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For Global Real Estate STEERS CENTER FOR GLOBAL REAL ESTATE Georgetown University McDonough School of Business DIRECTOR’S WELCOME I am excited to introduce you to the Steers Center for Global Real Estate at Georgetown’s McDonough School of Business. The center represents a monumental step forward in our mission to provide students a rigorous education that is rooted in the complexities of the real estate industry. Through the generous support of Robert H. Steers (B ’75), and his wife, Lauren, we offer a distinguished global business education for the next generation of real estate professionals. Our program is centered on a MATTHEW CYPHER, Ph.D. highly applied educational agenda that immerses Director, Steers Center itself in Washington, D.C., real estate as a learning for Global Real Estate laboratory and benefits from Georgetown University’s Professor of the Practice reputation as a global institution. Through a student-centric approach, the Steers Center for Global Real Estate capitalizes on relationships with industry leaders in the private sector to engage undergraduate and MBA students in practical, real- world experience and tailors coursework to teach the realities of global capital flows and investment. Students also benefit from the worldwide Georgetown network, alumni mentors, and renowned faculty to ensure that they are prepared to launch their careers following graduation. We have embarked on a truly unique endeavor, one that makes me excited for the future. There are numerous opportunities at the Steers Center for students and real estate professionals. I look forward to discussing how you can get involved. INTRODUCTION to the Steers Center for Global Real Estate “ Washington, D.C., is a leading global real estate market, and Georgetown’s McDonough School of Business is positioned to provide a first-class real estate education. Real estate is the largest asset class in the world, so having an innovative academic program focused on this provides value to both students and real estate enterprises and is a natural fit at Georgetown.” — ROBERT H. STEERS (B ’75), CEO, Cohen & Steers Inc. The Steers Center for Global Real Estate Steers’ accomplishments inspire offers students unparalleled access Georgetown McDonough students pur- to the real estate industry at a global suing careers in real estate and attract level through a multifaceted approach industry leaders to the business school. that harnesses the best of Georgetown With the dedication of Steers and his wife, University and the Washington, D.C., Lauren, the school has elevated its role real estate market. in the study of national and global real estate to prepare students for careers as In 2015, Georgetown McDonough aligned leaders in the field. its real estate program with industry luminary Robert H. Steers (B ’75), CEO of Cohen & Steers Inc., a pioneering global investment manager and the first invest- ment company to specialize in listed real estate. Steers and partner Martin Cohen co-founded Cohen & Steers Inc. in 1986. Since then the company has become a dominant manager of portfolios special- izing in global real estate securities, global listed infrastructure, real assets, large cap value stocks, and preferred securities. REAL ESTATE CURRICULUM Georgetown McDonough’s curriculum COURSE OFFERINGS emphasizes a strong theoretical under- BSBA standing of real estate coupled with a • The Real Estate Game unique experiential component that Part of the selective First Year Seminar, immerses students in actual work. this introduction to real estate is open to McDonough freshmen. The curriculum is based on a highly • Real Estate Finance applied, Four Quadrant (public, private, Grounded in the framework of the debt, and equity) model of the real estate Four Quadrant model, this course capital markets. This applied framework provides a well-rounded introduc- reflects the realities of the real estate inves- tion to each quadrant. Students tour tor who is constructing a diversified global and underwrite an actual building portfolio and is considering relative value as part of the Real Estate Laboratory. investments across all Four Quadrants. Exposure to Argus and Excel is a Another defining characteristic of the fundamental component. curriculum is the Real Estate Clinic, • Real Estate Clinic which allows students to engage in Students work on live real estate real-world investments as part of their projects, ranging from the sizing of curriculum. Through a partnership with real estate debt for a global lender to Invesco Real Estate, students underwrite contemplating value-add enhance- a significant number of live investments ments to a D.C. office building. that the firm is considering. FOUR QUADRANT MODEL PUBLIC EQUITY PUBLIC DEBT Real Estate Mortgage-Backed 01Investment Trusts 03Securities PRIVATE EQUITY PRIVATE DEBT Direct Property Direct Commercial 02Investments 04Lending MBA • Real Estate Private Equity FACULTY This course introduces private equity real estate investment and answers the question, “What is the real estate MATTHEW L. asset worth?” CYPHER, Ph.D. Director, Steers Center Real Estate Private Debt • for Global Real Estate This course provides exposure to real Professor of the Practice estate finance from the perspectives of borrowers and lenders. • Real Estate Public Equity W. EDWARD In this course, students develop a WALTER, J.D. (L ’80) deep understanding of the modern Robert and Lauren Steers Chair in Real Estate and real estate investment trust (REIT) Professor of the Practice and its role in today’s capital and CEO and President real estate markets. , Host Hotels & Resorts Inc. • Real Estate Public Debt An introduction to the area of structured real estate finance, this BRIAN GILL course focuses on the real estate Adjunct Professor debt securities market inclusive of Real Estate of residential and commercial Co-founding Partner, mortgage-backed securities. Artis Advisors • Real Estate Clinic MBA students analyze live real ASHESH PARIKH estate transactions throughout U.S. Adjunct Professor markets for Invesco Real Estate. of Real Estate Students develop an understanding Vice President of Finance, of asset level underwriting, asset The JBG Companies valuation, and risk management. • Global Business Experience In this MBA program requirement, LARRY BOTEL (B ’88) Executive in Residence students conduct consulting proj- ects for international businesses Founding Partner, JOSS Realty Partners and travel to present recommenda- tions. Real estate-focused projects have ranged from studying Brazil’s DEAN CINKALA housing market to developing Executive in Residence market-entry strategies for a luxury Former Principal, hotel group in the Asia Pacific. The JBG Companies EXPERIENTIAL LEARNING Experiential learning is a central Students who participate in the Real element of the educational program Estate Clinic: offered through the Steers Center for Global Real Estate. Employers focus • Learn up-to-date real estate on experience, and we produce highly investment modeling techniques competitive students through hands-on and processes; learning that is consistent with the work • Develop real-world modeling they will perform once employed. assumptions and investment metrics; • Evaluate new transactions from a We offer two specific experiential pure real estate perspective; learning environments: • Create an investment strategy and understand key risks and attributes; and • Gain extensive experience with REAL ESTATE CLINIC Argus and Excel. A component of the curriculum, the Real Estate Clinic gets students involved in live real estate projects. The Steers Center Students have has partnered with Invesco Real Estate underwritten more to give students experience underwrit- ing live real estate investments across than $1 billion of the four primary asset types (office, live real estate multifamily, industrial, and retail product) being considered by the firm. investments. “ Through the Real Estate Clinic, we get hands-on experience working on live deals. I assisted the acquisitions team of a real estate private equity firm and received exposure to four different property types. Thanks to the clinic, I have tried every flavor of real estate.” — LAURA SANINT MICOLTA (MBA ’16) ▲ Undergraduate students study the mechanical systems at 2233 Wisconsin Ave. NW as part of the Real Estate Laboratory. REAL ESTATE LABORATORY Undergraduate and graduate students The Real Estate Laboratory was cre- employ the building to better understand ated through a relationship with Larry its physical nature — the mechanical Botel (B ’88), founding partner of JOSS systems, necessary capital improvements, Realty. The Lab is an office building at and the relative attractiveness of space 2233 Wisconsin Ave. NW in Washington, within the building — as well as its finan- D.C., that allows students to study cial components — the appropriateness of the physical and financial aspects of a rental rates by space, operating expense large office building close to campus. budgets, and tenant credit analyses. “ Certain aspects of a building and the real estate process as a whole simply aren’t as meaningful unless you visit a property in person. Having a chance to tour the Wisconsin Avenue building, especially as an undergraduate student, was a unique opportunity.” — AAKASH BHATIA (B ’16) JUMP-STARTING YOUR CAREER The Steers Center for Global Real INTERNSHIPS Estate ensures students can excel in real The Steers Center for Global Real Estate estate investment by engaging them in opens the door for students to take part work they
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