iStar Financial Inc. (NYSE: SFI)
Amount:	$1,349,500,000
Sale of 32-property corporate tenant-leased portfolio.

Excel Realty Trust (NYSE: EXL)
Amount:	$210,000,000
Co-manager in initial public offering.

Institutional Fund-of-Funds
Amount:	$35,000,000
Structured and facilitated a preferred equity investment into a liquidity constrained fund-of-funds.

The Pierce Companies
Amount:	$25,000,000
Common equity investment in student housing acquisition and development company.

Stratus Properties, Inc. (NASDAQ: STRS)
Amount:	$25,000,000
Private placement of unsecured debt.

Opus Corporation
Advised on the development and implementation of a strategic workout plan for over $4 billion of loans held by Opus’ banking group.

Developers Diversified (NYSE: DDR)
Amount:	$501,500,000
Acquisition of the Homart Community Center Division by DDR.

Developers Diversified (NYSE: DDR)
Amount:	$288,400,000
Acquisition of initial 40.0% interest in American Industrial Properties, a NYSE-traded REIT and subsequent acquisition of the remaining 60% interest 33 months later.

Developers Diversified (NYSE: DDR)
Amount:	$155,100,000
Acquisition of a portfolio of power centers developed by Opus.

Spieker Properties (NYSE: SPK)
Amount:	$110,000,000
Acquisition of 1.25 million-square-foot office and industrial portfolio.

Fidinam
Amount:	$86,000,000
Structured and negotiated the disposition of office portfolio and management company.

DivcoWest
Amount:	$75,000,000
Acquisition of Shoreline Office Park in Mountain View, California.

¹ Prior transactions were completed at a prior firm and HFFS does not claim specific attribution for the projects noted herein.