Perry Solem

Land: $500k for 2.2 acres Logo drawn by a guy who was living in a van: $500 Construction contract: $4.7mn (way more than expected) for 76k gross sf Building, leasing up (mostly), then selling this thing and seeing the current owner get $169 for a 10x10: priceless

re:Royal Little (Textron), "the father of conglomerates": "How this fit in with the other companies eluded analysts... He even purchased an old troop ship, the S.S. LaGuardia, for $3.8 million, and after extensive renovation put it on the Hawaii tourist run. Little could not even sell many berths to Textron shareholders by offering substantial discounts. In the end, the ship was disposed of at a loss."

"..dozens of Litton executives remained there for a few years only to move on and become CEOs of other conglomerates. Almost from the first Litton was to become a 'school for conglomerators,' and within the industry these men even had a name -- 'LIDOS' -- which was the acronym for 'Litton Industries Drop Outs.'" "...Thornton and his ilk courted investors and speculators and remained in constant touch with investment bankers ... Litton showed the way; many of the others merely imitated, or went out and hired a Lido who put into practice lessons learned from Thornton..." - The Rise and Fall of the Conglomerate Kings, 1984 glad i bought this funny book blind. what an era. even back when Thornton was trying to start the company above he couldn't do it without buying another: "No one at the company knew how to start from scratch, however, and none even had to raise operating funds. Thornton's first task, then, was to locate a company -- preferably small, with good products and a customer base -- which could be purchased for a low price, and then find the money with which to buy it." side note, eventually they hired Henry Singleton who later became one of the greatest CEOs of all time

@BPD1776 applying for their OWN charter! impressive! @dirtcheapbanks

New bank in Pittsburgh!

@MJRSelfstorage i'm glad. i was worried about the price but sounds like you're not. before you know it someone will be offering you $100+ psf for it!

@PerrySolem Yes.

One year in, tomorrow. Crazy how fast a year goes. We are having fun with this one!

@mwmoedinger please do

So does this algo change mean I can resurrect my old content, like "sound smarter on the jobsite," "tonight's tipple," and/or in-depth explainers of stuff like toilets? Bc if so, I am *so back*

@nvsqft look how nice it is today, post-renovation!!

@PerrySolem Don't Forget The Big Chicken.

For those visiting Atlanta for the World Cup, I am renting a double-decker open-air bus, paying a driver, and standing on the roof with a megaphone to provide the following tour: what are the most important things in this town? where are the levers of power? You don't need to go downtown. 1st stop: AMB headquarters. This is Arthur Blank's family office. They control Mercedes Benz Stadium, over 30,000 acres of for-profit ranch land out west, the Falcons, a sports-focused VC fund, Atlanta United FC, and more.

@MichaelLagazo @kenashley Ken is actually wayy better equipped to map out the tour stops than I am. He might scrap this whole list and create his own.

@PerrySolem in case you don’t already know @kenashley, you might want to say, hi.

@HamptonPrezcott @preston_holland yes. i almost threw in something like "a drive down Valley & Blackland. see the home of Guy Milner!!" which is totally stealing from Tom Wolfe but is still just as relevant to this day.

@PerrySolem @preston_holland Speaking of 1920/1930s sophistication, got to add Tuxedo Park to the tour!

3rd stop: Rollins headquarters. What is this? Hideous and located on a shitty, seedy stretch of town, this office is home to not just 'the Orkin man' but the origin of the Rollins' $13 billion family fortune. They donate to conservative politicians, have an O&G company, they've invested massively in commercial real estate, their name is on everything at Emory University, Childrens Healthcare, Lovett School, etc. Multiple Gulfstreams housed at PDK.

@HamptonPrezcott @preston_holland oh and when there's nobody giving a lecture or shouting through a megaphone, there will be dixieland jazz piped throughout the bus (preferably the scratchy recordings from pre-1930)

@PerrySolem @preston_holland I like “Dixieland Delight” as a title for the speech to the tourists 🤣

@AqueductCRE i actually used to work so many hours in the building you see peeking out of the right edge that you could argue i lived there. many phone calls taken in the courtyard you see. think i saw Arthur coming down those steps w some people one time, ever.

@PerrySolem Nice house, man.

@HamptonPrezcott @preston_holland exactly, it's whatever brings people's attention to your lifelong vision of better design and better spaces.

@PerrySolem @preston_holland “The South will Rise Again” is the provocative title to propose a development platform focused on building Neo-Shutze and Reid designs throughout Metro Atlanta

@ElsewhereCRE @HamptonPrezcott @preston_holland this is not officially part of it, but will inevitably come to take place after a couple drinks, one way or another

@PerrySolem @HamptonPrezcott @preston_holland Maybe pop into tattle tales after the Rollins stop?

@itswithinme_ i am ALL about burning ships

@PerrySolem Said differently

randomly found this old tweet. still love this.

@nickknecht amazing

@PerrySolem Majority of our leasing activity has been data vendor center related for the last several quarters. Mostly short term (3 year) deals to coincide with construction timelines, with expected lease renewals as vendors move to new projects. Tesla is another driving force here.

something i didn't see coming: big box industrial vacancies getting bailed out by datacenter vendors. all over the place.

courtesy of this $STAG earnings call finance.yahoo.com/quote/SW6.F/ea…