Funny CRE Stories
I was wondering if you guys have any funny/crazy stories from work or in your field.
I was first introduced to the world of CRE after hitting on a WeWork VP at a bar last year. I managed to get an interview out of it, but sadly no follow up.
I wonder why...
This twitter thread is a pretty great saga. What happens when a lease is written without escalations and indefinite annual renewal options.
https://twitter.com/tmfotter/status/1026445372175142913?s=21
I heard a crazy story of a woman on director level working at a RE fund in London, who became pregnant of another RE director working in London. It became clear since the baby had a slightly tinted skin..
she took a cool down period after that, but she's up and running again.
This story is quite well known in RE London. Anyone familiar with this story?
were they at the same firm
No, but both in the same field such as acquisitions/investor relations/asset management
I want to copy and paste what @redevnyc" posted in the "Innotvate RE" thread here
I was at a New York ICSC conference in 2014 and Donald Trump was a speaker. There was a q&a section at the end, and the first question a young blond women asked him if his hair was real. He said of course it was and asked her if she wanted to feel it. She went up on stage and he had her run her hands through his hair. She then claimed it felt real to her.
They then said that was all the time they had for questions.
I started off my career in appraisal and for fun, my director told me to do a property tour of a subject property...I was ecstatic...responsibility? travelling? hell yeah..
I arrive at the site and it’s a dingey store front retail. I thought, ok...
I knock on the door and I start introducing myself and the guy with a beer guy and bald head with a wide beater on says “yes yes, come down”
next thing I realize this building is a gay porn studio and I start witnessing 2 dudes butt fucking each other...I literally tried to keep a straight face and was so uncomfortable. I finish the tour and when I walked out of the building I realized I forgot to take interior subject property photos...
21 yr old me decided to go back down there and take some photos...yes with guys fucking....
I go back to the office and my director starts laughing at me knowing what he sent me to do and then asked me whether I took some photos. I said yes, and then for the rest of the year I was known as the gay porno videographer. fun times.....
dead
OMG!
What the ACTUAL fuck...
...
This is transaction funny, not personal funny.
A developer sold a new building with a Tenant Allowance held back in escrow for Buyer A to draw when requested. Buyer A sold to Buyer B in a short hold. Buyer B's team sucked at due diligence and didn't know the TIA was still outstanding - how this happened with SNDAs is beyond me. So no paper trail between Buyer A and Buyer B, just a pile of cash sitting in escrow that Buyer A was willing to release back to the developer, who didn't realize he would probably get sued by the tenant or the next buyer, but he had paperwork on his side.
As a developer, that is how you turn a 20% IRR into a 200% IRR, ethics aside, this is funny shit in the transactions world that happens once in a blue moon.
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