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 investment 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 projects 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 underwriting 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 will do after graduation. By in year-round internships with leading benefiting from training that integrates real estate companies located in the real-world activities, networking with gateway market of Washington, D.C. faculty and alumni, and other opportu- This is a critical advantage and provides nities, students distinguish themselves a tremendous opportunity for students in the job market and gain a head start to further develop their resumes with on their real estate careers. multiple internship experiences over their academic career. FACULTY AND ALUMNI MENTORS POLAND FAMILY REAL ESTATE At the start of their academic FELLOWS PROGRAM program, students sit down with Established by Mary and Bill Poland, faculty to “white board” their time at the Poland Family Real Estate Fellows Georgetown McDonough and discuss Program creates a select community of their goals and objectives to maximize talented, emerging business leaders in the their time in the program. Through field of commercial real estate. Fellows frequent interaction with faculty and receive a scholarship toward their educa- alumni mentors, students can refine tional pursuits in the MBA program. plans, amend goals, and prepare for employment following graduation.

“One of the greatest benefits is the personalized career attention. Faculty are deeply integrated with alumni in the industry and at companies that interest me. They put me in touch with an alumnus at AvalonBay Communities, which led directly to my summer internship there.”

— ALEX VESPOLI (MBA ’16) THE WASHINGTON, D.C., ADVANTAGE

“There is tremendous opportunity to marry the Steers Center for Global Real Estate within Georgetown McDonough to the world-class real estate community we have in Washington, D.C.”

— DEAN CINKALA, Former Principal, The JBG Companies

Located in the nation’s capital, Georgetown and household income that is roughly McDonough connects students with the 70 percent higher than the national globally recognized Washington, D.C., average. Moreover, the area is a target real estate market. market for foreign investors focused on acquiring U.S. real estate. The D.C. metro area is the fourth largest metropolitan economy in the United Studying in this environment provides States with a GDP of $433 billion, placing ambitious students with internships at it behind only New York, Los Angeles, elite companies, access to major com- and Chicago. A diversified economy has mercial real estate properties, a network resulted in an unemployment rate that is of global investors, and much more. meaningfully below the national average SPEAKERS AND EVENTS

The Steers Center for Global Real Estate NEW YORK CONVERSATIONS convenes leading thinkers in the indus- The Steers Center has numerous connec- try for panel discussions and keynote tions to New York City given the density addresses throughout the academic year. of real estate alumni in the market. Taking place on campus and around the Each fall the center hosts a conversation country, these events expose students and reception with a renowned leader and professionals to global real estate in the industry. leaders and provoke discussions on timely issues and trends. • Michael J. Graziano (B ’88), Co-Head of Global Real Estate Investment Banking, Goldman, Sachs & Co. REAL ESTATE • William Taubman (P ’16), Chief LUMINARIES SERIES Operating Officer, Taubman Centers Inc. Held each spring at Georgetown University, the Real Estate Luminaries MCBRIDE FAMILY Series honors leading figures in the LECTURE SERIES global real estate market. The biannual McBride Family Lecture Series brings prominent real estate • Jonathan Gray, Global Head of professionals to campus specifically Real Estate, Blackstone to talk to students about the real • Ralph Rosenberg, Global Head of estate profession. Real Estate Platform, KKR • David Simon, Chairman and CEO, • Benjamin Jacobs, Co-Founder, Simon Property Group The JBG Companies • Barry Sternlicht, Founder, Chairman, and CEO, Starwood Capital Group • Sam Zell, Chairman, Equity Group Investments

Taubman Centers COO William Taubman discusses his company’s regional shopping malls and the real estate industry at a Steers Center event in New York. ALUMNI, PARENTS, AND FRIENDS

Alumni are a critical ingredient of the Steers Center for Global Real Estate at Georgetown McDonough, and their active involvement is felt throughout every aspect of the program. The Steers Center Advisory Board is one of the most visible ways that alumni, parents, and friends can support the program’s success. Additional opportunities exist to get involved, including as guest speakers, judges for case competitions, mentors, employers, and more.

EXECUTIVE COMMITTEE STEERING COMMITTEE • Robert H. Steers, B ’75, P ’06, • Matthew Cypher – Chair P ’08, P ’10 – Chair Director, Steers Center for Global CEO, Cohen & Steers Inc. Real Estate • Robert Billingsley, F ’68, P ’99, P ’03 • Paul Bernard, F ’88, EMBA ’14 Vice Chairman, DTZ Vice President, Enterprise Advisors • Marty Cicco, P ’14, P ’17 • Larry Botel, B ’88 Senior Managing Director, Founding Partner, JOSS Realty Partners Evercore Partners • Dean Cinkala • Mike Kirby, P ’16 Formerly of The JBG Companies Chairman and Director of Research, • Marc Flamino, B ’89 Green Street Advisors Managing Director, RBC Capital Markets • Tim McBride, JD ’75, L ’80, P ’04 • Michael Gershenson, B ’00 Chairman and CFO, McBride Enterprises Managing Director, The Carlyle Group • James Pearlstein, C ’90 • Brian Gill President, Pearl Properties Principal, Artis Advisors • Bill Poland, P ’13 Georgetown McDonough Adjunct Professor Managing Member, Bay West Group • Jason Hart, B ’99 • Gil Tenzer, B ’84, P ’17 Principal, The Carlyle Group Director of Real Estate, • Jeremy Healey, C ’95 Contrarian Capital Managing Director, Battery Point Financial • W. Edward Walter, L ’80 • John Kevill, EMBA ’00 CEO and President, Managing Director, Eastdil Secured Host Hotels & Resorts Inc. • Kyle Lynch, MBA ’93 Robert & Lauren Steers Chair in Real Director, American Bankers Association Estate at Georgetown McDonough • Stephanie Lynch, MBA ’00 Senior Managing Director, Savills Studley • Brian Milberg, B ’00 Principal, Sitex Group • Larry Palumbo, B ’00 Principal and Chief Operating Officer, Falcon Partners LLC • Mark Wooters, C ’03, MBA ’08 Director of Investor Services, Cushman & Wakefield HOYA CORPORATE CORNERSTONE

“Through the Hoya Composed of real estate companies in Washington, D.C., Corporate Cornerstone and around the world, the Hoya Corporate Cornerstone program, we integrate brings together leaders in the real estate industry and the private sector with Steers Center for Global Real Estate students. the educational program to prepare our students The partnership benefits both companies and students. to excel in the profession. Participating organizations gain access to top talent for In turn, companies have internship or employment opportunities and to real access to the best and estate events hosted by the center. In turn, students brightest real estate develop quality relationships with mentors in the field students when they hire and job prospects after graduation. This partnership new employees.” also further distinguishes the center among real estate programs and helps it attract high-quality undergradu- — MATTHEW CYPHER, ate and graduate students. Director

For more information about real estate at Georgetown McDonough, please contact:

Matthew Cypher, Ph.D., Director Steers Center for Global Real Estate

STEERS CENTER FOR Georgetown University GLOBAL REAL ESTATE McDonough School of Business Rafik B. Hariri Building 37th and O Streets NW Washington, DC 20057

(202) 687-1929 [email protected] realestate.msb.edu