The Zell/Lurie Real Estate Center at Wharton
Why Become a Member
The mission of the Zell/Lurie Real Estate Center focuses on research, educating future
industry leaders, industry outreach and professional development. Our professional and
academic success is based on support from those prominent industry leaders who constitute
our membership. Member contributions support research into domestic and global property
markets, help train our students to be future leaders of the real estate industry, and help provide
various programs for our industry supporters.
We view one of our key roles as being a convener of events at which people can freely discuss
the outstanding issues of the day and of the future. These meetings are superb networking
opportunities, attracting hundreds of top real estate professionals and featuring discussions
about key issues facing the industry. Zell/Lurie members have a special relationship with our
students—they mentor them as part of our Career Mentor Program and enjoy hiring advantages
at our annual Real Estate Career Fair.
We offer two types of membership:
• Sustaining Memberships require a tax deductible contribution of $7,500 per year.
• Research Sponsorships require a tax deductible contribution of $15,000 per year.
Our Executive Committee Members are selected from among our Research Sponsors.
Sustaining Members may have up to three Associate Members from their firms for $500 each
per year and may invite up to three guests from outside their firms to most of our events.
Research Sponsors may have up to five Associate Members from their firms for $500 each per
year and may invite up to five guests from outside their firms to most of our events. If you were
to become a member, you would attend our meetings at no additional cost.
In addition to our regular Spring and Fall Members’ Meetings, Research Sponsors take part in
exclusive programs, meeting in small groups—roundtable discussions, special lectures, and purely
social events—with some of the nation’s, and now the world’s, most distinguished thinkers.
This May 11, Research Sponsors will convene in London at the Royal Automobile Club for panel
discussions on “The Implications of Growing Global Political Risk for Real Estate Investing” and
to hear The Honorable Phil Gramm, former United States Senator, speak on “Learning to Deal
with Growing Political Risk.” The day’s featured speaker will be Amlan Roy, Managing Director
and Head, Global Demographics and Pensions Research, Investment Banking Division, Credit
Suisse, giving “A Look into the Future: Where Will Demographics Take Us?”
Research Sponsors have previously gathered in London to hear Ignazio Visco, governor of
Banca D’Italia, who spoke on“Fostering the European Recovery: The Role of Monetary Policy.”
In 2014, they heard from Axel Weber, Chairman of UBS AG, and enjoyed a day of discussions
on “European Property Markets: Opportunities and Risks.”
These smaller group meetings are one of the most popular features of the Research Sponsor
Program. In recent years, our Research Sponsors have met with notables such as Lonestar’s
John Grayken, Vanguard’s Tim Buckley, Jamie Dimon, Governor Chris Christie, New York
Mayor Michael Bloomberg, David Bonderman, CNN’s Fareed Zakaria, David Gergen, Eliot
Spitzer and Florida Senator Marco Rubio.
The Zell/Lurie Real Estate Center at Wharton
The
201
6 Sp
SPRING MEMBERS’ MEETING
Gre
r
Wednesday evening and
at s ing Me
grea peak eting
Thursday, April 27-28, 2016
—
grea t pan ers,
t ne
els,
To see
t
w
orki
• Meeting Attendees • Current Zell/Lurie Members • Panelist Profiles •
go to http://realestate.wharton.upenn.edu/m/meeting/
ng
Agenda
The Rittenhouse Hotel, Philadelphia
WEDNESDAY, APRIL 27, 2016
Adam Grant
5:30 to 6:30 p.m.
Registration, Cocktails, Hors d’oeuvre
Reception area outside Grand Ballroom
Research Sponsors’ Reception
Parkview Suite, 4th Floor
Open Only to Research Sponsors, Executive Committee,
and Special Guests
6:30 to 7:30 p.m.
Dinner
Grand Ballroom
7:15 to 7:30 p.m.
Awards: Recognition of student and faculty award winners
7:30 to 8:30 p.m.
Featured Speaker: Adam Grant, Class of 1965 Professor of Management
and Psychology, The Wharton School, University of Pennsylvania
“Originals: How Non-Conformists Move the World”
Preventing groupthink from dominating your organization is important
to keeping it fresh and resilient. Yet, recognizing and managing
nonconformists is not an easy task for any manager. Hear from a world
thought leader about the roles of motivation and values in the workplace.
8:30 to 9:30 p.m.
Networking
The Cassatt Lounge, Lobby Level
The Rittenhouse Hotel, Philadelphia
THURSDAY, APRIL 28, 2016
7:30 to 9 a.m.
Executive Committee Meeting
Executive Committee Members Only
Parkview Suite, 4th Floor
8 to 9 a.m.
Registration, Networking Breakfast
Grand Ballroom
9 to 9:10 a.m.
Spencer B. Haber
Joe Gyourko
Welcoming Remarks
Spencer B. Haber, Chief Executive Officer, H/2 Capital Partners LLC;
Chair, Advisory Board, Zell/Lurie Real Estate Center at Wharton
Joe Gyourko, Nancy Nasher and David Haemisegger Director,
Zell/Lurie Real Estate Center
9:10 to 10:10 a.m.
Peter Linneman
Todd Sinai
Panel: The Political and Economic Outlook and Real Estate
Political and economic risks appear to be rising domestically and around
the world. Are these likely to be short-term phenomena that will disappear
soon or are they being driven by longer-term trends? Hear two leading
Wharton economists discuss how we should think about these types of risks
going forward, what they mean for different economies around the world,
and what they imply for property market investors.
Moderator: Todd Sinai, Professor of Real Estate, The Wharton School
Panelists: Joe Gyourko
Peter Linneman, Emeritus Professor of Finance and Business &
Public Policy, The Wharton School
10:10 to 10:25 a.m. Networking Break
Asuka Nakahara
Dean S. Adler
Lane Gerson
Wade McDevitt
10:25 to 11:25 a.m. Panel: What Is the Future for Retail?
Online spending continues to take market share in retail. How much further will
this trend go? How can traditional retailers respond? What should we make of
disruptive on-line retailers beginning to enter the physical retail sector? Hear
leading investors and retail operators from both on-line and traditional sectors
discuss these and other issues.
Moderator: Asuka Nakahara, Associate Director, Zell/Lurie Real Estate Center
Panelists: Dean S. Adler, Chief Executive Officer and Co-Founder,
Lubert-Adler Management
Lane Gerson, Co-Founder, Jack Erwin
Wade McDevitt, Chief Executive Officer, McDevitt Company
Dana Telsey, Chief Executive Officer, Telsey Advisory Group
11:25 to 11:40 a.m. Networking Break
11:40 a.m. to 12:40 p.m. A Conversation with Kenneth M. Jacobs,
Chairman and Chief Executive Officer, Lazard
“Strategic Perspectives on Global Opportunity in the Private and Public Sectors”
Dana Telsey
Kenneth M.
Jacobs
Spencer B. Haber
With global economic growth slowing, business models of many different types of
firms are coming under stress. Which are the most and least robust in the face of
growing political and economic challenges? How does this vary by business sector
and region of the world? Hear one of the world’s leading thinkers on corporate and
governmental business health discuss these and other issues.
12:40 to 1:35 p.m. Complimentary Networking Lunch
1:35 to 2:35 p.m.
Panel: Risk and Reward in a Volatile World: Where Are Investment and Capital
Markets Headed?
Many financial markets recently have faced their toughest tests since the 2008
credit crisis, with various factors combining to produce the worst correction in
credit markets in many years. What is creating all of the anxiety, and is the repricing
overdone? How worried should investors be about a near-term recession in the
U.S. or systemic risks globally? What are the implications of recent moves in rates,
commodities and credit for the pricing of less liquid assets such as commercial real
estate properties? What asset classes or markets feel cheap, and how much does
“cheap” or “rich” depend on your holding period?
Wesley Edens
Mark Myers
Marc Rowan
Moderator: Spencer B. Haber
Panelists: Wesley Edens, Co-Founder, Principal and
Co-Chairman of the Board of Directors, Fortress
Mark Myers, Head of Commercial Real Estate,
Wells Fargo & Company
Marc Rowan, Co-Founder and Senior Managing Director and
Director, Apollo Global Management
2:35 to 2:50 p.m.
Networking Break
2:50 to 3:50 p.m.Panel: A Conversation with Titans
Peter Linneman
Barry Sternlicht
If at the end of the program you are confused about where things are heading or
what risks are being ignored, all answers will be given during this panel of legends.
Three of the giants of the industry share their thoughts on the state and future of
the real estate industry.
Eyal Ofer
Moderator: Peter Linneman
Featuring: Eyal Ofer, Chairman, Ofer Global and Global Holdings, Inc.
Barry Sternlicht, Chairman and Chief Executive Officer,
Starwood Capital Group
Samuel Zell, Chairman, Equity Group Investments
Sam Zell
3:50 to 4 p.m.
Closing Comments
Spencer B. Haber
The Zell/Lurie Real Estate Center at Wharton
Agenda
FALL MEMBERS’ MEETING
Thursday evening and Friday,
October 29-30, 2015
Enjoy r
eading The network for Wi-Fi in the
aBallroom
ll ab
is Hilton Meetings.
t
h
e
t
2
necessary.
Fall Me
015 No passwordoisu
mbers’
one of
M
our be eeting─
s , &vSer G
R
S
,E
C
M t e
!
To see
• Meeting Attendees • Current Zell/Lurie Members • Panelist Profiles •
go to http://realestate.wharton.upenn.edu/m/meeting/
The Barnes Foundation, Philadelphia
THURSDAY, OCTOBER 29, 2015
esearch
6 to 7 p.m.
ponsors
xecutive
ommittee
embers
pecial
uests only
Registration, Cocktails, Hors d’oeuvre
7 to 8 p.m.Dinner
8 to 10 p.m.
Guests may privately tour The Barnes Collection
The Inn at Penn, Philadelphia
FRIDAY, OCTOBER 30, 2015
7:30 to 9 a.m.
Executive Committee Meeting
Executive Committee Members only
Thomas Webb Richards Room, Third Floor
8–9 a.m.
Registration, Networking Breakfast
Regent-St. Marks Room; Library; Lobby Area
Mentors meet with students, concurrently
9–9:05 a.m.
Welcoming Remarks
Woodlands Ballroom
Spencer B. Haber, Chief Executive Officer, H/2 Capital Partners LLC;
Chair, Advisory Board, Zell/Lurie Real Estate Center at Wharton
9:05 to 9:15 a.m.
State of the Zell/Lurie Real Estate Center
Joe Gyourko, Nancy A. Nasher and David Haemisegger Director,
Zell/Lurie Real Estate Center
Asuka Nakahara, Associate Director, Zell/Lurie Real Estate Center
9:15 to 10:15 a.m.
Panel: Is It Really Different This Time? What Do Users of Real Estate Really Want?
We hear about the millennials and their unique wants. Do we believe what we read
and hear? Are we actually developing different work, home and lodging spaces? For
the investor, are the risks and returns appropriate for a different physical product?
How important are services and amenities? Are “urban” and “transit oriented” and
“sustainable” and “co-work” fads or permanent?
Spencer B. Haber
Asuka Nakahara
Dan Cummings
Timothy J.
Naughton
Janice Madden
Marilyn Jordan
Taylor
Moderator: Asuka Nakahara
Panelists: Dan Cummings, Managing Director of Real Estate, Harvard
Management Company, Inc.
Janice Madden, Professor of Regional Science, Sociology, Urban Studies and Real Estate, The University of Pennsylvania
Timothy J. Naughton, Chairman and CEO, AvalonBay Communities, Inc.
Marilyn Jordan Taylor, Dean and Paley Professor, The School of Design,
The University of Pennsylvania
10:15 to 10:40 a.m. Networking Break and Travel to Breakout Sessions
10:40 to 11:40 a.m. Cohort Breakout Sessions
Brendan
Fitzgerald
Wallace
Justin Alanis
Andrew Flint
Breakout Session 1, Cohorts A and B: How Technology is Changing the Landscape
of Commercial Real Estate: Leasing, Operations and Business Intelligence
Location: Ambani Auditorium, Room G06, John M. Huntsman Hall, 3730 Walnut Street
Moderator: Brendan Fitzgerald Wallace, Founder, Grey Wolf
Panelists: Justin Alanis, Co-Founder and CEO, Rentlytics, Inc.
Andrew Flint, Global Head of Business Development, VTS
Riggs Kubiak, Founder and CEO, Honest Buildings
Michael Mandel, Co-Founder and CEO, CompStak
Dan Teran, Co-Founder and CEO, Managed by Q
Riggs Kubiak
Michael Mandel
Breakout Session 2, Cohort C: Case Study and Discussion: Buying Cheap in Tennessee
Location: John M. Huntsman Hall, 3730 Walnut Street, Room G60
Moderator: Asuka Nakahara
The Stevens Property Company has the opportunity to acquire a vacant headquarters
Dan Teran
office property with excess land in the Knoxville CBD for a price significantly below
replacement cost and less than 10 percent of what the prior owner had paid in 2004.
The plan is to redevelop and re-tenant the office space and create two new apartment
projects in a downtown that is on the upswing. What do you think the risks of the deal
are? Would you do the deal?
Lori Rosenkopf
William Martin
Jeremy Siegel
Dave Yeager
Torsten Slok
Ronald Temple
Peter Linneman
Ron Pressman
Jack Chandler
Jonah Sonnenborn
Breakout Session 3, Cohort D: Reimagining Undergraduate Business Education:
A Conversation with Dean Lori Rosenkopf, Simon and Midge Palley Professor at
Wharton, Vice Dean and Director, Wharton Undergraduate Division
Location: John M. Huntsman Hall, 3730 Walnut Street, Room 260
The Wharton School is conducting its first major review of its undergraduate curriculum
since 2003. As the world’s preeminent undergraduate business program, what we do is
likely to have a major impact on other schools across the globe. Hear from Wharton’s
Vice Dean and Director, Undergraduate Division, Dr. Lori Rosenkopf, on Wharton’s
perspective. Please be prepared to provide your own suggestions on what the undergraduate
business education of the future should provide.
Breakout Session 4, Cohort E: Site Inspection
Location: 3737 Chestnut St., University City, Philadelphia
Facilitators: William Martin, President, Marehall Advisors; Lecturer in Real Estate,
The Wharton School
Dave Yeager, President, Radnor Property Group, LLC
The property is a $115 million+ mixed-use redevelopment with a 27-story tower
containing 276 apartments and related buildings with more than 30,000 square feet
of retail, office space and an early learning childcare facility, all located two blocks from
Wharton’s Huntsman Hall. It is under development by a joint venture of Radnor Property
Group and the Episcopal Cathedral of Philadelphia. Learn how this complex project got
off the ground and hear how the owners plan to execute their leasing plan going forward.
11:40 to 12 p.m.
Networking Break and Travel Back to The Inn at Penn
12 to 1 p.m.
Complimentary Networking Lunch at the Inn at Penn
1 to 2 p.m.
“Perspectives on International Event Risk”
Moderator: Jeremy Siegel, Russell E. Palmer Professor of Finance, The Wharton School
Panelists: Torsten Slok, Chief International Economist, Deutsche Bank
Ronald Temple, Managing Director, Lazard Asset Management LLC
2 to 2:20 p.m.
Networking Break
2:20 to 3:30 p.m.
Panel: “Investing Your Own Versus Other People’s Money: Does it Make a
Difference Today?”
Some investors have to answer to “other people” in terms of their investment decisions.
Others answer only to “themselves.” Some earn fees on “other people’s money.” Others make
money only by making returns on their investments. Hear from leaders in investing “own”
and “OPM” how they are underwriting today’s real estate opportunities.
Moderator: Peter Linneman, Sussman Professor Emeritus of Real Estate,
The Wharton School
Panelists: Jack Chandler, Global Head of Real Estate, BlackRock
Harrison LeFrak, Vice Chairman, LeFrak Organization, Inc.
Ron Pressman, CEO Institutional Financial Services, TIAA-CREF
Jonah Sonnenborn, Managing Director, Head of Real Estate, Access Industries
Harrison LeFrak
3:30 p.m. Closing Comments
Spencer B. Haber
European Property Markets:
Opportunities and Risks
Wednesday, May 6, 2015
The Royal Automobile Club, London
Now an
nually:
ndon RAGENDA
esearc
h
The Ro event at Sponsors'
yal Aut
omobil
12:30 – 1:30 p.m. Luncheon
e Club
Welcoming Remarks
The Lo
Joe Gyourko
The Hon. Phil Gramm
Roy Hilton March
Ignazio Visco
Joe Gyourko, Nancy Nasher and David Haemisegger Director,
The Zell/Lurie Real Estate Center at The Wharton School,
University of Pennsylvania
and
Roy Hilton March, Chief Executive Officer, Eastdil Secured; and
Chair of the Advisory Board, Zell/Lurie Real Estate Center at
The Wharton School
1:30 – 2:15 p.m. Introduction of Keynote Speaker: Senator Phil Gramm
Keynote Speaker: Ignazio Visco, Governor, Banca D’Italia
“Fostering the European Recovery: The Role of Monetary Policy”
2:15 – 2:25 p.m. Networking Break Eric Adler
Mark Preston
2:25 – 3:25p.m. Panel: Equity Investing Across Different Countries and Sectors
Moderator: Joe Gyourko
Panelists: Eric Adler, Chief Executive Officer,
Pramerica Real Estate Investors
Mark Preston, Group Chief Executive, Grosvenor Britain & Ireland and Grosvenor Fund Management
3:25 – 3:35 p.m. Networking Break
Spencer B. Haber
Gad Caspy
Amy Aznar
Brian Collyer
John Grayken
3:35 – 4:30 p.m. Panel: Real Estate Credit Markets in Europe: Risks and
Opportunities
Moderator: Spencer B. Haber, Chief Executive Officer,
H/2 Capital Partners; and Vice Chair of the Advisory Board,
Zell/Lurie Real Estate Center at The Wharton School
Panelists: Amy Aznar, Head, Debt Investments & Special Situations,
LaSalle Investment Management
Gad Caspy, Managing Director and Head of Commercial Real Estate EMEA, Deutsche Bank
Brian Collyer, Managing Director, RBC Real Estate Capital Partners
4:30 – 5:15 p.m. Featured Speaker: John Grayken, Chairman, Lone Star Europe
Acquisitions LLP
“Thoughts on the State of European Property Markets:
The View from a Credit Investor”
5:15 to 5:30 p.m. Closing Remarks
Participants
Eric Adler is the Chief Executive Officer of Pramerica Real Estate Investors. The firm, with approximately $58 billion in gross
assets under management worldwide, offers a broad range of investment opportunities and investment management services
in the U.S., Europe, Asia, and Latin America. Prior to 2013, he was Global Chief Investment Officer.
Amy Klein Aznar is Head of Debt Investments and Special Situations and is on LaSalle Investment Management’s UK
Management Board. She is responsible for LaSalle’s European Debt and Special Situations business, which has invested
over £1bn over the past three years and has capital for debt strategies in excess of £1bn. Actively investing current funds
include LaSalle Real Estate Debt Strategies II (£600m) and LaSalle Residential Finance Fund I.
Gad Caspy is the Managing Director and Head of Commercial Real Estate EMEA for Deutsche Bank, a leading global provider
of financial solutions, creating lasting value for its clients, shareholders, people and communities in which it operates. Since
joining the company in 2002, he held various positions in Deutsche Bank’s Global Markets Division. At the end of 2011
Mr. Caspy relocated from New York City to London to head the CRE platform in Europe.
Brian Collyer is the Managing Director of RBC Real Estate Capital Partners, which has funded or committed more than $4
billion of new mezzanine, higher leverage whole loans and loan-on-loan term acquisition facilities in the U.S., the UK and
Germany in the past year. Previously he was with Goldman Sachs, managing Whitehall Street Real Estate Fund investments
in Canada, Europe and Latin America and the origination of mortgage and real estate investments at Gentra Inc.
Phil Gramm served six years in the U.S. House and 18 years in the U.S. Senate, and joined Lone Star Global Acquisitions as
Vice Chairman in December 2012. His legislative record includes the Gramm-Rudman Act, which placed the first binding
constraints on federal spending. As Banking Committee Chairman Sen. Gramm helped modernize banking, insurance and
securities law. The Gramm-Leach-Bliley Act allowed banks, securities firms and insurance companies to affiliate as part of
a Financial Services Holding Company.
John Grayken is the Chairman of Lone Star Europe Acquisitions LLP. Mr. Grayken has been a key participant in investor
relations, sourcing, negotiating, and structuring investments and has been the primary person responsible for formulating
investment strategy for the funds. He is the owner of Hudson Advisors, a full-service asset management company that has
advised the funds with respect to approximately 799,000 assets with an aggregate purchase price of more than $98 billion.
Joseph Gyourko is the Martin Bucksbaum Professor of Real Estate, Finance, and Business Economics and Public Policy and the
Nancy Nasher and David Haemisegger Director of the Zell/Lurie Real Estate Center at The Wharton School. His research
includes real estate finance and investments, urban economics, and housing markets. A Research Associate of the National
Bureau of Economic Research, Professor Gyourko also is co-editor of the Journal of Urban Economics.
Spencer B. Haber is the Chief Executive Officer of H/2 Capital Partners, a multi-billion-dollar institutional investment manager
focused on real estate credit. Mr. Haber founded the H/2 franchise based on a new concept he created for institutional investment
in commercial real estate credit and fixed income. H/2 and its affiliates have completed over $25 billion of investments on
behalf of leading pension funds, sovereign funds, insurance companies, foundations, and other institutions globally.
Roy Hilton March is the Chief Executive Officer of Eastdil Secured, the leading real estate investment banking company in the
U.S. He has more than 37 years of real estate experience at Eastdil Secured across financing, sales, acquisition, and capital
markets activities in the U.S., Europe, and East Asia. Eastdil was the first real estate investment banking firm in the U.S. and
was involved in more than $800 billion in transactions from 2007 through 2014. Mr. March is on the board of directors
for PREA and is a board member of the National Real Estate Roundtable.
Mark Preston is the Group Chief Executive, Grosvenor Britain & Ireland and Grosvenor Fund Management. Seconded to
Hong Kong in 1995, he returned to the UK to lead Grosvenor’s Fund Management operations, became Chief Executive of
Grosvenor Britain & Ireland in 2006 and Group Chief Executive in 2008.
Ignazio Visco was appointed Governor of the Bank of Italy in November 2011, after a long career with the Bank. He is also a
member of the Governing Council and General Council of the European Central Bank and the Board of Directors of the
Bank for International Settlements. From 1997 to 2002 he was Chief Economist and Head of the Economics Department
of the OECD. The author of numerous articles and books on economics and finance, he also taught Econometrics and
Economic Policy at “La Sapienza” University of Rome.
The Zell/Lurie Real Estate Center at The Wharton School
The Samuel Zell and Robert Lurie Real Estate Center was established in 1983 by The Wharton School to foster excellence in real
estate education and research. The Center convenes annual meetings for its members to stay abreast of industry issues; promotes
and funds scholarly research on topics of interest to the real estate industry and urban policy makers around the world; and works
with the Wharton Real Estate Department faculty to foster excellence in real estate education.
The Zell/Lurie Real Estate Center at Wharton
SPRING MEMBERS’ MEETING
Wednesday and Thursday
April 29-30, 2015
The Rittenhouse, Philadelphia
Agenda
Spri
Gre ng MeThe 201
at s
pea mbers’ 5
k
greaers, greMeeting
t top at p
─
a
ics!
nels
,
5:30–6:20 p.m.
WEDNESDAY, APRIL 29, 2015
Registration, Cocktails, Hors d’oeuvres (Reception area outside Grand Ballroom)
Research Sponsors’ Reception (Parkview Suite, 4th Floor)
(open only to Research Sponsors, Executive Committee, and special guests)
Thomas J. Barrack, Jr.
6:30–7:20 p.m.
Dinner (Grand Ballroom)
7:30–7:45 p.m.
Awards: Recognition of student and faculty award winners
7:45–8:30 p.m.
Featured Speaker: Thomas J. Barrack, Jr., Founder, Chairman and Chief
Executive Officer, Colony Capital, LLC
“The Opportunity Today May Be in the Mortar, Not the Bricks”
8:30–9:30 p.m.
The Rittenhouse, Philadelphia
Networking (Boathouse Row Bar)
THURSDAY, APRIL 30, 2015
8:00–9:00 a.m.
Registration, Networking Breakfast
9:00–9:10 a.m.
Roy Hilton March
Welcoming Remarks
Roy Hilton March, Chief Executive Officer, Eastdil Secured; and
Chairman, Advisory Board, Zell/Lurie Real Estate Center at The Wharton School
Joseph Gyourko, Nancy Nasher and David Haemisegger Director,
Zell/Lurie Real Estate Center at Wharton
9:10–10:10 a.m.
Panel Session 1: Wharton on the Global Economy
Leading Wharton economists will discuss their forecasts for the domestic and global
economies going forward, along with implications for the different property markets
and sectors. How will problems in Europe and a slowdown in China affect the U.S.?
What should we expect in terms of public policy, including a potential change in
Federal Reserve policy to raise rates later this year?
Peter Linneman
Todd Sinai
Moderator: Todd Sinai, Professor of Real Estate and Business Economics and
Public Policy, The Wharton School
Panelists: Joseph Gyourko
Peter Linneman, Emeritus Professor of Finance and Business & Public Policy,
The Wharton School
10:10–10:35 a.m. Break
SPRING MEMBERS’ MEETING
Wednesday and Thursday
April 29-30, 2015
10:35–11:40 a.m. Panel Session 2: Canaries in the Mine: Are They Chirping? What Should You Be
Doing Now to Prepare for a Changing Cycle?
Ziel Feldman
Spencer B. Haber
James Groch
Jeffrey C. Hines
What are the red flags that alert you to the end of an upcycle? Are you seeing any yet?
What can you do once you start seeing these signs? Is this a typical cycle? How do you
factor in this long period of government intervention–the net result being accessible
capital at very low rates? When this ends, how does it affect real estate values?
Moderator: Asuka Nakahara, Associate Director, Zell/Lurie Real Estate Center at Wharton
Panelists: Ziel Feldman, Founder and Chairman, HFZ Capital
James Groch, Chief Financial Officer and Global Director of Corporate
Development, CBRE
Spencer B. Haber, Chief Executive Officer, H/2 Capital Partners LLC;
Vice Chairman, Advisory Board, Zell/Lurie Real Estate Center at Wharton
Jeffrey C. Hines, President and Chief Executive Officer, Hines
11:40 a.m.–12:05 p.m. Break
Keynote Speaker: David M. Rubenstein, Co-Founder and
Co-Chief Executive Officer, The Carlyle Group
“Thoughts on the Private Equity Industry”
12:05–1:00 p.m. Asuka Nakahara
Kenneth Caplan
Eyal Ofer
David M. Rubenstein
Brian Kingston
1:00–1:55 p.m.
Lunch
1:55–2:50 p.m.
Panel Session 3: The Investment Market in Real Estate
Global capital flows have impacted many real estate markets here and abroad. Changes
in central bank policies around the world, as well as diverging growth opportunities
across countries and markets, will affect real estate financing opportunities going forward.
What changes are occurring now and what should we expect going forward? How will
deal structures and parameters be affected for different types of borrowers, markets, and
property sectors? Hear about this and more from our two leading global investors.
Moderator: Roy Hilton March
Panelists: Kenneth Caplan, Global Chief Investment Officer, Real Estate, Blackstone
Brian Kingston, President and Chief Investment Officer,
Brookfield Property Group 2:50–3:10 p.m.
Break
3:10–4:10 p.m.
Panel Session 4: A Conversation with Titans
Three of the giants of the industry share their thoughts on the risks and challenges
facing real estate investors today. This session will be broad ranging, covering real
estate capital markets and operational issues, as well as political risk, both here and
abroad. As always, we will allow time for your questions.
Thomas Pritzker
Moderator: Peter Linneman
Featuring: Eyal Ofer, Chairman, Ofer Global
Thomas Pritzker, Chairman and Chief Executive Officer, The Pritzker Organization
Samuel Zell, Chairman, Equity Group Investments
Sam Zell
4:10 p.m. Closing Comments
Spencer B. Haber
The Zell/Lurie Real Estate Center at Wharton
Research Sponsor Program
Research Sponsors of the Zell/Lurie Real Estate Center provide added
support for our core research efforts. Their financial support is essential to
our attracting and retaining the very best faculty at Wharton to educate the
future leaders of the industry and to ensure that our dynamic research agenda
encompasses topics of interest to those on the profession’s front line. They
also support and help formulate the Zell/Lurie Center’s annual meetings—the
preeminent gatherings of the real estate and financial leaders.
In addition to our regular Spring and Fall Members’ Meetings, Research
Sponsors take part in exclusive programs, meeting in small groups—roundtable
discussions, special lectures, and purely social events—with some of the nation’s,
and now the world’s, most distinguished thinkers.
This May 11, some of our Research Sponsors will convene in London at the Royal
Automobile Club for panel discussions on “The Implications of Growing Global
Political Risk for Real Estate Investing” and to hear The Honorable Phil Gramm,
former United States Senator, speak on “Learning to Deal with Growing Political
Risk.” The day’s featured speaker will be Amlan Roy, Managing Director and Head,
Global Demographics and Pensions Research, Investment
Banking Division, Credit Suisse, giving “A Look into the
Future: Where Will Demographics Take Us?”
Research Sponsors have previously gathered in London
to hear Ignazio Visco, governor of Banca D’Italia, who
spoke on“Fostering the European Recovery: The Role
of Monetary Policy.” In 2014, they heard from Axel
Weber, Chairman of UBS AG, and enjoyed a day of discussions on “European
Property Markets: Opportunities and Risks.”
Before the 2015 Fall Members’ Meeting, Research Sponsors gathered for an
exceptional evening at Philadelphia’s Barnes Foundation for dinner and a
private tour of this world-famous exhibit.
These smaller group meetings are one of the most popular features of the Research
Sponsor Program. In recent years, our Sponsors have met with notables such
as Lonestar’s John Grayken, Vanguard’s Tim Buckley, Jamie Dimon, Governor
Chris Christie, New York Mayor Bloomberg, David Bonderman, CNN’s
Fareed Zakaria, Dave Gergen, Eliot Spitzer and Florida Senator Marco Rubio.
And of course, once or twice a year our Research Sponsors who golf get together
for a round on the famed Merion Golf Club.
If you would like to become a Research Sponsor of the Zell/Lurie Real Estate
Center or would like further information, please call Susan Sessa at 215-8983824 or contact her via email at sessa@wharton.upenn.edu.
The Zell/Lurie Real Estate Center at Wharton
Research Sponsors
Spencer B. Haber
H/2 Capital Partners
Chair of the Advisory Board
Matthew J. Lustig
Lazard
Vice Chair of the Advisory Board
David Adelman
Campus Apartments
Dean S. Adler
Lubert-Adler Management
Riprand Arco
American Asset Corporation
Edward Baquero
Corigin Real Estate Group
Albert P. Behler
Paramount Group
Robert B. Bellinger
ASB Real Estate Investors
Steven A. Berger
PRG Real Estate
Jeff T. Blau
Related Companies
David A. Brause
Brause Realty
E. Todd Briddell
CenterSquare Investment Management
John Bucksbaum*
Bucksbaum Retail Properties
Martin Burger
Silverstein Properties
Jack Chandler
BlackRock
Yon K. Cho
Pacific Coast Capital Partners
Mitchell D. Clarfield
Berkeley Point Capital
Steve Clark
Cypress Real Estate Investors
Edward W. Cook III
McCarthy Cook
Charles Davidson III
The Brookdale Group
Mark J. DeCesaris
W.P. Carey Inc.
Ronald M. Dickerman
Madison International Realty
Anthony W. Dona
Thackeray Partners
Michael A. Elrad
GEM Realty Capital
Michael D. Fascitelli*
MDF Capital
Alan F. Feldman
Resource Real Estate
Jeffrey Fishman
Robert K. Futterman & Associates
Lizanne Galbreath-Megrue
Galbreath & Company
Adam Gallistel
GIC Real Estate
R. Bruce Gamble
Navigant Consulting
William Glazer
Keystone Property Group
Jacques N. Gordon
LaSalle Investment Management
John Grayken
Lone Star Europe Acquisitions Ltd.
Richard J. Green
Firstrust Bank
James Groch
CBRE
David J. Haemisegger and Nancy A. Nasher
NorthPark Management Company
Lewis Heafitz
Equity Industrial Partners Corporation
David A. Helfand
Equity Commonwealth
Ara K. Hovnanian
Hovnanian Enterprises
Andrew Isikoff
The Silverfern Group
Andrew J. Jonas
Goldman, Sachs & Company
Jeffrey M. Kaplan
Meadow Partners
Matthew Kaplan
Almanac Realty Investors
Steven A. Karpf
Dermody Capital
Chaim Katzman
Gazit Group USA
Ivan Kaufman
Arbor Commercial Mortgage
John R. Klopp
Morgan Stanley Real Estate
Robert A. Knakal
Cushman & Wakefield, Inc.
A. Eugene Kohn
Kohn Pedersen Fox Associates
Bradley J. Korman
Korman Communities
Martin Kravet
Royal Abstract of New York
Michael Lehrman
CCRE
Robert C. Lieber
C-III Capital Partners
Ephram Lustgarten
Eastgate Realty, Global Holdings
Richard Mack
Mack Real Estate Group
Roy Hilton March
Eastdil Secured
W. Patrick McDowell
McDowell Properties
Thomas McGee
International Council of Shopping Centers
Robert K. Mericle
Mericle Commercial Real Estate Services
Steven Montague
JSRE
Mitchell L. Morgan
Morgan Properties
Alfonso Munk
Prudential Real Estate Investors–
Latin America
Jay Neveloff
Kramer Levin Naftalis & Frankel
David O’Connor
High Rise Capital Partners
Denise Olsen
GEM Realty Capital
Robert P. Perry
CarVal Investors
Stephen D. Plavin
Blackstone Mortgage Trust
Jonathan A. Rosen
RCP General
Neil L. Rubler
Candlebrook Properties
Eric D. Schlager
The Bulfinch Companies
Adam R. Schwartz
Angelo, Gordon & Company
Neil H. Shah
Hersha Hospitality Trust
Robert Silverman
Cozen O’Connor
David Simon
Simon Property Group
Edward M. Siskind
Cale Street Partners
Craig A. Spencer
The Arden Group
Barry S. Sternlicht
Starwood Capital Group
Keith D. Stoltz
Stoltz Real Estate Partners
Carl B. Tash
Starwood Capital Group
Gary R. Tesch
McGuyer Homebuilders
Richard F. Tomlinson II
Richard F. Tomlinson II LLC
Tessa Truex
Lone Star Americas Acquisitions
Jed Walentas
Two Trees Management Company
Brian Weingarten
WP Realty
Samuel Zell
Samuel Zell Foundation
[5-4-16]
IHFP and HOFINET
Housing Solutions in a Changing World
The Samuel Zell and Robert Lurie Real Estate Center
The International
Housing Finance Program
The International Housing Finance Program (IHFP) is
part of the Samuel Zell and Robert Lurie Real Estate
Center at The Wharton School.
• IHFP was established in 1985 to foster excellence in
housing policy and housing finance education,
research, and technical advisory services, with a
specific focus on developing and emerging market
economies.
Marja Hoek-Smit, Director of the IHFP, Rick Hathaway, Habitat for Humanity
Vice-President for Asia-Pacific, and Henry Cisneros, former US Housing Secretary, confer in the Philippines after IHFP’s housing finance workshop for Habitat
for Humanity in October 2013.
• IHFP offers specialized state-of the art education
tailored to international housing finance industry
professionals; academic institutions and professional
trade associations in emerging economies; and governments in the process of transforming their housing policies and housing finance institutions.
The Housing Finance Information Network
As part of its mission to improve international housing finance,
IHFP initiated a global data bank and informational web portal on housing finance with seed money from IFC and FMO.
The Housing Finance Information Network (HOFINET) is:
IHFP features an expert faculty, from The Wharton
School and professional practice, all leaders in both
advanced and emerging economies. IHFP offers regular
courses at The Wharton School and special overseas programs tailored to the needs of regions or countries.
•
IHFP is an independent program and is uniquely positioned to provide objective analysis and technical assistance in housing finance and to help build up educational
infrastructure in housing finance in emerging market
countries. Its core faculty has worked in more than 60
countries.
• A large documents library, news and blogs that stimulate sharing of country case studies, innovations and
best practices, and the distribution of relevant research.
A global source of information and standardized data on
more than 13000 countries that are updated yearly, and
more than 350 core topic pages produced by world experts.
• A research center that allows statistical data downloads
across countries, encouraging comparative research.
About Marja Hoek-Smit
Marja Hoek-Smit is the founder and director of the IHFP,
the founder and executive director of HOFINET, and an adjunct professor in Wharton’s Real Estate Department at the
University of Pennsylvania. Her research and consulting work
focuses on the analysis of housing markets and urban and
housing policy, the deepening of housing finance systems and
the reform and design of housing subsidy systems, particularly
in developing and emerging market economies. Her advanced
degree is from the University of Amsterdam. Prior to joining
Penn, she taught at the University of Nairobi, Kenya.
Marja Hoek-Smit
Director, IHFP and HOFINET, Inc.
The Zell/Lurie Real Estate Center
The Wharton School, University of Pennsylvania
1462 Steinberg Hall-Dietrich Hall
3620 Locust Walk
Philadelphia, PA 19104-6302
Phone: 215-898-3313/9734 Fax: 215-898-2220
email: housingfinance@wharton.upenn.edu
A light moment during class discussions in the IHFP
2013 course at the Wharton School
www.housingfinance.wharton.upenn.edu
www.hofinet.org
About the Annual IHFP
Executive Education Program
Housing Finance in a Changing
Global Environment
June 2015, Philadelphia, PA
Housing Finance for
Sub-Saharan Africa
October 2014, Cape Town, South Africa
The need for objective and analytical education in housing
finance has never been greater. Many countries are transforming their housing finance systems in response to recent global
changes in risk regulations, government guarantees and subsidies
and capital markets.
Both policy makers and private practitioners need cutting-edge
information on the sector. This program addresses that need by
providing an intensive period of education in policy innovations,
and financial and managerial aspects of housing finance.
The IHFP Executive Education Program has two objectives:
•
To enhance the participants’ professional abilities.
•
To improve the short- and long-term effectiveness of their
sponsoring organizations and the housing finance system in
their countries.
Participants come from private and government housing finance
institutions, academia and international development agencies
from both emerging and advanced economies.
The program takes a holistic view of housing finance and includes
technical, legal, regulatory, and policy issues in housing finance.
Some of the specific topics that will be covered are:
•
•
•
•
•
•
•
•
•
•
Housing markets, housing policy and housing finance
Recent innovations and reforms in various housing finance
systems
Primary market innovations
Valuation of mortgages and mortgage instruments
The business of housing finance: profitability and risks
Types of funding models for mortgage finance
Shari’ah compliant housing finance
Development and construction finance
Real estate cycles and the safety and soundness of financial
institutions
Extending mortgage lending and housing services to lower
income groups
Workshop on Securitization and Mortgage Bonds
June 2015, Philadelphia, PA
The workshop provides hands-on teaching in the preparation
of mortgage securitizations, mortgage bond and hybrid deals. It
is taught by senior practitioners from the international capital
markets division of BoA Merrill Lynch, legal experts from
Andrews and Kurth Law Firm and Moody’s rating agency.
The 2015 program will be at The Wharton School, Jon M.
Huntsman Hall, 3730 Walnut Street, University of Pennsylvania,
Philadelphia 19104.
Members of the IHFP’s 2014 session on
Housing Finance for Sub-Saharan Africa
at Cape Town University Business School
The Housing Finance Course for Sub-Saharan Africa 2014
was held on the campus of The Business School of Cape
Town University.
The course is a joint effort between the Wharton School’s
International Housing Finance Program of the Zell/Lurie
Real Estate Center and the Executive Program of Cape
Town University’s Business School.
The participants in the course represented senior professionals from private financial institutions, local and central
government housing institutions, non-governmental finance
institutions and development organizations from SubSaharan countries, including South Africa Nigeria, Kenya,
Tanzania, Uganda, Zambia, Zimbabwe, Mozambique,
Angola, Tunesia. The course now enters its fifth year and is
held annually during the first full week of October.
For more information, go to http://housingfinance.
wharton.upenn.edu/Execed.htm
Primary Sustaining Members
Richard Adler
E II Capital Management
Harry Alcock
UDR
Jeffrey Altman
Houlihan Lokey
William M. Andersen
Longview Property Group
Henry A. Ashforth III
The Ashforth Company
Nick Azrack
The Baupost Group
Jeffrey Baker
Savills
Samuel H. Becker
Blank Rome
David Belford
Colony Capital
Elizabeth Bell
Aberdeen Asset Management
Elisha Blechner
iStar
James Block
KRE Group
Holger Boerner
Fidelity Investments
Kelly B. Brasfield
American Land Fund
Christopher Buccini
The Buccini/Pollin Group
Thomas R. Burton
Alex. Brown Realty
Eddie Chabbott
Blue Mountain Capital Management
Brian Cohen
Goulston & Storrs
Michael D. Colacino
Studley
Andrew D. Coler
PNC Bank
David J. Congdon
Hines
James Corl
Sigular Guff & Co.
William M. Cotter
Wells Fargo Bank
Jonathan B. Cox
AvalonBay Communities
Michelle Creed
Landmark Partners
John J. Curry
Harvest Equities
Paul De Martini
Tishman Speyer
Jonathon Eck
Federal Reserve
Charles L. Elliott
Toll Brothers
Dan Faust
Akerman
David J. Feldman
First American Title Insurance Company
T. Ritson Ferguson
CBRE Clarion Securities
Alexander E. Fisher
A. Fisher Company
Mark C. Fitzgerald
High Real Estate Group
Richard Fogler
Kingwest & Company
Michael J. Franco
Vornado Realty Trust
Ben Friedman
Abacus Capital Group
Keith B. Gelb
Rockpoint Group
David Giancola
HFF
Santosh Govindaraju
Convergent Capital Partners
Jared Halperin
Fir Tree Partners
Robert S. Hankin
The Hankin Group
William P. Hankowsky
Liberty Property Trust
Deborah L. Harmon
Artemis Real Estate Partners
Todd Henderson
RREEF
Warren Higgins
Berkadia
Leslie Himmel
Himmel + Meringoff Properties
Jim W. Hovey
The Fox Companies
Tara Hovey
Optima
Leo Huang
Ellington Management Group
James L. Iker
The JBG Companies
Robert Ivanhoe
Greenberg Traurig
Richard D. Jones
Dechert
Randi Kahn
SFG Capital
Daniel Katz
SDN Management
John Khoury
Long Pond Capital
Phil Kianka
Chambers Street Properties
Nick Kittredge
ProLogis
Steven A. Kohn
Cushman & Wakefield Sonnenblick-Goldman
Leonard I. Korman
Korman Commercial Properties
Jeff Laliberte
Wheelock Street Capital
Robert D. Lane, Jr.
Stevens & Lee
Robert T. Lapidus
L&L Holding Company
Scott J. Lawlor
Waypoint Residential
Evan Z. Lazar
Dentons Europe CS
Thomas J. Maher
Wells Fargo Commercial Mortgage Banking
Cia Buckley Marakovits
Dune Real Estate Partners
David G. Marshall
Amerimar Realty Company
Gerald Marshall
Amerimar Enterprises
William F. Martin
Case, Pomeroy & Company, Inc.
Andrew Mathias
S.L. Green Realty Corp.
Marcus S. Meijer
Meyer Bergman
Stanley Middleman
Freedom Mortgage
Mark S. Misencik
The Mid-America Management Corp.
Josh Morris
Davidson Kempner Capital Management
Chris Mundy
Oxford Properties
Martin D. Nass
DHR International
David J. Neithercut
Equity Residential
Mark Nolan
Madison Development Ireland
Andrea Olshan
Olshan Properties
Steven E. Orbuch
Och-Ziff Real Estate
Edward S. Pantzer
Pantzer Properties
Matthew A. Pestronk
Post Commercial Real Estate
Gerald Pietroforte
Alvarez and Marsal Real Estate Advisory Services
Primary Sustaining Members
Martin D. Polevoy
DLA Piper
Robert M. Pollack
Marcus & Pollack
William Rahm
Centerbridge Partners
Jacob Reiter
Verde Capital
Byron Renfro
Orchard Commercial
Robert J. Rieger
Pilot Real Estate Group
Charles Rosenzweig
Criterion Real Estate Capital
Howard S. Roth
Ernst & Young
David Rothenberg
Tishman Realty Corporation
Richard Ruben
Ruben Companies
David B. Rubenstein
Rubenstein Partners
Kenneth A. Ruby
Ken Ruby Construction Company
A. Sam Saegh
Acta Realty Corp.
Laura Sagues
CBRE
Walter P. Schmidt
Rockwood Capital Corporation
Bruce S. Schonbraun
FTI Consulting
Jim Schroder
TriBridge Residential
Martin Selig
Martin Selig Real Estate
Robert K. Shasha
The Cotswold Group
Shimon Shkury
Ariel Property Advisors
Barry Sholem
MSD Capital
Glen B. Siegel
Belvedere Capital
Robert A. Silverman
Cozen O’Connor
Michael Sklaroff
Ballard Spahr
Craig H. Solomon
Square Mile Capital Management
Gregory L. Steinhauer
American Life
Eric L. Stern
Morgan Lewis & Bockius
Andrew J. Stewart
Argosy Real Estate
Shannon Edwards Stotts
Ten-X
Gerard H. Sweeney
Brandywine Realty Trust
Robert S. Taubman
The Taubman Company
Christophe Terlizzi
First Niagara Bank
Liam Thornton
Trinity 3 Investments
Peggy Tseung
Broome Capital
Robert K. Vahradian
GoldenTree InSite Partners
David T. Welsh
Normandy Real Estate Partners
Gregory A. White
Prima Capital Advisors
Kavindi Wickremage
Harvard Management Company
Michael B. Wisniewski
Arbor
Michael Wong
GI Partners
Joseph Yiu
ElmTree Funds
Bruce Zalaznick
RedMill Capital
[4-22-16]
Member Listing by Company
A. Fisher Company
Alexander E. Fisher
Abacus Capital Group
Michael Aidekman
Benjamin Friedman
Aberdeen Asset Management
Elizabeth Bell
Andrew Gibbs
Acta Realty Corp.
A. Sam Saegh
Akerman
Dan Faust
Alex. Brown Realty
Thomas R. Burton
Jake Martin
Almanac Realty Investors
Matthew Kaplan
Alvarez & Marsal Real Estate Advisory Services
Stephen Nuzzolo
Gerald Pietroforte
American Asset Corporation
Maria Beatrice Arco
Riprand Arco
Brian Briody
Chuck Handy
Maximilian Szapary
American Land Fund
Kelley B. Brasfield
Christine Burk
Christine Kwak
Edwin Rosenthol
American Life
Larry Ice
Gregory L. Steinhauer
Amerimar Enterprises
Jake Albert
Jon Cummins
Steve Gallagher
David Hagan
Joshua Maes
Gerald M. Marshall
Amerimar Realty Company
David G. Marshall
Angelo, Gordon & Company
Matt Jackson
Reid K. Liffmann
Christina Lyndon Winstead
Dana Roffman
Daniel Rudin
Adam R. Schwartz
Steve White
Arbor
Michael B. Wisniewski
* Past Chairman
Arbor Commercial Mortgage
Brian Green
Ivan Kaufman
The Arden Group
Joseph Caruso
Adam Sher
Craig A. Spencer
Argosy Real Estate Partners
David Butler
Joshua Cohen
Sarah Nasuti Doelger
Max Silverstein
Andrew J. Stewart
Ariel Property Advisors
Shimon Shkury
Artemis Real Estate Partners
Michael Bernstein
Deborah L. Harmon
Andrews Macalaster
Michael Stratton
ASB Capital Management
Robert R. Bellinger
Nicolas Franzetti
Brodie Ruland
The Ashforth Company
Henry A. Ashforth III
H. Darrell Harvey
Blackstone Mortgage Trust
Zachary Harding
Olivia John
Austin Pena
Steven D. Plavin
Jonathan Sizemore
Blank Rome
Samuel H. Becker
Blue Mountain Capital Management
Eddie Chabbott
Brandywine Realty Trust
Jeff DeVuono
Gerard H. Sweeney
Thomas E. Wirth
Brause Realty
David A. Brause
The Brookdale Group
Chip Davidson
Fred Henritze
Robert Turner
Broome Capital
Peggy Tseung
The Buccini/Pollin Group
Darren R. Anzelone
Christopher Buccini
Karl J. Wagner
AvalonBay Communities
Jonathan B. Cox
Yewande Fapohunda
Timothy Walters
Julia Wynyard
Bucksbaum Retail Properties
John Bucksbaum
Ballard Spahr
Michael Sklaroff
C-III Capital Partners
Robert C. Lieber
Victoria Ornstein
The Baupost Group
Nick Azrack
James Lenhart
William Musto
The Bulfinch Companies
Eric D. Schlager
Tammy S. Tang
Cale Street Partners
Edward M. Siskind
Belvedere Capital
Glen B. Siegel
Campus Apartments
David Adelman
Daniel Bernstein
Berkadia
Matthew Cullison
Warren Higgins
Candlebrook Properties
Neil L. Rubler
Berkeley Point Capital
Mitchell D. Clarfield
Jeff Day
BlackRock
Jack Chandler
Steve Cornet
Dan MacEachon
Kathy Malitz
Sherry Rexroad
Benjamin Young
CarVal Investors
Robert P. Perry
Case, Pomeroy & Company, Inc.
William F. Martin
CBRE
David Adler
James Groch
CBRE Clarion Securities
T. Ritson Ferguson
CCRE
Michael Gardner
Michael Lehrman
Stephen Van Leer
Member Listing by Company
Centerbridge Partners
Adam Burinescu
Matt Dabrowski
Jacob Himmelrich
William Rahm
Dentons Europe CS
Evan Z. Lazar
CenterSquare Investment Management
E. Todd Briddell
Chad Burkhardt
Mark Greco
Rob Goldstein
Norman M. Kranzdorf
Matt Pfeiffer
DHR International
Martin D. Nass
Chambers Street Properties
Phil Kianka
Colony Capital
David Belford
Convergent Capital Partners
Santosh Govindaraju
Nik Sachdev
Michael E. Warren
Dermody Capital
Steven Karpf
DLA Piper
Jay Epstien
Martin D. Polevoy
Dune Real Estate Partners
David Beznos
Cia Buckley Marakovits
Eastdil Secured
Douglas Harmon
David Lazarus
Roy Hilton March
Toimothy McDonald
Jeff Scott
Kenneth S. Ziebelman
First Niagara Bank
Jesse Evans
Marcy Fink
Christophe Terlizzi
Steven J. Weeks
Firstrust Bank
Mark A. Duffy
Richard J. Green
Robert Kenney
Seth Mackler
Joseph Rago
Fir Tree Partners
Jarret S. Cohen
Jeremy Erdman
Jared Halperin
Zain Koita
The Fox Companies
Jim Hovey
Freedom Mortgage
Stanley Middleman
Corigin Real Estate Group
Edward Baquero
Ryan Freedman
Jonathan Grzyb
Eastgate Realty, Global Holdings
Ephram Lustgarten
FTI Consulting
Bruce S. Schonbraun
E II Capital Management
Richard Adler
The Cotswold Group
Robert Y. Shasha
Galbreath & Company
Lizanne Galbreath-Megrue
Ellington Management Group
Leo Huang
Cozen O’Connor
Howard Grossman
Bernard Lee
Jeffrey A. Leonard
Robert A. Silverman
James R. Williams
Gazit Group USA
Chaim Katzman
ElmTree Funds
Joseph Yiu
GEM Realty Capital
Michael A. Elrad
Denise Olsen
Criterion Real Estate Capital
Adam Falk
Charles Rosenzweig
Cushman & Wakefield, Inc.
Jonathan Hageman
Robert A. Knakal
Paul Massey
Cushman & Wakefield
Gil Gideon
Alexander E. Hernandez
Dave Karson
Steven A. Kohn
Cypress Real Estate Investors
Steve Clark
Timothy Clark
Davidson Kempner Capital Management
Josh Morris
Dechert
Richard D. Jones
Equity Commonwealth
David A. Helfand
Equity Industrial Partners Corporation
Lewis Heafitz
Equity Residential
David J. Neithercut
Ernst & Young
Howard S. Roth
Federal Reserve
Vejay Bhoopsingh
Michael Brown
William Clark
Jonathon Eck
Edson Edwards
Jonathan Levantino
Fidelity Investments
Holger Boerner
First American Title Insurance Company
Adam Cutler
David J. Feldman
Alan Gottlieb
GIC Real Estate
Grace Wong Bucchianeri
Adam Gallistel
Bernard Phang
GI Partners
Tom Jackson
Michael Wong
Goldman, Sachs & Company
Jeff Barclay
Michael J. Graziano
Andrew J. Jonas
Peter A. Weidman
Goulston & Storrs
Brian M. Cohen
Greenberg Traurig
Joshua D. Cohen
Jonathan Gelman
Robert Ivanhoe
GTIS Partners
Peter Ciganik
Ed McDowell
David Pringle
Robert K. Vahradian
Member Listing by Company
Liberty Property Trust
Brian R. Cohen
Michael Cohen
Tony Ewing
William P. Hankowsky
H/2 Capital Partners
Maury Apple
Yasir Bari
Timothy Clinton
Spencer B. Haber
Adam Goldberg
Bryan Gross
Mourad Kattan
Ekansh Kumar
Jessica Lee
Kate Mulcahy
Jessica Overlander
Isadora Rothstein
Kelly Ruffini
Michael Siegel
William Stefko
Joseph Zhong
International Council of Shopping Centers
Thomas McGee
The Hankin Group
James Fuller
Michael Hankin
Chrissy Helmig
Robert S. Hankin
Michael Malloy
Ken Ruby Construction Company
Kenneth A. Ruby
Lubert-Adler Management
Dean S. Adler
Michael Phillips
Gerald A. Ronon
Keystone Property Group
Aimee L. Alexander
William Glazer
Mack Real Estate Group
Jonathan Goldberg
Richard Mack
Harvard Management Company
Lukas Gregg
Kavindi Wickremage
Kingwest & Company
Richard Fogler
Madison Development Ireland
Mark Nolan
Kohn Pedersen Fox Associates
A. Eugene Kohn
Madison International Realty
Jason Chiang
Evan Cohen
Ronald M. Dickerman
Randall Drain
Carey J. Flaherty
Christopher Mendez
Harvest Equities
John J. Curry
Hersha Hospitality Trust
Charles Hyatt
Ashish Parikh
Neil H. Shah
Shawn Tuli
Lily Yu
iStar
Elisha Blechner
Julia Butler
Eric Wright
The JBG Companies
Moina Banerjee
Ed Chaglassian
James Iker
Ashesh Parikh
JSRE
Philip Dweck
Alen Gollender
Steven Montague
Korman Commercial Properties
Alison Korman
Leonard I. Korman
Gerald Segal
Lone Star Acquisitions Europe Ltd.
John Grayken
Long Pond Capital
John Khoury
Longview Property Group
William M. Andersen
Joshua Introvatolo
Fei Xue
Marcus & Pollack
Robert M. Pollack
HFF
David Giancola
Korman Communities
Robert S. Grossman
Bradley J. Korman
Gabe Marabella
R. Scott Relick
High Real Estate Group
Mark C. Fitzgerald
Michael J. Lorelli
Kramer Levin Naftalis & Frankel
David Neveloff
Jay A. Neveloff
McCarthy Cook
Edward W. Cook III
High Rise Capital Partners
David P. O’Connor
Mason Rippey
KRE Group
James Block
Jeremy Kaplan
Darin Raiken
Himmel + Meringoff Properties
Leslie Himmel
Hines
David J. Congdon
Beth Demba
L&L Holding Company
Josh Carson
Robert T. Lapidus
Laura Yablon Rappaport
Houlihan Lokey
Jeffrey Altman
Landmark Partners
Vanessa Anderson
Michelle Creed
Hovnanian Enterprises
David Bachstetter
Ara K. Hovnanian
LaSalle Investment Management
Jacques N. Gordon
Imperial Companies
Michael D. Fascitelli
Lazard
Andrew Domont
Matthew J. Lustig
Alan F. Riffkin
Alex Russo
Martin Selig Real Estate
Martin Selig
McDowell Properties
Jake Gentling
Ken Lee
W. Patrick McDowell
McGuyer Homebuilders
Frank B. McGuyer
Gary R. Tesch
MDF Capital
Michael D. Fascitelli
Meadow Partners
Jeffrey M. Kaplan
Mericle Commercial Real Estate Services
Robert K. Mericle
The Mid-America Management Corp.
Alan M. Krause
Mark S. Misencik
George Zilich
Morgan Lewis & Bockius
Eric L. Stern
Member Listing by Company
Morgan Properties
Brittany Morgan
Jonathan Morgan
Mitchell L. Morgan
J. Patrick O’Grady
PNC Bank
Andrew D. Coler
Lloyd D. Eason
Marcy Goldshear
Andrew Siwulec
Rubenstein Partners
Steve Card
Brandon Huffman
David B. Rubenstein
Eric George Schiela
Morgan Stanley Real Estate
Michael Givner
John Klopp
Christie Park
Post Commercial Real Estate
Zachary Klinvex
Ryan McCaffrey
Matthew A. Pestronk
Jon Robinson
Samuel Zell Foundation
Samuel Zell
PRG Real Estate
Steven A. Berger
Samuel C. Foster
Savills Studley
Michael D. Colacino
Jeffrey H. Cooper
Neil Levy
H. Hetherington Smith
MSD Capital
Barry Sholem
Navigant Consulting
Darin L. Buchalter
R. Bruce Gamble
NorthPark Management Company
David J. Haemisegger
Nancy A. Nasher
Och-Ziff Real Estate
Michael Chen
Steven Crowe
Samantha Di Sciullo
Joshua Kirkham
Michael Mirski
Steven Orbuch
Olshan Properties
Zachary Bornstein
Michael Odell
Andrea Olshan
Optima, Inc.
Tara Hovey
Siteng Stan Ma
Orchard Commercial
Byron Renfro
Oxford Properties
Chris Mundy
Chad Remis
Pacific Coast Capital Partners
Yon K. Cho
Kevin Chin
Ryan Dodge
Karen Christina Kriegel
John W. Randall
Rob Stofer
Pantzer Properties
Ian Berman
Jamie Berman
Jordan Gray
Bonnie Murray
Alex Nikolov
Edward S. Pantzer
Jason Pantzer
Jordan Pantzer
Michael Pantzer
Paramount Group
Albert P. Behler
Chris Chao
Daniel Lauer
Dave Zobel
Prima Capital Advisors
Nilesh Patel
Gregory A. White
ProLogis
Peter Crovo
Nick Kittredge
Mary Lang
Savills Studley
Jeffrey Baker
SDN Management
Daniel Katz
Noah Katz
SFG Capital
Randi Kahn
Prudential Real Estate Investors–
Latin America
Alfonso Munk
David Todd
Siguler Guff & Co.
James Corl
RCP General
Jonathan A. Rosen
Silverstein Properties
Martin Burger
Jason Kaufman
RedMill Capital
Bruce Zalaznick
Related Companies
Jeff T. Blau
Stephen M. Ross
Limberly Shewman Stamler
Resource Real Estate
Chris Badger
David Bloom
Chad Bonham
Alan F. Feldman
Kevin Finkel
Michael Greiner
Marshall Hayes
Mehul Patel
Ylana Rizzo
Robert K. Futterman & Associates
Jeffrey Fishman
Rockwood Capital Corporation
Jay Fischer
Richard A. Kramer
Antonio Larino
Walter P. Schmidt
The Silverfern Group
Andy Isikoff
Simon Property Group
David Simon
SL Green Realty Corporation
Jonathon Blackwell
Brett Herschenfeld
Andrew Mathias
David Schonbraun
Isaac Zion
Square Mile Capital Management
Jeffrey B. Citrin
Craig H. Solomon
Starwood Capital Group
Jeffrey Shuster
Barry S. Sternlicht
Carl Tash
Scott Wolstein
Stevens & Lee
Robert D. Lane, Jr.
Stoltz Real Estate Partners
Michael Connolly
Keith D. Stoltz
Royal Abstract of New York
Martin Kravet
The Taubman Company
Robert S. Taubman
RREEF Real Estate
Todd Henderson
Ten-X
Shannon Edwards Stotts
Ruben Companies
Richard Ruben
John Schrenker
Member Listing by Company
Thackeray Partners
Joseph Chu
Troy Daniel
Anthony W. Dona
Ryan Stempf
Tishman Realty Corporation
Alex Berman
Zeke Faham
Obaid Khan
David Rothenberg
Tishman Speyer Properties
Ricardo Cervantes
Anil Erdem
Mike Daschle
Paul De Martini
Natalia Macias
Toll Brothers
Fred Cooper
Charles L. Elliott
John R. McCullough
TriBridge Residential
Jim Schroder
Trinity 3 Investments
Liam Thornton
Two Trees Management Co.
Anne Carson Blair
Bonnie Campbell
David Lombino
Amish Patel
Marina Trejo
Jed Walentas
UDR
Mari Akers
Harry Alcock
H. Andrew Cantor
Verde Capital
Christine Carpenter
Maureen Menarde
Jacob Reiter
Vornado Realty Trust
Michael J. Franco
W.P. Carey Inc.
Katie Barthmaier
Mark J. DeCesaris
Gino Sabatini
Thomas E. Zacharias
Walton Street Capital
Jeffrey Quicksilver
Joshua T. Troxel
Waypoint Residential
Scott J. Lawlor
Wells Fargo Bank
William M. Cotter
David M. Martin
David Pioch
Wells Fargo Commercial Mortgage Banking
Thomas J. Maher
Thompson A. Maher
Wheelock Street Capital
Gary Kamin
Jeff Laliberte
Nick Newburger
WP Realty
Bryan S. Weingarten
[4-22-16]
Real Estate Department Faculty
Standing
Secondary
Affiliated
Gilles Duranton
Dean’s Chair in Real Estate Professor, Chairman,
Real Estate Department
Research interests: The costs and benefits
of cities, transportation, urban growth, urban
policies
Robert P. Inman
Richard King Mellon Professor of Finance; Professor
of Real Estate and Business Economics & Public
Policy
Research interests: Public finance, political
economy, urban fiscal policy
Fernando V. Ferreira
Associate Professor of Real Estate and Business
Economics & Public Policy
Research interests: Urban economics and real
estate; public economics
Michael S. Knoll
Theodore K. Warner Professor of Law; Professor of
Real Estate; Co-director, Center for Tax Law and
Policy; Deputy Dean, Law School
Research interests: Corporate finance; corporate and financial law; finance; income taxation;
international trade; real estate transactions; tax
law; tax policy
Marja Hoek-Smit
Founder and Director, International Housing
Finance Program; Adjunct Professor of Real Estate
Research interests: Housing markets, housing
finance systems, real estate development, urban
and housing policy and subsidy systems with a
focus on emerging market economies and developing countries
Joseph Gyourko
Martin Bucksbaum Professor of Real Estate,
Finance, and Business Economics & Public Policy
Nancy Nasher and David Haemisegger Director,
Zell/Lurie Real Estate Center
Research interests: Real estate finance;
urban and real estate economics; Chinese and
American housing markets
Jessie Handbury
Assistant Professor of Real Estate
Research interests: International trade; industrial organization; urban economics
Mariaflavia Harari
Assistant Professor of Real Estate
Research interests: Development economics,
urban economics
Todd Sinai
Professor of Real Estate and Business Economics &
Public Policy
Research interests: Risk and pricing in housing markets; taxation of real estate and capital
gains; commercial real estate and real estate
investment trusts; real estate and public economics
Susan M. Wachter
Albert Sussman Professor of Real Estate, Professor
of Finance
Research interests: Real estate economics;
urban economics; housing finance
Maisy Wong
Assistant Professor of Real Estate
Research interests: Real estate economics;
public economics; development economics
Janice F. Madden
Professor of Regional Science, Sociology, Urban
Studies and Real Estate
Research interests: Urban and regional
economics, labor markets, gender and race,
demography
Emeritus
Jack Guttentag
Professor Emeritus of Finance
Peter Linneman
Emeritus Professor of Real Estate
Research interests: Real estate finance and
strategy; mergers and acquisitions
Georgette Chapman Phillips
David B. Ford Professor Emeritus
Research interests: Housing, real estate law,
urban and regional planning
Anita A. Summers
Emeritus Professor of Business Economics and
Public Policy
Research interests: Urban economic development, urban public finance, educational finance
Alan Feldman
Lecturer of Real Estate
Robert D. Lane, Jr.
Lecturer of Real Estate
Research interests: Commercial leasing; zoning and land use; boundary law; real estate taxation; real estate development; negotiation and
structuring of international transactions
William F. Martin
Lecturer of Real Estate
Asuka Nakahara
Lecturer of Real Estate
Associate Director, Zell/Lurie Real Estate
Center
(4-18-16)