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UCLA Anderson Forecast presents
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JUNE 2011 ECONOMIC OUTLOOK
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Special Topic: Commercial Real Estate - Is California Different?
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Speakers Bios |
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Sam Zell, Chairman, Equity Group Investments
Sam Zell is chairman of Equity Group Investments LLC (EGI), his private investment firm. His investments span industries and continents, and include interests in real estate, energy, logistics, transportation, media, and health care. Mr. Zell is recognized as a founding father of today’s public real estate industry after creating three of the largest real estate investment trusts (REITs) in history.
Mr. Zell is also co-founder and chairman of Equity International, a private investment firm focused on real estate-related companies outside the U.S. He maintains substantial interests in, and is the chairman of, five public companies listed on the New York Stock Exchange: Equity Residential (EQR); Equity LifeStyle Properties (ELS; Capital Trust (CT; Covanta Holding Corp. (CVA); and Anixter (AXE). He is also the chairman of Tribune Company, a private media conglomerate.
Mr. Zell serves on the JPMorgan National Advisory Board; the President’s Advisory Board at the University of Michigan; the Visitor’s Committee at the University of Michigan Law School; and with the combined efforts of the University of Michigan Business School, established the Zell/Lurie Entrepreneurial Center. Mr. Zell’s continual assistance to Michigan’s MBA program has also enhanced the Business School’s Polish Studies Program. He was appointed a DeRoy Visiting Professor in Honors at the College of Literature, Science and the Arts at the University of Michigan. He is a long-standing supporter of the University of Pennsylvania Wharton Real Estate Center, and has endowed the Samuel Zell/Robert Lurie Real Estate Center at Wharton. Mr. Zell has also endowed the Northwestern University Center for Risk Management.
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Edward E. Leamer, Director, UCLA Anderson Forecast
Edward Leamer is the Chauncey J. Medberry Professor of Management, Professor of Economics and Professor of Statistics at UCLA. He received a B.A. degree in mathematics from Princeton University and a Ph.D. degree in economics and an M.A. degree in mathematics from the University of Michigan. After serving as Assistant and Associate Professor at Harvard University he joined the University of California at Los Angeles in 1975 as Professor of Economics and served as Chair from 1983 to 1987. In 1990 he moved to the Anderson Graduate School of Management and was appointed to the Chauncey J. Medberry Chair. Professor Leamer is a Fellow of the American Academy of Arts and Sciences, and a Fellow of the Econometric Society. He is a Research Associate of the National Bureau of Economic Research and a visiting scholar at the International Monetary Fund and the Board of Governors of the Federal Reserve System. Dr. Leamer has published over 100 articles and 4 books. This research has been supported by continuous grants for over 25 years from the National Science Foundation, the Sloan Foundation and the Russell Sage Foundation. His research papers in econometrics have been collected in Sturdy Econometrics, published in the Edward Elgar Series of Economists of the 20th Century. His research in international economics and econometric methodology has been discussed in a chapter written by Herman Leonard and Keith Maskus in New Horizons in Economic Thought: Appraisals of Leading Economists. Recent research interests of Professor Leamer include the North American Free Trade Agreement, the dismantling of the Swedish welfare state, the economic integration of Eastern Europe, Taiwan and the Mainland, and the impact of globalization on the U.S. economy.
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David Shulman, Senior Economist, UCLA Anderson Forecast
David Shulman is currently managing member of his own LLC and engages in educational and charitable activities, including being a Distinguished Visiting Professor at Baruch College and a Visiting Professor at the University of Wisconsin. Dr. Shulman is currently a member of NAREIT’s Real Estate Investment Advisory Council. He blogs at Shulmaven.blogspot.com. Shulman received a bachelor’s degree from Baruch College in 1965, an MBA in 1966 from the Graduate School of Management at UCLA; and his Ph.D. in 1975 with a specialization in Finance.
From 1986 to 1997, Dr. Shulman was employed by Salomon Brothers Inc. in various capacities. He was their director of real estate research from 1987 to 1991 and became Chief Equity Strategist from 1992 to 1997. As Chief Equity Strategist, he was responsible for developing the firms overall equity market view and maintaining their list of recommended stocks. Dr. Shulman was widely quoted in print and electronic media and he coined the terms “Goldilocks Economy” and “New Paradigm Economy.” In 1991, he was named a Managing Director; and in 1990, he won the First Annual Graaskamp Award for Excellence in real estate research from the Pension Real Estate Association.
In March 2005, Dr. Shulman retired from Lehman Brothers, where he was Managing Director and head Real Estate Investment Trust Analyst.Before joining Lehman Brothers in 2000, he was a member and Senior Vice President at Ulysses Management LLC from 1998-1999, an Investment Manager of a private investment partnership and an offshore corporation, whose investment capital approximated $1 billion at the end of 1999.
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Jerry Nickelsburg, Senior Economist, UCLA Anderson Forecast
Jerry Nickelsburg joined the UCLA Anderson Forecast in 2006 as a Senior Economist. At the Anderson Forecast he plays a key role in the economic modeling and forecasting of the National, and California economies and the Los Angeles, Bay Area and Southern California economies. He has conducted special studies into the future of manufacturing in Los Angeles, the distribution of income, the economic impact of the writer’s strike, the aerospace industry, the undocumented construction and manufacturing labor force, the ports of Los Angeles and Long Beach and the garment industry, focusing on the development of new data and the application of economic theory and statistical methods to sectoral issues. His current academic research is on organizational and individual learning in manufacturing , and on the balance of trade. He is a regular presenter at Economic Conferences and has been cited in the national and local media including the Financial Times, Wall Street Jounal, New York Times, Los Angeles Times, Reuters, Variety, CBS, NBC, PBS, and L.A. Business Journal.
He received his Ph.D. in economics from the University of Minnesota in 1980 specializing in monetary economics and econometrics. He was formerly a professor of Economics at the University of Southern California and has held executive positions with McDonnell Douglas, Flight Safety International, and Flight Safety Boeing during a fifteen year span in the aviation business. He also held a position with the Federal Reserve Board of Governors developing forecasting tools, and has advised banks, investors and financial institutions.
From 2000 to 2006, he was the Managing Principal of Deep Blue Economics, a consulting firm he founded. He has been the recipient of the Korda Fellowship, USC Outstanding Teacher, India Chamber of Commerce Jubilee Lecturer and is a Fulbright Scholar. He has published over 40 articles on monetary economics, econometrics, aviation economics, and industrial organization.
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Richard S. Ziman, Chairman, AVP Advisors
Richard S. Ziman is Chairman of AVP Advisors, LLC, the exclusive advisor to American Value Partners a $500 million real estate fund of funds covering all sectors of real estate investment throughout the United States. Richard was the founding Chairman and CEO of Arden Realty, Inc., a New York Stock Exchange real estate investment company and the largest owner of commercial office real estate in Southern California. In 2006, Arden was acquired by an affiliate of General Electric Co. in a $5 billion transaction involving Arden’s entire portfolio of almost 20 million square feet in more than 200 office buildings, the largest real estate transaction in the history of Southern California.
Richard received his undergraduate and law degrees from the University of Southern California in 1964 and 1967 and joined the law firm of Loeb & Loeb where, as a partner from 1971 to 1980, he specialized in all aspects of real estate. His extensive background in real estate led to the formation of Pacific Financial Group of which he was the Managing General Partner and which, during the 1980's, was one of the largest private real estate investment firms in Los Angeles. Founded in 1990, Arden Realty, Inc. completed its initial public offering and NYSE listing in October of 1996.
Over the years, Richard has held many leadership positions in the cultural, educational and social service life of Southern California. He served for six years as volunteer Chairman of the Board of Directors of the City of Hope National Medical Center and also its Beckman Research Institute (COH), a world renowned, multi-faceted clinical hospital and basic research center for cancer, Aids, diabetes, immunology and other catastrophic diseases. As Chairman Emeritus of COH, Richard continues as member of the Board of Directors. He is also the founding Chairman of its Los Angeles Real Estate and Construction Industries Alliance and is the recipient of an honorary doctorate from COH.
Richard is a member of the International Board of Governors of the Hebrew University of Jerusalem, a member of the Board of Overseers of its Rothberg International School and a recipient of an honorary doctorate.
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Stuart A. Gabriel, Director, UCLA Ziman Center for Real Estate
Stuart A. Gabriel is Director of the Ziman Center for Real Estate at UCLA and is Arden Realty Chair and Professor of Finance at the UCLA Anderson School of Management. His research focuses on topics of real estate finance and economics, housing and mortgage markets, urban and regional economics, and macroeconomics. He previously served on the economics staff of the Federal Reserve Board in Washington, D.C. and was a Visiting Scholar at the Federal Reserve Bank of San Francisco. He holds a Ph.D. in Economics from the University of California, Berkeley.
Professor Gabriel has published approximately 70 articles in economics and finance journals and serves on the editorial boards of seven academic journals. His most recent research focuses on efficiency and equity outcomes in mortgage markets, the effects of housing wealth on macroeconomic activity, house price fluctuations, and the mortgage pricing effects of derivative mortgage-backed securities. Professor Gabriel is the winner of a number of awards for both teaching excellence and for the quality of his published work. He is a past President of the American Real Estate and Urban Economics Association. He also is a member of the Board of Directors of the Genesis Los Angeles Economic Growth Corporation and a Fellow of the Homer Hoyt Institute for Advanced Real Estate Studies. Professor Gabriel serves on the Boards of Directors of KBS REITs and is a consultant to numerous corporate and governmental entities.
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Jeffrey T. Mezger, President & CEO, KB Home
Jeffrey T. Mezger serves as President, Chief Executive Officer and a Director of the Board of KB Home, one of the nation’s largest homebuilders.
Prior to being appointed President and CEO in 2006, Mezger served as Executive Vice President and Chief Operating Officer of KB Home since 1999. In this role, Mezger was responsible for all U.S. homebuilding operations. From 2001 to 2004, he directed an aggressive diversification and acquisition strategy that doubled the number of the Company’s major markets and expanded operations from coast-to-coast. In fiscal 2006, KB Home revenues reached $11 billion as the Company delivered homes in 40 markets.
Mezger joined KB Home in 1993 as President of the Company’s Antelope Valley, California division and was quickly distinguished for his operational expertise. He was later named Senior Vice President and Regional General Manager of the Company’s Southwest region, overseeing all Nevada and Arizona operations, including the integration of Lewis Homes, the largest privately- held builder in the U.S. Prior to joining KB Home, Mezger spent 15 years with U.S. Home, rising to the position of President of the company’s Central California division.
A recognized opinion leader in the homebuilding industry, Mezger holds a seat on the executive board of the USC Lusk Center for Real Estate and is on the Policy Advisory Board for the Harvard Joint Center for Housing Studies. He is also a member of the NAHB High Production Builders Council and has served as an officer on numerous boards of the NAHB.
A native of Chicago, Mezger graduated from DePauw University in 1977 with a Bachelor of Arts degree in Economics.
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John M. Tipton, Partner, Allen Matkins
John is the Office Operating Partner of the Century City office and he is one of the top attorneys in California with respect to acquisitions and dispositions, leasing, and asset management. John represents his clients in actively buying and selling raw land, office centers, shopping centers, mixed use projects, hotels and residential projects throughout the United States. He also has extensive experience in representing owners, operators, and partners in all types of development, construction, management and operating agreements.
A frequent lecturer and author, John co-authored the chapter on Construction Agreements in the second edition of the California Continuing Education of the Bar Commercial Project Practice Guide, the legal education reference book on project management for California attorneys.
John is a member of the California State Bar Association, the Los Angeles County Bar Association, and the Urban Land Institute. He has been Co-Counsel of the Los Angeles Commercial Realty Association since 1999.
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