Commercial Real Estate - Perspectives On the Future with Rich Monopoli ('02) of Boston Properties, Andrew Calderwood ('98) at Landmark Fund and Kevin Hoo ('08) at Cove PG
|Rich Monopoli ('02)||Andrew Calderwood ('98)||Kevin Hoo ('08)|
|Boston Properties||Landmark Fund||Cove PG|
Tuesday, March 9th
Time: 5:30 pm EDT
**All are Welcome**
According to Deloitte's 2021 CRE Outlook, global commercial real estate deal volume declined 36% year over year to US$306B in 2Q20 driven by Covid 19, economic stagnation and an uncertain pricing environment. Prices are showing early signs of stress across the more negatively impacted property types including retail and office price indices. In contrast, industrial property index rose 7.4% YoY. Unlike the Global Financial Crisis, CRE companies had generally strong financials at the start of the pandemic and debt markets remain sufficiently liquid. Yet, troubled loans are rising; banks, fearing higher delinquencies, are tightening lending standards. In several sectors, rent collections have remained healthy, but largely because of higher tenant incentives and leasing concessions. Along with the evolving financial landscape, the pandemic has resulted in tectonic shifts in the way people live, work, and play, which has put unique pressures on certain property sectors.
Rich Monopoli ('02) is a Senior Vice President, Development, at Boston Properties. At BXP, Rich has led land acquisitions/dispositions, complex deal structure, and discretionary entitlement processes in the two largest BXP regions. He's negotiated over a million square feet of anchor tenant leases, kicking off over three million square feet of new office, mixed-use and life science development.
Andrew Calderwood ('98) is the Chief Investment Officer at Landmark Fund LLC in New York. He is an experienced Portfolio Manager with over 15 years experience managing a REIT portfolio. He was previously a co-founder of a $3.5Bn Global REIT fund at Perennial Investments, Head of Real Estate for Macquarie Infrastructure and Real Assets USA, and an analyst in Citigroup's #1 ranked REIT equity research team.
Kevin Hoo ('08) is the Managing Partner of Cove Property Group. Kevin has developed significant joint venture and capital partner relationships throughout his career and is responsible for the acquisition, financing and asset management of Cove's portfolio. He has overseen in excess of $3 billion of direct real estate transactions, as well as development and capital projects throughout his career and has negotiated over one million square feet of leases across 90 separate transactions.
Prior to Cove, Kevin was a Managing Director at Savanna. While at Savanna, he oversaw the acquisition, financing and asset management of nearly 1.8 million square feet through to successful investment exits, including 100 Wall Street, 245 & 249 West 17th Street, 21 Penn Plaza and 31 Penn Plaza. Before Savanna, Kevin was a Director at Tishman Speyer. Based in New York City, he began in the Emerging Markets group (focused on China and India), initially managing acquisition and development opportunities and was subsequently granted oversight of design and construction elements in that role. Kevin later transitioned into the New York Acquisitions and Development group and finally the Commercial Leasing and Sales group, with a specific focus on Rockefeller Center and 200 Park Avenue. Prior to Tishman Speyer, Kevin was an Associate Director in the Real Estate Investment Banking Group at UBS AG in Sydney, Australia, where he was responsible for M&A and capital market transactions for REIT clients.
Kevin is a Vice Chair of the board of the Lower Manhattan Cultural Council and holds an MBA from the Kellogg School of Management at Northwestern University, as well as a Bachelor of Commerce (with honors) and Bachelor of Law (with honors) from the University of Queensland, Australia.