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Executive Watch
Perspective
Jonathan A. Schein - President & CEO - Real Estate Media - GlobeSt.com12/27/05: Online “media” gargantuan Google has just acquired 5% of AOL from TimeWarner for a mere $1 billion. Not bad for a days work, if you’re AOL. Or is it?  AOL has been struggling since the ill-fated AOL/TimeWarner merger back in 2000. Now, as web advertising is poised for major growth in the next decade, AOL has smartly positioned itself to take advantage. So–on paper–selling a small portion of its common stock to Google seems like a very good idea. As of now, Google is the “it” company of the media elite. Its revenues will never stop growing and neither will the value of its stock.  As a matter of fact, this affiliation can only increase value on both sides. If this sounds remotely familiar, you’re on the right track. In hindsight, the AOL/TimeWarner merger was a great idea at the time. It unfortunately occurred at a time when stocks were overvalued. Hopefully, the same won’t be said of Google. However, at some point, even for a media darling like Google, the music does stop playing.

PS.  Have a happy and healthy New Year!

The views expressed in this article are the author’s own.
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  FREMONT INVESTMENT & LOAN (PHOENIX) Five-year employee David Sotolov rises to vice president and senior loan originator after one year in the Phoenix office. He originates loans for the Southwest and Rocky Mountain regions.
  HENRY S. MILLER COMMERCIAL (DALLAS) Tom Grunnah and Joe Meredith are accorded vice president titles in the firm’s investments and land division.
New Hires
  ROSEWOOD HOTELS & RESORTS (DALLAS) Mark Boekenheide joins as vice president of design and construction. The architect most recently was with Brennan Beer Gorman and Brennan Beer Gorman Monk in Washington, DC. His background includes negotiations with governmental agencies for special historic, zoning and building code reviews as well as planning, developing and directing corporate and hospitality projects for a number of major hotel chains in the US.
  LEGACY PARTNER BUILDERS (DALLAS) Mark Williams joins Legacy Partner Builders as senior vice president of construction where he will be responsible for all construction and pre-construction of the developments produced by the firm’s Texas office. Prior to joining Legacy Partners Builders, Williams was president of Vision Residential, LLC.
  MULTI CAPITAL GROUP (NEW YORK CITY) Lawrence J. Longua comes on board as senior managing director at its New York City office. Prior to joining Multi Capital, he held senior positions in the real estate units of major commercial banks, both foreign and domestic, including Chemical Bank, Irving Trust Co. and the Mitsubishi Trust and Banking Corp.
  JER (McLEAN, VA) Todd Eagle joins JE Roberts Co. Inc. as a principal of JER Partners and an executive vice president of JER Investors. Eagle, who will be in the New York City office, comes from GoldenTree Asset Management where he was previously a portfolio manager, director of real estate fixed income and a member of the investment committee.
  THE APARTMENT GROUP (DALLAS) Nathan M. Grider comes to the firm as senior vice president of brokerage services. Prior to joining TAG, Grider worked for the real estate valuation services group at Avail Consulting.
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