Failed investments, profitable for the sponsor, spotlight misaligned incentives
When San Francisco’s iconic Transamerica Pyramid sold for $725 million in March, the German pension funds that bought the skyscraper lost more than $200 million on the deal. But Michael Shvo, the developer who oversaw the investment, walked away with nearly $80 million in fees.
For the syndicators who invested in apartment buildings with GVA Property Management, the company’s downward turn meant a loss of millions.
One now claims CEO Alan Stalcup charged thousands of dollars in excess fees at each property every month for years, totaling millions of dollars....
For the syndicators who invested in apartment buildings with GVA Property Management, the company’s downward turn meant a loss of millions.
One now claims CEO Alan Stalcup charged thousands of dollars in excess fees at each property every month for years, totaling millions of dollars....
RSK: For those of us who have or do put partnerships together.
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- - Volume: 26 - WEEK: 25 Date: 6/16/2026 5:23:51 PM -