As managing director of Morgan Stanley's merchant banking group, Kev Zoryan is responsible for Western US real estate investing. The firm was a big buyer in SoCal, but he's seeing fewer opportunities now, particularly for office, unless one goes to secondary locations. Cheap debt isn't motivating him to buy, but inflation is coming so acquiring hard assets is a good thing if its capitalized right. Kev thinks the AEG portfolio could bring investors to LA, even though Downtown has always been love-hate.