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It occurs to me that sitting down and writing a review of regional and sector specific commercial real estate markets is a waste of time.
The markets simply do not change that quickly.
Unless of course we have a 2008 type event, but credit spreads and valuation levels tell us that this is unlikely any time soon.
It helps that prices have been weak for over three years now and are just starting to show signs of recovery.
But Office! Apocalypse! Housing Crisis! Kurt Russell with an Eye Patch!
As you can see from the chart of the Green Street Commercial Property Index, that is not really the case, slowly but surely commercial real estate is starting to recover.
It is in this environment that a long legacy of Wall Street vultures from Hetty Green to Sam Zell entered the transaction that multiplied their money well by multiples.
In plain terms, everyone hates real estate, making this a grand opportunity for individuals to join the flock of fat vultures that have gotten trich buying real estate when everyone hated it.
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