1st Annual REAL Symposium – November 9, 2011

REAL Symposium 2011 Planning Committee

  • Elaine Andersson, QAV Realty Services, Inc.
  • Lance Anderson, Miller Starr Regalia Prof. Corp.
  • John K. Chapin, California Continuing Education of the Bar
  • Chad Hagle, Aventine Development Corporation
  • David P. Lanferman, Sheppard Mullin Richter & Hampton LLP
  • E. David Marks, GCA Law Partners LLP
  • Susan Meaney, Makena Capital Management, LLC
  • Jose Mendoza, Klinedinst PC
  • Donald C. Nanney, Gilchrist & Rutter Prof. Corp.
  • James D. Richman, Arnold & Porter LLP
  • Mollie Ricker, Dostart Development Company, LLC
  • Helen Kang Shin, Morrison & Foerster LLP
  • Ron Sonntag, Executive Director, SPIRE
  • Mia Weber Tindle, Bingham McCutchen LLP
  • Gillian van Muyden, Glendale City Attorney’s Office
  • Kenneth R. Whiting, Jr., Holme Roberts & Owen LLP
  • Toni P. Wise, Greenberg Traurig LLP
  • Michael H. Zischke, Cox Castle & Nicholson LLP
REAL Symposium 2011 gratefully acknowledges the support of its sponsors:

  • Arnold & Porter LLP
  • Berbay Marketing & Public Relations
  • Berkeley Research Group
  • Bingham McCutchen LLP
  • Buchalter Nemer Prof. Corp.
  • California Continuing Education of the Bar
  • California Real Estate Law Newsletter
  • Cox Castle & Nicholson LLP
  • Devcon Construction Incorporated
  • Dostart Development Company, LLC
  • Gilchrist & Rutter Prof. Corp.
  • Greenberg Traurig LLP
  • Holme Roberts & Owen LLP
  • Makena Capital Management, LLC
  • Miller Starr Regalia Prof. Corp.
  • Morrison & Foerster LLP
  • Sheppard Mullin Richter & Hampton LLP
  • Silicon Valley Business Journal
  • SSL Law Firm LLP
  • Wilson Meaney Sullivan LLP

Program Schedule of Events

12 noon – 1 p.m.

Registration

1 p.m. – 1:15 p.m.

Welcome – Symposium Co-Chairs

Susan Meaney, Partner and Managing Director, Makena Capital Management, LLC; Member, Board of Governors, SPIRE

Donald C. Nanney, Partner, Gilchrist & Rutter Professional Corporation; Advisor, Executive Committee, Real Property Law Section, The State Bar of California

1:15 p.m. – 2:15 p.m.

Keynote Speakers: The Current Economics for Real Estate

Will California Real Estate Be Golden Again? Perspectives on Markets, Trends and Opportunities

John Cushman, III, Co-Chairman of the Board, Cushman & Wakefield, Inc. Mr. Cushman will examine the office leasing and capital markets from a broad global perspective with an emphasis on U.S. gateway cities. He will specifically examine leasing and investment trends in the San Francisco, Silicon Valley, Los Angeles and Orange County markets. His comments will explore the origin and scope of capital flows entering the U.S. market, enabling investors to compete for well located, quality assets, driving cap rates down and pricing to near peak levels in the trophy arena

Mr. Cushman’s remarks will also touch on the diversity of value among asset classes and the dichotomy between top-tier and tertiary cities. Is there a new bubble in commercial real estate driven by investors who are rebalancing allocations away from the sector, or will secondary markets engage the interest of investors and begin to drive yield/ Where are the opportunities in the U.S. markets today?

Ranking various cities throughout the country, Mr. Cushman will close his remarks with his perspective on the future opportunities for the Northern and Southern California markets including Silicon Valley, and the importance of these regions to the overall national economy.

It’s Not DeLightful, It’s Not DeLovely, It’s DeLEVERAGE

Brian Pretti, Senior Vice President, The Mechanics Bank

The presentation will focus on the history of the generational credit cycle that is now behind us and where we are now in the whole process of deleveraging. What are the fingerprints and characteristics of the current cycle, and both how and why is it so different from prior cycles over our careers? What are we seeing right now in terms of credit creation both inside and outside of the official banking system and what’s likely to be the tone of rhythm of credit expansions ahead? What does this macro of a deleveraging environment mean for commercial real estate (jobs)? Where are tomorrow’s opportunities (perhaps especially difficult to see amidst the emotional drama of the moment)?

2:15 p.m. – 2:30 p.m.

Break

2:30 p.m. – 3:30 p.m.

Panel 1: Dodd-Frank: Its Aftermath and Lots of Moving Parts
Maureen A. Young, Partner, Bingham McCutchen LLP

Kenneth E. Scott, Ralph M. Parsons Professor of Law and Business, Emeritus, Senior Research Fellow, Hoover Institution, Emeritus, Stanford University

Walter J. Mix, III, Director, Berkeley Research Group, LLC, and Former Commissioner, California Department of Financial Institutions

The Dodd-Frank Act requires a major overhaul of the U.S. financial regulatory system, necessitating the promulgation of literally hundreds of new regulations through a rulemaking process that will continue for years to come. The panel will look ahead at what the implementation of Dodd-Frank may bring. Although Dodd-Frank has a very few provisions directed specifically at commercial real estate practices, the panel will discuss the ways in which the altered playing field will impact the real estate industry.

3:30 p.m. – 3:55 p.m. 

Redevelopment In Crisis: The Latest On Legislation, Litigation and the Future of Redevelopment in California

T. Brent Hawkins, Partner, Best Best & Krieger LLP and General Counsel, California Redevelopment Association

How is State budget legislation affecting redevelopment agencies being implemented? What is the status of litigation challenging that legislation? What is the future of tax increment financing? How will cities stimulate economic development and affordable housing in the future?

3:55 p.m. – 4:10 p.m. 

Break

 4:10 p.m. – 5:10 p.m. 

Panel 2: Current Sources of Capital for U.S. Real Estate
Michael Jameson, Managing Director, Prudential Financial, Incorporated

Constance B. Moore, President and Chief Executive Officer,BRE Properties, Inc.

Ken Swensen, Division Counsel, Bank of America, N.A.

This presentation will focus on the current state of the real estate capital markets and the current sources of capital. The panel will highlight those sources that are the most competitive and regional differences between top tier markets versus secondary and tertiary markets. The status and recent activities or REITs, bank lenders, insurance companies, and other sources of capital will be compared. The panel will also discuss the CMBS market generally and its impact on the overall commercial real estate market, and as well as potentially impactful trends and issues on the horizon.

5:10 p.m. – 6:30 p.m. 

Networking Reception Hosted by Sheppard Mullin