that makes a difference.

David Rupert
Chair
Conference Planning Committee

If you are interested in Conference Sponsorship, please click here.

Hotel Reservation Information

A block of rooms is being held at the Statler Hotel, Cornell University

  • Please call the hotel directly to make your reservations
  • Remember to mention that you are with the Cornell Real Estate Conference to receive the special group rate that is available until August 28, 2008.
  • Overnight parking available to hotel guests for $10/day
  • Group rate: $170, Single occupancy/day, $180, Double occupancy/day

    • Statler Hotel, Cornell University
    130 Statler Drive
    Ithaca, NY 14853
    Phone (607) 257-2500 or 800-541-2501

    Hotel Cancellation Policy

    Reservations must be cancelled by 3PM one day before the arrival date to avoid a cancellation fee equal to one night’s room charge.

    To check the pricing and availability at other area hotels in Ithaca, go to your favorite or the following website:
    http://www.visitithaca.com/

    For more information, contact:
    Bryan Vliet, Program Coordinator
    Cornell University Program in Real Estate
    Phone: 607-255-8962
    Fax: 607-255-0242
    e-mail: