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Aug 24, 2019

Posted on
Jan 19 2016

The Kellogg Real Estate Advisory Council welcomed 8 new members recently, adding several notable real estate professionals. Among the newly added members is Scott Goodman, Founding Principal of Sterling Bay, a commercial real estate investment and development firm he established in 1986.

Background and Sterling Bay
Scott grew up in Evanston, where he helped with his father's plumbing business. After earning degrees from the University of Michigan and Northwestern University's Kellogg School of Management, he managed retirement homes under the name Sterling Bay until the operation was sold. Sterling Bay has since transformed and, in the past several years, successfully redeveloped and leased over 1.6 million square feet of creative loft office space in Chicago, including leases with major corporations such Google, Gogo and Hillshire.

Scott describes Sterling Bay as an opportunistic development firm that has always liked transforming existing real estate. Early on it was multifamily units, then industrial, and now tech office space. The strategy hasn’t changed much – mostly they have taken brick and timber buildings and repurposed them with collaborative space. “To our good fortune, the market has come Sterling Bay’s way,” said Scott.

Career Advice
Scott’s career advice to those pursuing real estate is that you just have to be really honest with yourself about the type of risk you would like to take on. There are some who could be great value add developers and can ascertain and are okay with risk. Then there are those who are financial engineers in real estate who play the appreciation game. There are so many different areas in real estate to go into, the most important thing is to self-assess along the spectrum of risk where you want to be.

Kellogg Advisory Board Involvement
Scott is proud to be a Kellogg alum, and was honored to be asked to be on the Council. “The Board is comprised of really impressive and talented folks that you respect, and [you] want to hear their ideas.” In addition, he is very impressed with Kellogg in producing real estate professionals and leaders, and one of his goals for being on the Council is to meet and connect with students.

Welcome to the Kellogg Real Estate Advisory Council, Scott!

About the Author

This article was written by Desiree Fabunan '17, Mike Pomerantz '16.