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 begin the 2023 semester and say goodbye to 2022, we take a moment to reflect on some of the highlights from the past year:
Faculty & Staffing Changes · Department News + Research · Members’ Meetings 2022 · Expansion of Global Programming · Research Sponsor Events · Changes to the Zell/Lurie Staff · Student Activities · Other Events in 2022 · Upcoming Events · Current Members
Faculty & Staffing Changes
Jessie Handbury
Jessie Handbury was promoted to Associate Professor.
Ben Keys
Ben Keys was promoted to Professor of Real Estate and Finance.
Department News & Research
Sophie Calder-Wang
Assistant Professor of Real Estate, Assistant Professor of Business Economics & Public Policy, Assistant Professor of Finance
- Professor Calder-Wang received the Wharton School Excellence in Teaching Award for the 2021-2022 academic year.
- Professor Calder-Wang was honored with the WRDS Best Paper prize for Empirical Finance at the WFA (Western Finance Association) for her paper “The Distributional Impact of Sharing Economy on the Housing Market.” In 2022, WFA had 8 best paper awards in various sub-fields, selected out of over 2,000 submissions are made to WFA.
- Professor Calder-Wang gave an interview about her work on team diversity with Freaknomics and in an episode titled “How Much Does Discrimination Hurt the Economy” that was aired on NPR.
Fernando Ferreira
C.F. Koo Professor, Professor of Real Estate, Professor of Business Economics and Public Policy
- Professor Ferreira was a keynote speaker at the 1st Latin American Conference in Urban Economics, in Santiago, Chile, on December 2-3, 2022. He presented a new paper titled “Estimating the Economic Value of Zoning Reform,” which investigates a comprehensive zoning reform in the city of Sao Paulo that allowed for more densification around transportation corridors.
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 gave the Keynote address on “Regulation, Urban Form and House Prices: What Do We Know and What Do We Need to Know” at the Singapore Management University-Jinan University Conference on Urban and Regional Economics, in Singapore, on December 8-9, 2022.
- Professor Gyourko published “Land Finance in China: Analysis and Review,” forthcoming in China Economic Review.
- Professor Gyourko was interviewed by the San Francisco Chronicle for an article titled, “Here’s why Austin and Seattle are building way more housing than San Francisco”.
Jessie Handbury
Associate Professor of Real Estate
Dean’s Chair in Real Estate Professor
- Professor Handbury and Professor Duranton were invited to speak in a session titled “Are Big Cities Still Good Places to Work and Live” at The Future of New York City: Charting an Equitable Recovery for All on March 31, 2022.
- Professor Handbury and Professor Duranton recently completed a working paper titled “Covid and cities, thus far” that will be published in a special issue of the bank’s Economic Policy Review.
- Professor Handbury wrote an article with Victor Couture titled “Spatial Sorting within Cities*”
Benjamin Keys
Rowan Family Foundation Associate Professor; Associate Professor of Real Estate
- Professor Keys’ paper “Moral Hazard during the Housing Boom: Evidence from Private Mortgage Insurance” was published in the Review of Financial Studies.
- Professor Keys’ paper “What Determines Consumer Financial Distress? Place- and Person-Based Factors” was published in the Review of Financial Studies.
- Professor Keys was named an Associate Editor of the Journal of Finance and the American Economic Journal: Applied Economics.
- Professor Keys gave ten research presentations, including a keynote address at the first MIT Climate and Real Estate Symposium.
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 was invited to participate at the Way Forward Conference with multiple partnering institutions, including Hofinet, USC, World Bank, and IFC.
- Professor Wong was invited to present at the LACEA conference in Peru.
- Professor Wong was invited to a conference jointly sponsored by Columbia and New York University, and for a seminar in Penn State University.
- Professor Wong served on the Program Committee of the American Economic Association Meetings in New Orleans. Professor Wong presented in two sessions titled, “Work-from-Home Implications for Labor Mobility and Real Estate Markets” and “Economies of Scale in Platforms and E-commerce.”
Members’ Meetings in 2022
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 2022 and Fall 2022 Meetings were held at the Inn at Penn.
The Spring Members’ Meeting was held on April 20, 2022. The Fall Members’ Meeting was held on November 11, 2022.
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 2022 award booklet, please click here.
Expansion of Global Programming
On May 18, 2022, Zell/Lurie members and Europe’s most influential real estate professionals gathered for the eighth annual Grayken Program in International Real Estate: London Meeting, at the Royal Automobile Club, in London. The program focused on real estate investment opportunities and risks across Europe.
The program featured Keynote speakers Michael Swank and Baroness Morrissey, DBE. The program also included two panels. The first, “The Challenges and Opportunities of Running a Real Estate Investment Firm in Today’s Shifting Environment,” included panelists Brad Hyler, Joanne McNamara, and Roelof Opperman, and was moderated by David Brush.
The program concluded with a second panel that addressed environmental, social, and governance issues. It included panelists Caroline Hill, Julie Hirigoyen, and David Sleath, and was moderated by Catherine Hong.
On December 6, 2022, Zell/Lurie held the Grayken Program in International Real Estate: Singapore Meeting, at the Raffles Hotel, in Singapore.
The program featured Keynote speaker Paul Haenle. The program also included two panels. The first, “Capital Allocation Across the Business Cycle in Asia,” included panelists George Agethen, JD Lai, and Neil Thassim and was moderated by Maisy Wong.
The program concluded with a second panel that discussed real estate investment risk in Asia. It included panelists Goodwin Gaw, Paul Keogh, and Alan Miyasaki and was moderated by Stuart Crow.
The Center is delighted to announce that the ninth annual Grayken Program in International Real Estate: London Meeting will be held on May 24, 2023, at the Royal Automobile Club, in London. The Grayken Program in International Real Estate: Singapore Meeting will be held on October 4, 2023, at the Raffles Hotel, in Singapore.
Research Sponsor Events
Research Sponsors gathered at Le Bernardin in New York City on June 22, 2022, with real estate leader, Sam Zell. The dinner featured a conversation with Sam Zell, Founder and Chairman of Equity Group Investments, and Professor Joe Gyourko.
Michael J. Cavanagh, Chief Financial Officer of Comcast Corporation, met with Research Sponsors before the Spring 2022 Members’ Meeting on the evening of April 21, 2022, at Fork, in Philadelphia. Mr. Cavanagh led a discussion titled “Media & Entertainment – Fasten Your Seat Belts.”
Professor Jacques deLisle, Stephen A. Cozen Professor of Law & Professor of Political Science; Director, Center for the Study of Contemporary China, University of Pennsylvania, met with Research Sponsors before the Fall 2022, Members Meeting on the evening of November 10, 2022, at the Mütter Museum at the College of Physicians in Philadelphia. Professor deLisle spoke on “Changing Political, Social and Economic Conditions in China and Their Implications for the Future.”
Changes to the Zell/Lurie Staff
In 2022, Alan Feldman and Ritson Ferguson were appointed as Senior Fellows at the Center.
Alan Feldman recently served as Chairman and CEO of Resource REIT prior to the sale to Blackstone in May 2022. He has over 25 years of real estate investment experience, including leadership roles at Lazard, Freres & Co. and Pennsylvania Real Estate Investment Trust. For the past ten years, he has taught real estate development at Wharton in the Real Estate Department. Ritson Ferguson served in global roles for CBRE Global Investors from 2011 to 2022. He was Global CEO of CBRE’s Investment Management division from 2016-2019 after becoming Global CIO in 2015. He also served as CEO and CIO of the listed real assets business he founded in 1992 until 2021 and remains on their investment committees.
The Center hired two new higher–level staff members. Veronica Aplenc joined us from the Graduate School of Education at Penn, and Stephanie Shapiro joined us from the Rittenhouse Hotel. They are both extremely capable and experienced, and they will assist as we bring more programs into our repertoire.
Student Programming and Activities
Ballard Executive Program
Zell/Lurie’s Ballard Executive Speaker program remains extremely popular among our students. In 2022, ten 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 2022 were:
| January 26, 2022, and October 25, 2022 |
Bradley J. Korman | Korman Communities |
| February 8, 2022 | David Helfand | Equity Commonwealth |
| March 1, 2022 | Andrew Isikoff | ActivumSG Capital Management |
| March 16, 2022, and September 27, 2022 |
Bruce Gamble | Ankura Consulting Group |
| March 30, 2022 | Jay Neveloff | Kramer Levin |
| April 12, 2022, and November 15, 2022 |
Steven Montague | J. Safra Real Estate |
| September 21, 2022 | Todd Briddell | CenterSquare Investment Management |
| November 1, 2022 | Andy Jonas | Goldman, Sachs & Co. LLC |
| November 29, 2022 | Adam Gallistel | GIC |
| December 6, 2022 | Ronald Kravit | Cerberus Capital Management, L.P. |
Mentor and Mentee Program 2022
This year, Zell/Lurie matched 115 students to 81 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 2022, the Real Estate Clubs engaged in case competitions, domestic treks, campus events, and more:
Highlights from the MBA Real Estate Club
On September 23, 2022, the Wharton Real Estate Club held its first trek of the fall 2022 semester in Philadelphia. The club was hosted by Trammel Crow Company and PMC Property.
On October 28, 2022, the Wharton Real Estate Club traveled to New York City to meet with Tishman Speyer, Related, and Rockefeller Group. Through Related, the Club was able to tour 12 and 35 Hudson Yards.
Highlights from the Undergraduate Real Estate Club
The Wharton Undergraduate Real Estate Club organized several treks over 2022. The Club’s Boston trek was held in October of 2022, when Club members visited Related Companies, Boston Properties, and Samuels & Associates. The Club organized a Chicago trek in November 2022 to visit Oxford Capital Group and participate in small-group conversations with John Rutledge, CEO of Oxford Capital Group, Andy Gloor, CEO of Sterling Bay, and the architects of Burj Khalifa, Adrian Smith, and Gordon Gill.
For their final trek of the Fall 2022 semester, the Wharton Undergraduate Real Estate Club traveled to New York to take tours hosted by Hines, Starwood, and SL Green.
Highlights from the Weitzman School of Design
The Weitzman School of Design Real Estate Club took part in a tour of the three-Phase Sharswood development by Pennrose in October 2022.
Highlights from the Penn Student Women in Real Estate
The Penn Women in Real Estate (PSWiRE) Club hosted a “State of Development and Lending” panel with CIM Group on December 5, 2022. The panel included speakers Kelly Nealis, VP of Investments, and Lina Lee, VP of Lending.
In addition to the panel, PSWiRE hosted a small group dinner with Trammell Crow Company in October 2022, a mixer in November 2022, and a holiday party in December 2022.
Other Events
20th Annual Career Fair
Our annual Career Fair was to be held in person on January 21, 2022, but unfortunately it had to be canceled due to the upswing in COVID cases in the Philadelphia area. Consequently, we held a virtual fair in February 2022 formatted as a series of one-on-one virtual chats between students and company representatives. During the week of the virtual fair, 130 students met with representatives from 58 companies across over 500 appointments.
Upcoming Events in 2023
- Career Fair: The Zell/Lurie Real Estate Center will host an in-person Career Fair on Friday, January 20, 2023, at Houston Hall, on the Penn campus.
- ARGUS Training: The Zell/Lurie Real Estate Center will organize a virtual ARGUS training on February 11 & 12, 2023.
- Virtual Career Fair: The Zell/Lurie Real Estate Center is planning a virtual career fair in the week of March 13 – 17, 2023.
- Spring Members Meeting: Please mark your calendars for April 20 and 21, 2023. Details will follow as we get closer to the event.
- Grayken Program: The Center is delighted to announce the Grayken Program in International Real Estate: London Meeting will be held on May 24, 2023 at the Royal Automobile Club, in London. The Grayken Program in International Real Estate: Singapore Meeting will be held on October 4, 2023, at the Raffles Hotel, in Singapore.
Current Members
Below are the lists of Research Sponsors, Sustaining Members, Associate Members and new members of 2022.