Winter Newsletter
The Zell/Lurie Real Estate Center would like to thank our Research Sponsors and Sustaining Members whose generous contributions have made this year’s programming possible. As we say goodbye to 2023, we take a moment to reflect on some of the highlights from the past year:
Department News + Research · A Tribute to Sam Zell · A Tribute to Anita Summers· Members’ Meetings 2023 · Expansion of Global Programming · Research Sponsor Events · Student Activities · Other Events in 2023 · Upcoming Events · Current Members
Department News & Research
Joe Gyourko
Martin Bucksbaum Professor, Professor of Real Estate, Professor of Finance, Professor of Business Economics & Public Policy, Nancy A. Nasher and David Haemisegger Director of the Zell/Lurie Real Estate Center
- Professor Gyourko won a Wharton School Excellence in Teaching Award for his work with undergraduates in the 2022-23 academic year.
- Professor Gyourko was the Keynote Speaker at ECHOPPE Conference on the Economics of Housing and Housing Policies, in Toulouse, France on May 15-17, 2023. The title of his talk was “Regulation, Urban Form and House Price: What Do We Know and What Do We Need to Know?”
- Professor Gyourko and Professor Ferreira recently completed a working paper titled, “Does Political Partisanship Affect Housing Supply? Evidence from US Cities.”
- Professor Gyourko published a working paper, “Does Political Partisanship Affect Housing Supply? Evidence from U.S. Cities.”
Maisy Wong
James T. Riady Associate Professor of Real Estate, Assistant Director, Grayken Program in International Real Estate, Zell/Lurie Real Estate Center
- Professor Wong attended the Wharton Global Forum in Singapore in March where she moderated a panel and presented her research on choosing where to live.
- Professor Wong presented at the World Bank’s Sustainable Cities Workshop on “Urban Inclusion and Development.“
- Professor Wong presented her paper, “Scale Effects for Platforms in Housing Markets,” at the Barcelona Summer Forum.
- Professor Wong gave a seminar at the National University of Singapore Business School. Her paper was titled “Scale Effects for Platforms in Housing Markets.”
- Professor Wong’s research and Brookings Piece summarizing related research was featured in The Washington Post and The Philadelphia Inquirer.
Gilles Duranton
Dean’s Chair in Real Estate Professor
- Professor Duranton published a working paper titled, “The Fast, the Slow, and the Congested: Urban Transportation in Rich and Poor Countries.”
- Professor Duranton’s research was cited in the Financial Times and The Economist.
- Professor Duranton co-wrote a paper titled, “Urban roadway in America: the amount, extent, and value.”
- Professor Duranton was the keynote speaker at the World Bank Young Urban Economist, Urban Economic Association European Meeting and the Asian Development Bank– University of Tokyo Infrastructure meeting. Professor Duranton also presented at conferences in New Orleans, Toronto, Medellin and Lyon and gave seminars at the College of William and Mary, Harvard Kennedy School, Purdue University, in Kyoto, and in Rio de Janeiro.
- Professor Duranton’s “Urban Growth and Its Aggregate Implications” was published in Econometrica, Volume 91, No. 6. Professor Duranton’s and Professor Handbury’s “Covid Cities, Thus Far” was published in the Federal Reserve Bank of New YorkEconomic Policy Review. Professor Duanton’s “Mobility and Congestion in Urban India” was published in American Economic Review.
Fernando Ferreira
C.F. Koo Professor, Professor of Real Estate, Professor of Business Economics and Public Policy
- Professor Ferreira and Professor Gyourko recently completed a working paper titled, “Does Political Partisanship Affect Housing Supply? Evidence from US Cities.”
Jessie Handbury
Associate Professor of Real Estate
- Professor Handbury will assume the position of Vice President of the Urban Economics Association in 2024.
Mariaflavia Harari
Assistant Professor of Real Estate, Leonard J. Horwitz Faculty Scholar
- Professor Harari was the Keynote Speaker at the Urban Economics Association 2023 Summer School.
Benjamin Keys
Rowan Family Foundation Associate Professor, Associate Professor of Real Estate
- Professor Keys testified before the U.S. Senate Committee on the Budget on issues related to homeowners’ insurance, mortgages, and housing markets.
- Professor Keys published an op-ed in the New York Times on issues related to homeowners’ insurance, mortgages, and housing markets.
- Professor Keys appeared on MSNBC to discuss how climate change is affecting the insurance markets.
- Professor Keys was named a Research Associate of the National Bureau of Economic Research and appointed as a Member of the Consumer Financial Protection Bureau’s (CFPB) Academic Research Council.
- Professor Keys’ “What Determines Consumer Financial Distress? Place- and Person-Based Factors” was published in the Review of Financial Studies, 36(1), January 2023.
- Professor Keys presented on his research at the Federal Reserve Board – Dallas, University of Texas – Dallas, Federal Reserve Board – New York, University of Miami, University of Michigan Labor Celebration, FDIC, American University Climate Risk and Insurance Conference, Emory University Goizueta Business School, University of Wisconsin – Madison Business School, Columbia Business School, and the NBER Data Innovations in Household Finance Conference.
- Professor Keys served on the Wharton School’s Personnel Committee and is currently chairing Wharton’s Future of Business Education Committee.
Susan Wachter
Albert Sussman Professor of Real Estate
- Professor Wachter was honored by Penn State with an invitation to give the annual Austin J. Jaffe Real Estate Lecture. The lecture addressed real estate risk and cycles and focused on two new working papers. One working paper considers the current banking crisis, and the second housing markets.
- Professor Wachter published “The Government-Sponsored Enterprises as Stabilization Tools.”
- Professor Wachter completed a working paper titled, “Climate Risk in Mortgage Markets: Evidence from Hurricanes Harvey and Irma.”
- Professor Wachter’s published paper titled, “Adverse Selection and Climate Risk: A Response to Ouazad and Kahn,” is forthcoming in the Review of Financial Studies.
- Professor Wachter’s published paper titled, “Why Do Young Adults Co-Reside with Their Parents?,” is forthcoming in Real Estate Economics.
Sophie Calder-Wang
Assistant Professor of Real Estate, Assistant Professor of Business Economics & Public Policy, Assistant Professor of Finance
- Professor Calder-Wang contributed a non-refereed piece recently to the Palgrave Encyclopedia of Private Equity.
- Professor Calder-Wang published a working paper titled, “Pricing Neighborhood Amenities: A Proxy-Based Approach.”
- Professor Calder-Wang wrote a working paper titled, “Coordinated vs Efficient Prices: The Impact of Algorithmic Pricing on Multifamily Rental Markets.”
A Tribute to Sam Zell
It is with a heavy heart that the Center notes the passing of Sam Zell, a real estate industry and investment legend, and our founding donor.
Read a tribute to Sam Zell from Center Director Joe Gyourko.
A Tribute to Anita Summers
It is with deep sadness that the Center notes the passing of Anita Summers, a colleague and friend of the Center who was instrumental in helping to establish Wharton’s real estate program over three decades ago.
Read a tribute to Anita Summers from Center Director Joe Gyourko.
Members’ Meetings in 2023
Twice a year, Zell/Lurie hosts Members’ Meetings where our members and their guests gather to enjoy talks by industry leaders and network with other professionals. The Spring 2023 Members’ Meeting was held at the Rittenhouse Hotel and Fall 2023 Members’ Meeting was held at the Inn at Penn.
The Spring Members’ Meeting was held on April 20, 2023, and April 21, 2023. The Fall Members’ Meeting was held on October 27, 2023.
Ina Heafitz and Lewis Heafitz, W’58, endowment of the Fall Members’ Meeting
The Center wishes to acknowledge the generous gift of Ina Heafitz and Lewis Heafitz, W’58, to endow the Fall Members’ Meeting. Our Fall Members’ Meetings provide unequaled networking opportunities and an extraordinary forum for students, faculty, and prominent real estate executives to discuss relevant industry concerns.
Awards from the Spring Meeting
Every year at the Spring Members’ Meeting, awards are given to deserving students who have exhibited strong leadership and academic prowess. Additional recognition is given to faculty award winners. To view the entire 2023 award booklet, please click here.
Joe Gyourko Celebrates 25th Anniversary as Center Director
Joe Gyourko celebrated 25 years as Center Director at the Spring Members’ Meeting. The Center would like to thank and acknowledge Joe Gyourko for his many contributions to the Center’s success during his 25 years as Center Director.
Expansion of Global Programming
On May 24, 2023, Europe’s most influential real estate professionals gathered for the ninth annual Grayken Program in International Real Estate at the Royal Automobile Club in London. The program focused on real estate investment opportunities and risks across Europe.
The program featured Keynote speakers General Sir Mark Carleton-Smith, former Chief of the General Staff of the British Army, and Guillaume Poitrinal, Founding Partner & Chairman of ICAMAP and Founder of W02 Group. The program also included two panels. The first panel was titled “The Economy: The US and European Perspective,” included panelists Alex Brazier, Joe Gyourko, Katharine Neiss, and Anders Nielsen, and was moderated by Catherine Hong.
The program also featured a panel on the future of cities. It included panelists Michael Kovacs, Lord James Palumbo of Southwark, and Enrico Sanna, and was moderated by Peter Papadakos.
On October 4, 2023, Zell/Lurie held the Grayken Program in International Real Estate: Singapore Meeting, at the Raffles Hotel, in Singapore.
The program featured a Fireside chat with Parag Khanna, Founder & CEO, Climate Alpha. The program also included two panels. The first, “How Different are Asian Markets?,” included panelists Henry Chin, Jonathan Hsu, and Kian Sin Toh and was moderated by Joyce Lo.
The program concluded with a second panel that was titled “Where Are We in the Cycle?” It included panelists Andrew Burych, Charlene Huang, and Phi Q. Le and was moderated by Mark Fogle.
The Center is delighted to announce that the tenth annual Grayken Program in International Real Estate: London Meeting will be held on May 15, 2024, at the Royal Automobile Club. The Grayken Program in International Real Estate: Singapore Meeting will be held on September 11, 2024, at the Raffles Hotel.
Research Sponsor Events
Research Sponsors gathered at Aquavit in New York City on April 10, 2023. The dinner featured a conversation with Jon Gray, President and Chief Operating Officer of Blackstone, and Roy March, Chief Executive Officer of Eastdil Secured.
Greg Davis, Managing Director & Chief Investment Officer, Vanguard, met with Research Sponsors before the Fall 2023 Members’ Meeting on the evening of October 26, 2023, at the Franklin Institute. Greg Davis spoke on “An Investment World in Which Capital Has a Cost.”
On November 6, 2023 Research Sponsors met at Gabriel Kreuther Restaurant in New York. The dinner featured a conversation with Hamid R. Moghadam, Co-Founder, Chairman and CEO of Prologis, and David O’Connor, Board of Directors, Prologis.
Student Programming and Activities
Ballard Executive Program
Zell/Lurie’s Ballard Executive Speaker program remains extremely popular among our students. In 2023, eleven Research Sponsors visited campus as Ballard Executives. These informal discussions are of tremendous value to our students, as indicated by their attendance and active participation. The Ballard Executive Speakers of 2023 were:
| January 24, 2023 | Alfonso Munk | Hines |
| February 1, 2023 | Ephram Lustgarten | Global Holdings |
| February 8, 2023 | Andrew Isikoff | Vessel Technologies, Inc. |
| February 15, 2023, and September 28, 2023 |
David Helfand | Equity Commonwealth |
| March 14, 2023 | Robert Bellinger | ASB Real Estate |
| March 22, 2023, and November 14, 2023 |
David Adleman | Campus Apartments |
| April 6, 2023 | Gillian Cho | CanTex Captial |
| September 21, 2023 | Marty Burger | |
| November 9, 2023 | Andy Jonas | Goldman, Sachs & Co. LLC |
| November 28, 2023 | Ian Marcus | Eastdil Secured |
| December 5, 2023 | Ron Kravit | Cerberus |
The Eric and Beth Schlager Lecture Series
The Eric and Beth Schlager Lecture Series was established in 2006 in order to enable the Center to bring in outstanding real estate entrepreneurs to deliver lectures to the Wharton community about their unique experiences. The Lecture Series provides our community with an invaluable opportunity to hear from and interact with these notable entrepreneurs. The Center would like to acknowledge 2023’s Schlager Lecturer, MaryAnne Gilmartin, Founder and CEO, MAG Partners.
Mentor and Mentee Program 2023
This year, Zell/Lurie matched 122 students to 86 volunteer career mentors. The Career Mentor Program remains popular among students, with participants from all five of the Zell/Lurie supported real estate clubs.
Student Real Estate Clubs
Zell/Lurie funds and assists the five University of Pennsylvania Real Estate Clubs. In 2023, members of the Real Estate Clubs engaged in case competitions, domestic treks, campus events, and more:
Highlights from the MBA Real Estate Club
The Club was hosted by EQT Exeter for a Philadelphia Multifamily trek on September 29, 2023.
On November 10, 2023, the Wharton Real Estate Club held a Development Trek in New York. The Club was hosted by Hines, Related and Tishman Speyer.
On Friday December 1, 2023, the Club held a Private Equity trek in New York. The Club met with Bridge Investment Group, Brookfield Asset Management, and Oxford Properties.
Highlights from the Undergraduate Real Estate Club
The Wharton Undergraduate Real Estate Club organized several treks over 2023. The Club’s Boston trek was held in October of 2023, when Club members visited Related Companies, Tishman Speyer, and Bain Capital. The Club ALSO organized a Miami trek in November 2023 to visit CP Group, Dezer Development, and Dacra.
On Friday, December 1, 2023, the Club held a New York trek and was hosted Goldman Sachs, The Real Deal, a renowned real estate news outlet, and the Baccarat Hotel.
Highlights from the Weitzman School of Design
In Fall 2023, the Weitzman School of Design Real Estate Club focused on leadership reorganization and began planning numerous activities for Spring 2024.
Highlights from the Penn Student Women in Real Estate
Penn Student Women in Real Estate (PSWiRE) collaborated with the MBA Real Estate Club on a social hour.
Other Events
22nd Annual Career Fair
We were pleased to return in-person for our Zell/Lurie Real Estate Center Career Fair on January 20, 2023, on the campus of the University of Pennsylvania. The Zell/Lurie Real Estate Center gratefully acknowledges the generosity of Jeff T. Blau, WG ’92, for the Jeff T. Blau Endowment for Student Placement which makes this event possible. Mr. Blau is committed to supporting job placement initiatives for the University’s real estate students, now and into the future.
Virtual Career Fair
In March 2023, the Center hosted virtual Career Connection chats that provided students with the opportunity to explore connections in the real estate profession and meet individually with real estate executives. Thirty-one companies were represented in the 2023 Virtual Career Fair and they held over 235 appointments with students.
Upcoming Events in 2024
- Young Professionals Breakfast: The Zell/Lurie Real Estate Center would like to announce the inaugural Zell/Lurie Real Estate Center Young Professionals Breakfast taking place on Wednesday, January 24, 2024, 8:00 a.m., at the Penn Club of New York.
- Career Fair: The Zell/Lurie Real Estate Center will host the 23rd annual Career Fair on Friday, January 19, 2024, at Houston Hall, on the Penn campus.
- ARGUS Training: The Zell/Lurie Real Estate Center will offer a virtual ARGUS training to real estate club members on February 10 & 11, 2024.
- Virtual Career Fair: Given the success of last year’s event, the Zell/Lurie Real Estate Center is planning a virtual career fair again this year. Career Connection chats will be held in late February 2024.
- The Eric and Beth Schlager Lecture Series: This year’s lecture will feature James Cohen, Chief Executive Officer & Chairman, Hudson Capital Properties LLC and will take place on April 3, 2024.
- Spring Members Meeting: Please mark your calendars for April 18 and 19, 2024. The meeting will be held at the Rittenhouse Hotel.
- Grayken Program: The Center is delighted to announce the Grayken Program in International Real Estate: London Meeting will be held on May 15, 2024 at the Royal Automobile Club, in London. The Grayken Program in International Real Estate: Singapore Meeting will be held on September 11, 2024, at the Raffles Hotel.
Current Members
Below are the lists of Research Sponsors, Sustaining Members, and Associate Members.
Previous Winter Newsletters
2022 · 2021 · 2020 · 2019 · 2018