james a. graaskamp center for real estate

James a . Gr a a sk amp
Center for re al es tate
2 010 -2011
AnnuAl repor t
CONTENTS
2
3
Message from the Direc tor
4
Leadership
5
About the James A. Graaskamp
Center for Real Estate
6
Milestones
8
New Levels of E xcellence on
the Path to Global Leadership
10
The MBA Program in Real Estate
(including AREIT)
12
MBA Career Ser vices
and Job Placement
14
Learning in Prac tice
16
Board of Advisors
19
Board Members
22
Investing in the Wisconsin
Real Estate Program
23
Connecting with Real-World Leaders
24
Alumni Give Back
26
Student Real Estate Club
28
Facult y E xcellence
30
Professional and Community Outreach
The G l o bal lea der in r ea l e s T a T e ed u c a Ti o n ™
MESSAGE FROM THE DIREC TOR
Dear Graaskamp Center Board members, alumni, and friends:
for nearly a century, the faculty and staff at the department of real estate
and Urban land economics at the University of Wisconsin-madison have
defined and transformed the study and practice of real estate. the leaders
of the department, going back to richard t. ely and James a. Graaskamp
and continuing to stephen malpezzi and françois ortalo-magné, have
simultaneously produced best-in-field scholarship and redefined real estate
curricula and technique for our students and our industry affiliates. It is
therefore quite an honor to be the new academic Director of the James a.
Graaskamp Center for real estate.
there will be a few changes in the next year. our outgoing chair, françois
ortalo-magné, is now the Dean of the school of Business. that is obviously
a fantastic outcome for the school, but in real estate we will miss having
him as our immediate colleague. steve malpezzi, former academic Director
of the Graaskamp Center, will be the next chair of the department. steve has worked ceaselessly for the
department for as long as I have been at Wisconsin, and I hope he realizes how much we all appreciate his
continuing efforts and enthusiasm.
this next year, we at the Graaskamp Center have big plans. We will expand our path-breaking Global real estate
master program; embark on significant projects with respect to our undergraduate and graduate-level teaching;
and produce board meetings that will be one-of-a-kind “can’t miss” events. We will also begin a significant
marketing campaign soon. and, finally, we are in the process of establishing criteria upon which we intend to
measure our performance.
all of us at the Graaskamp Center - myself, mike Brennan, lee Gottschalk, kris Hammargren, sharon mcCabe and
alison Zuba - are absolutely committed to the goal of global leadership in real estate education. Going forward,
we will ask more from our alumni, board members, stakeholders and affiliates and will expect that they demand
more from us. Hang onto your hats, the ride is about to begin!
Morris A. Davis
Academic Director, James A. Graaskamp Center for Real Estate
3
LE A DERSHIP
photo: stephen malpezzi, michael Brennan, morris a.
MichAel BrennAn
stephen MAlpezzi
Graaskamp Center Executive Director
Real Estate Department Chair
since joining the Center as executive Director in
2009, michael has led the Center’s quest to provide
best-in-class lifelong learning opportunities to real
estate professionals and has implemented strategic
programs to actively identify and recruit the best
real estate industry leaders to the Board of advisors.
He is also currently Chairman and managing
principal of Brennan Investment Group, a private real
estate investment firm that co-invests with private
and institutional capital to achieve outstanding
risk-adjusted returns. prior to forming Brennan
Investment Group, mike co-founded first Industrial
realty trust in 1994, and served as president, Chief
executive officer and a member of the Board of
Directors until late 2008.
stephen malpezzi, professor and lorin and marjorie
tiefenthaler Distinguished Chair of real estate, is
serving as the Chair of the Department of real estate
as of september 1. steve was academic Director for
the Graaskamp Center from 2009-2011. He joined
the faculty of the Department of real estate in
1990 and served as Department Chair from 2002
through 2008, now the longest serving chair since
the post-Graaskamp era. He brings enthusiasm and
thoughtfulness to all of the leadership positions he
has held at the Wisconsin real estate program and the
Wisconsin school of Business.
Morris A. DAvis
Graaskamp Center Academic Director
4
as of June 30, 2011, morris a. Davis, associate
professor, took the reins as academic Director of the
Graaskamp Center, implementing a succession plan
that has been in place for some time. Davis successfully
took on leadership of the mBa program last year and
implemented a comprehensive strategy to actively
identify and recruit top candidates for the mBa
program. as academic Director, Davis now adds the
Center outreach functions to his responsibilities, in
addition to leading the real estate mBa program.
Davis, and françois ortalo-magné (from left to right)
FrAnçois ortAlo-MAgné
Dean of the Wisconsin School of Business
as of september 1, 2011, Department Chair
françois ortalo-magné became the albert o.
nicholas Dean of the Wisconsin school of Business.
During his tenure as Department Chair, françois
worked effectively to move our program and the
school ahead, in ways large and small. He helped
marshal critical resources for the program, created
the innovative Global real estate master (Grem)
program, and inspired excellence throughout all
aspects of the Wisconsin real estate program.
The G l o ba l leader in r eal e s TaT e ed u c aT i o n ™
ABOUT THE JAMES A . GR A A SK AMP
CENTER FOR RE AL ES TATE
A
t the Wisconsin School of Business, “real estate”
is an innovative and international pursuit, fueled
by a century of research and education to
prepare the next generation of passionate, talented and
socially responsible stewards of the urban environment.
The James A.
Graaskamp Center
for Real Estate
has its roots in the
work of legendary
economist Richard
Ely and was
renamed in 2007
from the Institute
for Research in
Land Economics
to its current
title in honor of the late James A. Graaskamp, a
truly outstanding educator and ardent champion
of the field. Affectionately known as “The Chief,”
Graaskamp was a passionate believer in a multidisciplined approach to real estate academia, combining
financial, environmental, and social elements into a
comprehensive blend of theory and practice.
The Graaskamp Center continues to uphold his vision,
bringing together real estate faculty, students, the
professional community and the general public both
locally and internationally.
Our MBA in Real Estate challenges students to
understand the depth and breadth of the field. Our
global initiatives partner us with the very best real estate
programs the world has to offer. Our faculty research
is in demand by public and private entities around the
world. And our dedicated alumni and Board of Advisors
offer their front-line experience and guidance to
students, faculty and each other.
Our goal is to be the global
leader in real estate education.
Today, the Graaskamp Center is setting the standard for
real estate in a new millennium. We aim to instill in our
students our core values and an understanding of the
increasingly global nature of the field, as well as create a
valuable, lifelong network for learning and professional
growth. In essence, our goal is to educate and mentor
socially responsible leaders of the real estate profession.
CENTER MiSSiON
• Attract top-quality MBA
students and transform them
into competent, creative, and
collaborative professionals
prepared to be global leaders
in the real estate industry
• Build and retain a member
base of the best real estate
industry leaders through our
Board of Advisors
•Preserve, promote, and
support the philosophy of
the Wisconsin tradition of
excellence in real estate
education
5
2 010 -2 011 MILES TONES OF THE
WISCONSIN RE AL ES TATE PROGR AM
July
octoBer
noveMBer
• ProfessorsFrançois
ortalo-magné and
erwan Quintin organize
and participate in the
first summer Workshop
in macro finance in
paris. the event brought
together economists
from top universities
around the world who
are doing research in
financial and monetary
economics.
• JamesGrusecki,ChairmanandCEOof
northern Builders, receives the e.J. plesko
Distinguished speaker in real estate
Development award
• ProfessorOrtalo-Magné
presents the keynote wrap-up
address at mIpIm asia in
Hong kong
• UndergraduatestraveltoMunich,Germany
for eXpo real
• AREITstudentsattendthe
reIt World Conference in new
York City
• RealEstateMBAstudentJessicaShoemaker
(mBa ’11) selected as one of 20 Wisconsin
mBa students to have lunch with Warren
Buffet in omaha, nebraska
septeMBer
DeceMBer
• TheWisconsinRealEstateUndergraduateProgramagainranks#2in
U.S. News & World Report
• ProfessorQuintinis
awarded a research grant
from the UW-madison
Graduate school to
continue his research on
“Do mortgage recourse
limitations matter?”
• DavidBrain,CEOofEntertainmentPropertiesTrust,receives
the jointly sponsored Graaskamp Center and real estate Club
Innovator award
• TheGraaskampCenterFallBoardMeetingisheldinMadison
focusing on “the Way forward: revitalize and rebuild”
• TheWisconsinRealEstateProgramlaunchesthe“CreatetheFuture”
fund raising campaign aimed at millennium graduates
• TheGraaskampCenterandtheFederalReserveBankofSt.Louis
co-sponsor a research conference
6
August
• 11RealEstateMBAstudentsin
the Class of 2012 begin their mBa
experience at UW-madison
• A.J.Agarwal,Senior
managing Director of real
estate at the Blackstone
Group, presents at the
“Graaskamp on the road”
roundtable at the Harvard
Club in new York City
The G l o ba l leader in r eal e s T a T e ed u c a Ti o n ™
JAnuAry
MAy
• 13studentsfromthebestbusinessschoolsinAsia,EuropeandCentral
america begin the inaugural Global real estate master (Grem) semester
in madison
• The“GlobalRealEstate
markets Conference: opportunities
and realities” is held at the new
York stock exchange and hosted
by the Graaskamp Center and
toll Brothers
• Second-yearrealestateMBAstudentstraveltoSouthKoreaandHong
kong for their international study trip
• HerschKlaff,ManagingDirectorofKlaffRealty,receivesthejointly
sponsored Graaskamp Center and real estate Club Innovator award
MArch
• First-yearRealEstateMBAstudentsattendMIPIM
in Cannes, france, where professor ortalo-magné
presents the wrap-up keynote address
• GREMstudentsparticipatein
a study trip to new York City in
conjunction with the Global real
estate markets Conference
• TheWisconsinMBAClassof
2011 graduates with 17 real
estate mBa students
• TheinauguralGREMclass
graduates with 13 students
• TomNolan,formerPresidentofGGP,presents
at the “Graaskamp on the road” roundtable
luncheon at the Chicago Club in Chicago
• TheGraaskampCenterco-sponsorsa
research conference with the federal reserve
Bank of atlanta
April
June
• DeanAdlerofLubert-AdlerPartners,L.P.and
other industry leaders explore “real estate in
the next Decade” at the Graaskamp Center
spring Board meeting in Chicago
• U.S.Rep.PaulRyanand
WI Governor scott Walker
are featured speakers at
the Wisconsin real estate
and economic outlook
Conference on “new
partnerships: Government
and real estate” in madison
• Ateamofrealestateundergraduatesplaces
1st in naIop minnesota’s 2011 University
real estate Challenge
FeBruAry
• ProfessorOrtalo-Magnépresentssurveyresults(“U.S.Cities
lead Way for Global foreign real estate Investment”)
at the Winter Conference of the association of foreign
Investors in real estate (afIre) in new York City
• TheRealEstateClubhostsitsannualcareerfairatGrainger
Hall in madison
• GraaskampCenter
announces professor morris
a. Davis as new academic
Director (as of July 1)
7
NE W LE VEL S OF E XCELLENCE ON
THE PATH TO GLOBAL LE A DERSHIP
t
he past year was one of the most active and
successful years in the history of the James a.
Graaskamp Center for real estate. the Wisconsin
real estate program has
reached across the country and
around the world to bring new
experiences to our students,
innovative opportunities to our
alumni and board, and a new
perspective on the academic and professional potential
that exists in real estate today.
commitment to educating real estate professionals
who understand the field is no longer constrained by
geographic boundaries. attended by nearly 200 real
estate leaders from around
the world, the conference
began with an engaging
interview by Bloomberg
business journalist Carol
massar with olivier piani,
Chairman and Ceo, allianz real estate, where piani said
that his company’s focus would be on the fundamentals
of real estate - rents, vacancies and good situations with
good partners.
Real estate remains a
“people industry.”
the gloBAl reAl estAte
MAster progrAM
the inaugural Global real estate master (Grem) class
completed their semester at madison. students from
three of the best business schools around the world –
france’s HeC paris, China’s HkUst Business school, and
Central america’s InCae Business school – experienced
the best in real estate education in madison. Grem
students had a semester of intensive training that
included real estate coursework, study tours of Chicago
and new York City, and immersion in professional
development activities aimed at sharpening their
networking skills and forging industry connections. We
are proud of our new Grem graduates and welcome
them to an international real estate alumni network
made up of the best and brightest professionals from
around the world.
8
exploring gloBAl reAl
estAte MArkets At the new york
stock exchAnge
In may, the Graaskamp Center’s Global real estate
markets Conference embraced the program’s ongoing
attendees then heard from a range of leading
developers, investors and service providers. panels
explored emerging markets, how foreign capital flows
into the U.s. and, in turn, how U.s. capital moves
abroad. keynote speaker richard Cantor, Chief risk
officer at moody’s Corporation, gave a rare insider’s
look at the delicate balancing acts different countries
are engaging in to take advantage of recent surges of
capital while still maintaining financial health.
the conference was also the final piece in the Grem
class’ three-day study tour of new York City. While
the historic sites were magnificent and the innovative
practices impressive, in the end, it was the chance to
connect with others that reaffirmed françois ortalomagné’s closing comment that real estate remains a
“people industry.”
Special thanks to Fred Cooper of Toll Brothers for
support of this conference.
The G l o ba l leader in r eal e s T a T e ed u c a Ti o n ™
WISCONSIN’S GLOBAL FOOTPRINT
to Munich for
expo reAl in october:
Wisconsin School of
Business undergraduates taking
International Real Estate got a true
hands-on experience as they traveled to
Munich, Germany in October
for EXPO REAL, one of the largest
real estate conferences
in the world.
to hong kong for
MipiM-Asia in november:
Professor and Department Chair
François Ortalo-Magné and Senior
Associate Director Kris Hammargren
traveled to Hong Kong to attend
MIPIM Asia, an international real
estate event with over 1500
participants.
to cannes for MApic
in november: François
Ortalo-Magné attended
the 2011 MAPIC Conference, a
gathering of over 6500
professionals focused on the retail
sector of the global market.
to cannes for MipiM
in March: Professor François
Ortalo-Magné led first-year
MBA students to Cannes for the
2011 MIPIM conference. This was
the seventh year the UW has sent MBA
students to meet with and learn from
some of the leading minds in global
real estate.
to new york
city for the AFire
winter conference in
February: Professor François
Ortalo-Magné led two second-year
real estate students to AFIRE’s Winter
Conference held in New York City.
Ortalo-Magné presented AFIRE’s
annual global investment
survey results. The survey is
conducted and compiled
by the Graaskamp
Center.
to south korea and
hong kong in January:
Thirteen second-year MBA
students visited South Korea and
Hong Kong to immerse themselves in
a mix of seminars and presentations
on the Asian real estate market,
site visits to local real estate
developments, and meetings
with industry executives.
“ ”
“Being a part of GREM has helped me understand the
global marketplace, and given me an in-depth, practical
knowledge of real estate.”
Jaime Molina, INCAE (Costa Rica)
9
THE MBA PROGR AM
IN RE AL ES TATE
W
isconsin aims to be the global leader in
real estate education. the real estate mBa
embraces this challenge by bringing together
a diverse and deeply talented faculty and passionate and
talented students ready to tackle a curriculum designed
to prepare them to make a difference in the world. the
program integrates in-depth study of real estate with a
blend of high-level business courses including accounting,
management strategy, finance, and leadership. Capstone
courses in the second year offer students hands-on
opportunities to hone and practice their skills on a wide
range of high-level real estate concepts and case studies.
a unique track within the real estate mBa program is the
applied real estate Investment track (areIt), in which a
small team of students actively manages a live portfolio of
publicly traded real estate investment trusts (reIts). this
The ultimate case study
experience
demanding and selective program is the first program of
its kind in the country, offering state-of-the art education
in understanding not only real estate as an asset class but
also the emerging capital markets associated with the asset.
the student team works together as a “firm,” developing
an overall strategy for the year, conducting thorough
research, presenting and defending their investment
recommendations before a Board of advisors. this realworld approach to education is, as one former areIt team
member described, “the ultimate case study experience.”
the “hands-on” approach is not only found in areIt.
students have access to the tools of the trade, such as
Bloomberg data and arGUs valuation software. they
explore the increasingly global nature of the field through
domestic and international study trips to experience real
estate in the real world. they attend conferences featuring
a DmIssIons
10
admission to the Wisconsin mBa
program in real estate is highly
competitive. We attract high-quality,
diverse students from across the
United states and around the world.
In total, 24 students are currently
enrolled in real estate.
clAss oF
2012 proFile
clAss oF
2013 proFile
enrollment: 11
average Gmat: 679
average Years of
professional experience: 4.4
International: 27%
enrollment: 13
average Gmat: 690
average Years of
professional experience: 4.25
International: 8%
The G l o ba l leader in r eal e s T a T e ed u c a Ti o n ™
some of the most
exciting minds in
real estate today
and are challenged
to use all of these
opportunities to
enhance their
personal connections
and professional
knowledge. This
combination of
academic study, practical experience, and global perspective gives
our MBA students a solid foundation worthy of the Graaskamp
Center’s 100-year history and feeds the critical thinking skills and
innovative spirit needed to take real estate forward.
“”
“My education at Wisconsin put
in me a great position to get out
into the business world and affect
change in my organization.”
Jessica Shoemaker,
Real Estate MBA 2011
HOW CAN YOU HELP?
We are looking to get the best and brightest to apply to
UW-Madison. The Center is asking alumni to keep your
eyes and ears open for bright, energetic candidates for
the real estate MBA program.
While competition for these shining stars has never
been greater, the Wisconsin Real Estate Program
has something that no other program has – you! Our
Wisconsin Real Estate Alumni Association is singularly
unique in the industry, and we’re hoping you can help
us spread the word about the strength of the Wisconsin
Real Estate MBA. Watch future newsletters for
announcements of recruiting visits across the country,
as we may be coming to city near you! If you have
information to share, please reach out to the WREAA or
contact Sharon McCabe at [email protected].
2010 -2011
AREIT Fund
PERFoRMAnCE
By Tim Riddiough, AREIT Director
for the 2010-11 Academic Year
As was the case
last year, a REIT
bull market is a
wonderful thing.
As of June 30, 2011,
the AREIT account
stood at $1,084,831,
an increase of
$239,181 as compared to the prior fiscal year.
Our two AREIT students, Jim Lindsey and
Alex Livadas, took over the portfolio on
October 7, 2010 and were responsible for its
performance through April 28, 2011. Their
overall economic thesis included a focus
on investment in coastal markets and an
emphasis on industrial property due to a
bullish view on trade with China. The AREIT
team reported a portfolio gain of 19.10%
compared to the 18.53% gain reported by
the RMZ Index, a modest outperformance
of 57 basis points. Not shabby in a
market clouded with much uncertainty and
price volatility.
During the year, the team met one-onone with several REIT management teams,
attended two NAREIT conferences and
the Citigroup REIT conference in Florida.
Along the way they learned, in a very
real way, what it is like to be a REIT
portfolio manager.
This experience would not be possible
without the benefit of the vast industry
experience, time, and energy of the AREIT
advisory board, nor would the experience be
nearly as satisfying in its breadth and depth
without the assistance of David Shulman. I
want to sincerely thank you, one and all.
11
MBA C AREER SERVICES
AND JOB PL ACEMENT
W
e are active partners with our students as
they become job-ready candidates, and
we continually develop new relationships
with employers. support from the center can be
powerful tools in matching real estate students with
potential employers:
•personal advising and support from the Graaskamp
Center staff
•the real estate Club annual career fair
•alumni connections and an online employment
database available through the Wisconsin real estate
alumni association (Wreaa.org)
•resume book distribution and networking through
Center events and with board members
•real estate mentor program
12
clAss oF 2011 JoB plAceMent
the mBa Class of 2011 entered the job market with
87% locating full-time employment within three months
of graduation at the following companies:
at & t
Bank of america
Banner apartments
Buvermo Investments
Crow Holdings
Ge Capital real estate
H.a. langer & associates
Health Care reIt
mayfieldGentry realty advisors
prime Group realty trust
sCGroup real estate
sierra maestra properties
the fiore Companies, Inc.
tishman speyer
The G l o bal lea der in r ea l e s T a T e ed u c a Ti o n ™
clAss oF 2011
sAlAry stAtistics
permanent placement: 87%
average base salary: $97,500
percent receiving sign-on bonus: 80%
average signing bonus: $14,875
clAss oF 2012
suMMer internships
most first-year mBa students obtained summer internships
with top companies in all fields of real estate. the average
monthly salary was $4,269.
how cAn you help?
the Wisconsin real estate program
produces the best and brightest young
real estate professionals, ready and
eager to make significant contributions
to companies like yours. Graduates of
Wisconsin with either BBa or mBa degrees
in real estate are top candidates for entry
and mid-career positions in all facets
of the profession. there are a variety of
tools and services available to help you in
recruiting our students.
•Requestastudentresumebook
•Postyourjoborinternshipopeningsand
schedule interviews conveniently online
•Planacampusrecruitingvisitorconduct
interviews remotely
•ConnectuswithyourHumanResources
department to develop a customized
recruitment strategy
associate Director for recruiting/Career
services sharon mcCabe can advise and
guide you in the recruitment process.
Contact sharon at [email protected].
We are active partners with
our students as they become
job-ready candidates.
13
Case studies simulate
real-life challenges
LE ARNING IN PR AC TICE
W
isconsin real estate students strive to be
the very best both in and outside of the
classroom. our program offers a wealth of
opportunities to develop real estate experience and
leadership through participation in case studies, case
competitions, student and industry organizations, and
by developing a network of future professional contacts
through our board meetings, conferences and events.
14
cAse stuDies Bring leArning to liFe
one of the hallmarks of the Wisconsin real estate
program’s curriculum is applying business concepts
to real-world scenarios through case studies. When
students enter one of senior lecturer tom landgraf’s
capstone development courses, for example, they aren’t
faced with a syllabus, textbook list or course site with
lecture powerpoint slides. Instead, they’re presented
with a real-world challenge happening right in their own
backyard and spend the semester in working groups
to propose a plausible solution. they meet with key
players, visit affected sites and develop both a plan to
address the challenge and a pitch to involved parties.
from strategic real estate and financial planning to
writing clear and concise client memos, case studies
give students the real world in 16 short weeks.
landgraf says he feels the case study approach brings
out some of the best in his students. “It simulates real
life and challenges them to do some original thinking,”
landgraf says. “they have to learn to deal with realworld variables. this is stuff students will likely be using
in their first job.”
The G l o ba l leader in r eal e s T a T e ed u c a Ti o n ™
Case Competitions Give students the
Competitive edGe
In case competitions that require students to put what they’ve
learned into practice in a tight time frame, our passionate students
continue to excel against the very best.
2010-11 case competitions included:
First plaCe
naiop university real estate Challenge
april 14, 2011
Hosted by: NAIOP, Minnesota Chapter
Wisconsin Team: Undergraduate students Beau Garot,
Jane Van Eerden, Laura Bodine, Lucus Monroe, George Ryan,
Benji Goldberg, Shannon Van Gemert (Competition Chair,
UW-MBA ‘04)
seCond plaCe
usC international real estate Case Competition
april 11-15, 2011
Hosted by: University of Southern California Marshall School
of Business
Wisconsin Team: Undergraduate students Ben Hakes, Alissa
Kearney, Bill Graf, Jennifer Bishop, Andrew Berger,
Mark Laverty
“
“The NAIOP project encapsulated
concepts from every real estate class
I have taken at UW-Madison. I was
also reminded of the Real Estate
Program’s greatest strength: its
people. Professors, alumni, and peers
were invaluable during the processeveryone was so helpful and offered
us a wealth of knowledge.”
”
“
”
Jane Van Eerden, undergraduate
student and member of the NAIOP
Challenge team
“Our team
worked with
the determined
goal of wowing
the judges and
NAIOP chapter
members in
attendance.
Their presentation
and PowerPoint
was so outstanding that I believe
we have raised the bar for all future
competitions.”
Arif Qureshi, Faculty Advisor
15
BOARD OF A DVISORS
C
omposed of top real estate executives in
the country, the Graaskamp Center’s board
members are among our greatest assets. not
only do they serve as a core advisory and support
group for the Center, they bring a wealth of experience
and resources and share a common passion and
commitment to excellence in the field of real estate.
members have access to a variety of engaging programs
and excellent opportunities for creating connections
with industry peers, faculty and students. membership
on the board includes high-level networking at twice-ayear board conferences and “on the road” programs in
select cities for exclusive, small-group topic discussions.
It also offers access to the vibrant and exciting resources
that come with being affiliated with one of the top
academic institutions in the world.
16
Board members’ advice and involvement with students
is one of the features that sets our real estate program
apart. they support our vision for global leadership
in a variety of ways—by sharing their knowledge as
guest lecturers in the classroom, serving as mentors to
graduate students, recruiting talent for their firms, and
participating in exclusive, high-level board meetings
each year.
We want to thank all of our members for their generous
and continued support of the Graaskamp Center for
real estate and our mission. the support of our board
members maintains the links between real estate
professionals, policy makers, real estate researchers,
and our young emerging leaders. they are active
partners in creating the future of real estate through
the Graaskamp Center Board of advisors.
recoMMenD A MeMBer
one of our top priorities is to elevate and expand
the Center membership while maintaining a
high-quality membership at the senior level within
the industry. membership in the Graaskamp
Center Board of advisors is by invitation only.
We welcome suggestions for prospective
board members. please contact executive
Director michael Brennan at (608) 263-4392 or
[email protected] if you would like to
recommend a prospective member(s).
The G l o ba l leader in r eal e s T a T e ed u c a Ti o n ™
“grAAskAMp on the roAD”
rounDtABle series
•InChicago:Morethan30boardmembersand
guests met at the Chicago Club to hear tom nolan,
the former president of General Growth properties to
discuss the issues and challenges he encountered as
he led GGp through its massive restructuring plan.
new MeMBers in 2010-11
thanks to the recommendations of our board members
in our “one member, one referral” campaign, we have
added nine new members this year.
arun Bhatia, arun Bhatia Development Corp.
Jeff Cavanaugh, Invesco realty advisors
(Wreaa president)
Jeffrey Davis, Cambridge Capital realty
michael finn, associated Bank
tim Gray, ryan Companies
Breck Hanson, associated Bank
peter malacek, Bank of america
Charles murphy, Interpark Holdings
michael toolis, Voa associates
BoArD Meetings
AnD events
as the real estate industry continues to face changing
market conditions and an evolving economic landscape,
the Graaskamp Center Board of advisors is a hub of
critical information-sharing and networking. Board
members meet twice a year at board conferences to
network and discuss important issues confronting the
real estate industry. the meetings provide a variety
of thought-provoking programs and opportunities for
industry leaders to connect with one another, as well as
interact with faculty and students.
Board members are also invited to attend other
activities including the successful “Graaskamp Center
on the road” regional roundtable events and oncampus speaker series including the Innovator award
and the e.J. plesko Distinguished speaker in real
estate Development. Delivering top-quality programs
is essential to attract and maintain top-quality
membership and will continue to be a major priority in
the year ahead.
•InNewYork:HeldattheHarvardClubinNew
York City, this invitation-only event featured
comments from a.J. agarwal on “Views on the
Investing environment.” agarwal is senior
managing Director of real estate at the Blackstone
Group, and he shared his views on the current
investing environment.
FAll BoArD Meeting:
“the wAy ForwArD: where
we’re heADeD”
the 2010 Graaskamp fall Board meeting brought
together more than 120 industry professionals,
faculty and real estate mBa students to collectively
fire up solutions to the real estate challenges of both
today and tomorrow. keynote speaker alan Berube,
senior fellow and research Director for the Brookings
Institution’s metropolitan policy program, opened
the meeting with a fascinating discussion of the
U.s.’s 100 largest metropolitan areas, which he
described as sitting on the frontlines of a “massive
demographic transformation.”
the following day of panel discussions explored
breaking needs. panelists were cautiously optimistic
about the recovery of the market and indicators of
continued recovery, such as an increase in capital and
low interest rates, yet tempered this optimism with
a reminder about risk – expressing concern that as
markets stabilize, people will forget what should be
one of the biggest lessons learned from the past four
years. after lunch, three panels examined the question
17
of capital – how to manage it, how to get it, and how
to give it away. Discussions tackled hundreds of new
federal rules and regulations, increasingly complex
debt stacks and the challenge of balancing depth vs.
breadth. With $600 billion in loans due to mature in
2011, panelists seemed to suggest that the future of real
estate might be the tried-and-true methods that built
the industry: location, tenants and debt yield.
spring BoArD Meeting:
“reAl estAte in the next DecADe”
18
at the 2011 spring Board meeting, keynote speaker
Dean adler, Ceo and co-founder of lubert-adler
partners, l.p., dubbed the next 10 years as “the Decade
of the operator.” as Graaskamp students are well
aware, talent, training and passion combine to create
the drive to improve our urban world, and the Center
displayed all three as it examined “real estate in the
next Decade” at the Gleacher Center in Chicago. the
following day of panels found many running themes in
the future of the real estate industry.
panelists identified several sectors ready for real estate
growth, including professional services, health care,
defense and intelligence, as well as trends in tenant
needs, such as “green” sustainability and the flexibility
to conform to new technological advances. Geography
was another running theme. panelists suggested capital
flows would begin to assume more of an international
flavor, while investment interest may still “go coastal.” In
professor morris Davis’ “rapid fire roundtable” closing
session, he engaged all of the day’s panelists in a lively,
interactive discussion summing up the major points and
introducing new questions regarding the decade ahead.
The G l o ba l leader in r eal e s T a T e ed u c a Ti o n ™
2 010/2 011 Board MeMBers
Lifetime Members
Substantial Gifts to the
Graaskamp Center
Michael Arneson, Managing
Principal, TOLD Development
Company
James Curtis, Co-Founder and
Principal, Bristol Group, Inc.
Charles Heath, Chief Executive
Officer, Horizon Development
Group, Inc.
Fred Petri, President, Housing
Capital Company
E.J. Plesko, President, E.J. Plesko
& Associates
Bryant Wangard, Partner,
Wangard Properties
Sponsor Members
$10,000 Annual Gift to the
Graaskamp Center
Jeff Raymond, President,
The Raymond Group
Sustaining Members
$6,000 Annual Gift to the
Graaskamp Center
Steve Bailey, Managing Director of
Real Estate Debt, Heitman Real
Estate Securities, LLC
Todd Carpenter, Partner, CPA, Baker
Tilly Virchow Krause, LLP
Vince Cozzi, Vice President of
Acquisitions, Ventas, Inc.
Kevin Crummy, Managing Director,
Eastdil Secured
Michael Finn, Vice President,
Associated Bank
Patrick Halter, Chief Executive
Officer, Principal Real Estate
Investors, LLC
Breck Hanson, Executive Vice
President and Director of
Commercial Real Estate,
Associated Banc-Corp
Brian Happ, Executive Vice
President and Chief Operating
Officer, Cogdell Spencer
ERDMAN
Joseph Hoesley, Vice Chairman,
U.S. Bank National Association
Bruce Johnson, Executive Vice
President and Chief Financial
Officer, Regency Centers
Corporation
Raymond Lewis, President,
Ventas, Inc.
Christy Lockridge, Regional
Manager, GE Capital Real Estate
Peter Malecek, Senior Vice
President-Market Executive,
Bank of America
James Martell, President and Chief
Executive Officer, Ridge Property
Trust
Thomas McCahill, Managing
Director, Pearlmark Real
Estate Partners
Jim Muir, Executive Vice President,
Wells Fargo Real Estate
Banking Group
Arthur Pasquarella, Executive Vice
President and Chief Operating
Officer, BPG Properties, Ltd.
Tim Pire, Managing Director,
Heitman Real Estate Securities, LLC
Scott Riser, Partner, CPA, Baker Tilly
Virchow Krause, LLP
Milda Roszkiewicz, Senior Vice
President and Manager,
Wells Fargo – Middle Market Real
Estate
Michael Rowan, President, Global
Asset Management, GE Capital –
Real Estate
Dan Schulte, President, Principal
Enterprise Capital, LLC
Patron Members
$3,500 Annual Gift to the
Graaskamp Center
Eric Anderson, Vice Chairman,
Investment Banking, Credit Suisse
Jean Barden
Arun Bhatia, President, Arun Bhatia
Development Organization
Tim Carew, President, Carewco
Derek Chen, Chief Executive Officer,
Chenco Holding Company
Corey Chisnell, Director of
Investment Banking, BMO Capital
Markets Corporation
David Clark, Senior Vice President
of Real Estate Investments,
Northwestern Mutual
Ann Danner, President and Owner,
Residential Homes of America, Inc.
19
2 010/2 011 Board MeMBers
Jeffrey Davis, President and Chief
Executive Officer, Cambridge
Realty Capital Companies
Steven Disse, Principal,
Colliers International
William Ferguson, Chairman and
Chief Executive Officer, Ferguson
Partners, Ltd.
David Friedman, Managing
Director, Fund Management, Ares
Management, LLC
Christian Garner, Managing Director,
North America Equity Investments,
GE Commercial Finance –
Real Estate
Laurence Geller, President and Chief
Executive Officer, Strategic Hotels
& Resorts, Inc.
George Gialamas, President and
Chief Executive Officer, The
Gialamas Company
Mark Goodman, President, Mark
Goodman and Associates, Inc.
Tim Gray, Vice Chairman, The Ryan
Companies US, Inc
James Grusecki, President, Northern
Builders, Inc.
Jon Hammes, Founder and
Managing Partner,
Hammes Company
Peter Hitch, Partner,
Urban Associates
Michael Husman, Managing Principal,
Equibase Capital Group, LLC
David Joseph, Principal,
Walton Street Capital
20
Robert Karner, Executive Vice
President, Head of Investments,
CreXus Investment Corporation/
Annaly Capital Management
Stephen Lebovitz, President and
Chief Executive Officer, CBL &
Associates Properties, Inc.
David B. Lentz, President and
Chief Executive Officer, American
Land Lease
David A. Lenz, Chairman and Chief
Executive Officer, The North
Central Group
Michael Luecht, President and
Chief Executive Officer, ML Realty
Partners, LLC
Craig Manske, Managing Principal,
Development Solutions, Inc.
John McLinden, Partner, Centrum
Properties, Inc.
Daniel Minahan, President and Chief
Operating Officer, Continental
Properties Company, Inc.
Charles Murphy, Senior Vice
President, InterPark, Inc.
Steven Myers, Executive Vice
President, AEGON USA Realty
Advisors, Inc.
David Neithercut, President and
Chief Executive Officer, Equity
Residential
Dean Parker, Regional Director,
Hinshaw & Culbertson, LLP
James Ring, President, Park Towne
Development Corporation
Michael Robb, Executive Vice
President, Real Estate Division,
Pacific Life Insurance Company
Timothy Sherry, Principal, CPA,
CFP, PFS, SVA Certified Public
Accountants, S.C.
James Smith, Managing Principal,
Kensington Realty Advisors, Inc.
Michael Toolis, Chief Executive
Officer, VOA Associates Inc.
Robert Vanecko, Managing Principal,
Brennan Investment Group, LLC
Gregory Vorwaller, Executive Vice
President and Global Head, Capital
Markets, Cushman and Wakefield, Inc.
Johannson Yap, Chief Investment
Officer, First Industrial Realty
Trust, Inc.
Hugh Zwieg, Executive Vice
President of Finance, General
Growth Properties, Inc.
Wisconsin Realtors Association
Norman Flynn, President, Norman D.
Flynn Associates, Inc.
James Imhoff, Chairman and Chief
Executive Officer, First Weber
Group, Inc.
Dan Lee, Vice President, First Weber
Group, Inc.
William Malkasian, President,
Wisconsin Realtors Association
The G l o ba l leader in r eal e s T a T e ed u c a Ti o n ™
honorary Members
Charles Carpenter, Investment
Director, state of Wisconsin
Investment Board
Jeff Cavanaugh, senior Director,
portfolio management, Invesco
real estate (current Wreaa
president)
Christine Dicks, Director, Wisconsin
real estate alumni association
Jim Haft, mCZ Development
Corporation
michael komppa, president, Corum
real estate Group
fred prassas, president and
Co-founder, property
management Concepts, ltd.
Faculty Fellows
steve Born, professor, Urban and
regional planning, UW-madison
Daniel Bromley, professor, applied
economics, UW-madison
J. michael Collins, faculty Director,
Center for financial security,
assistant professor, Human
ecology, UW-madison
s. richard Heymann, faculty
associate, law school,
UW-madison
Jack Huddleston, professor, Institute
for environmental studies, Urban
and regional planning,
UW-madison
Harvey Jacobs, professor, Institute
for environmental studies,
Urban and regional planning,
UW-madison
antonio mello, professor, finance,
UW-madison
thomas mitchell, associate
professor, law school,
UW-madison
Jack nevin, professor, marketing,
UW-madison
Donald a. nichols, emeritus
professor, economics and public
affairs, UW-madison
Jerry o’Brien, faculty associate,
Consumer science, Director of
kohl’s Department stores Center
for retailing excellence,
UW- madison
Harvey rabinowitz, professor,
Department of architecture,
UW-milwaukee
andrew reschovsky, professor,
lafollette school of public affairs,
UW-madison
John karl scholz, professor,
economics, UW-madison
emeritus Members
frank macDougal
eugene skaggs
student representatives
(Co-Presidents of the Real
Estate Club)
Chris Hammes (mBa ’11)
lamar newburn (mBa ’11)
Jim lindsey (mBa ’11)
alex livadas (mBa ’11)
BoArD oF ADvisors
MeMBership levels
Membership to the board of advisors is available
at four levels:
sponsor Members: $10,000 annual gift. Up to two official
representatives at the corporate level to serve on the
Board. plus up to four additional corporate staff invited to
attend select events.
sustaining Members: $6,000 annual gift. Up to two official
representatives at the corporate level to serve on the
Board. plus up to two additional corporate staff invited to
attend select events.
patron Members: $3,500 annual gift. one official
representative to serve on the board. plus one additional
corporate staff invited to attend select events.
Non-profit membership is also available.
21
IN VES TING IN THE WISCONSIN
RE AL ES TATE PROGR AM
t
he goal of the real estate program at the
Wisconsin school of Business is to be the global
leader in real estate education. Global leadership
requires going beyond the basics. We must continually
recruit the best students, faculty and staff to our
programs, deliver the best real estate education to our
students, present premium industry conferences to our
board members, expand our contributions to industry
and academic through our research, and foster and
develop a global network of leading alumni.
“ ”
“t
“
thank you to our generous alumni, board members,
thank
“thank
and friends of the Wisconsin real estate program for your
support. It is critical to our goal of global leadership in
real estate education. Your support creates opportunities
and provides the momentum we need to sustain our
development and leadership.”
Morris A. Davis, Graaskamp Center Academic Director
how cAn you help?
Gifts from alumni and friends are among the UWmadison’s most vital resources. With your help, the
Wisconsin real estate program will continue to set
the standard for excellence in teaching, research
and public service in the real estate profession
•Investinourstrategytobethegloballeader
in real estate education
•Supporttherecruiting,hiringandretentionofthe
best and brightest faculty, staff, and lecturers
•Sponsorcutting-edgeprogramsandresearch
that benefit the real estate community at large
22
•Providethefinancialstabilitytostrengthen
the undergraduate and mBa academic
program across all dimensions
for more information, contact michelle Green at
[email protected] or (608) 263-9275.
tHe mIllennIUm
GraDUates CHallenGe
In the weeks leading up to the Wisconsin real
estate Biennial in september of 2010, our
graduates of the most recent decade (2000-2010)
overwhelmingly demonstrated their dedication
to the Wisconsin real estate program. In all,
364 of our youngest graduates pledged their
unrestricted support to the program, more than
tripling the 2010 giving rate for the entire real
estate alumni population. more than $56,000 was
pledged through the mGC. these funds were
used to fund an undergraduate elective and a
graduate case study competition. our millennium
Graduates have truly demonstrated what we can
achieve through the power of many.
as those closest to our program, their investment
is a testament to the value of the Wisconsin real
estate degree and our vision to achieve global
leadership in real estate education.
your giFts support our
tAlenteD stuDents
During the 2010-11 academic year, nearly
$100,000 was awarded to real estate students
through the center in the form of scholarships,
fellowships, and program assistantships. this
included 25 scholarships and awards totaling
nearly $36,000 which were given at the
Wisconsin real estate program’s scholarship
Breakfast in april.
The G l o ba l leader in r eal e s T a T e ed u c a Ti o n ™
CONNEC TING WITH
RE AL-WORLD LE A DERS
The Center gratefully acknowledges the prominent developers, consultants, and other industry leaders who
contributed their time and talent to supporting the real estate program over the past year.
Jean Barden
Brad Behringer, Behringer Harvard
Kai-Uwe Bergmann, Bjarke Ingels
Group A/S
Natalie Bock Erdman, Forward
Community Investments
Pam Boneham (MBA ’81), RREEF
Paul Boneham (MBA ’79),
Bentall Kentucky
Eike Butt, Behringer Harvard
Alex Chan, CB Richard Ellis
Korea Co
Steve Chan, Cheung
Kong/Hutchison
Maggie Cheung, Mayer Brown
Choy-Soon Chua, SEB ImmobilienInvestment GmbH
Tam Chi Chung, Elements
Adam Cibik (MBA ’07), Canadian
Pension Plan Investment Board
Curt Culver (MS ’75), MGIC
Jay Davis, Principal
Global Investors
Dan Dickman, Principal
Global Investors
Aaron Dong, CB Richard
Ellis Korea Co.
Pietro Doran, Doran
Capital Partners
Dan Fasulo, Real Capital Analytics
James Fetgatter, AFIRE
Christopher Fiegen, Equity
International
Jamie Fink (MS ’97), Holliday
Fenoglio Fowler, LP
Michael Fitzpatrick, Baker Tilly
William Fruhling, AICP
Guy Fulton, Canadian Pension Plan
Investment Board
Gary Gorman, Gorman
& Company, Inc.
Ronald Gosling, IFC Center
Myung Gyu Im, Doran
Capital Partners
Richard Hamilton, Taubman
Chuck Heath (MS ’83), Horizon
Development Group
Michael Hershberger (MS ’88),
Baker Tilly Virchow Krause, LLP
Kieth Kaetterhenry, Baer Insurance
Christopher Kemp (MBA ’03),
H. Benton Capital, LLC
Dr. Kwan Young Kim, JRAMC
Andrew Kinney, Real Estate
Capital Partners
Stewart Kirkham (MBA ’03),
Msheireb Properties
Audrey Klein, Park Hill Group
Jay Lang (MBA ’92), Lang
Group R.E.
Buggle Lau, Midland Holdings
John J. Leary, Leary Counseling and
Valuation, Inc.
Bryan Lee (MBA ’06) and James
Tyrrell, AIG Korea
Benedict Ma, CB Richard Ellis
Hong Kong
Andrew MacGeoch, Mayer Brown
Jim Martell (BBA ’74), Ridge
Property Trust
Gregg McManners, Monona Terrace
Bradley Olsen, Atlantic
Partners, Ltd.
Scott Opsal
Amaury de Parcevaux, Falcon Real
Estate Investment Company
Jongwok (Jay) Park,
Gale International
Arthur Pasquarella (MS ’80), BPG
Properties, Ltd,
Daniel Piazolo, IPD
Roger Poon, MTR
Sharon Qiu, Mayer Brown
Dirk Rahlfs, RI Rahlfs Immobilien
Kari Ripp
Karin Shewer, Real Estate
Capital Partners
John So, Grosvenor
James A. Stolpestad, Allianz Real
Estate of America
Ellen Tsao, Mayer Brown
Gorson Tse, Midland Holdings
Jim Whittington,
Nove International
Amanda Wilson (BBA ’06)
Mark Winter, The Oakbrook
Companies
Paul Wolfenden, DTZ
Resina Wong, Cheung
Kong/Hutchison
Angela Wong, Midland Holdings
Paul Wright, Taubman
Alan Yip, Mayer Brown
Henry Yuan, HSBC
23
ALUMNI GIVE BACK
W
hen we bring together motivated students,
world-class faculty and a forward-thinking
curriculum, it’s no wonder our alumni
become leaders in their field who are passionate about
improving the urban environment. that passion also
extends back to the Wisconsin real estate program,
having a significant impact on what our students and
the program are today and what they can be in the
future.
eDucAtion: alumni often visit the classroom and
share their experience through lectures, discussion
and case studies. through field trips and site visits,
alumni have also helped us bring our students to them,
making the world a Graaskamp Center classroom. We
simply couldn’t provide the in-depth industry tours,
presentations, international trip tours and real estate
Club field trips without the time, talent and financial
support of our alumni.
ADvice: one of the most
valuable gifts an alumnus
can give is a one-on-one
discussion with a student
interested in his or her
professional emphasis. the
Graaskamp Center’s mentor
program enjoyed another
highly successful year in 20102011, matching nearly 60 real estate students (mBa
and undergraduate) with alumni and board members
ranging from recent graduates to veterans of the field
working throughout the country.
service: the classroom is
a valuable opportunity, but
one meant to help transition
students to the real world.
alumni can be a critical part
of that transition by providing
valuable inside tracks toward
summer internship and career
opportunities. In addition
to steering internship or job openings our way, our
students benefit from your experience as an applicant
or interviewer through resume review, mock interviews
and informational interviews.
One of the most valuable
gifts an alumnus can
give is a one-on-one
discussion with a student
24
The G l o ba l leader in r eal e s T a T e ed u c a Ti o n ™
how cAn you help?
this year, we identified regional alumni employment
coordinators to help recent graduates find jobs and to
help existing students secure internships. the regional
directors need your help in order to fill this important
role – if you have information to share, please reach out
to the Wreaa or contact sharon mcCabe at smccabe@
bus.wisc.edu.
Bringing the Best AnD Brightest
stuDents to MADison
We are looking to get the best and brightest to apply to
UW-madison. the Center is asking alumni and friends
to keep your eyes and ears open for bright, energetic
candidates for the real estate mBa program.
uw reAl estAte AluMni
suM it up in two worDs:
“FAntAstic investMent”
an annual survey of alumni by the Wisconsin
school of Business mBa Career management
office finds that real estate alumni were
competitive with other business alumni in
terms of salary, with median starting salaries
of $85,000 and median current salaries of
$105,000. these both represent increases
over the previous survey. over three-fourths
of respondents received bonuses in the past
12 months, with the median at $42,500.
While competition for these shining stars has never
been greater, the Wisconsin real estate program
has something that no other program has – you! our
Wisconsin real estate alumni association is singularly
unique in the industry, and you can help us spread the
word about the strength of the Wisconsin real estate
mBa. Watch future newsletters for announcements of
recruiting visits across the country, as we may be coming
to city near you!
for more information on the Wisconsin real
estate alumni association, contact Christine Dicks at
[email protected].
While these numbers are encouraging,
even more encouraging is the value real
estate alumni attach to their UW experience.
respondents rated the perceived value of
their academic programs as an 8.6 out of 10,
with 94% giving the program a 7 or higher.
“”
“The Real Estate industry really needs
those with broad (MBA) and specific
(specialized) skills. The Wisconsin MBA was
an awesome investment for me.”
“I was surrounded by plenty of resources.
It has changed my life and helped me
achieve my current career goals.”
25
S TUDENT RE AL ES TATE CLUB
W
ith a reputation for being one of the largest
and most active student organizations
within the Wisconsin school of Business, the
real estate Club is an integral part of the educational
experience for students. through its speaker series and
semi-annual field trips, students have the opportunity
to not only examine major real estate markets, but also
to network with prominent UW alumni in the field, with
an added bonus of forging friendships that can last a
lifetime. the club’s success is largely due to generous
alumni donations of time, talent, and financial support.
•TimEarnest,ExecutiveVicePresidentof
simon management
•SundeshShah,RegionalVicePresidentof
Development; and Jon Bannister, associate leasing
representative, of simon property Group
•HerschKlaff,ManagingDirectorofKlaffRealty
(recipient of the “Innovator award”)
•GaryGorman,PresidentofGorman&Company
•ChuckCarpenter,ManagingDirectorofSWIB
•WadeHundley,CEOofSTResidential
2010-11 speAker series
•DavidBrain,CEOofEntertainmentPropertiesTrust
(recipient of the “Innovator award”)
26
•DanaNorris,Managing,GlobalPeopleStrategy
and leadership Development, tishman speyer
•SamanthaAugartenandBrettNelsonof
tishman speyer
the real estate Club and the Graaskamp Center also
hosted a senior care symposium featuring randy
richardson, president of Vi; ray lewis, president of
Ventas Healthcare properties; ed kenny, president
and Ceo of life Care services; and robert kramer,
president of national Investment Center for the senior
Housing & Care Industry.
The G l o ba l leader in r eal e s T a T e ed u c a Ti o n ™
how cAn you get involveD?
alumni, board members and friends of the program are
critical to making the real estate Club a productive and
fun experience for our students. there are many ways to
get involved:
•HireWisconsin’sbestandbrightest!Registeryour
organization to participate in the real estate Club
Career fair; plan a campus recruiting visit or conduct
interviews remotely; or request a resume book
•GetinvolvedintheClubfieldtripsbycoordinatinga
tour or sponsoring an event
C areer faIr sHoWs
ImproVement In
JoB oUtlook
the 11th annual Wisconsin real estate Club
Career fair, held in Grainger Hall’s plenary
room, was a tremendous success. the
fair showed a marked improvement in the
employment outlook since the economic
collapse of 2007-2008 with a 50% increase
in participating employers over the 2010
career fair. this success is due largely to
the collaborative efforts of the real estate
Club and the Graaskamp Center for real
estate to bolster employer attendance and
place students in exceptional full-time and
internship positions.
•Connectwithstudentsandfriendsoftheprogramat
Club meetings and events
for more information, contact alison Zuba at
[email protected].
re al es tate ClUB tr aVel s to tHe Coa s ts
the real estate Club took two trips
this year; first, in the fall, to seattle,
Washington and in the spring, to
new York City. It was a study of
contrasts, both greatly enjoyed by
those who attended.
to seattle in the fall: a group of 36
undergrad and graduate students
toured a mix of property types,
including the large-scale mixed-use
development called south lake
Union developed by Vulcan real
estate, the urban infill project called
melrose market developed by eagle
rock Ventures, and russell Investment
Center owned by northwestern
mutual life. the students and
faculty also enjoyed networking
opportunities with the local alumni in
the northwest region.
to new York City in the spring: the
Club visited a wide range of projects
in several of manhattan’s submarkets,
learned about real estate investment
and development, and networked
with local alumni. Highlights included
tours of the mondrian Hotel,
Bloomberg tower, time Warner
Center, rockefeller Center, 7 World
trade Center, and Chelsea market. In
addition, the students were exposed
to a debt panel presentation at
moody’s and company presentations
from ackman-Ziff and stonehenge
partners.
We would like to thank the Wreaa
and all of the local alumni for their
generous support that made the
trips possible.
27
FACULT Y E XCELLENCE
Faculty members of the Wisconsin Real Estate Program are active researchers and academics at the frontier of knowledge
in the fields of real estate economics and finance. They regularly have articles published in top academic journals and
frequently participate in conferences around the world. Below are selected research highlights.
Morris A. DAvis
Associate Professor and
Academic Director of the
Graaskamp Center
Davis is an expert on the
pricing of urban land. His
research published in leading
economics journals such as the
Journal of Monetary Economics
has changed the way researchers approach housing
and the U.S. Bureau of Economic Analysis computes
the National Income and Product Accounts. Filling a
major gap in the availability of residential property data,
databases developed by Davis on land and property
values in the U.S. are now available online at the Lincoln
Institute of Land Policy.
Recent publications: “Household Expenditures,
Wages, Rents,” with François Ortalo-Magné, Review of
Economic Dynamics, 2011. “The Price and Quantity of
Residential Land in the United States,” with Jonathan
Heathcote, Journal of Monetary Economics, 2007.
“Housing and the Business Cycle,” with Jonathan
Heathcote, International Economic Review.
stephen MAlpezzi
Professor, Lorin and Marjorie
Tiefenthaler Distinguished
Chair in Real Estate, and Chair
of Real Estate Department
28
Malpezzi is the co-author of
“A Primer on U.S. Housing
Markets and Policy” published
by the Urban Institute Press
for the American Real Estate and Urban Economics
Association. He is currently working with co-author
Richard Green, professor and chair of the University
of Southern California Lusk Center for Real Estate,
on the second edition of this book. Malpezzi is one
of the leading world experts in housing policy for
emerging economies. Prior to coming to the University
of Wisconsin-Madison, he was an economist in the
Infrastructure and Urban Development Department of
the World Bank.
Recent publications: “Forced Sale Risk: Class, Race
and the Double Discount” with Thomas Mitchell and
Richard Green, Florida State University Law Review,
Spring, 2010.
erwAn Quintin
Assistant Professor
Quintin joined the faculty
in January of 2010 from the
Federal Reserve Bank of
Dallas where he worked as a
senior economist and policy
advisor since 2000. Quintin has
published academic research
in financial economics and macroeconomics in the
leading field journals such as the Journal of Monetary
Economics. His recent research focuses on the optimal
design of mortgage contracts.
Recent publications: “Financial Intermediation and
TFP: A Quantitative Assessment,” with Pedro Amaral,
International Economic Review, 2010.
tiMothy J.
riDDiough
Professor and E.J.
Plesko Chair
Riddiough leads the unique
Applied Real Estate
Investment Trust program that
trains students in portfolio
management with real money
donated by alumni of the
The G l o ba l leader in r eal e s T a T e ed u c a Ti o n ™
program. He is best known for his work on credit risk in
mortgage lending, mortgage securitization, real options,
REIT investment and corporate finance, and land use
regulation. Current research interests are focused on
the financial crisis of 2007-08, economic development of
debt markets, and optimal contract design. His research
has appeared in top finance journals.
Recent publications: “Financial Constraints, Liquidity
Management, and Investment,” with Wu Zhonghua, Real
Estate Economics, 2009. “Monopoly and Information
Advantage in the Residential Mortgage Market,” with Jie
Gan, The Review of Financial Studies, 2008.
AbdullAh YAvAs
UW Real Estate Program
Distinguished Professor
Yavas joined us in September
of 2009 from Pennsylvania
State University, where he was
a faculty member since 1992.
He is the leading researcher
at the frontier of experimental
economics and real estate finance. His research
has appeared in leading field journals and general
publications such as the Journal of Economic Theory.
Yavas also brings a unique international perspective
to the Wisconsin Real Estate Program. In March 2007,
he was appointed as a member of the Monetary
Policy Committee of the Central Bank of the Republic
of Turkey, which is the Turkish equivalent of the U.S.
Federal Reserve’s Federal Open Market Committee.
Recent publications: “Case for Percentage
Commission Contracts: The Impact of a ‘Race’ Among
Agents,” with Lynn Fisher, Journal of Real Estate
Finance and Economics, June 2010. “An Experimental
Test of Sabotage in Tournaments,” with Donald
Vandegrift, Journal of Institutional and Theoretical
Economics, June 2010.
LEC TURERS
Our dedicated team of lecturers bring
a wealth of practical experience to the
classroom.
Michael dubis, Lecturer
Financial planning and advice
Michael hershberger, Lecturer
Real estate valuation and feasibility
(with an emphasis on case studies)
Tom landgraf, Senior Lecturer
Residential property development
sharon McCabe, Faculty Associate
Real estate valuation and feasibility
Arif Qureshi, Lecturer
Commercial real estate development
Peter Ritz, Senior Lecturer
Real estate law
Robert schwarz, Lecturer
Commercial real estate development
david shulman, Adjunct Professor
Advisor to the Applied Real Estate
Investment Track (AREIT)
Joe Walsh, Faculty Associate, CRE
International real estate and real
estate valuation
29
PROFESSIONAL AND
COMMUNIT Y OUTRE ACH
W
e believe in the Wisconsin Idea and embrace
its philosophy that the university exists to
serve the public good. Through outreach
initiatives like our annual Wisconsin Real Estate and
Economic Outlook Conference, we facilitate learning
and engagement through thoughtful collaboration and
partnerships with industry and community professionals
on topics critical to real estate and housing sectors.
This year, the Center also jointly sponsored receptions
with the WREAA, sponsored booths at the ULI and
ICSC national conferences, and reached out to young
professionals by sponsoring “young leader” events in
Chicago. These industry events help us maintain visibility
for the Center and the WREAA while fostering networking
opportunities for alumni, board members and students.
30
ConferenCe explores partnerships
Between Government and
real estate
The general attitude at the June 9th Wisconsin Real
Estate and Economic Outlook Conference was positive
– keynote speaker Governor Scott Walker openly
discussed his policies during his first few months in office
and stated Wisconsin’s economic outlook was improving.
UW Foundation CEO Michael Knetter, in charting the
University’s economic outlook, said he believed it had
vast potential to expand upon a highly recognizable
global brand. A panel tackling regulatory realities agreed
that while a surge of new regulations was daunting, the
drive behind current regulations was to make it easier for
consumers to borrow and lenders to lend.
Yet there were strains of
concern as well.
Congressman Paul Ryan
argued strongly for
reconceptualizing
entitlement programs
such as Medicare and
Social Security as the
federal government
attempts to address the
country’s economic issues. Fellow panelists Julia
Coronado from BNP Paribas and Richard Green
from the University of Southern California (USC) Lusk
The G l o ba l leader in r eal e s TaT e ed u c aT i o n ™
S tay in touch
with uS!
Follow us on Facebook
facebook.com/graaskampcenterforrealestate
Join us on Twitter
@uw_Graaskampctr
Blog with us on The Wisconsin Viewpoint
wisconsinviewpoint.blogspot.com
Learn about our events and happenings
from The Real Estate Connection (our
monthly e-newsletter)
center for Real Estate cautioned that overcorrecting
the economic problem could hurt programs that help
people find affordable housing, such as section 8
vouchers, as did the final panel focusing on communityoriented programs in Madison and Milwaukee. Panelists
were concerned that as families try to balance their
overall monthly budgets, and landlords attempt to
comply with laws while keeping rents reasonable,
regulations may work against those in the lowest
income levels from any kind of housing.
Learn about upcoming programs and
events on our website (www.bus.wisc.edu/
realestate) or blog, the wisconsin Viewpoint
(wisconsinviewpoint.blogspot.com), or The Real
Estate Connection, our monthly e-newsletter.
Contact Information
Morris a. Davis, academic Director
Phone: (608) 262-8775
[email protected]
Michael Brennan, Executive Director
Phone: (608) 263-4392
[email protected]
Kris hammargren, Senior associate Director
Phone: (608) 890-2733
[email protected]
Sharon Mccabe, associate Director of
Recruiting and career Services
Phone: (608) 890-2733
[email protected]
Lee Gottschalk, associate Director of outreach
Phone: (608) 265-2032
[email protected]
alison Zuba, associate Student
Services coordinator
Phone: (608) 263-3459
[email protected]
tim Riddiough, Director of aREit
Phone: (608) 262-3531
[email protected]
Photo credits
Steve Becker/beckermedia.com:
cover, pages 3, 4, 16, 17, 18, 25, 28
Martha Busse Photography: cover, pages 14, 15,
30, 31
Bruce Fritz Photography: page 13
James a. Graaskamp center for Real Estate
4440 Grainger hall
975 university ave.
Madison, wi 53706
(608) 263-3459
Fax: (608) 265-4823
bus.wisc.edu/realestate
31
4440 grainger hall
975 university Avenue
Madison, wi 53706
bus.wisc.edu/realestate