NREI_INSTITUTIONAL OUTLOOK_ Penton Media June 10, 2009 If you want to view this on the web go to: http://enews.penton.com/enews/nrei/v/706 ONLINE EXCLUSIVE --Will Green Shoots Sprout for Institutional Investors? By Ben Johnson In the face of waning transaction volume and leasing activity, many institutional investors are rightfully taking a hard look at their allocations to the commercial real estate sector. Despite the temptation to make radical strategic changes, one leading advisor is recommending that global institutional investors keep the faith when it comes to their commercial real estate holdings. In a new study, "U.S. View: Real Estate Investing in a Time of Uncertainty," co-author David Lynn, managing director for New York-based ING Clarion, says history is a good teacher when it comes to how quickly and strongly the U.S. markets could recover from the current recession. To view the full article go to: http://nreionline.com/news/green_shoots_institutional_0609/ --TALF Program Hits Headwinds By Sibley Fleming One week after the Federal Reserve announced that the Term Asset-Backed Securities Loan Facility (TALF) program would include commercial mortgage-backed securities (CMBS) issued before Jan. 1, 2009, Standard & Poor's released a change to its ratings model that could downgrade 90% of the highest-quality CMBS issued in 2007. "The downgrade is something that could impact the Fed's plans and certainly will impact the market as far as the TALF is concerned," says Kevin Petrasic, former special counsel of the Office of Thrift Supervision and currently counsel in the banking and financial institutions group at law firm Paul Hastings Janofsky & Walker in D.C. In order to qualify for the program, under which investors obtain Fed financing to buy debt, CMBS pools will be required to have AAA ratings from two of the four TALF CMBS-eligible rating agencies, which include DBRS, Fitch Ratings, Moody's Investors Service, Realpoint and Standard & Poor's. To view the full article go to: http://nreionline.com/news/TALF_headwinds/?smte=wl --AIG's Crash Diet: New York Headquarters Sold Staff report American International Group (AIG) has entered into a contract with developer Youngwoo & Associates and Korea-based Kumho Investment Bank to buy its downtown New York headquarters at 70 Pine St. and 72 Wall Street. Combined, the two buildings are 1.4 million sq. ft. The beleaguered insurance giant is expected to remain in its headquarters through 2010. It is the latest in a series of moves by AIG to sell assets in order to repay $182.5 billion that it has received from the federal government since last September. 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