Several years ago, Gregg Pasquarelli, founding principal of New York's SHoP Architects and SHoP Construction, was standing in front of an audience in Baltimore talking about the business of architecture. Flipping through a slide show, he paused at an illustration of animals, representing the continuum of players involved in real estate development. An elephant stood for hedge funds; a horse for private equity; a shark for private developers (this got a laugh); and a dog symbolized financial institutions.
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