Profiles of local brokers and other dealmakers in commercial real estate still making a go of it despite the down market:
CARL MUHLSTEIN
, 55
Executive Vice President
Cushman & Wakefield Inc., downtown L.A.
The veteran real estate broker has completed several notable leases in the past year, including restructuring the lease of KTLA (Channel 5) at the Sunset Bronson Studios in Hollywood.
Biggest Challenge: Developing contextual information to assist clients making tough decisions. A lack of market comparables, sales activity and tenant movement creates new challenges.
Toughest Recent Deal: There is no such thing as a tough transaction. We are in a service business. Every transaction is important and a cookie-cutter approach will not lead to repeat business.
Leasing Pitfalls: Too many brokers are process driven and don’t fully understand their client’s business in light of the property and capital markets. It’s not just rent. Tenants are more interested in what their work environment can do for their competitive advantage, branding, employee retention, GAAP and tax impact, and future flexibility.
Secret of Success: I am known to brainstorm and collaborate with a wide variety of government officials, architects, contractors, lenders, attorneys, owners, tenants and competitors. There is no monopoly on intelligence in these trying times. Devoting personal time for reading is helpful, too.
Stress Release: Nothing beats a solo road bike ride along the coast and over the Santa Monica Mountains or deep into the Conejo Valley on a clear early morning. Dancing on pedals up a hill soothes the nerves.
Recession’s Silver Lining: The real estate industry was starting to develop overcapacity and with that, looser business practices and mediocre work product. This isn’t amateur hour.
Recent Splurge: This first-born of European, Depression-era and WWII survivor parents learned to control his splurges early on. (But) life is too short to give up fine wine, chocolate, great food and a custom-fitted Colnago (road bike).
