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201112 December 2011

2011 Kellogg Real Estate Conference

201105 May 2011

2010 Chicago Real Estate Trek
On February 16th, a group of 10 Kellogg first-year students attended the 2010 Chicago Real Estate Trek in downtown Chicago organized by Jay Patel ’12, Lee Eisenstein ’12 and Devin Duffy ’12. On March 2nd, the Kellogg Real Estate Program sponsored the 4th Annual Distinguished Alumni Panel titled “Shovel Ready: The Future of Real Estate Development.”

201206 June 2012

A Policy Assessment for Commercial Office Development in Evanston, Illinois

201301 January 2013

Executive Speaker Luncheon Series: Jerry Claeys III of Heitman

201301 January 2013

Real Estate Special Luncheon Speaker Event

201301 January 2013

The 2012 Kellogg Real Estate Conference, “Searching for Yield: Dealmaking in Opportunistic Times”

201301 January 2013

Kellogg Real Estate Lab –Tax Increment Financing (“TIF”) in Evanston

201305 May 2013

“The Big Long”: Betting on the Housing Market

201305 May 2013

Executive Speaker Luncheon Series: Christopher Merrill of Harrison Street

201305 May 2013

Executive Speaker Luncheon Series: Ward P. Feste of Peregrine Group

201406 June 2014

Sam Zell – Brave Leader Series

On February 10th, Equity Group Investments founder and chairman Sam Zell joined Dean Sally Blount ’92 to discuss the lessons he’s learned throughout his life as an entrepreneur. Zell grew up north of Chicago and told the audience that he got his entrepreneurial start as a teenager “importing adult magazines” from the Loop to his northern suburbs at a marked-up price.

Zell went on to earn his BA from the University of Michigan in 1963 and his JD in 1966. In 1968, Zell founded Equity Group Investments, which he grew into three of the largest public real estate companies in the United States: Equity Residential, Equity Office, and Equity Lifestyle. In 2007, the Blackstone Group purchased Equity Office Properties Trust for $39 billion – at the time, the largest LBO in history.

Zell credits much of his entrepreneurial success to being open to the ideas of others. “No one is afraid of me and therefore everyone challenges me,” said Zell. His three favorite words – “Take Me On” – encourage his employees, regardless of seniority, to disagree with him. Zell believes that through this Socratic method of investing “you understand risk and are able to [better] adjust for it”.

Another of Zell’s favorite anecdotes is that, until two years ago, he didn’t know his office had a door. “I’ve had the same office since about 1983 and about two years ago, I discovered that it had a sliding door”. Zell never knew it was there because his door has never been closed. This complete lack of “hierarchical access” encourages open dialogue between him and his employees and results in a more thoughtful consideration of risk and more creative investment ideas.

In terms of his views on real estate, Zell focused on liquidity – stating that “liquidity is value”. For this reason, Zell looks favorably upon the REIT model, because it provides a solution to the traditional liquidity challenges involved in owning real estate assets. As Professor Therese McGuire noted in her response to Zell’s speech, REITs are “genius” because they “turn very illiquid assets – buildings – into liquid assets” in the form of REIT stock.

According to Zell, no one has ever left a meeting wondering what he meant. His Brave Leader Series talk was no exception. Zell says what he thinks, frequently without filter, and encourages those around him to do the same. 

201406 June 2014

Executive Speaker Luncheon Series: Peter Schaff, LaSalle Investment Management

 

201406 June 2014

Kellogg Distinguished Alumni Panel: Renew Your Passport – Foreign Investment Flows in Real Estate
On February 12, the latest Kellogg Real Estate program Distinguished Alumni Panel was held at Wieboldt Hall to discuss the growing relevance and importance of cross-border investment in real estate.

The panel was moderated by Jonathan Glick ’04, Founder and Managing Principal of Incubation Capital Partners (“Incucap”). Incucap is a capital raising and real estate venture capital platform focused on next generation and entrepreneurial real estate investment managers. Glick has extensive investment banking and private equity experience, and spent his real estate career focused on underwriting operating partners as both a principal and advisor. By doing so, Mr. Glick developed an extensive network of relationships with both LPs and GPs across the globe.

Glick was joined by: 
 

  • Edgar Alvarado ’87, Group Head of Real Estate Equity at Allstate Investments, LLC. He is responsible for Allstate’s almost $4.0 Billion real estate equity portfolio and he has over 25 years of experience across almost every facet of institutional real estate investing.

  • Josh Daitch ’01, Senior Managing Director at Mesirow Financial Institutional Real Estate (“MFIRE”). Mr. Daitch brings over 20 years of real estate to MFIRE. Prior to joining Mesirow in 2001, he was responsible for the execution of over $10.0 Billion in domestic and international real estate and loan portfolios acquired on behalf of Goldman Sachs’ various Whitehall Funds. 

  • George Lane ’03, Senior Investment Manager at Abu Dhabi Investment Authority (“ADIA”). Based in Abu Dhabi, Mr. Lane is responsible for acquisitions and asset management across property types and geographies throughout the United States. 

  • Timothy Walsh ’89, President and COO of Gaw Capital USA, LLC. Prior to Gaw Capital, Mr. Walsh was the Director (chief investment officer) for the State of New Jersey pension fund from August 2010 through August 2013.
Mr. Glick kicked off the presentation with a historical overview of global real estate capital flows and discussed recent trends in global allocations. He highlighted the major consolidation of the private equity fund business in the past few years, noting that the top 20 firms control approximately 20% of total assets under management. The implications of this trend are that brand name operators are getting most of the capital internationally, and it can be very difficult for first- time funds to raise capital.

Mr. Glick asked the panelists what were some of the biggest drivers of cross-border investments. Mr. Lane pointed out that his firm, ADIA, with $60.B of capital to invest in real estate, simply has to look outside of Abu Dhabi’s borders to deploy this capital due to the size of its home market. Timothy Walsh agreed, commenting how some countries with overfunded pension systems simply have to look outside their borders because their domestic market is too small. Josh Daitch added that he is also seeing an increase in cross-border investment because institutional investors are becoming more comfortable taking risks versus three years ago.

When asked about the challenges and pitfalls of cross- border investments, the panelists had a number of anecdotes to draw from and words of caution for the audience. Mr. Alvarado reiterated the importance of understanding exposure to currency risk. He alluded to a deal where the asset performed to underwriting expectations, but the currency temporarily moved against his position. He commented that while most investors say they understand their currency exposure and are comfortable with the risk, “it’s different when it actually happens to you”. Mr. Lane then described the importance of local partners in foreign investment. While capital may flow freely across borders, real estate is still a local game. He explained that when ADIA reconstituted its platform from investing in funds to investing in direct real estate investments, it purposely decided to hire local knowledge in each of its countries of operation.

Following the panel discussion, a networking event was held in the reception area of Wieboldt Hall.

201406 June 2014

Kellogg Real Estate Lab - Revitalizing Chicago’s Union Station

Under the supervision of Professor Therese McGuire, a group of Kellogg students spent the 2014 winter quarter examining the potential repurposing of Union Station’s Headhouse as a way to revitalize the Union Station area. The students – Evan Dadosky, Leonardo Fernandes, Matthew Klein, Kristopher Lowes, Jennifer Nichols, and Sean O’Grady – presented their findings and recommendations before staff and members of the Metropolitan Planning Council and World Business Chicago on Wednesday, March 12, 2014. Another student, Aaron Toppston, participated fully in the lab class during the first half of the quarter.

Union Station consists of two separate and distinct structures, the Concourse, where passengers board and disembark from trains, and the Headhouse, consisting of the iconic Great Hall and eight stories of office space once occupied by the railroad companies who owned Union Station. Amtrak currently occupies 50,000 of the roughly 500,000 of available rentable square feet in the Headhouse. Amtrak generates revenue from the Headhouse by renting out the Great Hall for various functions, but otherwise the building is underutilized despite its prime location in Chicago’s West Loop neighborhood. During the course of the lab, the students aimed to provide a proposal to redevelop the Headhouse with the dual goals of enhancing the economic impact of Union Station on the West Loop neighborhood and providing incentives for Amtrak, the station’s owner, to pursue the project.

In order to understand how best to repurpose the Headhouse, the students analyzed four potential property types: (1) office, (2) retail, (3) multifamily, and (4) hotel. After evaluating existing and proposed construction in each of these different asset types, together with evaluating the current vacancy rates, market rates and associated trends, the team determined that a hotel would likely constitute the best use of the Headhouse. While the supply of hotel rooms is expected to increase in the overall Chicago market, the students noted that the West Loop comprises a miniscule share of the hotel rooms in Chicago’s Central Business District, and there is no upscale hotel brand currently operating in the West Loop submarket. This presents an opportunity for a redeveloped Headhouse to attract both business and tourist travelers who previously might have avoided the West Loop due to its lack of suitable hotel choices.

The students also determined that the redevelopment of the Headhouse as a hotel would allow for incorporation of the historical significance of the property, an important consideration for branding efforts. After evaluating branding efforts at locations such as the Liberty Hotel in Boston and Union Station in Nashville, among others, it became clear to the team that incorporating historical elements, while at the same time redeveloping the Headhouse to revitalize and draw people to the West Loop neighborhood, could strongly impact economic development in the community.

In order to assess the financial feasibility of the project, the team consulted industry experts to determine reasonable assumptions for construction costs and pro forma cash flows. In addition, the students also studied similar public-private-partnership transactions to determine the appropriate structure of a potential deal. The team determined that the redevelopment would likely need to be done through a lease structure with a developer, rather than an outright sale. Ultimately the team’s financial analysis supported their conclusion that a hotel would provide the most value in the current market.

The Kellogg team would like to thank Mary Sue Barrett and Chrissy Mancini Nichols of MPC for providing information, insights and encouragement throughout the project. In addition, the team would like to thank Jasin Alfaro of AJ Capital, Dave Cocagne of Vermilion Development, Samir Mayekar of SiNode Systems, and Elizabeth Ziegler of the Kellogg School of Management for sharing their experiences and expertise as guest audience members during a dry-run presentation.

201406 June 2014

Inaugural Kellogg Real Estate Venture Competition
On Monday, April 28, the inaugural Kellogg Real Estate Venture Competition took place at Northwestern’s Chicago Campus. MBA teams from Booth, Columbia, Harvard, INSEAD, Kellogg, London Business School, and Wharton participated in the competition. The team from INSEAD won the competition and a $25,000 cash prize for their innovative idea of introducing rotary parking systems to U.S. cities with parking in short supply.

The judges included a distinguished group of real estate professionals: 

  • Erwin K. Aulis, COO, Northwood Investors
  • Jeffrey D. Furber, CEO, AEW Capital Management ; Board Chairman, AEW Europe
  • Christopher Merrill, Co-founder, President and CEO, Harrison Street Real Estate Capital
  • Stephen R. Quazzo, Co-founder and CEO, Pearlmark Real Estate Partners 



201406 June 2014

Efraim Benmelech to Head Kellogg Real Estate Program

201306 June 2013

12th Annual Booth-Kellogg Real Estate Challenge

201309 September 2013

Real Estate Program Scholarship

201312 December 2013

The 2013 Kellogg Real Estate Conference, “The Next Cycle, Capitalizing on New Trends”

201312 December 2013

Executive Speaker Luncheon Series: Frank Cohen of The Blackstone Group

201312 December 2013

Kellogg Student Awarded Society of Industrial and Office Realtors (“SIOR”) Scholarship

201312 December 2013

Executive Speaker Luncheon Series: Soultana Reigle of Prudential Real Estate Investors

201209 September 2012

2012 Scholarship Awards

201209 September 2012

Real Estate Challenge

201209 September 2012

2012 Kellogg Real Estate Experiential Lab Courses

201209 September 2012

Kellogg Top Real Estate Student Award

201209 September 2012

The State of the Real Estate Program

200902 February 2009

Alumni Panel Gives Bleak Outlook on Real Estate Market, Says There's Light at the End of the Tunnel
On January 21st, 2009 a panel of five real estate experts discussed the current state of the real estate market. Moderated by Earl Webb ‘81, CEO of the Capital Markets group of Jones Lang LaSalle, the panelists shared what they are doing to weather the current market as well as their thoughts on where the opportunities lie and what needs to happen for the real estate market to come around.

200911 November 2009

Kellogg Team Takes 3rd Place at 2009 National Real Estate Challenge
Kellogg won 3rd place when 20 graduate student teams from top schools competed in the annual real estate finance case competition hosted by McCombs School of Business.

200811 November 2008

Bleak House
In a gloomy market, the Kellogg School’s Real Estate Conference offered attendees a sunnier prospect by focusing on new investment strategies underway to combat the industry downturn.

201107 July 2011

10th Annual Booth-Kellogg Real Estate Challenge
The 10th Annual Booth-Kellogg Real Estate Challenge, hosted by the Kellogg School of Management Real Estate Program, took place on Friday, June 3rd at the University Club in Chicago. This was the first year that the competition was open to the public. Students from both Booth and Kellogg were given a mandate to invest between $500 million and $1 billion for the privatization of a public equity REIT. The team from Kellogg included part-time students Toby Veit and Todd Barthel, and full-time students Mike Fishbein, Matt Graham and Kaikai Xu.

201012 December 2010

Real Estate Executive Speaker Series: Bruce Cohen, CEO of Wrightwood Capital

200909 September 2009

The Chicago 2016 Olympic Games: A Real Estate Lifeline?
As anticipation builds for the upcoming announcement of the 2016 Olympic bid winner, few Chicago industries have as much potential to gain from the International Olympic Committee’s October 2nd decision as the real estate community. With residential and commercial property values plummeting across the globe and recovery expected to take years, the city of Chicago (like most cities) is in desperate need of a catalyst to spark development and acquisition activity. The question on many real estate locals’ minds is: will the 2016 Summer Olympic Games provide that spark, and will Olympic- related transactions ultimately be profitable and sustainable?

200406 June 2004

Club Kicks off Chicago Real Estate Treks
The Real Estate Club sponsored Kellogg’s first-ever Chicago Real Estate Treks on April 7 and May 19, 2004. Nearly 40 students visited seven prominent real estate companies.

200910 October 2009

The Collapse of the Finacial Markets and Implications for Real Estate

200904 April 2009

Commercial Office Space in India

Over the past six months, a realization of the extent of the economic turmoil seems to be settling in and the impact of the global economic downturn on the Indian real estate markets is becoming more evident. The focus of this essay is on the commercial office space market in India and how it is being impacted by the current slowdown.

The primary markets in the context of commercial real estate in India are the National Capital region of Delhi (NCR), Mumbai, Bangalore, Hyderabad and Chennai (based on transaction size and volume). It would be interesting to see how these markets cope with the change in the economic landscape as each has its own set of strengths and weaknesses.

201012 December 2010

Debt Capital Markets and International Opportunities

201012 December 2010

Real Estate Executive Speaker Series: Earl Webb ’81, President of U.S. Operations at Avison Young

201206 June 2012

EMBA Speaker Series: Jack Manning, Co-Founder and CEO of Boston Capital

200812 December 2008

2007 Real Estate Conference: Core versus Non-Core Opportunities; Emerging Property Sectors

201012 December 2010

Equity Capital Markets

201112 December 2011

Real Estate Executive Speaker Series: Seth Singerman
On October 12th, 2011, Seth Singerman, President and Managing Partner of Singerman Real Estate, discussed the fundamentals of real estate investing within the context of current market conditions at the latest in the Real Estate Executive Speaker Luncheon Series. Singerman, an alumnus of the real estate program at Cornell, began his career at JMB Capital during the 1980’s and later became a Director at GEM Realty Capital. He attended Kellogg and graduated in 2005. In 2008, he left GEM and recently started his own venture.

200912 December 2009

Filling the Funding Gap

200701 January 2007

2007 Real Estate Conference: The Future of the Residential Market

200805 May 2008

Real estate developer Gerald Fogelson still thinking big
Gerald Fogelson is well acquainted with success. Since 1955, he has built a national name for himself in real estate, and he attributes much of that to preparation and persistence.

201107 July 2011

International Real Estate Course Offering
Recognizing the growing importance of an international perspective, the Kellogg Real Estate Program is pleased to announce the successful introduction of a new half-credit International Real Estate course. Taught by Dr. Jacques Gordon, Global Strategist at LaSalle Investment Management, the five-week course exposes students to the principles and strategies of cross-border real estate investing.

200406 June 2004

Interview with Sam Zell
On May 5, 2004, Kellogg real estate students had a rare opportunity to discuss industry trends with one of the world’s foremost real estate entrepreneurs.

201001 January 2010

Jack and Goldie Wolfe-Miller Fund sponsors LEED Course
On Saturday, January 23, 2010, a group of Kellogg students undertook training to prepare them to receive LEED (Leadership in Energy and Environmental Design) accreditation. LEED is a third-party certification program, developed by the U.S. Green Building Council, and is the nationally accepted benchmark for the design, construction and operation of high performance “green” buildings.

201012 December 2010

Alumni Profile: Jeff Johnson ‘83

201001 January 2010

Jones Lang LaSalle Exec Shares Career Lessons
Self-awareness, alignment, perspective, relationships and competency—these are the factors that lead to a successful career, according to Peter Roberts of Jones Lang LaSalle.

201006 June 2010

Kellogg Team Victorious in 9th Annual Real Estate Challenge
Six students from the Kellogg School of Management were named winners of the ninth annual Kellogg-Booth Real Estate Challenge.

200906 June 2009

Kellogg Team Wins Kellogg-Booth Real Estate Competition

200701 January 2007

2007 Real Estate Conference: John Schreiber, Keynote Speaker

201012 December 2010

Adam Metz Keynote Address

201112 December 2011

KREAC has recently transitioned to a new leadership team

200901 January 2009

Lunch with Perry Pinto, Walton Street Capital
On January 14th, 17 Kellogg Students had the opportunity to discuss the current state of the real estate markets with Perry Pinto, one of the first employees at Walton Street Capital. Walton Street is a private equity real estate firm, founded in 1994. Perry is currently a Principal in the Acquisitions group of Walton Street Capital and focuses on investments in the US. He also oversees all industrial acquisitions for the firm.

200701 January 2007

2007 Real Estate Conference: Real Estate Market Trends

201107 July 2011

Mark Oei: Advisory Board Member Profile
This spring, the Kellogg Real Estate Program Advisory Board selected Mark Oei (’96) as its newest member. Mark will join 15 other advisory board members tasked with enhancing the Program’s impact on the industry through initiatives relating to academics/research, alumni relations, and student recruitment & placement.

200912 December 2009

Overcoming Denial
Professionals on the 2009 Real Estate Conference "Trends in Workouts and Restructuring" panel say the most successful workouts begin with developers who recognize problems before situations turn disastrous.

201001 January 2010

Executive Insights: Peter Schaff on the Real Estate Investment Management Industry
In order to understand the present state of the real estate investment management industry, it is important to gain an appreciation of its past. Peter Schaff, CEO of North American Private Equity at LaSalle Investment Management, explained this historical context as he reflected on his 26 years in the business during an interview with first-year Kellogg student Eric Schultz.

200801 January 2008

Pothole or Sinkhole 2008

200406 June 2004

Q&A with Jack Crocker
Kellogg alumnus and Guthrie Center Advisor John M.Crocker, Jr. ’79 is President and CEO of Opus North Corporation. Jack was kind enough to invite the Real Return into his corner office to discuss recent events at Opus and his post-Kellogg ride to the top.

200805 May 2008

Real Estate Opportunities in Brazil
The research conducted by Matteo Cortese (KSM ’09), Allison Dick (KSM ’09), Sid Shah (KSM ’09) and Sima Sistani (KSM ’09) has validated the original assumption of their Global Initiatives in Management (GIM) paper that the Brazilian real estate market is primed for growth and expansion.

201105 May 2011

Real Estate Entrepreneurship at Kellogg
This winter, Kellogg introduced a new course offering called Real Estate Entrepreneurship. William M. Bennett created and instructed the course through creating a framework for students to understand the lifecycle and process of leading a real estate project from the Principal’s role.

201012 December 2010

Real Estate Lab Course Sponsored by Caesars Entertainment

201206 June 2012

Real Estate Executive Speaker Series: Raymond “Rip” Gellein ’74, Chairman of Strategic Hotels

201206 June 2012

Real Estate Executive Speaker Series: David Neithercut, President and CEO of Equity Residential

201012 December 2010

2010 New York Real Estate Trek

200810 October 2008

Sam Zell: 'Exert control' for winning turnaround battle
Sounding a little like Thoreau as he addressed a few hundred students during an Oct. 6 visit to the Kellogg School, Tribune Co chairman and real estate billionaire Sam Zell laid out a framework for turning around distressed companies.

200911 November 2009

‘We all have to adapt to change’
Communication with stakeholders is critical in weathering the economic downtown, Transwestern CEO Stephen Quazzo says.

Quazzo discussed his career path and his current role as co-founder and CEO of Transwestern Investment Company, a real estate principal investment firm, on Oct. 21 before a Kellogg student audience. His talk was the first in this year’s Kellogg Real Estate Executive Speaker Series. 

 


200701 January 2007

Jeff Schwartz speaks about Strategic Dilemmas
Jeff Schwartz, the Chairman and CEO of ProLogis, visited Kellogg in January, holding a wide-ranging, interactive discussion with students at the Allen Center as a guest speaker in Dean Emeritus Donald Jacobs’ Strategic Dilemmas course.

200406 June 2004

Students Conduct Study for Local Developer
Building on the success from last year’s study for Atlantic Realty Partners, Kellogg students worked with another local developer—Winthrop Properties— on a feasibility study for Elmwood Avenue, a 20-story condominium project in downtown Evanston

200406 June 2004

Students Reflect on Summer Internships

Approaching graduation, four second-year students discussed their summer internships and how these opportunities prepared them for real estate careers. John Collura ’04 (GE Real Estate’s Partners Group), Laurent Luccioni ’04 (Cherokee Investment Partners), Brad Reisinger ’04 (Jones Lang LaSalle), and David Schreiber ’04 (KeyBank Real Estate Capital) spent their summers in areas ranging from development and commercial banking to private debt and equity.

201105 May 2011

Tale of Two Coasts:
On March 2nd, the Kellogg Real Estate Program sponsored the 4th Annual Distinguished Alumni Panel titled “Shovel Ready: The Future of Real Estate Development.”

201112 December 2011

Kellogg Students Trek to New York

200808 August 2008

Tribute to Mr. David K. Hill Jr.

Sadly, David K. Hill, Jr., one of the members of the Guthrie Center for Real Estate Research Advisory Board, philanthropist, developer and family man passed away Saturday, July 26, 2008. He was 67.

201003 March 2010

Kellogg Students Take 2nd Place at 2010 UNC Real Estate Development Challenge

201112 December 2011

Real Estate Executive Speaker Series: William Sullivan ‘83, CFO of Prologis

200912 December 2009

Zell to Property Owners: "Come Clean by 2013"
In the Keynote Address of the 2009 Kellogg Real Estate Conference, real estate entrepreneur Sam Zell shared his thoughts on the current state of the real estate industry.