Roth to Head Real Estate for Ernst & Young
- Jul 07, 2008
Howard Roth will take over as global and Americas director of real estate at Ernst & Young US, replacing the retiring Dale Anne Reiss. Roth (pictured) will step up from his current post as head of the Northeast real estate practice at E&Y. In his new position, he will coordinate a network of 5,000 real estate professionals around the world from the firm’s global real estate center offices in New York City. Speaking with CPN today, Roth said that he plans to undertake initiatives on key priorities in the immediate future. Among these are infrastructure development and privatization and sustainability and responsible property investing. “The financing, construction and maintenance of public infrastructure is a pressing problem for public agencies worldwide,” Roth told CPN. “Private capital and expertise–we estimate that as much as $150 billion is available for infrastructure investments–has a critical role to play in supplementing the public sector’s capital and resources. We have professionals throughout our global organization who are helping both sides achieve their goals.” As for sustainability and responsible property investing, commercial real estate has been “reasonably quick to respond to the larger social issue of global warming,” Roth said, noting that buildings typically have a large carbon footprint. “While most major new construction projects now have some form of ‘green’ commitment–such as LEED certification, one of the key issues for real estate is how cost effectively and efficiently existing buildings can be retrofitted to reduce the carbon footprint,” he continued. “In the longer term, another major question for the sector is: will real estate buyers apply a premium to ‘green’ buildings because these assets conform to responsible investing guidelines? If so, how much of a premium will they command?” Roth also said that he plans to address the credit slowdown and the movement toward reporting under International Financial Reporting Standards as a replacement for US GAAP. A 30-year veteran of the real estate industry, Roth has worked extensively with major real estate private equity funds, domestic and offshore real estate investment trusts, large public homebuilders and construction and hospitality companies, advising them on transactional analysis and acquisition due diligence. Roth is a member of the American Institute of Certified Public Accountants, the New Jersey, New York and Connecticut society of Certified Public Accountants, the Real Estate Roundtable and the Urban Land Institute.