anyone long? How do you get comfortable with the CRE cycle? Former GWS is a good biz…has been growing low double digits for the last 2 years (with esp. huge growth in management of data center facilities), competitively advantaged, and has a long runway, but its only ~15% of EBITDA. Most of the other profits are exposed. Is leasing really cycle resilient? Then again, people have been harping on CRE cycle fears for a while, and it has yet to play out here. If you can get past it and you think there’s 3-5 more years of low-dd ebitda growth ahead, then the valuation looks reasonable (8.4x ebitda, 13x earnings)