Mr. Michael Rotchford

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  www.treasuryandrisk.com/topic/economy/1339 - [Cached Version]
  Published on: 6/19/2008    Last Visited: 6/19/2008  

  To Michael Rotchford, the corporate real estate market is stabilizing and, despite some renewed hesitation, transactions for the fastest growing sectors are moving forward
  
  From the June 2008 Issue | E-mail this article | Print this article | Order a reprint
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  Rotchford: Obviously, there is uncertainty in the economy today.Corporations are stepping back and taking a wait-and-see attitude as to what's going on in the overall economy before making new large commitments.There are certain sectors, however, such as the energy sector, that are growing so rapidly that real estate decisions can't be put off.In general, the current economic conditions have caused people to step back and take a look at what decisions need to be made.
  
  T&R: How has the credit crunch affected corporate real estate? Rotchford: The credit crunch has not impacted corporate real estate to the same extent that it has affected general real estate.In many of our transactions, there's a significant component of corporate credit associated with them and the corporate bond markets have not been impacted to the same extent as the real estate market.So there is the availability of more equity and more debt for those corporate real estate transactions.On the build-to-suit side, however, we've seen a number of transactions which [went] from being developer-based build-to-suit transactions to fee-developer build-to-suit transactions, as a result of the inability or the cost of raising non-corporate real estate capital by developers.
  
  T&R: What is the current state of the sale-leaseback market?Rotchford: There's a lot of equity and a lot of debt, but not to the same extent as a year ago.
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  Rotchford: Our clients are looking at sale-leasebacks and equity type transactions.
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  Rotchford: We really haven't seen a lot of activity in the corporate sector where foreign real estate capital is trumping domestic capital.Where you have seen this happening more is in the retail and trophy-building markets.
  
  Michael Rotchford is an EVP in capital markets and president of Cushman & Wakefield Securities Inc.He is responsible for the firm's investment banking activities, using structured financial products involving tax, capital and accounting strategies to assist corporations, institutions and other real estate owners in maximizing real estate value.

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  www.sec.gov/Archives/edgar/data/917251/0000950124-03-00 - [Cached Version]
  Published on: 3/24/2003    Last Visited: 4/23/2003  

  The term of Ellis Wachs expires in 2004 and the terms of Richard Agree and Michael Rotchford expire in 2005.
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  Michael Rotchford, 44, has been a Director of AGREE REALTY CORP since December 1993.He is a Senior Managing Director for Cushman & Wakefield, Inc., a company specializing in real estate services.Prior to joining Cushman & Wakefield in 2000 he served as Managing Director of The Saratoga Group, an investment banking organization specializing in tax and asset-based financing.Mr. Rotchford had been with The Saratoga Group since 1991.Prior to 1991, Mr. Rotchford was a Director in the investment banking division of Merrill Lynch & Co. where he managed the commercial mortgage placement group.Mr. Rotchford holds a bachelor's degree, with high honors, from the State University of New York at Albany.He is also a licensed real estate broker.
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  Agree, Rotchford and Wachs.
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  Michael Rotchford --

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  nreionline.com/finance/investors/real_estate_taking_dir - [Cached Version]
  Published on: 8/16/2008    Last Visited: 8/16/2008  

  "I think there is good equity capital available in the net lease sector, but the bid-ask spread is very different," says Michael Rotchford, an executive vice president in charge of the investment banking group at Cushman & Wakefield in New York.
  
  Clearly the pricing gap between Class A, B and C properties that had shrunk during the recent frenzied investment cycle is now returning.

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  www.globest.com/news/1362_1362/newyork/177327-1.html - [Cached Version]
  Published on: 3/9/2009    Last Visited: 3/9/2009  

  Andrew Sachs and Michael Rotchford of Cushman & Wakefield advised the Times Co. in the deal.

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  www.treasuryandrisk.com/topic/corporate_finance/124 - [Cached Version]
  Published on: 10/6/2007    Last Visited: 10/6/2007  

  "Balance-sheet transparency will be very important going forward, and I expect a significant number of companies,I can't give you an exact percentage,to opt to bring assets back on balance sheet, despite the fact that from an accounting point of view they don't have to," says Michael Rotchford, senior managing director of structured finance at Cushman & Wakefield Inc., a New York real-estate services firm.

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  www.treasuryandrisk.com/article.php?topic=Accounting%2F - [Cached Version]
  Published on: 4/1/2007    Last Visited: 4/1/2007  

  So SGI brought in Cushman & Wakefield Inc.'s Michael Rotchford, senior managing director for structured finance, who helped put together a deal that allowed SGI to sell the seven office buildings for $276 million, lease back six and take the assets off its balance sheet,a big advantage to any company concerned with improving performance as measured by ROE.
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  Because the "arbitrage" versus the cost of obtaining funds through other sources amounts to as much as a couple of percentage points, Rotchford explains that these deals enable a company rated below investment grade to tap into funding at an estimated all-in cost of 200 to 250 basis points over Treasurys or near the current spread demanded by investors in triple-B-rated paper.
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  But that's why, as Rotchford asserts, you follow the letter and spirit of the applicable Financial Accounting Standards Board rules,mainly, FAS 13.

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  www.iht.com/articles/2008/07/01/business/01office.php - [Cached Version]
  Published on: 7/1/2008    Last Visited: 7/1/2008  

  "I think you're going to see a number of large deals done by banks strictly to go after the commercial mortgage-backed securities (CMBS) that are out there," which would shore up demand for debt, said Michael Rotchford, executive vice president, investment banking.

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  2009-3-9-The New York Times Company and W. P. Carey... - [Cached Version]
  Published on: 3/9/2009    Last Visited: 8/7/2009  

  The Times Company was advised by Andrew Sachs and Michael Rotchford of Cushman & Wakefield.

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  A counter-cyclical strategy - [Cached Version]
  Published on: 2/1/2002    Last Visited: 4/26/2004  

  Michael Rotchford, head of the finance department in New York-based Cushman & Wakefield's advisory group, says he sees more clients using the net-leasing alternative who previously would not consider it.
  
  "Their basic business was doing well and they were making so much money that they were less focused on the expense side of the balance sheet rather than on the revenue side," Rotchford says.
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  Whether earnings are up or down, Rotchford expects corporations to continue to examine their real estate assets next year to see if they are getting the best return.
  
  For his part, CNLR's Ralston is optimistic."Unless there are some unanticipated political events - acts of terrorism, territorial skirmishes, etc., the economy will clearly be in a recovery mode by sometime in the third quarter," he says.

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  Agree Realty - [Cached Version]
  Published on: 8/21/2009    Last Visited: 8/21/2009  

  Michael Rotchford has been a Director of the Company since December 1993. He is a Senior Managing Director for Cushman & Wakefield, Inc., a company specializing in real estate services. Prior to joining Cushman & Wakefield in 2000 he served as Managing Director of The Saratoga Group, an investment banking organization specializing in tax and asset-based financing. Mr. Rotchford had been with The Saratoga Group from 1991 to 2000. Prior to 1991, Mr. Rotchford was a Director in the investment banking division of Merrill Lynch & Co. where he managed the commercial mortgage placement group. Mr. Rotchford holds a bachelor's degree, with high honors, from the State University of New York at Albany. He is also a licensed real estate broker.

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