The Sit-Down

You Can Go Home Again: Glenn Rufrano is Back at O’Connor Capital Partners

Glenn Rufrano.

Last November, Glenn Rufrano returned to O’Connor Capital Partners, a real estate investment, development and management firm where he worked for 17 years beginning in 1983. He returned to O’Connor—as chairman and chief executive officer—nearly six months after Cushman & Wakefield announced he would depart as that firm’s CEO, a post he’d held for over three years.

The New York-based O’Connor boasts approximately $3.5 billion in assets under management and its retail platform manages close to 14 million square feet of properties, with 3 million square feet in Mexico. The firm also oversees approximately 8,000 multifamily units. Mr. Rufrano joined Commercial Observer on the last day of the International Council of Shopping Centers’ RECon in Las Vegas and talked about his departure from C&W, O’Connor’s business in Mexico and his bird troubles. Read More

The Lobby

Glenn Rufrano Named Chairman, CEO at O’Connor Capital Partners

Glenn Rufrano

Nearly six months after Cushman & Wakefield announced he would depart at as the real estate company’s chief executive officer, Glenn Rufrano has landed on his feet.

O’Connor Capital Partners, a real estate investment, development and management firm, announced today that Mr. Rufrano would return to the company as chairman and chief executive. Mr. Rufrano had previously enjoyed a 17-year spell with O’Connor, beginning in 1983. Read More

The Lobby

Rufrano Departing as C&W CEO, Interim Replacement Named

Mr. Sant'Albano

Carlo Barel di Sant’Albano has been named interim CEO of Cushman & Wakefield, replacing Glenn Rufrano, the company announced today. In addition to his interim role, Mr. Sant’Albano will remain as Chairman of C&W’s Board of Directors and CEO of the company’s EMEA operations.

“[Glenn] has done a great job over the past three years,” Mr. Sant’Albano told The Commercial Observer. “We’ve had discussions and have worked together on a strategy and decided it was the right time to part ways, for us to look for a new leader.” Read More

Shameless Promotions

Masters of Real Estate Event Breaks Record

Jared Kushner.

Featuring an all-star line up of the city’s most formidable real estate professionals, this year’s annual Masters of Real Estate fetched a record 450 RSVPs, The Commercial Observer has learned.

Observer Media Group executives began preparing for the event, now in its third year, six months in advance with an eye toward creating an eclectic mix of speakers. Larry Silverstein of Silverstein Properties, Michael Fascitelli of Vornado, William Rudin of Rudin Management, Jeff Blau of Related Companies and Glenn Rufrano of Cushman & Wakefield are all scheduled to appear. Rob Speyer of Tishman Speyer bowed out.

Jared Kushner, the owner of The Commercial Observer and president of Kushner Companies, will lead the event with remarks. Read More

Market Reports

Cushman & Wakefield Boasts Positive Earnings in Second Quarter of 2012

Cushman & Wakefield's Glenn Rufrano

Real estate brokerage firm Cushman & Wakefield reported a 3.2 percent increase in consolidated gross revenue and a 5.9 percent increase in operating income for the second quarter of 2012, it was announced this morning.

Cushman & Wakefield’s net income grew by $4.6 million to $6.8 million, and earnings before interest, taxes, depreciation and amortization (EBITDA) grew by 9.5 percent.

Second-quarter gross revenue dropped by less than 1 percent to $503.7 million, compared with the $504.4 million made at the same time period in 2011.  Read More

The Lobby

Bruce Mosler To Take More Active Role In Global Dealmaking At C&W

Bruce Mosler

In an exclusive conversation with The Commercial Observer, Cushman & Wakefield’s CEO Glenn Rufrano and Bruce Mosler, a top leasing executive at the company, revealed that Mr. Mosler will take on a greater role overseeing global dealmaking at the firm.

Mr. Mosler is C&W’s chairman of global brokerage and his title will not change, but Mr. Rufrano said he will help manage multinational accounts to coordinate which personnel are engaged in servicing such clients and to make sure the company’s various service lines such as property and project management, consulting and appraisal are being appropriately engaged where necessary. Read More

The Sit-Down

The Retailer-In-Chief: Cushman & Wakefield Chief Executive Glenn Rufrano

Glenn Rufrano

During the International Council of Shopping Centers’ RECon in Las Vegas last week, Glenn Rufrano, Cushman & Wakefield’s chief executive, was a consistent and notable presence inside his company’s busy booth on the convention floor. The Commercial Observer spotted him several times in the middle of a constant pack of brokers and retail professionals congregating at the firm’s booth, in the midst of meetings and socializing. Although top-tier executives abound at ICSC, Mr. Rufrano was perhaps the highest-profile leader from a major real estate services firm to attend the conference and participate in such a hands-on manner. The Commercial Observer spoke with Mr. Rufrano last Tuesday, the last full day of the conference, in a private meeting room in C&W’s booth to get his take on the show and his plans for the future. Read More

ICSC

The Commercial Observer’s Vegas Vacation

lasvegas

The annual ICSC retail conference has kicked off at the Las Vegas Convention Center, drawing more than 30,000 real estate professionals, including some of the country’s largest retailers, developers and real estate services companies. The event is widely considered the industry’s Super Bowl of networking and dealmaking. Though the conference started officially on Sunday, by Monday morning the convention center’s sprawling floors—which make the Javits Center seem pint-size—comes alive in earnest with crowds of retail professionals. Here are a few observations from the opening hours of the conference. —Daniel Geiger

8:30The Commercial Observer steps out into the cab line at The Palms to head to the convention center. In the queue are several other ICSC-goers. A man quickly steps from the pack and offers to split a cab. He’s in his 30s, from New Orleans, and says he runs his own brokerage company. He looks incredibly bleary-eyed and wears dark sunglasses. “I was out till 4 a.m. last night at XS,” he explains, purporting XS (pronounced excess) to be the best club in Vegas. The cab driver chimes in that pool parties have become a popular destination for fun-seekers. “They’re top-tional,” he says. The broker takes note. Where are the best parties? he asks. “The Cosmo,” the cabby replies. He has taken several fares to the conference so far: “It seems like a busy year,” he says. Read More

Industry News

With Changes Afoot In The Brokerage Business, Firms Dread The Middle Market

Glenn Rufrano

By many accounts, Grubb & Ellis’s decline was as much a product of the company’s place among the dense field of other brokerage firms as it was deficiencies specific to the firm such as bad management.

The company was solidly middle market, not a small company that specializes only in a certain region or limits its presence to select cities but, on the other hand, not nearly as big as global giants like CBRE or Jones Lang LaSalle. Read More

The Long View

The Commercial Observer: So, are you about to have more time on your hands?

Mr. Mosler: I certainly will have more time to devote to business development, which is what this was all about. At the end of the day, this was a move to get me to client interface; Read More

Cushman & Wakefield Hires Glenn Rufrano as CEO

Following an extensive hunt, and contrary to speculation that Cushman & Wakefield would name an industry outsider to replace departing CEO Bruce Mosler, the real estate brokerage has hired consummate insider Glenn Rufrano.

This comes just over three months after Mr. Mosler announced that he would be resigning, transitioning to co-chairman of the board, a move Read More