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Winter Newsletter
The Zell/Lurie Real Estate Center would like to express our sincere appreciation to our Research Sponsors and Sustaining Members. Their generous contributions have made this year’s programming possible. As we conclude the year 2024, we take this opportunity to reflect on the notable highlights from the past year:
Department News + Research · Changes in Center Leadership · Changes to the Executive Committee · Members’ Meetings 2024 · Changes to European Advisory Board · Continuation of Global Programming · Research Sponsor Events · Young Professional Breakfast Series · Student Activities · Other Events in 2025 · 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 recently completed a working paper titled, Why Has Construction Productivity Stagnated? The Role of Land-Use Regulation.
- Professor Gyourko published a working paper, The Distaste for Housing Density.
- Professor Gyourko presented the paper, “The Distaste for Housing Density,” at the Wisconsin Real Estate Research Seminar in Madison, Wisconsin, on June 2, 2024. He also presented this paper at the Urban Economics Association Meeting in Washington, DC, on September 20, 2024.
- Professor Gyourko has a forthcoming chapter in The Chinese Economy and Financial System titled, “The State of China’s Urban Housing Markets.”
- Professor Gyourko was a part of a panel titled Post-Pandemic Perspectives: Unpacking Shifts in Real Estate, at the International Monetary Fund conference on Macro-Financial Research in Washington, DC, on April 2, 2024.
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 present and serve on several conferences panels including at the World Bank 8th Urbanization and Poverty Reduction Research Conference, Cities & Development Workshop in DC, Alternative Investments Day 2024, and Wharton’s Real Estate, Interest Rates, and the Shifting American Dream.
- Professor Wong taught a virtual PhD course reaching 1436 participants and that was titled BREAD-IGC Virtual PhD course on urban economics.
- Professor Wong was invited as a visiting scholar in Summer 2024 by National University of Singapore and Nanyang Technological University.
- Processor Wong gave academic seminar presentations at Central Bank of Malaysia and Asian School of Business.
- Professor Wong published a paper with Professor Harari titled, Slum Upgrading and Long-run Urban Development: Evidence from Indonesia.
Gilles Duranton
Dean’s Chair in Real Estate Professor
- Professor Duranton published a working paper titled, Urban Roadway in America: The Amount, Extent, and Value.
- Professor Duranton published a paper titled, What is a City? For a Universal Delineation of Urban Areas Using Cell Phone Data.
- Professor Duranton was the Keynote Speaker at the 8th Urbanization and Poverty Reduction Research Conference.
- Professor Duranton was a participant in the BREAD-IGC Virtual PhD course on urban economics. His talk was titled “Transportation: ‘The Connected city Pt1′”
Fernando Ferreira
C.F. Koo Professor, Professor of Real Estate, Professor of Business Economics and Public Policy
- Professor Ferreira presented a Master Class at the Wharton Global Forum in Sao Paulo in June 2024. His talk focused on his research about the economic impacts of a zoning reform that the city of Sao Paulo implemented in 2016, allowing more densification around transportation corridors.
- Professor Ferreira’s paper, Estimating the Economic Value of Zoning Reform, was recently accepted for publication at the American Economic Journal: Economic Policy.
Jessie Handbury
Associate Professor of Real Estate
- Professor Handbury published a working paper titled, Distributional Impacts of the Changing Retail Landscape.
- Professor Handbury published a working paper titled, Demographic Preferences and Income Segregation.
Mariaflavia Harari
Assistant Professor of Real Estate, Leonard J. Horwitz Faculty Scholar
- Professor Harari published a paper titled, Slum Upgrading and Long-run Urban Development: Evidence from Indonesia. This is a joint paper with Maisy Wong that was accepted for publication in the Review of Economic Studies.
- Professor Harari released a new working paper, Colonial Legacy and Land Market Formality.
- Professor Harari released a new working paper, Residential Patterns and Local Public Goods in Urban Brazil.
- Professor Harari was invited to give presentations at the following conferences: 13th European Meeting of the Urban Economics Association, 7th Workshop on Urban Economics at IEB – Universitat de Barcelona, Urban Economics Workshop at NBER Summer Institute, Penn Development Research Initiative seminar, Online Spatial and Urban Seminar, Harvard Cities and Development Conference, North Eastern Universities Development Consortium Conference, 2024 Conference on Urban and Regional Economics (CURE), National Tax Association Conference, and NBER Development Fall Program Meeting.
- Professor Harari presented at seminars at the following universities: University of Toronto, University of Warwick, University College London, UCLA, USC Price School, UC Irvine, University of Birmingham, Princeton University, USC Economics Department, Boston University.
- Professor Harari was invited as a discussant for one of the handbook chapters at the 6th Handbook of Regional and Urban Economics Conference in Princeton.
Benjamin Keys
Rowan Family Foundation Associate Professor, Associate Professor of Real Estate
- Professor Keys published a paper, The Value of Student Debt Relief and the Role of Administrative Barriers: Evidence from the Teacher Loan Forgiveness Program.
- Professor Keys published three working papers: Credit When You Need It, Property Insurance and Disaster Risk: New Evidence from Mortgage Escrow Data and The Effects of Emergency Rental Assistance During the Pandemic: Evidence from Four Cities.
- Professor Keys gave presentations at the following conferences and organizations: Wharton ESG Conference, Rutgers Finance and Economics, NBER Race and Stratification Conference, Urban Institute, Center for American Progress, FRB-New York and Columbia University Environmental Economics and Policy Conference, FRB-Richmond, NYSE Climate Week, BYU, Chicago Household Finance Conference, and FRB-Chicago.
- Professor Keys wrote an op-ed in the New York Times titled, Climate Change Should Make You Rethink Homeownership.
Susan Wachter
Albert Sussman Professor of Real Estate
- Professor Wachter published a paper titled, Why do Young Adults Coreside with Their Parents?, co-authored with Arthur Acolin and Desen Lin, in Real Estate Economics.
- Professor Wachter published a paper, Do Foreign Buyer Taxes Affect House Prices?, co-authored with Jonathan Hartley, Li Ma, and Albert Zevelev, in Journal of Real Estate Research.
- Professor Wachter published a paper, Climate Risk in Mortgage Markets: Evidence from Hurricanes Harvey and Irma, co-authored with Pedro Gete and Athena Tsouderou, in Real Estate Economics.
- Professor Wachter published a book chapter, “The American Housing Finance System: Structure, Evolution, and Implications,” co-authored with Yongheng Deng and Heejin Yoon, in Oxford Research Encyclopedia of Economics and Finance (2024).
- Professor Wachter published the working paper “The Government-Sponsored Enterprises as Stabilization Tools,” co-authored with Pedro Gete, Athena Tsouderou, and Chuqiao Bi.
- Professor Wachter published the working paper, How Did the Banks Lose Half to a Trillion Dollars since 2022?, co-authored with Rebel Cole, Brian Silverstein, Jon Taylor, and Lawrence White
- Professor Wachter published the working paper, “Doom Loop or Boom Loop? Fiscal Outlook for New York City and US Comparison Cities,” co-authored with Dick Voith and William Glasgall.
- Professor Wachter presented “Co-residence of Young Adults: How Parents Matter,” a follow-up on the recently published paper, “Why do Young Adults Coreside with Their Parents?” at a Fannie Mae / Federal Reserve Bank of Philadelphia Conference.
- Professor Wachter and other Wharton Real Estate Professors were featured in a Wharton Magazine article, Are Cities on the Verge of a Crisis or a Comeback? The article was also promoted in the Penn Gazette.
- Professor Wachter will present a keynote address at a conference convened by UM and Florida Atlantic University on December 13, 2024.
Sophie Calder-Wang
Assistant Professor of Real Estate, Assistant Professor of Business Economics & Public Policy, Assistant Professor of Finance
- Professor Calder-Wang published a working paper titled, An Anti-IV Approach for Pricing Residential Amenities: Applications to Flood Risk *
- Professor Calder-Wang published a working paper titled, Algorithmic Pricing in Multifamily Rentals: Efficiency Gains or Price Coordination?
- Professor Calder-Wang had a new HBR article published titled, What Does Banning Short-Term Rentals Really Accomplish?
Changes in Center Leadership
Center Director, Professor Joe Gyourko, announced at this year’s Fall Members’ Meeting that after 27 years, this will be his last year serving as the Nancy A. Nasher and David J. Haemisegger Director of the Zell/Lurie Real Estate Center at the Wharton School. Professor Gyourko will formally step down at the end of the current fiscal year on June 30, 2025.
On July 1, 2025, Professor Maisy Wong will become the new Director of the Zell/Lurie Real Estate Center at the Wharton School.
Changes to the Executive Committee
After the Spring Members’ Meeting, Andrew Jonas, Managing Director, Goldman, Sachs & Co., LLC, assumed the position of Chair of the Executive Committee, with David Helfand, Chairman and CEO, Equity Commonwealth, as the Vice Chair.
The Center would like to recognize Ronald J. Kravit, Senior Managing Director, Cerberus Capital Management, for his tenure as Chair of the Zell/Lurie Executive Committee. Ron has provided continuous support and displayed exemplary leadership throughout the past three years.
In 2024 the Center added three new members to its Executive Committee. The new members include Angela Aman, Chief Executive Officer, Kilroy Realty Capital (pictured here with Professor Jessie Handbury); Adam Berns, Chief Investment Officer, US, GLP Capital Partners; and Alan Miyasaki, Senior Managing Director & Head of Asia Acquisitions, Blackstone. Elana Fortson, Associate, KKR, was appointed as the Executive Committee’s Alumni Representative.
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.
Members’ Meetings in 2024
Twice a year, the Zell/Lurie Real Estate Center hosts Members’ Meetings where our members and their guests gather to enjoy talks by industry leaders and network.
The Spring Members’ Meeting was held on April 18 and 19, 2024, at the Rittenhouse Hotel. To view the agenda for the Spring Members’ Meeting click here. The Fall Members’ Meeting was held on October 25, 2024, at the Inn at Penn. To view the agenda for the Fall Members’ Meeting click here.
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 at the Members’ Meeting to faculty award winners. To view the 2024 award booklet, please click here.
Updates to the Center’s European Advisory Board
After the Grayken Program: London Meeting in May 2024, Patrick Long, Managing Director, Lazard, assumed the position of Chair of the European Advisory Board. The Center would like to recognize James Seppala, Senior Managing Director, Real Estate, Blackstone, for his tenure as Chair of the European Advisory Board.
In 2024 the Center added three new members to its European Advisory Board. The new members of the Board include Joanne McNamara, Executive Vice President, Oxford Properties; Michael Swank, Senior Managing Director, Real Estate, Blackstone; and Sophie Van Oosterom, Global Head of Real Estate, Schroders Capital.
Continuation of Global Programming
On May 15, 2024, the Zell/Lurie Real Estate Center held the tenth annual Grayken Program in International Real Estate at the Royal Automobile Club in London. To view the agenda for the London Meeting click here.
The program featured Keynote speakers Silvia Ardagna, Head of European Economics Research, Barclays, and James Seppala, Senior Managing Director, Blackstone; Chair, European Advisory Board, Zell/Lurie Real Estate Center at the Wharton School. Silvia Ardagna’s conversation was moderated by Maisy Wong, James T. Riady Associate Professor of Real Estate, Assistant Director, Grayken Program in International Real Estate, Zell/Lurie Real Estate Center. James Seppala’s conversation was moderated by James McCaffrey, Managing Director, Eastdil Secured.
The program also included two panels. The first panel was titled “Debt vs. Equity – Where Are the Best Risk-Adjusted Returns to be Found?,” included panelists Joanne McNamara, Harm Meijer and Edward Siskind, and was moderated by Patrick Long.
The program concluded with a panel on the Impact of AI on Demand for Data Centers. It included panelists Jakob Carnemark, Bill Davis, and Jean-Philippe Establier, and was moderated by Alex Burgoyne.
On September 11, 2024, Asia’s most influential real estate professionals gathered for the Grayken Program in International Real Estate: Singapore Meeting at the Raffles Hotel, in Singapore. To view the agenda for the Singapore Meeting click here.
The program featured two panels and a talk from Keynote Speaker David Basmajian, Director, Engagement & Development, The Conference Board Asia.
The first panel, “Is Right Now the Right Time to Invest in Real Estate? Where Are the Opportunities?,” included panelists Justin Gabbani, Chin Kiong Goh, Alan Miyasaki, and Martin Seol, and was moderated by Charlene Huang.
The program concluded with a second panel that was titled “What is Singapore’s Evolving Role in Asia? Is Singapore the New Hub of Asia?.” It included panelists Lay Wah Lim, Jonathan Quek, and Kelvin Tay and was moderated by Maisy Wong.
The Center is delighted to announce the Grayken Program in International Real Estate: London Meeting will be held on May 14, 2025, at the Royal Automobile Club, in London. The Grayken Program in International Real Estate: Singapore Meeting will be held on September 10, 2025, at the Raffles Hotel.
Research Sponsor Events
Bilge Yilmaz, Wharton Private Equity Professor; Professor of Finance; Academic Director, Harris Family Alternative Investments Program, the Wharton School, met with Research Sponsors before the Fall 2024 Members’ Meeting on the evening of October 24, 2024, at the Pennsylvania Academy of the Fine Arts.
Young Professional Breakfast Series
In January 2024, the Center launched the first installment of its Young Professional Breakfast Series in New York City. The event included a talk with featured speaker David Lazarus, Managing Director, Eastdil Secured, and was moderated by Michael Givner, Executive Vice President and Portfolio Manager, PIMCO.
The next event took place on June 25, 2024, in Boston with the help of Kavindi Wickremage, Partner, Bain Capital. The featured speaker was Jacques Gordon, a long-time friend of the Center who is now teaching at MIT. On September 25, 2024, the Center held its final breakfast of 2024 in Chicago with featured speaker David Helfand, Chairman and CEO, Equity Commonwealth.
The goal of the newly launched program is to have a positive impact on the careers of young real estate professionals by providing them with an opportunity to meet and get to know their peers in the industry. The Center plans to continue to host this style of event in different cities in order to establish a strong young professional network in partnership with the Center.
Student Programming and Activities
Ballard Executive Program
Zell/Lurie’s Ballard Executive Speaker program remains extremely popular among our students. In 2024, thirteen speakers 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 2024 were:
| February 1, 2024 | Bruce Gamble | Ankura Consulting Group |
| February 8, 2024 | Neil Rubler | Vessel Technologies, Inc. |
| February 15, 2024 | Jacob Reiter | Verde Capital Corp. |
| February 27, 2024 | David Lazarus | Eastdil Secured |
| March 13, 2024 | Jay Neveloff | Kramer Levin Naftalis and Frankel LLP |
| March 19, 2024, and October 9, 2024 |
Todd Briddell | CenterSquare Investment Management |
| April 2, 2024 | Tony Dona | Greystar |
| April 9, 2024 | Steven Montague | J. Safra Real Estate |
| September 17, 2024 | David Adelman | Campus Apartments |
| September 24, 2024 | Alfonso Munk | Hines |
| November 7, 2024 | Andy Jonas | Goldman Sachs |
| November 12, 2024 | Brad Korman | Korman Communities |
| November 20, 2024 | Roy March | Eastdil Secured |
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 2024’s Schlager Lecturer, James Cohen, Chief Executive Officer & Chairman, Hudson Capital Properties.
Recruitment Panels 2024
In the Fall the Center hosted two recruitment panels to give students a deep dive into the real estate industry and a behind-the-scenes look into the hiring process.
On November 6, 2024, Ritson Ferguson, Senior Fellow, Zell/Lurie Real Estate Center, moderated a panel titled “Today’s Best Real Estate Job Opportunities.” It included panelist Anne Cummins, Co-Founder, COO, Gattuso Development Partners; Ward Fitzgerald, Global CEO & Senior Managing Principal, Excorde Capital; and Justin Shanahan, Senior Director, Deputy Fund Manager, CBRE Investment Management.
On November 14, 2024, Asuka Nakahara, Associate Director, Zell/Lurie Real Estate Center, moderated a panel titled “How to Land Your Dream Job in a Challenging Market.” It included panelists Rob Holuba, Managing Director, CenterSquare Investment Management; Lindsay Lechner, Vice President of Capital Markets Group, Trammell Crow Company; and Ashesh Parikh, Head of Debt Asset Management, Structured Lending & Special Assets.
Mentor and Mentee Program 2024
This year, Zell/Lurie matched 127 students to 94 volunteer career mentors. The Career Mentor Program remains popular among students, with participants from all five of the Zell/Lurie supported real estate clubs.
Helfand/Bluhm Fellowship
The David Helfand, PAR ’20 and Leslie Bluhm, PAR ’20 Zell/Lurie Real Estate Fund was created in 2019 with a generous gift by David Helfand and Leslie Bluhm. With this term gift the Zell/Lurie Real Estate Center created the Helfand/Bluhm Career Support Fellowship Program. This year, the Fellowship Program provided over 100 grants to students with financial need to help defray the cost of real estate career search activities, such as travel, networking, real estate conferences, and interviews. With over $100,000 in grants this year alone, this one-of-a-kind program levels the playing field for our diverse students.
Student Real Estate Clubs
Zell/Lurie funds and assists the five University of Pennsylvania Real Estate Clubs. In 2024, members of the Real Estate Clubs engaged in case competitions, domestic treks, campus events, and more.
Highlights from the Wharton Real Estate Club (MBA)
On September 27, 2024, the Club met Trammell Crow Company in Philadelphia. The Club visited Matson Mill Apartments, developed by TCC.
On November 1, 2024, the Club held a private equity trek in New York. The Club met with Rialto, CBRE IM, and Tishman Speyer, and toured Rockefeller Center at the end of the day.
The Wharton Real Estate Club hosted a joint evening event on November 13, 2024, with the Wharton Undergraduate Real Estate Club and the Weitzman School of Design Real Estate Club.
The Wharton Real Estate Club is planning a trek to Dubai for December 2024.
Highlights from the Wharton Undergraduate Real Estate Club
The Wharton Undergraduate Club headed to New York on September 20, 2024. The Club met with the Waldorf Astoria, Tishman Speyer and KKR.
On October 18, 2024, the Club had a trek to Boston. During their visit they met with Bain Capital, Ionic Development Co. and Alexandria Real Estate Equities.
The Wharton Undergraduate Real Estate Club hosted a joint evening event on November 13, 2024, with the Wharton Real Estate Club and the Weitzman School of Design Real Estate Club.
Highlights from the Weitzman School of Design Real Estate Club
On November 7, 2024, the Weitzman School of Design Real Estate Club held a trek to Habitat for Humanity Philadelphia’s Coltrane Commons development in the Strawberry Mansion neighborhood. Habitat just completed phase 3 of their first-ever multi-family project, providing high-quality affordable homeownership opportunities at the edge of Fairmount Park. Ed McColly, Director of Real Estate Development, provided a tour of the scattered-site development, and the Club even got a peek inside one of the beautiful duplex units.
The Weitzman School of Design Real Estate Club hosted a joint evening event on November 13, 2024, with the Wharton Undergraduate Real Estate Club and the Wharton Real Estate Club.
Highlights from the Penn Carey Law School Real Estate Club
On Monday November 4, 2024, the Club hosted an event titled “Hospitality & Leisure: Legal Perspectives and Business Trends” in collaboration with the law firm Paul Hastings.
On November 21, 2024, the Club partnered with the law firm Greenberg Traurig to host an Introduction to Real Estate Law.
Highlights from the Penn Student Women in Real Estate
Penn Student Women in Real Estate (PSWiRE) will be hosting a social event on December 6, 2024.
Other Events
23rd Annual Career Fair
We were disappointed to cancel our 23rd Annual Career Fair in January because the University closed due to inclement weather, but a month later we held a successful, smaller “Meet and Greet” with 23 companies on Penn’s campus. 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.
Virtual Career Fair
In March 2024, 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. Real estate executives and students had over 300 meetings.
Upcoming Events in 2025
- Young Professionals Breakfast: The Zell/Lurie Real Estate Center Young Professionals Breakfast will take place on Wednesday, January 29, 2025, 8:00 a.m., at the Penn Club of New York. The Boston event will take place on Tuesday, June 17, 2025. The Los Angeles Young Professional Breakfast will take place on July 9, 2025.
- Career Fair: The Zell/Lurie Real Estate Center will host the 24th annual Career Fair on Friday, January 24, 2025, at Houston Hall, on the Penn campus.
- Virtual Career Connections: The Virtual Career Connections will take place Monday, March 17, 2025, through Friday, March 21, 2025.
- The Eric and Beth Schlager Lecture Series: This year’s lecture will feature David Helfand, Chairman and CEO, Equity Commonwealth, and will take place on February 19, 2025.
- Spring Members Meeting: Please mark your calendars for April 24 and 25, 2025. 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 14, 2025, at the Royal Automobile Club, in London. The Grayken Program in International Real Estate: Singapore Meeting will be held on September 10, 2025, at the Raffles Hotel.
Current Members
Below are the lists of Research Sponsors, Sustaining Members, and Associate Members.
The Center’s New Resources Page
The Center is dedicated to enhancing students’ knowledge of the real estate industry through promoting our professional network. For a list of real estate related resources and job opportunities shared with the students, please click here.
Previous Winter Newsletters
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