ADVISORY BOARD The following industry and Cornell Real Estate Council leaders provide guidance and support for Cornell’s two-year Master of Professional Studies in Real Estate degree. Robert H� Abrams, Senior Lecturer Carl F� Neuss, Principal Cornell University Program in Real Estate Pacific Cascade Group William V� Adamski, Principal Brad C� Olson, Senior Lecturer New York Credit, LLC Cornell University Program in Real Estate Michael L� Ashner, Chairman & CEO Phil Proujansky, Principal Winthrop Realty Trust IAD Group Peter E� Baccile, Managing Director Michael Pralle, President & CEO J.P. Morgan GE Real Estate Richard A� Baker, President & CEO Ralph W� Rose, Sr� Managing Director NDRC Bear, Stearns & Co. Inc. Russ Bernard, Principal Paul D� Rubacha, Principal Westport Capital Partners Ashley Capital, Inc. Kenneth M� Campia, Chairman David C. Rupert, Chief Operating Officer Shangbark Enterprises, Inc. Griffin Capital Rich Dube, President Stephen Rushmore, President Tri-Land Properties, Inc. HVS International Anne Estabrook, Owner William D� Sanders, Co-Chairman Elberon Development Co. Verde Group, LLC Kevin Fitzpatrick, President & CEO Allen J� Smith, Managing Director AIG Global Real Estate Investment Corp. Prudential Real Estate Investors Lynn Gray, Senior Vice President Gary P� Stevens, Partner Lehman Brothers Landmark Partners Inc. Rob Hellman, Managing Director Frank L� Sullivan, Managing Director The Ackman-Ziff Real Estate Group ING Clarion Partners Nathan R� Isikoff, Vice Chairman Jeffrey I� Sussman, President Transwestern Commercial Services Louis Dreyfus Property Group William L� Kay II, Real Estate Investor Martin Stern, Executive Vice-President Drexelbrook Associates U.S. Equities Realty, LLC John T� Kontrabecki, President & CEO Boyd Stofer, President & CEO TKG International United Properties Alan M� Krause, Chairman Donald Tofias, President The Mid-American Management Corp. W-Class Yacht Company, LLC Peter H� Larson, Executive Vice-President Robert I� Toll, Chairman & CEO TransWestern Toll Brothers, Inc. Edward H� Marchant, Principal Elysia Tse, MPS/RE ’01; Vice President EHM Real Estate Advisors Blackrock Steve Meringoff, President Jacob Vallo, MPS/RE ’99; Vice President Meringoff Equities, Inc. Jamestown Properties Robert W� Miller, Chairman Catherine VonSeggern, MPS/RE ’98; Senior Manager The Search Group Ernst & Young Howard P� Milstein, Chairman Matthew L� Witte, Chairman & CEO New York Private Bank and Trust Marwitt Capital, LLC Jon Minikes Alex Zikakis, President Real Estate Investor Capstone Advisors David L. Funk, Director (ex-officio) Cornell University Program in Real Estate 4 Cornell Real Estate Review vol. 5 Student Collaboration Initiative The Cornell Real Estate Review announced in 2006 the ‘Student Collaboration Initiative’. The initiative is designed to facilitate the professional development of real estate students at Cornell by stimulating opportunities for collaboration with real estate professionals. Students are encouraged to undertake research into pertinent issues in the real estate industry under the guidance of an industry professional and to publish the findings of their collaboration on the Program in Real Estate’s website and in the Cornell Real Estate Review. A collaborated submission to the Review enables current students access to high level real estate professionals and the ability to research areas of interest in the industry with a focus on career development goals. From the perspective of the real estate professional, the initiative provides the opportunity to publish on a specific area of interest or expertise. The initiative represents a unique mentoring arrangement where, by directing and assisting a real estate student at Cornell, you will be able to partake in an academic pursuit where time and work pressure may not ordinarily allow. It also provides the opportunity for alumni to renew connections with Cornell University and fellow alumni. The Program in Real Estate is seeking the support of the Cornell Real Estate Council and its members to ensure the initiative’s success. The development of collaborative papers involves pairing students with members of the Cornell Real Estate Council (or other industry professionals) in a field of mutual interest. It is envisioned that students will initially contact industry professionals who have expressed a willingness to participate and to seek the professional’s cooperation in collaborating on a paper. Real estate professionals are encouraged to register their interest with the Director of the Program in Real Estate who will notify students of opportunities to work with interested industry participants. For more details please contact David Funk (dlf36@cornell�edu) or the Cornell Real Estate Review (crer@cornell�edu) Cornell Real Estate Review vol. 5 5 The ING CLARION Most Outstanding Article Award Cornell Real Estate Review ING Clarion in the recognition and enhancement of professional excellence in the study of real estate is pleased to announce the establishment of a $2000 award for the most Outstanding Article which appears in the Cornell Real Estate Review. The ING Clarion Most Outstanding Article Award is to be granted each year to a student author whose submission represents a significant contribution to the field of real estate. The article should demonstrate an excellent understanding of the practical application of the paper to the real estate industry. In order to be eligible, the recipient must be the primary author of a paper accepted for publication in the Cornell Real Estate Review and, at the time of article acceptance, be a student enrolled full time in a Masters Degree or PhD program in a field directly related to real estate. The article must represent original work, ideas or research and be focused on analyzing developments in the authors chosen field of scholarly work. The winning article will be selected on the basis of article quality, originality and practical application in the real estate industry. The award is determined by a Subcommittee chaired by the Director of the Program in Real Estate at Cornell University. Please refer to the CRER website, www�crer�realestate�cornell�edu, for submission deadlines and award notification timeframes. For further information please visit www�realestate�cornell�edu or contact the Cornell Real Estate Review at crer@cornell�edu 6 Cornell Real Estate Review vol. 5 AREC: ALUMNI and STUDENTS The Associate Real Estate Council (AREC) alumni golf tournament, a monthly speaker is committed to providing professional series, and faculty/alumni luncheons on development opportunities as well as an campus. Additionally AREC offers students effective alumni network structure for the career development seminars. While real benefit of its entire membership. AREC estate development continues to be the represents Cornell University students, most popular career track, AREC helps staff and faculty interested in the real ensure that its members are exposed to the estate industry. AREC’s goal is to develop whole industry. Therefore, connecting with and promote Cornell’s contact with the real alumni across real estate fields, and working estate industry by hosting guest lecturers, with employers are at the forefront of our promoting student research and organizing agenda. trips to industry seminars, conference and current development projects. AREC’s membership accounts for approximately eighty graduate students who represent the Program in Real Estate, the Johnson 2006-2007 Graduate School of Management, the School of Hotel Administration, and the College Co-Presidents of Architecture, Art, and Planning. AREC George Kaneris (PRE ‘08) leverages the strengths and diversity of Benjamin Weissbourd (JGSM ‘08) these programs by bringing together the experiences and ideas of its members. Vice President Students learn from one another, keep June Yook (PRE ‘08) up-to-date on industry developments and participate in strong peer and alumni Treasurer Jason Moore (PRE ‘08) networks. To reinforce the Cornell alumni network, AREC plans on continuing to Public Relations sponsor events that facilitate and enhance Kerry Yip (JGSM ‘08) the natural bond that develops through common experience and common interests. Looking forward, events will include an Cornell Real Estate Review vol. 5 7 AREC Executive Board CORNELL REAL Membership Consider joining the more than 1200 members in the ESTATE Cornell Real Estate Council and become part of the foremost university-based network of real estate industry leaders. COUNCIL Membership entitles you to invitations to events in your area, periodic publications including the PREview newsletter, an invitation to our annual Cornell Real Estate Conference, a printed copy of the membership The Cornell Real Estate Council (CREC) is the largest directory, search capabilities of the membership university-based network of real estate professionals database via our web site, a subscription to the in the country, a sponsor of the Cornell Program in Cornell Real Estate Review, and discounted pricing Real Estate, and open by invitation only to real estate to CREC regional events and the annual conference. industry leaders. Now entering its fourth decade, the Membership also helps support Council events, CREC is dedicated to advancing real estate education including the Review, and strength the Council’s and outreach, and is the founding sponsor of the network and outreach activities. Cornell Real Estate Review. Cornell Real Estate Council members also play a vital To learn more or to request part in ongoing real estate activities through the an invitation visit: invitation to participate in symposia, deliver lectures, meet with students to offer industry perspectives www.realestate.cornell.edu/council.html and case studies, meet with prospective real estate students, serve as a job network for summer and permanent positions, and more. Members, who span a range of fields within the industry, also serve Cornell University as a source of expertise in many areas of interest such as investment advice for endowment, planning and property development, student housing, and more. The CREC also sponsors the Annual Cornell Real Estate Conference. The conference, typically held over two days in early October, brings together industry professionals and academics who share a common interest in the real estate industry and advancing its future leadership. 8 Cornell Real Estate Review vol. 5 Cornell Real Estate Review vol. 5 9