Toby Cobb, former Deutsche Bank co-head of U.S. commercial real estate, thinks stress in the office sector could become more widespread and drag down the...
Toby Cobb has been in the catbird seat of the commercial real-estate market for decades, holding the reins on who gets loans during boom years, and the cards when things go bust.
Cobb was Deutsche Bank’s co-head of U.S. commercial real estate in the run up to the global financial crisis of 2008. In its wake, he shared the helm of LNR Property, one of the nation’s biggest workout shops for soured property deals, with longtime colleague Justin Kennedy. “In each case, it has been about a fundamental mismatch in supply and demand. We had way too much square feet and not enough people to put in it,” Cobb said. “Overbuilding has historically been the culprit.”
“I’m a work-from-the-office kind of boss,” Cobb said, speaking of his team of about 70 people in Miami, New York, Los Angeles and several other major U.S. cities, with some flexibility around how often staff reports to the office. “I don’t know how much space I need. And I am pretty insistent that you’ve got to be in the office if you want to learn and grow.”
After making loans at Deutsche Bank, he shifted to LNR to work on troubled properties when borrowers defaulted in the wake of 2008. As lending rebounded, Cobb helped engineer LNR’s sale to Barry Sternlicht’s Starwood Property Trust for about $1 billion. Jones Lang LaSalle estimated that 20% out of about 4.8 billion square feet of existing U.S. office space was vacant in the first quarter of 2023, with another 90 million square feet under construction or renovation.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Deutsche Bank makes upper echelon changes to ‘sharpen management board’s focus’Deutsche Bank AG on Wednesday announced a new “leaner” nine-member management board to “further sharpen its focus on clients’ needs, the bank’s areas of...
Les mer »
Deutsche Bank overhauls board as U.S. head Riley joins SantanderDeutsche Bank is undertaking its biggest management shake-up since 2019, the German bank said on Wednesday as it announced the departure of Christiana Riley, who oversaw its U.S. operations.
Les mer »
How to trade Deutsche Bank and Barclays quarterly results based on historyUsing data going back to past 20 quarters, CNBC Pro found how well each lenders' stock performs against their benchmarks based on different outcomes.
Les mer »
Deutsche Bank: Q1 deposits 592 billion euros, down 5% from Q4 2022Deutsche Bank on Thursday reported a 5% drop in deposits from the end of last year.
Les mer »
Deutsche Bank logs 11th straight quarterly profit, reveals job cutsDeutsche Bank on Thursday reported a net profit of 1.158 billion euros ($1.28 billion) for the first quarter.
Les mer »
Deutsche Bank AG Stock | DBKGn - Investing.comGet detailed information about the Deutsche Bank AG NA O.N. (DBKGn) stock including price, charts, technical analysis, historical data, Deutsche Bank AG reports and more.
Les mer »