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An Update on the Real Estate ProgramFrançois Ortalo-Magné, Chair,UW Real Estate ProgramIhave been pleased, but not surprised,to find that during the recent difficulttimes, many of you have continuedto provide the Wisconsin Real EstateProgram with financial support. In theteeth of the worst downturn in decades,many of you have fulfilled your pledges,renewed pledges, and even set up newgifts. On behalf of all of us associatedwith the real estate program who benefitfrom your generosity – students, faculty,lecturers, and alumni – thank you!The Graaskamp Center is on its wayto reaching its targeted 6 millionendowment once all pledges comein. As I have mentioned in earliercommunications, some of these newCenter resources have been used toincrease the staff, including recent hiresMichael Brennan (executive director)and Kris Hammargren (senior associatedirector). Among her most visibleaccomplishments, Kris has completelyrevamped our program web site, www.bus.wisc.edu/realestate/, and broughtus into the world of social media withour blog at http://wisconsinviewpoint.blogspot.com/ and contributions toCREOpoint, LinkedIn and Twitter. At thenew website, you can find details aboutall our initiatives this past semester.Let me highlight one that, in my view,marked a significant step forward for us:the spring meeting of the GraaskampCenter Board of Advisors in Chicago.Mike Brennan and his program committeeorganized an event that many of ourboard members and guests ranked asour best-ever program of speakers andpanel discussions, including keynotespeaker Sam Zell. We aim to continuallyimprove our Center Board programs,as we consider high-quality meetings acenterpiece of our effort to expand themembership of the Center Board, amongalumni and beyond.4Steve Malpezzi has been leading thefaculty side of our effort to expand thereach of the Center. Of course, he hasreceived countless hours of help from ourdedicated committee members, alumniand others, who actively advise us on allfacets of the Center Board. In addition tohis external outreach, Steve supervised theMBA program this year with the steadfastsupport of Sharon McCabe.“ In fact your support has beenthe equity contribution thatwe’ve been able to leveragewith the school.”Next year, Morris Davis will take overthe academic direction of the MBAprogram. It is with great pleasure thatwe are promoting Morris to a positionof leadership within the program. Sincejoining the school in the fall of 2006,Morris has demonstrated he can bea prolific researcher, a rigorous andchallenging teacher, and an influentialthought leader – in particular in mattersrelated to housing policy, land valuesand more recently the response to theforeclosure crisis. We recently submitted adetailed account of his achievement to theschool and the university, and all relevantauthorities agreed with us that he deservedto be promoted to Associate Professorwith tenure. For those of you that asked,it is perfectly appropriate to congratulateMorris whenever you get a chance!Erwan Quintin joined us as our sixthfaculty member in January this year.He taught the real estate finance class(RE410) to our undergraduates. Asusual with a new faculty member, wehelped Erwan prepare for the class byproviding him with our teaching notesof years past. Erwan studied the materialand decided to write his own notes. Weall agree that Erwan has pushed theteaching of undergraduate real estatefinance to new heights. Students wereoverheard grumbling at the start of class,in particular when Erwan introduced thehigh-falutin concepts of “probabilities”and “stochastic simulations” to teach themabout risk management. I have to admit, Iwas waiting for complaints but, actually,the opposite happened. Erwan’s studentsquickly understood there was much tolearn if they buckled up, hunkered down,and followed along. Erwan has a historyof earning teaching awards. It appearshis past successes in the classroom havequickly transferred to our program.I am delighted to announce that JoeWalsh was promoted to faculty associate.Joe’s promotion reflects his increasedcontribution to the program beyond histeaching in the classroom and on fieldtrips. Joe has been effectively acting haschief operating officer for the department,handling a number of initiatives relatedto the undergraduate program andinternational activities. In particular,Joe led the effort that culminated in theRoyal Institution of Chartered Surveyorsgranting accreditation for our BBAand MBA programs. This accreditationshould make it easier for current studentand recent alumni to obtain the RICSdesignation. Given our strategy to expandour boundaries and influence across theglobe, this partnership with RICS is agreat leap forward.Joe has also been working hard with meon moving along the launch of the GlobalReal Estate Master (GREM), which willbe a Master of Science in Real Estateand Urban Land Economics. I inviteyou to visit www.bus.wisc.edu/grem/for the details. We will welcome the firstGREM students in January 2011, forgraduation in May 2011. We are exploringall the potential benefits that our globalpartnership with GREM universities canbring – HEC Paris, Hong Kong UST,and INCAE (Costa Rica). For example,a professor from INCAE visited us inApril, and we exchanged best practicesin teaching methodology and content.

Erwan Quintin and Joe Walsh, in turn, areplanning a trip to INCAE this summerto further the exchange of ideas andexplore additional profit-making executiveeducation programs. We look forward tohosting faculty from HEC and Hong KongUST in the near future.The leadership portion of Joe’s positionhas been funded with your generoussupport of the department. This year, wealso used gift funds to experiment witha new elective targeted at undergraduatestudents: Lecturer Mike Dubis taughta class on real estate public equitymarkets. The students in his class workedas analysts for the MBA students whomanaged our REIT portfolio. I ampleased we have found this mechanismto expand the benefits of your generoussupport of the AREIT program to ourundergraduates.We also used department gifts to expandour participation in national case studycompetitions, and to ensure students getthe most out of the experience. To this end,we hired Lecturer Arif Qureshi to coachthe case study competition teams. ionMay2010.asp for the results.The bottom line to your generosity isa set of names that are now part of theWisconsin family, or a more “integral”part of the family: Michael Brennan,Mike Dubis, Kris Hammargren, ErwanQuintin, Arif Qureshi, Joe Walsh, aswell as new faculty member AbdullahYavas, whom I mentioned in earliernewsletters. We could not have hiredthese outstanding contributors withoutyour support. In fact your support hasbeen the equity contribution that we’vebeen able to leverage with the school.How much leverage? In the first waveof the “Create the Future” campaign, wecollected 11 million in pledges. TheDean’s office rewarded our program forthis success by increasing our operatingbudget, effectively granting our programan additional 16 million endowment. Iknow some of us were initially concernedabout the potential for substitutionbetween funds donated and schoolsupport. The fact is, we have been able tooffer our Dean, Mike Knetter, outstandinginvestment opportunities for the fundshe raised through the Wisconsin NamingPartnership and other school-wideinitiatives. He has demonstrated he valuesour partnership. Do not hesitate to sendMike a note thanking him for his support([email protected]).We are starting to see signs ofimprovements in the internship and jobmarkets for our students. I hope the sameis true for your ventures and your careerprospects. In Madison, we continueto invest and expand the activities ofthe program, to produce best-in-classalumni, and move toward our goal ofacknowledged global leadership in realestate education. We will turn our networkfrom best-in-the-US to best-in-the-world.Again, thank you.On Wisconsin!Thank You2010 BiennialConference SponsorsEVENT SPONSORSPATRON SPONSORSAlere Property Group, LLCAllianz of AmericaBaker TillyAccommodations Available for2010 Biennial ConferenceAttendees of the 2010 Biennial Wisconsin Real Estate Conference may takeadvantage of special accommodation pricing by reserving rooms through theMadison Concourse Hotel at One West Dayton Street, Madison, Wisconsin, bycalling 1-800-356-8293. Standard room rates at 119 and Governor Club Rooms at 154 single/double are available.In addition, special pricing is available at the DoubleTree Hotel at 525 West JohnsonStreet, Madison, Wisconsin by calling (608) 251-5511. Room rates are available at 154/ 164 single/double. Please refer to the Wisconsin Real Estate Alumni RoomBlock when making your reservations. Note that reservations should be made byAugust 16, 2010.BPG Properties, Ltd.Carval InvestorsIrgens Development Partners, LLCTOLD Development CompanyUS BankBank of AmericaAdditional sponsorship opportunitiesavailable. See page 7.5

Real Estate Club UpdateTom Gershman and Brandon Winter,Co-Presidents, UW Real Estate ClubThis past semester the Real Estate Club(REC) held a variety of activities andevents aimed at providing opportunitiesfor students interested in real estate tointeract with each other and industryprofessionals, while keeping in touchwith rapidly changing real estate markets.Club events this semester included fivemeetings, a three-day trip to Los Angeles,a day trip to the Pabst Farms developmentin Milwaukee, and an alumni/student golfouting among other activities.of Strategic Hotels; and Todd Phillips,Senior Managing Director of HalcyonCapital Markets. The panel discussionfeatured a group of individuals that servein different disciplines in the developmentof the Wisconsin Institutes for Discovery,a bio-tech research facility located onUW’s campus that has garnered nationalattention due to its innovative design andstate-of-the-art technologies.Each of this semester’s speakers discusseddifferent topics from unique perspectives.Topics included the history and currentstate of the retail model, a macroeconomicThe Real EstateClub will soontransition to itsnew leadershipwhich is a mixof MBAs andundergraduatestudents.The REC recentlyheld electionsand we wouldlike to thank allof those whoran for positionsand congratulatethe winners.Congratulations to Jim Lindsey and AlexLivadas, Co-Vice Presidents; TravisCampbell and Chris Hooker, SocialChairs; Jessica Shoemaker, Secretary;and Megan Reichert, Marketing Director.Succession of the Real Estate Club’sleadership is essential to its continuedsuccess and we are glad to have activeparticipation of our members.The Club meetings this semester featureda lineup of one panel and four greatspeakers: David Bossy, Chairman of MidAmerica Development Partners; DavidShulman, former Head REIT Analyst forLehman Brothers; Laurence Geller, CEO6outlook on commercial real estate,the hotel industry, publicly-tradedreal estate securities, entrepreneurialreal estate in mid-sized markets, anda complex development by a publicprivate partnership. Keeping in touchwith current real estate trends and activitycan be a challenge while in school,but these individuals allow students toaccomplish this and often become lifelong connections for the UW Real Estateprogram and its students. We would liketo give a special thanks to Mike Brennan,the Executive Director of the GraaskampCenter, for his support in helping us toarrange this semester’s speakers.This semester the Club took its biannualtrip to Los Angeles, where the Clubvisited a variety of projects in severalof LA’s submarkets. The trip was filledwith many highlights including toursof the Montage Hotel, The Grove, LACenter Studios, and 2000 Avenue of theStars. Gary Duff (Morgan Stanley), BrianEisendrath (CBRE), Kevin Crummy(Eastdil) and Jeff Cavanaugh (Invesco)helped organize the trip and made it avaluable experience for all involved. Wewould also like to recognize the WREAAand the Bascom Group for their generoussupport of the trip. The trip providedstudents with theopportunity to see avariety of real estateprojects, learn aboutreal estate investmentand development, getto know Los Angelesand its submarkets,and network with localalumni and WREAABoard members.Thank you to thestudents, faculty,alumni, and otherswho supported theReal Estate Clubthis semester. Your participation andgenerosity allow those students that aremost interested in real estate to pursuetheir passion and gain valuable experienceand knowledge that cannot be taught inthe classroom. By participating in theReal Estate Club, students come out ofUW with a practical skill set and longlasting relationships that guide students toachieve success in their real estate careersand give back to the UW Real Estateprogram. We extend a big thanks to ChrisDicks and the WREAA for their continuedsupport and commitment to the RealEstate Club.On Wisconsin!

Badgers Win Allianz Pro-AmGolf TournamentFebruary 2010 – Boca Raton FloridaAlums Wendell Kurtz (BBA ’78), Dave Tomfohrde (MS ’73), Jim Haft (MS ’82),and Ron Clark (MS ‘72 ) teamed up with professional golfer Mike “radar” Reidto win the Allianz Championship Pro-Am golf tournament with a score of 16 under par.Held in Boca Raton Florida in February, the event teamed amateur golfers with SeniorTour Professionals in an 18 hole handicapped best ball format. Our determined badgersand Reid battled against a 53- team field that included the likes of Bernhard Langer,Tom Lehman, Hal Sutton, Ben Crenshaw, Tommy Armour, Corey Pavin, Curtis Strange,and Fuzzy Zoeller, just to name a few.   Incredibly, most of the credit for the win goesto our alums who scored on 15 of the 16 birdie holes. Mike Reid, who had been on thePGA Tour for many years before joining the Senior Tour, is currently 11th on the moneylist this year. Nodoubt inspired byhis badger- teamwin, Reid hassince enjoyed twotop-five finishes.Reid has not yetcommitted to play inthe WREAA open inSeptember.Valuable CareerCenter FeaturesNow OnlineThe WREAA website includes a CareerCenter that offers valuable features.Go to www.wreaa.org and click onthe Career Center link. Members mustlogin to receive access to the CareerCenter. Once logged in, members cansearch for job openings, post theirresume, subscribe to new job postingnotifications and find potential candidates for their company. Here’s how—To Search For Jobs:In the Career Center, click on SearchOpenings, fill out the criteria or simplyclick on Search to view all of the postings.To Post Your Resume:Once logged into your account, clickon Manage Profile and click on Resume/CV under Networking & Careersto complete and submit your resume.To Receive New Job OpeningEmail Alerts: In the Career Center,click on Subscribe, select one or morejob level categories and click on SaveMy Preferences.Biennial SponsorshipOpportunitiesBadger Ties toOlympic SilverA limited number of Wisconsin RealEstate Biennial Conference SponsorshipOpportunities are available for individuals or organizations who wish to gainexposure for their company throughoutthe Biennial Conference, while supporting the Alumni Association and UW RealEstate Program.To Find Potential Candidates:In the Career Center, click on Resume/CV Search, fill out the criteria and clickSearch.Employers are encouraged to post newpositions and a login is not required.Simply visit the Career Center, selectSubmit An Opening, fill out the form,click Submit and the posting will beadded to the site.To learn more about sponsorship, pleasecall the WREAA Administrative Office at(262) 746-9030.John Hansen's (MBA 1983) 19 year-old son,Brian Hansen, received a silver medal in theMen's Team Pursuit speed skating event ofthe 2010 Winter Olympics.Be sure to refer your colleagues to theCareer Center to post job openings orinternships!7

WISCONSINNonprofit Org.U.S. PostagePAIDMilwaukee, WIPermit No. 5654REAL ESTATEALUMNIASSOCIATIONP.O. Box 307Pewaukee, WI 53072Names in the NewsMichael Hines (BA 1986) has relocatedhis office at CB Richard Ellis at 1200 Liberty Ridge Dr., Ste. 320, Wayne, PA 19087and can be reached at [email protected] or at 610-251-5185.Jean Samayoa (BBA 2001) has joinedJones Lang LaSalle in Bethesda, Marylandas Vice President and can be reached [email protected] or at301-280-6637.Kristin Bertram (BBA 2006) has joinedAviv Asset Management in Chicago,Illinois as an Investment and FinancialAnalyst and can be reached at [email protected] or at 312-213-9350.2010 Graduate NewsJeff Broaden (BBA 2004) has joined R.V.Kuhns in Chicago, Illinois as an Associateand can be reached at [email protected] or at 312-445-3100.Xi Chen (MBA 2010) has joinedGreenwich Realty Advisors, Inc. in NewYork, New York and can be reached [email protected] Fuenzalida (MBA 2007) has joinedUS Bank Commercial Real Estate in SanDiego, California as Assistant Vice President and can be reached at [email protected] or at 858-334-0707.Ann Najdar (BBA 2010) has joinedLaSalle Investment Management inChicago, Illinois and can be reached [email protected] Reynolds (BBA 2003) has joinedAblum Brown & Company in Chicago,Illinois as Associate Vice President and canbe reached at [email protected] at 847-530-9928.Erik Aukland (MBA 2010) has joined MBReal Estate in Chicago, Illinois and can bereached at [email protected] Lentz (MBA 2010) has joinedNorthwestern Mutual in Milwaukee,Wisconsin and can be reached [email protected] Mack (MBA 2010) has joinedBank of America in North Carolina andcan be reached at [email protected] Tucker (MBA 2010) has joinedChick-fil-A in Atlanta, Georgia and can bereached at [email protected] Mesner (MBA 2010) has joinedJones Lang LaSalle in Los Angeles,California and can be reached [email protected] Soyka (MBA 2010) has joinedNorthwestern Mutual in Milwaukee,Wisconsin and can be reached [email protected] Yao (MBA 2010) has joined WangardPartners, Inc. in Wauwatosa, Wisconsinand can be reached at [email protected] Komsar (BBA 2010) has joined TheNielsen Company in Glenview, Illinois andcan be reached at [email protected] in the News is aregular feature of the EquityKicker. Please submit newsof your promotion, change inemployer, or address changefor inclusion to WREAA, Inc.,P.O. Box 307, Pewaukee, WI53072 or visit our website atwww.wreaa.org.

NEWSLETTER OF THE WISCONSIN REAL ESTATE ALUMNI ASSOCIATION T he Wisconsin Real Estate Biennial Conference and Reunion, sponsored by the Wisconsin Real Estate Alumni Association, is scheduled in Madison, Wisconsin . MS 1970 Michael Feiner MS 1971 Ray Anilionis BA 1972 William Carl