Michael Rubin spent more than 30 years in private business law practice with Rubin, Weisman, Colasanti, Kajko & Stein, LLP, where he was one of the founding members. His work there included heavy involvement in commercial real estate transactions before joining Boston-based Posternak, Blankstein & Lund in December. The Suffolk University law school graduate has worked on transactions ranging from office tower development to car company mergers and acquisitions, and his clients range from international corporations and national developers to local business owners, entrepreneurs and real estate investors. Rubin sat down with Banker & Tradesman recently to talk about his recent career move.
Michael Rubin
Title: Partner, Posternak, Blankstein & Lund
Age: 61
Experience: 36 years
Q: After 30 years in a private practice with your name on it, what lead you away from the firm you helped create?
A: When I was in private practice, I sat across the desk on many transactions I worked on from various people [at Posternak] so I knew many of the folks here. Then a headhunter came and talked to me and my interest grew … because my clientele has morphed over the years, and the resources a firm this size gave me was just what I needed. It was very hard to leave a named firm, but the people I was leaving behind wanted to go in a different direction into litigation. My practice for the last 30 years had been how to stay out of the courtroom and how to keep my clients out of the courtroom. And a lot of things that I had to outsource before are now things that I can just outsource out my office door to an office down the hall. It was really an easy change once I made up my mind.
Q: How did you find your way into commercial real estate law?
A: I had done work on development deals with lenders we worked with, from anchored shopping centers all the way down to the small guy that bought a two-family home and converted it to condos. I really have a business background. I went to Boston College’s school of management as an undergrad and was always fascinated by business and admired business people. As a lawyer, we’re risk-averse and don’t take chances, so to work with business people, when all they do is take chances, is always fun. Over the years I developed a practice where I would be working with small-business people … who look at the bottom line instead of the top line. So I give a lot of business advice as well. Not only do I do complex commercial real estate deals, from leasing and acquisitions to development, but I also do work on the sales of businesses. They’re intertwined in a lot of ways, because the more complicated real estate deals you do involve corporations and the financial side of it, much the same as if you were buying a company. I work as more of a counselor or advisor, not a dictator.
Q: How have you seen the industry change in the last decade?
A: Well, since July of 2005, which was about the peak for closings, everything changed. In those days, inflation cured everything. No matter what you bought or at what price, inflation made you look like a genius because it didn’t let you overpay for anything. But now the banks have become very careful and it’s become very difficult to get financing. The mezzanine lenders that produced a lot of the capital got killed. So now you’re seeing guys having to put together their own groups to put cash in to put a deal together. Now you have to be a known commodity, your banking relationships have to be so tight. I can’t say we’re at the bottom, because if there is one, I think it’s a very fragile bottom. So many things can influence it. If we have a war in the Middle East, if oil prices spike, if we don’t increase jobs, if we don’t get our national deficit under control, we can’t sustain a recovery. The “fun” money that used to buy real estate on an investment basis seems to be gone. The group that’s not spending money casually is probably afraid to invest as well.
Five Greatest Sporting Events Attended
- 1965 Celtics championship – game seven, where John Havlicek stole an inbounds pass under Philadelphia’s basket with five seconds remaining, which led to Johnny Most’s famous line, “Havlicek stole the ball!”
- 1970 Stanley Cup championship game – the Stanley Cup finish made famous by Bobby Orr’s diving goal in overtime.
- 1994 Red Sox regular season game – During the top of the sixth inning in a July game against the Seattle Mariners, Valentin caught a hard line drive. Runners were on the move and Valentin casually stepped on second to double off Mike Blowers and then tagged Keith Mitchell to complete the unassisted triple play.
- 1999 all-star homerun derby – Ken Griffey, Jr. beat Sammy Sosa and Mark McGwire. Sosa and McGwire were both later found to be using performance-enhancing drugs.
- 2005 NASCAR race at the Atlanta Motor Speedway – Rubin’s son was working for driver Carl Edwards through Office Depot, and both father and son watched Edwards from the pit.
