Our goal is to be the global leader in real estate education.

3
Message from the Direc tor
4
About the James A . Graaskamp
Center for Real Estate
5Leadership
6Milestones
2
8
E xcellence in Global Leadership
10
The MBA Program in Real Estate
(including AREIT)
12
MBA Career Ser vices
and Job Placement
14
Premium Learning Experiences
16
Board of Advisors
19
Board Members
22
Connec ting with Real-World Leaders
24
Alumni Give Back
25
Investing in the Wisconsin
Real Estate Program
26
Real Estate Club
28
Facult y Excellence
30
Professional and Communit y Outreach
The mission of the Department of Real Estate and Urban Land Economics at
the University of Wisconsin-Madison is to be the global leader in real estate
education, and the James A. Graaskamp Center for Real Estate plays an
important role in fulfilling this mission. Specifically, it is responsible for the
educational and professional outcomes of Real Estate MBA students, as well
as for education and outreach to industry professionals, practitioners, and the
public.
This year, we have two great classes of MBA students hanging around the
Graaskamp Center who live and breathe real estate. Unlike other programs, the
MBA students at Wisconsin commit to specializing in real estate before applying to the MBA program.
This commitment enables us to deliver specialized training and help with their placement objectives
right away. Our students graduate with a breadth and depth of real estate knowledge, as evidenced by
our rigorous curriculum and their prosperous career paths.
Last year, the Graaskamp Center hosted two A+ industry conferences for our board members. In
addition, our annual summer Policy and Economic Outlook Conference was a major hit, featuring
Lawrence Yun and Chip Case as keynote speakers. On November 30, we will host our 2012 Global Real
Estate Conference at the New York Stock Exchange. The conference features a keynote interview with
Barry Sternlicht, chairman and CEO of Starwood Capital, led by Carol Massar, chief correspondent for
Bloomberg TV. The night before, we will host a dinner reception at the Plaza Hotel with Michael
Fascitelli, president and CEO of Vornado Realty Trust. Next spring, in memory of the 25th anniversary of
the passing of “The Chief” (our namesake Jim Graaskamp), we will host a special conference and golf
event tentatively scheduled for June 6-7 at the American Club Resort in Kohler, Wisconsin. Call Mike
Brennan to make your reservation today!
FROM THE DIRECTOR
Dear Graaskamp Center board members, alumni, and friends:
We’ve had some other notable news throughout the past year. Abdullah Yavas is now chair of the
department, filling the big shoes left behind by Stephen Malpezzi. Although we lost our former colleague
François Ortalo-Magné to the endless abyss known as university administration—he is now the dean of
the Wisconsin School of Business—we have gained a new colleague, Jaime Luque. Jaime joins us from a
prestigious department in Spain, and is an expert in financial markets and repo. Finally, long-time
Grasskamp employee Kris Hammargren has accepted a new position at Rowland Reading Foundation as
their marketing communications director. We wish Kris well in her new role!
All of us at the Graaskamp Center—Mike Brennan, Lee Gottschalk, Sharon McCabe, Alison Zuba, and I—
are absolutely committed to the goal of global leadership in real estate education and are always
seeking feedback. Please email me at mdavis@bus.wisc.edu if you have any suggestions or comments.
My office door is always open.
Morris A. Davis
Academic Director
Professor and James A. Graaskamp Chair in Real Estate
TH E G LO B AL L E A DE R I N R E A L E STAT E E DU C ATI O N ™
3
ABOUT US
ABOUT THE JAMES A. GRAASKAMP CENTER FOR REAL ESTATE
At 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. The
center 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 Wisconsin MBA in Real Estate challenges students
to understand the depth and breadth of the field. Our
global initiatives connect us with the best real estate
programs in the world, and our faculty research is in
demand by global public and private entities. In
addition, our dedicated alumni and board of advisors
offer their front-line experience and guidance to
students, faculty, and one 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 the 21st century. 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.
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.
CENTER MISSION
4
• 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 an extensive
member base of 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
Graaskamp Center Executive Director
Since joining the center as executive director in 2009, Michael Brennan 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. Brennan is also the chairman and managing principal of Brennan
Investment Group, a private real estate investment firm that co-invests with
private and institutional capital. Prior to forming Brennan Investment Group,
he co-founded First Industrial Realty Trust in 1994 and served as president,
CEO, and a member of the board of directors until late 2008.
LEADERSHIP
MICHAEL BRENNAN
MORRIS A. DAVIS
Graaskamp Center Academic Director
Professor and James A. Graaskamp Chair in Real Estate
In July 2011, Associate Professor Morris A. Davis took the reins as academic
director of the Graaskamp Center. Since then, he has implemented a
comprehensive strategy to actively identify and recruit top candidates for the
Real Estate MBA program and has facilitated innovation in the classroom and
beyond to ensure the center is a global leader in real estate education. In
September 2006, Davis, an expert on the pricing of urban land and housing
economics, joined the Wisconsin School of Business real estate faculty.
Earlier in his career, Davis was an economist at the Federal Reserve Board.
He is widely published on issues related to the U.S. housing markets and has
developed price indexes for land in residential use.
ABDULLAH YAVAS
Real Estate Department Chair
Professor and Robert E. Wangard Real Estate Chair
In August 2012, Abdullah Yavas, professor and Robert E. Wangard Real Estate
Chair, became chair of the Department of Real Estate and Urban Land
Economics. Yavas is a faculty member with a breadth and depth of
experience, including administration. He joined the Wisconsin School of
Business real estate faculty in September 2009 from Pennsylvania State
University, where he had been a faculty member and research director for the
Institute for Real Estate Studies. He is the leading researcher at the frontier of
real estate brokerage, mortgage contracts, economics of information, and
experimental economics.
Yavas also brings a unique international perspective to the Wisconsin Real
Estate program. In March 2007, he was appointed to 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. He
also recently completed the ambitious project of helping create a new
educational institution: the Antalya International University in Antalya, Turkey.
TH E G LO B AL L E A DE R I N R E A L E STAT E E DU C ATI O N ™
5
2011-2012 MILESTONES OF THE
WISCONSIN REAL ESTATE PROGRAM
OCTOBER
• Undergraduates travel to Munich, Germany for EXPO REAL led by Faculty Associate Joe Walsh
JULY
• François Ortalo-Magné,
former chair of the
Department of Real
Estate and Urban Land
Economics, announced as
the new Albert O. Nicholas
Dean of the Wisconsin
School of Business
• Associate Professor Morris
A. Davis named academic
director of the Graaskamp
Center
• Organized by Professor Erwan Quintin, the semi-annual Housing-Urban-Labor-Macro (HULM)
Conference explores causes and consequences of the housing crisis at the Chicago Fed
• Real Estate Club volunteers at the University of Wisconsin-Madison Chapter of Habitat for
Humanity
• Jon Pevehouse, geopolitical expert and professor of political science at UW-Madison, presents the
keynote at the Graaskamp Center fall board meeting at the
Wisconsin Institutes for Discovery in Madison
DECEMBER
• Daniel McCaffery, chairman and CEO of McCaffery Interests,
receives the E.J. Plesko Distinguished Speaker in Real Estate
Development Award
• The Graaskamp Center and WREAA co-host an alumni and
friends reception at the ULI Fall Conference in Los Angeles
SEPTEMBER
• U.S. News & World Report ranks the Wisconsin Real Estate
undergraduate program second in the U.S.
• Michael Ashner, chairman and CEO of Winthrop Realty
Trust, receives the jointly sponsored Graaskamp Center
and Real Estate Club Innovator Award
• Andrew Sorkin, New York Times reporter and author of
“Too Big to Fail,” presents the keynote at the Wisconsin
Real Estate Trends conference in Chicago
AUGUST
6
• The Wall Street Journal interviews Wisconsin School of Business Dean
François Ortalo-Magné
• A dozen Real Estate MBA students begin their classes at UW-Madison
• Undergrad Real Estate
alumnus Jake Wood,
president of Team
Rubicon, speaks at UWMadison’s 2011 mid-year
commencement
NOVEMBER
• Dean François Ortalo-Magné
presents the keynote address
titled “Where do Asian, European,
and American investors see
opportunities in Asia today?” at
MIPIM Asia in Hong Kong
• Real Estate Club travels to Denver,
Colorado for the fall semester
market study trip, organized with
help from regional alumni
• Executive Director Michael Brennan
delivers introductory remarks for the
presentation of PREA’s distinguished
Graaskamp Award
JANUARY
• Five students from the best business schools in Asia, Europe, and Central
America begin the Global Real Estate Master (GREM) program in Madison
• Real Estate Professor Abdullah Yavas returns to Madison after a year of laying
the groundwork for a new educational institution: the Antalya International
University in Antalya, Turkey
MARCH
• First-year Real Estate MBA students attend MIPIM in
Cannes, France, where Dean François Ortalo-Magné
presents the keynote address
• Real Estate Club takes their spring market study trip
to Boston, organized with the help of regional alumni
• Organized by professor Erwan Quintin, the semiannual Housing-Urban-Labor-Macro (HULM)
Conference is held at the Federal Reserve Bank of
Boston
MAY
• Wisconsin Real Estate undergraduate
students take first place in both the
2012 NAIOP University Challenge
in Minneapolis and the 2012 USC
International Real Estate Competition in
Los Angeles
• Graaskamp Board Member Jon Hammes
receives a UW-Madison Entrepreneurial
Achievement Award and Milwaukee
Distinguished UW Alumni Award
• The Wisconsin MBA class of 2012
graduates with 11 Real Estate MBAs
• The Global Real Estate Master class of
2012 graduates with five students
APRIL
JUNE
• Real Estate MBAs Chad Broderick, Tess Gruenstein, Andrew
Toby, and Andrew Boespflug compete in MIT’s “The Case” in
Boston
• The 2012 Wisconsin Real
Estate and Economic Outlook
Conference is held at the
Fluno Center, featuring
keynote speaker Karl “Chip”
Case, founder of the CaseShiller Home Price Index
• Lee Neibart, global CEO of AREA Property Partners, presents
the keynote at the Graaskamp Center’s spring board meeting
at the Four Seasons Hotel in Chicago
• The Wisconsin MBA program ranks in the top 25 in U.S. News
& World Report’s Best Graduate Schools
FEBRUARY
• Dean François Ortalo-Magné presents the results of the 20th annual survey of the
Association of Foreign Investors in Real Estate (AFIRE) at the organization’s 2012
Winter Conference in New York City
• Brad Olsen of Atlantic Partners speaks at the Real Estate Club meeting to kick off
spring semester
• Wisconsin School of Business
signs a partnership agreement
with Shanghai Advanced
Institute of Finance (SAIF) for
the GREM Program
• Professor Erwan Quintin
receives the Wisconsin School
of Business Teaching Award
• Doug Frye, president and CEO of Colliers International, receives the jointly sponsored
Graaskamp Center and Real Estate Club Innovator Award
TH E G LO B AL L E A DE R I N R E A L E STAT E E DU C ATI O N ™
7
EXCELLENCE IN GLOBAL LEADERSHIP
T
he 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.
In May, the second graduating class of the Global Real
Estate Master (GREM) program completed their
semester in 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 during their time 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. We look forward to welcoming our
new class of GREM students in January 2013!
SHANGHAI ADVANCED INSTITUTE OF
FINANCE PARTNERS WITH THE GLOBAL
REAL ESTATE MASTER PROGRAM
8
The GREM program recently expanded as a result of a
new partnership agreement between the Wisconsin
School of Business and the Shanghai Advanced Institute
of Finance (SAIF). François Ortalo-Magné, dean of the
Wisconsin School of Business, and Chun Chang,
executive director of SAIF, signed the agreement in June
in Madison. SAIF is the first international business
school in China to offer finance MBA and Master of
Finance programs in English.
Jack Li
Global Real Estate
Master Graduate ’12
General Manager and Head of Asset Management for
Siemens Real Estate North
East Asia
The GREM program was my first
opportunity to receive a deep and
comprehensive education in real estate.
The program is truly world class! I was
able to apply the material I learned in my
classes almost immediately in my daily
work, especially in reviewing property
valuation reports and doing due diligence
for real estate projects. Also, learning
about urban economics has given me
tremendous confidence when I meet with
senior business executives and local
government officials to discuss the city’s
economy and site selection. The capital
markets and advanced topics courses also
broadened my view on property portfolio
management.
WISCONSIN’S GLOBAL FOOTPRINT
To Munich for EXPO
REAL in October 2011:
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
2011: Dean François Ortalo-Magné
presented the keynote address titled
“Where do Asian, European, and American
investors see opportunities in Asia today?”
at MIPIM Asia in Hong Kong.
To New York
City for the AFIRE
Winter Conference in
February 2012: Dean François
Ortalo-Magné presented AFIRE’s annual
global investment survey results at the
organization’s Winter Conference held in
New York City. This is the third year the
survey has been conducted and compiled
by the Graaskamp Center.
To China in January
2013: Second-year MBA
students enrolled in International Real
Estate will 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. The trip includes visits to
Hong Kong and Shanghai.
To New York City in
November 2012: Building
on the momentum created by the
inaugural Global Real Estate Markets
Conference in 2011, the Graaskamp Center
will again host this premier event in
November 2012 with Toll Brothers at the
New York Stock Exchange.
To Cannes for MIPIM in
March 2012: Professor Erwan
Quintin led first-year MBA students
to Cannes for the 2012 MIPIM conference.
This was the eighth year UW-Madison has
sent MBA students to meet with and learn
from some of the leading minds in global
real estate. For the third consecutive
year, Dean François Ortalo-Magné
delivered the keynote address
at MIPIM.
9
TH E G LO B AL L E A DE R I N R E A L E STAT E E DU C ATI O N ™
MBA PROGRAM
The Wisconsin MBA in Real Estate challenges students
to reach their potential as leaders who are ready to
make their mark on the urban environment.
W
isconsin aims to be the global leader in real
estate education. The Department of Real
Estate and Urban Land Economics embraces
the challenge by bringing together a diverse and
deeply talented faculty with a wealth of academic and
research resources, as well as passionate and talented
students ready to tackle a curriculum with a global
focus. 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 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 demanding and selective program is the
first program of its kind in the country, offering state-ofthe-art education in understanding not only real estate
as an asset class but also the emerging capital markets
10
associated with the asset. The student team works
together like a firm to develop an overall strategy for
the year, conducting thorough research and presenting
and defending their investment recommendations
before a board of advisors. This real-world approach to
education is, as one former AREIT team member
described, “the ultimate case study experience.”
The hands-on approach is found in other areas beyond
the 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.
They attend conferences featuring some of the most
influential experts in real estate and are challenged to
use the 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 move real estate forward.
A DM I SSION S
Class of 2013
Class of 2014
Admission to the Wisconsin MBA Real
Estate program 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
the Real Estate program.
12 enrolled
690 average GMAT
4.25 average years of
12 enrolled
679 average GMAT
4.4 average years of
professional experience
8%
international
professional experience
27%
international
2011-2012
A R EI T F U N D
PER F OR M A NCE
Tess Gruenstein
Real Estate MBA ‘12
AREIT is a really unique program
regardless of whether you are
interested in the public or
private markets. I learned in a
very real setting how to take my
real estate knowledge and
understanding of current
macroeconomic trends and turn
them into an investment
strategy. That’s a critical skill
whether you are going to work
for a REIT, an institutional
investor, or a developer. Beyond
that, I found I really developed
my communication skills during
our weekly stock pitches and
quarterly board presentations as
well as improved my research
skills and understanding of the
public market players.
HOW CAN YOU HELP?
We are looking to get the best and brightest to apply to the
University of Wisconsin-Madison. The James A. Graaskamp
Center for Real Estate is asking alumni and friends like you
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 (WREAA) 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 WREAA
or contact Sharon McCabe at smccabe@bus.wisc.edu.
By Tim Riddiough, AREIT Director
This year’s AREIT team—
Chad Broderick, Tess
Gruenstein, and Tiana Jia—
did a terrific job as REIT
portfolio managers. They
achieved a 27.18% return
over a seven-month period,
beating their benchmark by
91 basis points and leaving
the department with an endowment of
$1,214,500 at the time they liquidated their
positions.
The team started the year by taking a somewhat
defensive posture, which made sense in a highly
uncertain marketplace. As the academic year
progressed, the students showed increasing
confidence and conviction in their ability to
identify underpriced stocks while at the same
time not overexposing themselves to broader
market risks. In fact, the team’s stock-picking
ability allowed them beat their index with low
measured market risk. No small achievement.
An important new teaching innovation this year
was requiring the students to pitch stocks
throughout the school year rather than fully
invest right away after the fall board meeting.
This change helped the students dig in and really
learn about the companies under investment
consideration.
Once again, we are incredibly grateful to the
AREIT advisory board of directors. Their loyalty
and leadership helps make AREIT a singular
educational experience for our students. Finally,
we must recognize the oversized contributions of
David Shulman as co-instructor of the AREIT
program. David’s unmatched depth of knowledge
and mentoring is second to none.
TH E G LO B AL L E A DE R I N R E A L E STAT E E DU C ATI O N ™
11
MBA CAREER SERVICES
We are active partners with our students
as they become job-ready candidates.
T
he Graaskamp Center is engaged at a high level in
the job placement process. We are active partners
with our students as they become job-ready
candidates, and we continually develop new relationships
with employers. These areas of support can be powerful
tools in matching real estate students with potential
employers:
• Personal advising and support from the Graaskamp
Center and Wisconsin MBA Career Management staff
• Networking through Graaskamp Center events with
board members and industry professionals
• Real Estate Alumni Mentor Program
• The Real Estate Club annual career fair
12
• Online employment database available through the
Wisconsin School of Business and the Wisconsin Real
Estate Alumni Association (WREAA.org)
CLASS OF 2012 SALARY STATISTICS
$97,500
87%
Average base salary
Permanent placement
80%
Percent receiving
sign-on bonus
CLASS OF 2012 JOB PLACEMENT
Within three months of graduation, the MBA class of
2012 entered the job market at the following
companies:
Allianz Real Estate of America
Lorenge S. A.
The John Buck Company
Rushmore Properties
U.S. Bank
Weber Holdings
Wisconsin Housing & Economic Development Authority
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. It’s easy to recruit Wisconsin Real
Estate students for internships and
permanent positions. There are a variety of
tools and services available to help you in
recruiting our students.
• Request a student résumé book
• Post your job or internship openings and
schedule interviews online
• Plan a campus recruiting visit or conduct
interviews remotely
• Attend the annual Real Estate Club career fair
in February 2013
• Connect us with your human resources
department to develop a customized
recruitment strategy
CLASS OF 2013
SUMMER INTERNSHIPS
First-year MBA students obtained summer internships
with these top companies:
Bentall Kennedy
The center staff is available to help you
identify and reach top internship and job
candidates. Assistant Director for Recruiting/
Career Services Sharon McCabe can advise
and guide you in the recruitment process.
Contact Sharon at smccabe@bus.wisc.edu.
Goldman Sachs
Greco Properties
Grubb Properties
MSP Real Estate
NAREIM
Pearlmark Real Estate Partners
Shaddock Caldwell Builders and Development
Simon Property Group
Wakestorm Capital
WRK, LLC
13
The average monthly salary was $3,067.
TH E G LO B AL L E A DE R I N R E A L E STAT E E DU C ATI O N ™
PREMIUM LEARNING EXPERIENCES
14
Case studies simulate
real-life challenges.
W
isconsin Real Estate faculty and students strive for greatness inside 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, and student and industry organizations, and by developing a network of future
professional contacts through our board meetings, conferences, and events.
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.
FIRST PLACE
NAIOP University Real Estate Challenge
April 12, 2012
Hosted by: NAIOP, Minnesota Chapter
Wisconsin Team (left to right): Amanda Frankwick,
Michael Serposs, Ruicong Xie, Kimberly O’Connor,
Cameron Carey (not shown), and Ryan Howard (not
shown).
“From start to finish, every moment of the NAIOP
case competition was great! This case increased my
understanding of so many real estate concepts, from
finances and JV structures to zoning and traffic easements,
yet the greatest takeaway is the great memory of the
collaboration, dedication, and hard work we had as a
team and the support we had from our professors and our
advisor.”
Jane Van Eerden, undergraduate student and member of the
USC Challenge team
FIRST PLACE
USC International Real Estate Case Competition
April 16-19, 2012
Hosted by: University of Southern California Marshall
School of Business
Wisconsin Team (left to right): Stephen Rothstein, Max
Sternberg, Jane Van Eerden, Alex Neubauer, Laura
Bodine, and Beau Garot.
SEMI-FINAL ROUND
MIT Case Competition
February 17-22, 2012
Hosted by: Massachusetts Institute of Technology
Center for Real Estate
Wisconsin Team (left to right): Tess Gruenstein, Chad
Broderick, Andrew Toby, and Andrew Boespflug
Arif Qureshi
Case Competition Faculty Advisor
Our team worked with the determined goal of wowing the judges, the site owner,
and NAIOP chapter members in attendance. Their analysis, presentation, and
PowerPoint were outstanding and were in many respects on target with the vision
the developer had for the site.
Innovative Approach to
Blended Learning
The Wisconsin School of Business is piloting an online
teaching platform, Canvas, as part of a pilot partnership with
Instructure. The partnership enables students to learn online
material at their own pace and monitor their progress in
order to address learning needs individually. This approach,
dubbed “blended learning,” helps students and professors
make the most of their time together.
Professor Morris Davis will use this approach with his spring
2013 macroeconomics class for MBA students. Professor
Davis has been an advisor at the Federal Reserve Bank,
wrote briefings for Alan Greenspan, and has published a
macroeconomics textbook with Cambridge University Press.
He is an expert at building on macroeconomics theory to
derive business insights. Students will have a chance to learn
theory from the textbook and mini-lectures Professor Davis
posts online. He will devote class time to the interpretation
of economic news and provide a forum to discuss and apply
the theory to real-life events.
This type of platform enables the school’s most prolific
researchers to package their insights in a way that makes a
difference in the world beyond campus. The school aims to
build upon this foundation to create a lifelong partnership
with alumni. By offering access to lectures and organizing
premium opportunities with thought leaders like Professor
Davis, the Wisconsin School of Business will continue to
bring cutting-edge learning to students and alumni.
For more information on innovation at the
Wisconsin School of Business, visit
bus.wisc.edu/updatefall12/innovation.
TH E G LO B AL L E A DE R I N R E A L E STAT E E DU C ATI O N ™
15
BOARD OF ADVISORS
C
omposed of top real estate executives from
across 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-annual conferences and “On
the Road” programs in select cities for exclusive, smallgroup 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.
Board members’ advice and involvement with students
are features that set 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.
16
We want to thank all of our members for their generous
and continued support of the mission of the James A.
Graaskamp Center for Real Estate. 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.
The board currently has 92 members, including lifetime,
honorary, and student members. The center welcomed
11 new members since July 1, 2011.
RECOMMEND A MEMBER
One of our top priorities is to elevate
and expand the center board while
maintaining a high-quality membership
at the senior level within the industry.
Membership in the James A. 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
mbrennan@bus.wisc.edu if you would
like to recommend a prospective
member.
FALL BOARD MEETING:
“REAL ESTATE IN RECOVERY: NAVIGATING A
NEW WORLD OF RISK AND REWARD”
NEW MEMBERS IN 2011-2012
• Arun Bhatia, President, Arun Bhatia Development
Corporation
• Jay Costley, Managing Partner, Allium Partners
• Robert Goeckel, Senior Vice President, Bank of America
• Randall Guenther, Chief Financial Officer, T. Wall
Properties
• Mitchell Kahn, CEO, Frontline Real Estate Partners
• Robert Kukulka, Chief Financial Officer for the Americas,
Abu Dhabi Investment Authority
• Duane Lund, President, Exchange Realty
• Jay Shidler, Founder and Managing Partner, The Shidler
Group
• Michael Svets, Senior Vice President, Wells Fargo Bank
Real Estate
Held at the state-of-the-art Wisconsin Institutes for
Discovery, the Graaskamp Center’s 2011 fall board
meeting hosted industry leaders, academic experts, and
MBA students for a series of panel discussions on the
risks confronting global investors. Jon Pevehouse,
geopolitical expert and professor of political science at
the University of Wisconsin-Madison, provided the
opening keynote presentation. Titled “Global
Transformations in Our Decade: Living in Interesting
Times,” Dr. Pevehouse challenged how we evaluate risk
and noted the potentially damaging, long-term effects
of the current economic and political instability.
During the meeting’s second day, Michael Brennan,
executive director of the Graaskamp Center, moderated
the CEO panel, which advised on how to adapt in a
changing environment. The panelists addressed
household wealth and consumer confidence trends,
opportunities and challenges within real estate
investment, and capital markets. They highlighted the
continuing risk-off trend and expressed concern on how
the lack of opportunistic capital could impact
businesses and upgrades to infrastructure in the long
term.
• Kathy Thurston, Managing Director, The Private Bank
• Jeffrey Usow, Partner, Mayer Brown
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 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, such as regional roundtable events and an
on-campus 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 we will continue to make it a priority in the year
ahead.
Subsequent panels continued the discussion on risk,
but narrowed down to focus on the clear and present
dangers. A panel of financial experts expressed fatigue
with current efforts to stabilize the eurozone and
prevent a global economic slowdown. The third panel
focused on the slowing activity within the REIT space,
but explained that even REITs had fallen victim to the
risk-averse macro-environment and weaker access to
capital. A fourth panel examined strategies within the
competitive and complex real estate private equity
market, but emphasized a growing need for long-term,
patient investors. The final panel of the day addressed
the opportunities for investing in China (categorized as
growth, liquidity, and pragmatism) and inherent risks
created from the vast differences in culture, language,
and business practices.
TH E G LO B AL L E A DE R I N R E A L E STAT E E DU C ATI O N ™
17
BOARD OF ADVISORS
18
SPRING BOARD MEETING:
“REAL ESTATE IN THE NEXT DECADE”
More than 130 professionals came together at the 2012
spring board meeting, where keynoter Lee Neibart,
global CEO of AREA Property Partners, spoke about
AREA’s traditional focus on real estate investing.
Highlighting vehicles and strategies, Neibart explained
how AREA focuses on what they can control and the
value they can add. Instead of focusing on interest
rates, he detailed the attractiveness of key domestic
markets and approaches for investing in these areas.
The CEO panel, led by David Shulman, managing
member of David Shulman, LLC and advisor to the
AREIT program, identified opportunities (particularly
within Manhattan) and discussed trends in the current
economic recovery. Although the panel’s sentiment was
that the presidential election is background noise, the
group agreed that the legislative agenda had potential
to significantly impact health care and hotel sectors.
Four additional panels provided more in-depth
discussions on key market segments and investment
types. With many resting their hopes on a housing-led
recovery, the second panel noted that while housing
prices are in line with fundamentals, the rate of
homebuilding was lower than what was needed for a
full recovery. The third panel included a lively discussion
on the public-private model of infrastructure investing.
Next was a discussion on Mexico, where loan-to-values
are typically lower than in the United States. Panelists
also discussed Canada’s stable banking system and
highly competitive marketplace, as a result of pension
fund investors that saturate the market. The conference
closed with a discussion about distressed commercial
mortgages and the challenges for deal flow. Distressed
debt has been a top target for investors, but activity is
likely to be drawn out.
2011/2012 BOARD MEMBERS
Lifetime Members
Patrick Halter, Chief Executive
Officer, Principal Capital Real
Estate Investors, LLC
Michael Rowan, President, Global
Asset Management, GE Capital
Real Estate
Michael Arneson, Managing
Principal, TOLD Development
Company
Breck Hanson, Executive Vice
President and Director of
Commercial Real Estate,
Associated Bank
Dan Schulte, President, Principal
Enterprise Capital, LLC
James Curtis, Co-Founder and
Managing Partner, Bristol Group,
Inc.
Brian Happ, President and CEO,
ERDMAN
Substantial Gifts to the
Graaskamp Center
Charles Heath, Chief Executive
Officer, Horizon Development
Group, Inc.
Joseph Hoesley, Vice Chairman,
U.S. Bank National Association
Fred Petri, President, Housing
Capital Company
Bruce Johnson, Executive Vice
President and Chief Financial
Officer, Regency Centers
Corporation
E.J. Plesko, President, E.J. Plesko &
Associates
Raymond Lewis, President,
Ventas, Inc.
Bryant Wangard, Partner, Wangard
Properties
Christy Lockridge, Regional
Manager, GE Capital Real Estate
Sponsor Members
Peter Malecek, Senior Vice
President/Market Executive, Bank
of America
$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
Vince Cozzi, Vice President of
Acquisitions, Ventas, Inc.
Kevin Crummy, Managing Director,
Eastdil Secured
Michael Finn, Vice President,
Associated Bank
Robert Goeckel, Senior Vice
President, Bank of America
James Martell, President and Chief
Executive Officer, Ridge Property
Trust
Thomas McCahill, Managing
Director, Pearlmark Real Estate
Partners
Charles Murphy, Senior Vice
President, InterPark, Inc.
Donald Pafford, Senior Vice
President, Chicago Market
Manager, U.S. Bank Commercial
Real Estate
Arthur Pasquarella, Executive Vice
President and Chief Operating
Officer, BPG Properties, Ltd.
Tim Pire, Managing Director,
Heitman Real Estate Securities,
LLC
Michael Svets, Senior Vice
President, Wells Fargo Bank Real
Estate
Patron Members
$3,500 Annual Gift to the
Graaskamp Center
Eric Anderson, Vice Chairman,
Investment Banking, Credit Suisse
Arun Bhatia, President, Arun Bhatia
Development Organization
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
Jay Costley, Managing Partner,
Allium Partners
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
TH E G LO B AL L E A DE R I N R E A L E STAT E E DU C ATI O N ™
19
2011/2012 BOARD MEMBERS
Laurence Geller, President and
Chief Executive Officer, Strategic
Hotels & Resorts, Inc.
David A. Lenz, Chairman and Chief
Executive Officer, The North
Central Group
Michael Toolis, Chief Executive
Officer, VOA Associates
Incorporated
George Gialamas, President and
Chief Executive Officer, The
Gialamas Company
Michael Luecht, President and
Chief Executive Officer, ML Realty
Partners, LLC
Jeffrey Usow, Partner, Mayer
Brown
Tim Gray, Chairman, The Ryan
Companies US, Inc.
Duane Lund, President, Exchange
Realty
James Grusecki, President,
Northern Builders, Inc.
Craig Manske, Managing Principal,
Development Solutions, Inc.
Randall Guenther, Chief Financial
Officer, T. Wall Properties
John McLinden, Partner, Centrum
Properties, Inc.
Jon Hammes, Founder and
Managing Partner, Hammes
Company
Daniel Minahan, President and
Chief Operating Officer,
Continental Properties Company,
Inc.
Peter Hitch, Partner, Urban
Associates
Michael Husman, Managing
Principal, Equibase Capital Group,
LLC
David Joseph, Principal, Walton
Street Capital
Mitchell Kahn, Chief Executive
Officer, Frontline Real Estate
Partners
Robert Karner, Executive Vice
President, Head of Investments,
CreXus Investment Corporation/
Annaly Capital Management
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
Robert Kukulka, Chief Financial
Officer for the Americas, Abu
Dhabi Investment Authority
Timothy Sherry, Principal, CPA,
CFP, PFS, SVA Certified Public
Accountants, S.C.
Stephen Lebovitz, President and
Chief Executive Officer, CBL &
Associates Properties, Inc.
Jay Shidler, Founder and Managing
Partner, The Shidler Group
David B. Lentz, President and
Chief Executive Officer, American
Land Lease
20
Steven Myers, Executive Vice
President, AEGON USA Realty
Advisors, Inc.
James Smith, Managing Principal,
Kensington Realty Advisors, Inc.
Kathy Thurston, Managing Director,
Private Bank
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.
Mike Theo, President, Wisconsin
Realtors Association
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
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
Emeritus Members
Frank MacDougal
Eugene Skaggs
Student Representatives
(Co-Presidents of the Real
Estate Club)
Tess Gruenstein, MBA ’12
Eric Hansch, MBA ’12
Chad Broderick, MBA ’12
Mark Hammond, MBA ’12
John Karl Scholz, Professor,
Economics, UW-Madison
BOARD OF ADVISORS
MEMBERSHIP LEVELS
Membership to the board of advisors is available
at four levels:
Harvey Jacobs, Professor, Institute
for Environmental Studies, Urban
and Regional Planning,
UW-Madison
Sponsor Members: $10,000 annual gift
• Up to two official corporate representatives on the board
•U
p to four additional corporate staff invited to attend
select events
Antonio Mello, Professor, Finance,
UW-Madison
Sustaining Members: $6,000 annual gift
• Up to two official corporate representatives on the board
•U
p to two additional corporate staff invited to attend
select events
Thomas Mitchell, Associate
Professor, Law School,
UW-Madison
Jack Nevin, Professor, Marketing,
UW-Madison
Patron Members: $3,500 annual gift
• One official corporate representative on the board
•O
ne additional corporate staff invited to attend select
events
Nonprofit membership is also available.
TH E G LO B AL L E A DE R I N R E A L E STAT E E DU C ATI O N ™
21
REAL-WORLD LEADERS
MICHAEL ASHNER AND DOUGLAS FRYE SELECTED AS RECIPIENTS OF
THE INNOVATOR AWARD
Twice a year, the Real Estate Club and the Graaskamp Center present the Innovator Award to outstanding individuals
who have made a creative mark on the real estate industry.
Last September, Michael Ashner, chairman and CEO
of Winthrop Realty Trust, received the Innovator Award.
Ashner was chosen for founding the first-ever group of
tender offers for publically traded real estate companies.
Serving as the chairman and CEO of Winthrop Realty
Trust since 2004, Ashner’s company acquired over $12
billion of real estate, including 85,000 apartment units; 50
million square feet of office, retail, and industrial assets;
and 1,000 hotel rooms. Since 1996, Ashner also served as
the chairman and CEO of Winthrop Realty Partners, L.P., a
vertically integrated property management firm.
In the spring, Doug Frye, president and CEO of
Colliers International, received the Innovator Award.
He was selected for leading transformational change
within Colliers from a network that once consisted of
independent firms to a much more powerful global
enterprise. He led this change with great empathy, and
has helped unify individual performers across the global
enterprise. His success is particularly profound because
his management style embraced the individualism of
a broker, while uniting the company under a common
vision.
DANIEL MCCAFFERY SELECTED AS E.J. PLESKO DISTINGUISHED SPEAKER IN
REAL ESTATE DEVELOPMENT
22
Dan McCaffery, chairman and CEO of McCaffery Interests, shared his vast real estate
development experience and knowledge with students and alumni during the E. J. Plesko
Distinguished Speaker Series. This annual event features speakers who embody the
Wisconsin Idea in their spirit, imagination, entrepreneurial skills, and enthusiasm for
improving the quality of our real estate environment. It was created to bring the considerable real-world
development expertise of our alumni and board members to all Wisconsin real estate students. Each speaker is
also the recipient of the E. J. Plesko Distinguished Professional in Real Estate Development Award.
CONNECTING WITH REAL-WORLD LEADERS
The Graaskamp 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.
Jim Ahearn, Hausmann Johnson Insurance
Jim Anders, CBL Properties
Aaron Anding (BBA ’93), Anding Realty
Michael Ashner, Winthrop Realty Trust
Brad Beanblossom, Equity International
Joel Behrens (MBA ’08), Trammel Crow
Company
Ellen Bernards, GreenPath Debt Solutions
Joseph Betlej, Advantus Capital
Management
Thomas Beyerle, IVG Immobilien AG
Martin Braun, Cushman & Wakefield
David Brodersen, Heitman
Douglas Buck (JD ’93), Foley & Lardner
LLP
Andrew Bussen (BBA ’91), Bussen
Company
Tim Carey (BA ’88), The Carey Group
Colin Cassady (MBA ’00), The Alexander
Company
Michael Casey (BBA ’80, MBA ’83), The
Blackstone Group
Michael Christopher (JD ’72), DeWitt
Ross & Stevens
Michael Cooper, Dundee REIT
Curt Culver (MS ’75), MGIC
Kevin Crummy (MS ’89), Eastdil Secured
Jay Davis and Dan Dickman, Principal
Global Investors
Raphael Dawson (BS ’81, MS ’83), Walton
Street Capital
Michael Dean (MS ’85), Dean Realty
Group
Ulrich Dischler, Union Investment Real
Estate Asia-Pacific Ltd.
Volker Dittmeier, Investa
Projektentwicklungs
Dan Dooge (JD ’91), Smith & Gesteland
Tyler Downs (MS ’02), Wazee Partners
Brian Eisendrath (BBA ’00), CBRE
James Fetgatter, AFIRE
Jon de Fiebre (MS ’03), First Weber
Commercial
James Graham (MS ’02), Accession Law
LLC
Catherine Pfeiffenberger, Skanska USA
Commercial Development Inc.
Patrick W. A. Handreke, Northam Realty
Dirk Rahlfs, RI Rahlfs Immobilien
Jill Hatton (BBA ’91, MS ’82), University of
Wisconsin-Madison
Jim Rehlaender, European Investors
Brian Henneger, BMO Harris Bank
Mark Higgins, Cornerstone
Wenzel R.B. Hoberg (MS’95) and Adam
Cibik (MBA ’07), CPP Investment Board
Ashley Jenkins (BBA ’08), ST Residential
Christoph Kahl, Jamestown
Kieth Kaetterhenry, Baer Insurance
Robert Karver (BA ’06), Ernst & Young
Michael Komppa (BS ’72, MS ’75), Corum
Real Estate Group
Sabine Kraut, Wafra Investment Advisory
Group
Jay Lang (MBA ’92), Lang Group R.E.
Jim Lindsey (BS ’05, MBA ’11), Buvermo
Investments
Mary Ludgin, Heitman
Joe Mannina, Dan Fasulo, Jessica Fox
and Joe Kelly, Real Capital Analytics
Jim Martell (BBA ’74), Ridge Property
Trust
Nicole Sautter, ECE Prejektmanagemetn
GmbH
Bob Schneiders (MBA ’00), Iron Mountain
Jordan Schnoll (BA ’92), Coldwell Banker
Commercial NRT
Kyle Schumacher (BBA ’00), Ketone
Partners
Karin Shewer, Paul Doocy, Michael
Fruchtman (BBA’88), Sylvia Gross, and
André Kinney, Real Estate Capital Partners
Sue Springman (BA ’74), Mullins Group
Randal A. Stancik, US Equities
Kenneth Statz (BBA ‘81, MBA ‘82),
Security Capital
James A. Stolpestad and Gary Phillips,
Allianz Real Estate of America
Gregg McManners, Monona Terrace
Joseph Tama, NYSE Euronext
Dan Metzger (BBA ’98), Dividend Capital
Total Realty Trust
Stephen Taylor, Morguard Investments
Limited
John Minahan (MBA ’08), Lasalle
Investment Management
John Thode, Horizon Development
Ed Minihan and Erica Schmitz, Town of
Dunn
Chuck Murphy (BS ’85, MS ’87), Interpark
Holdings
Tonia Rumrill Nelson (MS ’03), Harrison
Street Real Estate Capital
Daivd Nielsen, Bentall Kennedy
George Ochs, Dan Volpano (BBA ’91),
and Craig Theirl (BBA ’99), J.P. Morgan
Asset Management
Bradley Olsen, Atlantic Partners, Ltd.
Daniel O’Shaugnessy, Skidmore Owens
and Merrill
Jacques Gordon, Richard Kleinman,
and Dan Mahoney, LaSalle Investment
Management
Michael Ryan (BS ’00), Cushman &
Wakefield
Jay McGinnity (BBA ’04), Perennial
Properties
Adam Foster, CBRE
Paul Gilbert (MS ’74), Tetlow Realty
Associates
Jason Rothenberg (MBA ’08), State of
Wisconsin Investment Board
Hernan Martinez, Urbana Partners
Matt J. Olson (BBA ’06), Ernst & Young
Patricia Gibeault (BS ’75, JD ’80), Axley
Brynelson, LLP
Marty Rifkin, The Rifkin Group
Rod Stent (BA ’02), Aaron Embury (BS
’04), and Amanda Wilson (BBA ’06), UW
Credit Union
Michael Fitzpatrick, Baker Tilly
Doug Frye, Colliers International
Daniel Reichwein, Hines Interests
Scott Bennett, Amaury de Parcevaux,
Ken Lorman, and Carl Omark, Falcon Real
Estate Investment Company
Peter Payleitner (BBA ’07), Members
Capital Advisors
Jim Valente, Investment Property
Databank
Hans Vrensen (MS ’91), DTZ
Terrance Wall (BA ’87, MS ’89), T. Wall
Properties
Susan Wallace, Stephen Evans, and Sam
Witts, USAA
K. Jay Weaver, Walton Street Capital
William White, Michael Best & Friedrich,
LLP
Jim Whittington, Nove International
Philipp Freiherr Von Wilmowsky, Prime
Development Proje Geli tirme
Paul Wilson, Invesco
Mary Wright and Sean O’Brien, WHEDA
Jared Zatloukal and Brian Sheriff,
Principal Real Estate Investors
Paul Zemla, Bentall LP
Laura Peck, Axley Brynelson, LLP
TH E G LO B AL L E A DE R I N R E A L E STAT E E DU C ATI O N ™
23
ALUMNI GIVE BACK
W
hen we bring together motivated students, worldclass faculty, and a forward-thinking curriculum,
it’s not a surprise our alumni become leaders
who are passionate about improving urban environments.
The passion also extends to the Wisconsin Real Estate
Program, and has a significant impact on the current and
future success of the program.
24
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,
matching nearly 60 Real
Estate students (MBA and
undergraduate) with alumni
and board members ranging
from recent graduates to
experienced professionals.
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 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.
SERVICE: The classroom is a
valuable opportunity, but one
meant to help transition
students into the real world.
Alumni can be a critical part of
that transition by providing
valuable inside tracks to
summer internship and career
opportunities. In addition to
sending internship or job
openings to the center, our students benefit from
alumni experiences through résumé review, mock
interviews, and information sessions.
One of the most valuable
gifts an alumnus can give
is a one-on-one discussion
with a student.
INVESTING IN THE WISCONSIN REAL ESTATE PROGRAM
T
he goal of the Wisconsin Real Estate program is
to be the global leader in real estate education,
which requires moving 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
academia through research; and foster and develop a global
network of leading alumni.
How Can You Help?
Gifts from alumni and friends are among the
University of Wisconsin-Madison’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.
• Through a gift, invest in our strategy to be the
global leader in real estate education.
Morris A. Davis
Graaskamp Center Academic Director
• Support the recruiting, hiring, and retention of the
best and brightest faculty, staff, and lecturers.
We are grateful to our generous alumni, board
members, and friends of the Wisconsin Real
Estate program for their financial support. This
support is critical to our goal of global
leadership in real estate education. Each
donation creates opportunities and provides
the momentum we need to sustain our
development and leadership.
• Sponsor cutting-edge programs and research that
benefits the real estate community at large.
• Provide the financial stability to strengthen the
undergraduate and MBA academic program.
For more information on how to make a gift, contact
Michelle Green at the UW Foundation at
Michelle.Green@supportuw.org or 608-263-9275.
YOUR GIFTS SUPPORT OUR
TALENTED STUDENTS
During the 2011-2012 academic year, almost $100,000 in scholarships, fellowships, and program
assistantships was awarded to real estate students. The funds included 25 scholarships and awards
totaling nearly $50,000. Scholarships are used to attract top students to the real estate program and
lower their educational costs. Donors know that their support attracts high-caliber students who make
excellent alumni and future business partners. Thank you, donors!
TH E G LO B AL L E A DE R I N R E A L E STAT E E DU C ATI O N ™
25
REAL ESTATE 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 University of Wisconsin-Madison alumni and
friends of the program 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.
2011-2012 SPEAKER SERIES
• Michael Ashner, chairman and CEO of Winthrop Realty
Trust (Innovator Award Recipient)
• Jamie Stopplestad, CEO of Allianz America, CEO of
Allianz Real Estate America
• Douglas Buck, head of the real estate practice at Foley &
Lardner LLP
• Colin Cassady, senior development project manager at
Alexander Company
• Terrance Wall, founder of T. Wall Enterprises
• Douglas Frye, president and CEO of Collier’s
International (Innovator Award Recipient)
26
• Brian Sheriff, assistant portfolio manager, and Jared
Zatloukal, investment officer, Principal Real Estate
Investors
• Jim Valente, director of performance and risk analytics,
Investment Property Databank (IPD)
R E A L E S TAT E CLUB T R AV EL S TO DEN V ER A N D BOS TON
The Real Estate Club took two
trips last year: in the fall to
Denver and in the spring to
Boston. It was a study of
contrasts, both greatly enjoyed by
those who attended.
To Denver in the fall: Real
Estate Club students headed to
Mile High City to develop an
understanding of the Denver
market, experience assets of
many different property types,
and network with local alumni.
Highlights included the Union
Station redevelopment, a massive
project involving a combination
of infrastructure and private
development; a LEED-Platinum
office building at 1800 Larimer; a
new high-end condo project
known as Spire; and Riverfront
Park, a master-planned
neighborhood in downtown
Denver.
To Boston in the spring: During
their field trip to Boston, Real
Estate Club students started with
the meetings with Jones Lang
LaSalle and the Boston
Redevelopment Authority,
providing them with an overview
of the Boston market. Students
also toured a mix of property
types, including One Federal, a
Class A office building
undergoing a $19 million
renovation; the Liberty Hotel; and
the newly renovated Isabella
Stewart Gardner Museum. After
completing the tour, the group
met local alums for a seafood
dinner at Legal Sea Foods
Restaurant, a Boston institution.
We would like to thank the
WREAA and all of the local
alumni for their generous support
that made the trips possible.
Boston Alumni
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:
•H
ire Wisconsin’s best and brightest! Register your
organization to participate in the Real Estate Club career fair,
plan a campus recruiting visit or conduct interviews
remotely, or request a résumé book.
•G
et involved in the club field trips by coordinating a tour or sponsoring an event.
•C
onnect with students and friends of the program at club meetings and events.
TH E G LO B AL L E A DE R I N R E A L E STAT E E DU C ATI O N ™
27
FACULTY EXCELLENCE
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.
MORRIS A. DAVIS
Graaskamp Center Academic
Director, Associate Professor
and James A. Graaskamp
Chair in Real Estate
Morris Davis joined the
Wisconsin School of Business
Real Estate faculty in
September 2006 and is an
expert on the pricing of urban land and housing
economics. He is a member of the Academic Advisory
Council of the Federal Reserve Bank of Chicago, is a
fellow of the Lincoln Institute of Land Policy, and is an
independent director of American Capital Agency
Corporation and American Capital Mortgage Investment
Corporation, two publicly traded mortgage REITs. Earlier
in his career, Davis was an economist at the Federal
Reserve Board. He is widely published on issues related
to the U.S. housing markets and has developed price
indexes for land in residential use. Davis is a frequent
lecturer at universities and central banks around the
world and he holds a Ph.D. in economics from the
University of Pennsylvania.
Recent publications: “Household Expenditures, Wages,
Rents,” with François Ortalo-Magné, Review of
Economic Dynamics. “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
28
Stephen Malpezzi is the
co-author of “A Primer on U.S. Housing Markets and
Housing 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 (USC) and Paul Carrillo (George
Washington University) on the second edition of the
book. Malpezzi is one of the leading world experts on
housing policy for emerging economies. Prior to
becoming a professor at the Wisconsin School of
Business, he was an economist in the Infrastructure and
Urban Development Department of the World Bank.
Recent publications: “Global Perspectives on Housing
Markets and Policy,” forthcoming in Rethinking Cities: A
Roadmap Towards Better Urbanization for Development,
edited by Ed Glaeser and Abha Joshi-Ghani, to be
published by the World Bank.
ERWAN QUINTIN
Assistant Professor
Erwan Quintin joined the
faculty in January 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 leading field journals such as
the Journal of Monetary Economics. His recent research
focuses on the optimal design of mortgage contracts.
Recent publications: “More Punishment, Less Default?”
Annals of Finance, forthcoming. “Financial Crises and
Labor Market Turbulence,” with Sangeeta Pratap, Journal
of Monetary Economics, 2011. “Limited Enforcement,
Financial Intermediation and Economic Development: A
Quantitative Assessment,” with Pedro Amaral,
International Economic Review, 2010.
TIMOTHY J. RIDDIOUGH
Professor and E.J. Plesko Chair
Timothy Riddiough leads the
unique Applied Real Estate
Investment Trust program that
trains students in portfolio
management with real money
donated by alumni of the
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
2007-2008, economic development of debt markets,
and optimal contract design. His research has appeared
in top finance and real estate journals.
Recent publications: “The First Sub-Prime Mortgage
Crisis and Its Aftermath,” Proceedings Volume from
Joint Monetary Authority of Singapore-Bank of
International Settlements Conference that occurred in
September. In BIS Papers No. 64., “Can Securitization
Work? Economic, Structural and Policy Considerations,”
Hong Kong Institute for Monetary Research, Working
Paper No. 24, 2011. “Financial Constraints, Liquidity
Management, and Investment,” with Zhonghua Wu, Real
Estate Economics, 2009.
ABDULLAH YAVAS
Professor and Robert E.
Wangard Real Estate Chair
and Chair of Real Estate
Department
Yavas joined us in September
of 2009 from Pennsylvania
State University, where he was
a faculty and Research Director
of the Institute for Real Estate Studies member since
1992. He is the leading researcher at the frontier of
Real Estate Brokerage, Mortgage Contracts, Economics
of Information, and Experimental Economics. His
research has appeared in leading field journals and
general publications such as the Journal of Real Estate
Finance and Economics, Real Estate Economics, Journal
of Financial Economics and 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. He
also recently completedthe ambitious project of helping
create a new educational institution: the Antalya
International University in Antalya, Turkey.
Recent publications: “Adverse Selection in Mortgage
Securitization,” with Sumit Agarwal and Yan Chang,
Journal of Financial Economics, 2012. “Asset
Characteristics and Boom and Bust Periods: An
Experimental Study,” with Nuriddin Ikramov, Real Estate
Economics, 2012 and “Prepayment Penalty as a
Screening Mechanism for Default and Prepayment
Risks,” with Xun Bian, Real Estate Economics, 2012.
JAIME LUQUE
Assistant Professor
Jaime Luque joined the
Wisconsin School of Business
as assistant professor in the
Department of Real Estate and
Urban Land Economics in
September. Luque, whose
research interests include
financial and urban economics and public and political
economy, also brings a wealth of international
educational experience to the table, having taught in
the Department of Economics at the Carlos III
University of Madrid. Of his various research efforts,
Luque’s recent work includes repo markets,
re-hypothecation, bubbles, Ponzi schemes, currency
squeezes, bourse structures, and societal stratification.
Recent publications: “Securities Market Theory:
Possession, Repo and Re-hypothecation,” with J.M.
Bottazzi and M. Páscoa, Journal of Economic Theory,
2012. “Heterogeneous Tiebout Communities with
Private Production and Anonymous Crowding,” Regional
Science and Urban Economics, 2012.
Lecturers
Our dedicated team of
lecturers brings 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
TH E G LO B AL L E A DE R I N R E A L E STAT E E DU C ATI O N ™
29
OUTREACH
We believe in the Wisconsin Idea and embrace its
philosophy: that the University of Wisconsin-Madison
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 that are critical to real estate and housing
sectors.
30
This year, the center also jointly held 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.
ANNUAL CONFERENCE HIGHLIGHTS POLICY
CHALLENGES, MIXED INDICATORS, AND HOPES
FOR FUTURE GROWTH
The annual Wisconsin Real Estate and Economic Outlook
Conference offered an action-packed agenda aimed at
tackling the complex issues related to “Building a Housing
Policy that Works.” Graaskamp Center Academic Director
Morris A. Davis kicked off the conference with a surprisingly
upbeat outlook for the housing market and the economy in
his keynote address titled,
“Using the Great Depression
to Forecast the Recovery
from the Great Recession
(and other thoughts).”
In the first session of the
conference, panelists from
nonprofits and private
industry discussed what to
do with the nation’s
overabundance of foreclosed properties. They concurred
that these complex issues can’t be solved by the nonprofit
and public sector alone—the private sector needs to be
engaged in order to facilitate mortgage financing. With the
presidential election in full swing, all three panelists on the
“Public/Private Partnerships in Redevelopment” session
agreed that the current polarized political environment has
made it nearly impossible for any real progress to be made
on major housing policy issues. The problem is
exacerbated by significant funding cuts over the past year
to key housing programs, such as the Community
Reinvestment Act and GSE housing goals.
During his keynote address, Karl “Chip” Case, co-founder of
the industry-leading Case-Shiller Home Price Index and
professor emeritus at Wellesley College, said there is cause
for hope in the housing market and cited a welcome
increase in household formations, which dropped during
the recession and its aftermath as more people put off
home purchases to save money. Keynote speaker
Lawrence Yun, chief economist for the National Association
of Realtors, also offered optimism, saying that shadow
inventory is really not that big of a problem in the U.S.
housing market because inventory of properties 90 days
late or already in foreclosure peaked between the third
quarter of 2009 and the first quarter of 2010.
Learn about upcoming programs and events on our
website (bus.wisc.edu/realestate), on The
Wisconsin Viewpoint blog (wisconsinviewpoint.
blogspot.com), or in The Real Estate Connection,
our monthly e-newsletter.
@ STAY 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)
Photo Credits
Steve Becker/beckermedia.com: 3, 14, 16, 17, 18
Eric Tadsen: 30, 31
TH E G LO B AL L E A DE R I N R E A L E STAT E E DU C ATI O N ™
31
CONTACT INFORMATION
Morris A. Davis , Academic Director
Phone: 608-262-8775
mdavis@bus.wisc.edu
Michael Brennan, Executive Director
Phone: 608-263-4392
mbrennan@bus.wisc.edu
Sharon McCabe, Associate Director of
Recruiting and Career Services
Phone: 608-890-2493
smccabe@bus.wisc.edu
Lee Gottschalk , Associate Director of Outreach
Phone: 608-265-2032
lgottschalk@bus.wisc.edu
Alison Zuba , Associate Student Services Coordinator
Phone: 608-263-3459
azuba@bus.wisc.edu
Tim Riddiough, Director of AREIT
Phone: 608-262-3531
triddiough@bus.wisc.edu
James A. Graaskamp Center for Real Estate
4440 Grainger Hall
975 University Ave.
Madison, WI 53706
Phone: 608-263-3459
Fax: 608-265-4823
bus.wisc.edu/realestate
bus.wisc.edu/realestate