Tuesday, May 1, 2007

Im Westen Nichts Neues

Yup, all quiet on the western front so far, for the most part. Zell and Sternlicht had a nice chat (well, okay, they got into a little bit) this morning about the EOP deal. But we all expected that. Barry put Sam on the defensive over the way the deal one was done, and Sam parried, calling it a "godfather" offer that could not be refused, especially since it was one sans broker commissions.

They also told us what we all know about CRE as alluded to in my last post: foreign money finds US real estate cheap. Private equity is fine because they turn public again and keep REITS going. The next president is irrelevant unless s/he starts tinkering with the real estate or REIT market. Regardless of who it is, there will be some turmoil. Spring 2009 should be interesting....