ST E E RS

Georgetown University McDonough School of Business

C E N T E RFOR GLOBAL REAL ESTATE

I am excited to introduce you to the Steers Center for Global Real Estate at Georgetown’s McDonough School of Business. The center serves as a critical foundation in delivering on our mission to provide students a rigorous education that is rooted in the complexities of the real estate industry and results in high-quality employment opportunities.

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 highly applied educational agenda that immerses itself in D.C. real estate as a learning laboratory and benefits from Georgetown University’s reputation as a global institution via international exposure such as our MBA global real estate trek.

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 faculty with industry experience 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.

MATTHEW CYPHER, Ph.D.

Director, Steers Center for Global Real Estate

Atara Kaufman Professor of Real Estate

DIRECTOR’S WELCOME

INTRODUCTION to the Steers Center for Global Real Estate

The Steers Center for Global Real Estate offers students unparalleled access to the real estate industry at a global level through a multifaceted approach that harnesses the best of Georgetown University and the Washington, D.C., real estate market.

In 2015, Georgetown McDonough aligned 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’ accomplishments inspire Georgetown McDonough

students pursuing careers in real estate and attract the leading industry thinkers to the business school.

With the dedication of Steers and his wife, Lauren, the school has elevated its role in the study of national and global real estate to prepare students for careers as leaders in the field.

“ 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.

First-year MBA students travel to London

for a five-day real estate trek where they meet with leading companies and key alumni in the industry and visit sites such

as the the former Olympic Village, the

Bicester Village shopping center, and the

Dixon House office development.

REAL ESTATE CURRICULUMGeorgetown McDonough’s curriculum emphasizes a strong theoretical under-standing of real estate coupled with a unique experiential component that immerses students in actual work.

The curriculum is based on a highly applied, Four Quadrant model (public, private, debt, and equity) of the real estate capital markets. This applied framework reflects the realities of the real estate inves-tor who is constructing a diversified global portfolio and is considering relative value investments across all Four Quadrants.

Another defining characteristic of the curriculum is the experiential learning component. The Real Estate Clinic and Public Real Estate Fund allow students to gain direct experience in underwrit-ing and making real investments in private equity, real estate investment trusts (REIT), and commercial mort-gage-backed securities (CMBS).

COURSE OFFERINGSUNDERGRADUATE• The Real Estate Game

Part of the selective First Year Seminar, this introduction to real estate is open to McDonough freshmen.

• Real Estate Finance Grounded in the framework of the Four Quadrant model, this course provides a well-rounded introduc-tion to each quadrant. Students tour and underwrite an actual building as part of the Real Estate Laboratory. Exposure to Argus and Excel is a fundamental component.

• Public Real Estate Fund A student-led investment fund focused on allocating capital to REIT and CMBS investments. Student investors benefit from a unique train-ing program led by alumni instructors and an alumni investment committee that scrutinizes investments.

FOUR QUADRANT MODEL

PUBLIC DEBT

Commercial Mortgage-Backed Securities, Government-Sponsored Entity Multifamily Products, REIT Debt

PRIVATE DEBT

Direct Real Estate Lending by Portfolio Lenders

PRIVATE EQUITY

Direct Property Investments

PUBLIC EQUITY

Publicly Traded Stocks, Real Estate Investment Trusts

MBA• Real Estate Private Equity

This course introduces private equity real estate investment and answers the question, “What is the real estate asset worth?”

• Real Estate Private Debt Students gain exposure to real estate finance from the perspectives of bor-rowers and lenders.

• Real Estate Public Equity Students develop a deep under-standing of the modern real estate investment trust (REIT) and its role in today’s capital and real estate markets.

• Real Estate Public Debt An introduction to the area of structured real estate finance, this course focuses on the real estate debt securities market inclusive of CMBS, government-sponsored entity (GSE) multifamily products, and unsecured REIT debt.

• Real Estate Development Students develop an advanced understanding of the process for developing a new real estate asset as taught through a partnership with AvalonBay Communities, Inc.

• Real Estate Clinic MBA students analyze live real estate transactions throughout U.S. markets for Invesco Real Estate. Students develop an understanding of asset level underwriting, asset valuation, and risk management.

• Global Business Experience Students conduct real estate con-sulting projects for international businesses and travel abroad to present recommendations.

FACULTYMATTHEW L. CYPHER, Ph.D.Director, Steers Center for Global Real Estate

Atara Kaufman Professor of Real Estate

W. EDWARD WALTER, J.D. (L’80)Robert and Lauren Steers Chair in Real Estate

Former CEO and President, Host Hotels & Resorts Inc.

SUNIL MADAN Associate Director, Steers Center for Global Real Estate

BRIAN GILLAdjunct Professor of Real Estate

Co-founding Partner, Artis Advisors

TIMOTHY J. NAUGHTONAdjunct Professor of Real Estate

CEO and President, AvalonBay Communities, Inc.

ASHESH PARIKHAdjunct Professor of Real Estate

Managing Principal, Lock Three Properties

JOHN WILKINSONAdjunct Professor of Real Estate

President, Boundary Companies

EXPERIENTIAL LEARNINGExperiential learning is a central element of the educational program offered through the Steers Center for Global Real Estate. Employers focus on experience, and we produce highly competitive students through hands-on learning that is consistent with the work they will perform once employed.

We offer three specific experiential learning environments:

REAL ESTATE CLINIC A component of the curriculum, the Real Estate Clinic involves students in live real estate projects. The Steers Center has partnered with Invesco Real Estate to provide students experience underwrit-ing live real estate investments across the four primary asset types (office, multifamily, industrial, and retail product) being considered by the firm.

Students who participate in the Real Estate Clinic:

• Learn up-to-date real estate investment modeling techniques and processes.

• Develop real-world modeling assumptions and investment metrics.

• Evaluate new transactions from a pure real estate perspective.

PUBLIC REAL ESTATE FUNDThe ability to invest real capital through a student-led undergraduate real estate fund is another hallmark of the Steers Center. This fund focuses on investing in public equity and debt securities in the form of REITs and CMBS. Participants benefit from a structured training program and an investment committee of alumni who are leaders in REIT and CMBS investment.

“ I came to Georgetown for the Steers Center for Global Real Estate. Every experience has far surpassed my expectations — academics, the strength of the alumni network, events, networking, recruiting, career treks, and overall support from the Steers faculty.”

— MUSTAFA POPAL (MBA’18), TISHMAN SPEYER

REAL ESTATE LABORATORYThe Real Estate Laboratory was cre-ated through a relationship with Larry Botel (B’88), founding partner of JOSS Realty. The Lab is an office building at 2233 Wisconsin Ave., NW, in Washington, D.C., that allows students to study the physical and financial aspects of a large office building close to campus.

Undergraduate and graduate students employ the building to better understand its physical nature — the mechanical systems, necessary capital improvements, and the relative attractiveness of space within the building — as well as its finan-cial components — the appropriateness of rental rates by space, operating expense budgets, and tenant credit analyses.

“ The experiential education I received as a Steers student provides context to the cash flow numbers I work with every day as an acquisitions analyst. Being able to walk a building I was underwriting, from the basement through the roof, set real estate apart from other areas of finance I studied.”

— LENA DUFFIELD (B’17), MORGAN STANLEY

▲ Undergraduate students study the mechanical systems at 2233 Wisconsin Ave., NW, as part of the Real Estate Laboratory.

JUMP-STARTING YOUR CAREERThe Steers Center for Global Real Estate ensures students can excel in real estate investment by engaging them in work they will do after graduation. By benefiting from training that integrates real-world activities, networking with faculty and alumni, and other opportunities, students distinguish themselves in the job market and jump start their real estate careers.

FACULTY AND ALUMNI MENTORSAt the start of their academic program, students sit down with faculty to “white board” their time at Georgetown McDonough and discuss their goals to maximize their experience in the program. A formal mentorship pro-gram through the Georgetown University Real Estate Alliance is open to all under-graduate and MBA students to help them refine plans, amend goals, and prepare for employment following graduation.

INTERNSHIPSThe Steers Center for Global Real Estate opens the door for students to take part in year-round internships with leading real estate companies located in the gateway market of Washington, D.C. This is a critical advantage and provides a tremendous opportunity for students to further develop their resumes with multiple internship experiences over their academic career.

SELECT EMPLOYERS

“ 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 Bozzuto, which led directly to my summer internship there.”

— ELIZABETH CARR (MBA’18)

• M&T Bank• Morgan Stanley• RBC Capital

Markets• Robert W. Baird

and Co.• The JBG

Comanies• Tishman Speyer• Urban Atlantic• Vornado

• AION Partners• ASB Real Estate

Investments• Bank of America

Merrill Lynch• Blackstone• Cohen & Steers• Eastdil Secured• Goldman Sachs• Invesco Real

Estate

THE WASHINGTON, D.C., ADVANTAGE

Located in the nation’s capital, Georgetown McDonough connects students with the globally recognized Washington, D.C., real estate market.

The D.C. metro area is the fifth largest metropolitan economy in the United States with a GDP of $449 billion. A diversified economy has resulted in an unemployment rate that is meaning-fully below the national average and

household income, which is roughly 70 percent higher than the national average. Moreover, the area is a target market for foreign investors focused on acquiring U.S. real estate.

Studying in this environment provides ambitious students with internships at elite companies, access to major com-mercial real estate properties, a network of global investors, and much more.

“ 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.”

— STEPHEN CONLEY (C’75), Executive Managing Director, HFF, Steers Center Executive Committee Member

INDUSTRY CONNECTIONSThe Steers Center for Global Real Estate convenes leading thinkers in the industry for panel discussions and keynote addresses throughout the academic year. Taking place on campus and around the world, these events expose students and professionals to global real estate leaders and provoke discussions on timely issues and trends.

REAL ESTATE LUMINARIES SERIESHeld each spring at Georgetown University, the Real Estate Luminaries Series honors leading figures in the global real estate market.

• Tom Barrack Jr., Founder and

Executive Chairman, Colony Capital • Debra A. Cafaro, Chairman and CEO,

Ventas, Inc.• Ric Clark, Chairman, Brookfield

Property Group• Jonathan Gray, President and Chief

Operating Officer, Blackstone• David Simon, Chairman and CEO,

Simon Property Group• Barry Sternlicht, Founder, Chairman,

and CEO, Starwood Capital Group

Brookfield Property Group Chairman Ric Clark, right, discusses global real estate with Mark Gibson, HFF founding partner, at a Real Estate Lumniaries Series event.

NEW YORK CONVERSATIONSThe Steers Center has numerous connec-tions to New York City given the density of alumni in the market. Each fall the center hosts a conversation and reception with a renowned leader in the industry.

• Thomas DeRosa (B’80), CEO, Welltower Inc.

• Joseph Sitt (P’18), President and CEO, Thor Equities

• William Taubman (P’16), Chief

Operating Officer, Taubman Centers Inc.

MCBRIDE FAMILY LECTURE SERIESThis semiannual series brings prominent real estate professionals to campus to talk to students about the profession.

• Deborah Harmon, Co-Founder and

CEO, Artemis Real Estate Partners• Benjamin Jacobs, Co-Founder,

The JBG Companies• Michael Nash, Senior Managing

Director, Blackstone• Timothy Naughton, Chairman and

CEO, AvalonBay Communities

EXECUTIVE COMMITTEE• Robert H. Steers, B’75, P’06, P’08,

P’10 – Chair CEO, Cohen & Steers Inc.

• Robert Billingsley, F’68, P’99, P’03 Vice Chairman, Cushman & Wakefield

• Stephen Conley, C’75, P’16 Executive Managing Director, HFF

• Hossein Fateh Chairman and CEO, CloudHQ

• Sonny Kalsi, B’90 Founder and Partner, GreenOak Real Estate

• Timothy McBride, JD’75, L’80, P’04 Chairman and CFO, McBride Enterprises

• James Pearlstein, C’90 President, Pearl Properties

• Gil Tenzer, B’84, P’17, P’21 Partner and Director of Real Estate, Contrarian Capital Management

• W. Edward Walter, L’80Robert & Lauren Steers Chair in Real Estate, Georgetown McDonough

STEERS CENTER ADVISORY BOARD

• John Kevill, EMBA’00 Principal and Managing Director, Avison Young

• Ronald Kravit, B’79 Co-Head of U.S. Real Estate, Cerberus Capital Management

• Ali Laureda, B’89 Managing Director, Guggenheim Partners

• Brian Milberg, B’00 Principal, Sitex Group

• Stephen Palmese, B’04 Vice Chairman, Cushman & Wakefield

• Larry Palumbo, B’00 Principal and COO, Falcon Partners LLC

• Paul Quinlan, B’99 CFO, Blackstone Real Estate

• Paula Schaefer, B’81 Senior Vice President, Clarion Partners

• Federico Stubbe, B’98 President, PRISA Group

• K. Courtland Thomas, B’94 Co-Founder and Partner, Atlanta Property Group

• Steven Ujvary, C’04 Senior Vice President, Acquisitions, Starwood Property Group

• Mark Wooters, C’03, MBA’08 Senior Director, Cushman & Wakefield

STEERING COMMITTEE• Matthew Cypher – Chair

Director, Steers Center for Global Real Estate

• Larry Botel, B’88 Founding Partner, JOSS Realty Partners

• Greg Canzano, F’95 Principal, ARES Management

• Marc Flamino, B’89 Managing Director, RBC Capital Markets

• Michael Gershenson, B’00 Managing Director, U.S. Real Estate, The Carlyle Group

• Brian Gill Partner, Artis Advisors

• Paul Gillen, B’94 Managing Director, Hodges Ward Elliot

• Stephen J. Gleason, P’19 President, Kairos Real Estate Partners

• Henrique C. Cordiero Guerra, B’94 Founder and Managing Partner, One Bridge Capital

• Jason Hart, B’99 Managing Director, U.S. Real Estate, The Carlyle Group

• Jeremy Healey, C’95 Managing Director, Battery Point Financial

Matthew Cypher, Ph.D., Director Steers Center for Global Real Estate Georgetown University McDonough School of Business

(202) 687-1929 msb-realestate@georgetown.edu globalrealestate.georgetown.edu

STEERS CENTER FOR GLOBAL REAL ESTATE

CONTACT US

SPRING 2018

• Dan Chappell, MBA’14 Senior Director, Investments, Washington REIT

• David Crowley, MBA’16 Associate, Robert. W. Baird & Co.

• Jonathan Cummings, B’05, MBA’12 Director, Westbrook Partners

• Ryan Dodge, B’12 Vice President, PCCP

• Matt Ferrari, MBA’10 Director of Acquisitions, TruAmerica Multifamily

• Nicholas Franzetti, MBA’06 Senior Vice President, ASB Capital Management

• David Greek, B’13 Development Associate, F. Greek Development

• David Hammerman, B’11 Vice President of Originiations, West Coast, Mack Real Estate Group

• Lexington Henn, B’13 Associate, Mission Capital

• Robert Holuba, MBA’11 Vice President of Acquisitions, CenterSquare Investment Management

• Campbell Hudson, MBA’12 Vice President, Debt Capital Markets, M&T Bank

• Zachary Levine, B’16 Analyst, Morgan Stanley

• Andrew Lohrfink, B’12 Director, Tishman Speyer

• Bret McLeod, B’04 Senior Vice President and Treasurer, Corporate Strategy & Investor Relations, Host Hotels and Resorts

• Nicholas Menzies, C’07 Principal, Blackstone Real Estate Debt Strategies

• Elizabeth Morrison, B’06 Senior Vice President, Capital Markets, JBG Smith

• Mark Negus, MBA’11 Director, Debt Capital Markets, PGIM Real Estate

• Matt Nicholson, MBA’13 Associate Director, Investment Sales, HFF

• Chad Provost, MBA’13 Associate Portfolio Manager, Invesco Real Estate

• Laura Sanint, MBA’16 Director, Investment Management, Acento Real Estate Partners

• John Sikaitis, B’01 Managing Director of Research, Advisory & Business Development, JLL

• Jason Ward, MBA’10 Senior Vice President, Acquisitions, FCP

ASSOCIATE ADVISORY BOARD