Thomas A. Allen selected as the 2019 Alpha Sigma Gamma Student of the Year!
Congrats to MBIRE student Thomas A. Allen who has been selected as the 2019 Alpha Sigma Gamma Student of the Year! Thomas will complete the Master of Science in Real Estate (MSRE) this May. During his studies, he was a recipient of the Duke Realty DREAM scholarship, an inaugural recipient of the NAIOP and Prologis Inclusion in CRE scholarships, selected as a Harold E. Eisenberg Foundation Scholar, a National Association of Real Estate Investment Managers (NAREIM) Fellow and will be inducted as a member of Delta Mu Delta, the International Honor Society in Business. Working as a registered architect while earning his Master’s degree, Thomas also earned his Illinois Real Estate Broker’s License and was recently awarded the 2018–19 Francis J. Plym Traveling Fellowship in Architecture from the University of Illinois at Urbana-Champaign. Thomas plans to leverage his experience as an architect into a career as a real estate developer.
At Roosevelt University and the Marshall Bennett Institute, along with many other colleges and universities, mid-terms are coming to a close and spring break is about to begin. This half-way point in the academic semester is often met with wistfulness (how quickly the weeks have flown!) and anxiety (how much more to do before finals and graduation!), but the best part of it is that we get to take a breather for a few days before the run to the end-zone begins.
This is when we finalize the course catalog for the coming academic year and turn focused attention on course development and enrollment. At the Institute, we are working on our Graduate Certificates in Real Estate Finance & Investment and in Real Estate Development and are hopeful to announce their availability in the next few months. We are also working on a course in Real Estate Technology and Trends, and are working to establish concentrated courses in ARGUS and Excel modeling for our students. With respect to enrollment, Roosevelt has rolling admissions so students can apply to the graduate program until August 1. If you are thinking about moving forward with your graduate degree and would like to learn about some of the scholarships available, please attend our Scholarship Fair on April 1. You can RSVP to Janice Cox at jcox17@roosevelt.edu.
The next “big thing” at the Institute will be this summer’s 12-day Immersion Program in Commercial Real Estate for high school students. This program, produced by the partnership of NAIOP (national and local) and REEC (the Real Estate Executive Council) in conjunction with NEXUS, will bring 28-32 rising high school juniors and seniors to the Roosevelt University campus to immerse them in the commercial real estate industry. The intended outcome is to impress them with the wide-ranging opportunities so they consider college selections through the lens of programs that will prepare them to pursue those careers and then they enter the pipeline of talent as interns and graduates. We are very excited to host this program at Roosevelt and believe this will be an impactful way to enhance the talent pipeline for the industry and maybe secure some undergraduates for our new real estate major. If you have an interest in working with us on this program, please contact me at cenglishdixon@roosevelt.edu or 312-341-3767 or Oscar Groves (ogroves@reec.org). We hope that Chicago’s real estate community will step up to actively sponsor the programming and provide scholarships for less-advantaged students to attend.
Executive Director Collete English Dixon was interviewed by Clark Hill’s Real Estate for Breakfast podcast. Listen here as she discusses, among other topics:
1. Programs offered by the school, including the upcoming certificate program.
2. The importance of the involvement of the Advisory Board, which is unique to the school
3. How the school provides a pipeline of talent to the industry
4. Which students are best suited for the program
5. The value of external educational and networking programs such as the pioneering Fogelson Forum on Real Estate and the annual Real Estate Gala.
MBIRE Advisory Board member, Molly Phelan of Siegel Jennings, authored this article on the Cook County considerations about real estate taxes.
The Cook County Assessor is proposing a law that would drastically change the property tax appeal process in Illinois, which, according to Phelan, is not for the better.
In short, the proposed changes would implement tougher reporting standards and require more in-depth analysis and understanding to lower Assessed Values. These laws are implemented in other states (Ohio, Pennsylvania, New Jersey & Washington DC) where our firm successfully represents our national clients against unfair assessments.
One solution to the pending workforce shortage in commercial real estate is education – and the earlier, the better, says Collete English Dixon.
“The real estate industry, in some respects, is not very transparent to young people looking to make career decisions,” she says. “They may think real estate is interesting, but they’re not really sure of all the roles you can play, and some of that lack of transparency is making it hard to compete for students. We’ve got to do better in that.”
The spring semester is in full swing at the Institute and the University. While the spring semester is often overshadowed by the anticipated graduation in May, the spring is also a great time for us to advance new academic initiatives and work on student enrollment for future semesters.
We now have some declared real estate majors in the undergraduate program and we are working closely with the University’s enrollment office to expand that group through transfer students and freshman recruiting. An upcoming summer program, a 12-day intensive in real estate that is targeted to rising juniors and seniors in high school, will hopefully broaden awareness of both the industry as a strong and exciting career path and of our program and its benefits for preparing young talent for the industry. I will share more details on this summer program next month.
As you know, real estate industry talent does not have to come from academic backgrounds totally focused on real estate. In recognition of that, we are working through the approval process to establish a real estate minor in the Heller College of Business so that undergraduate students in other majors, within or outside of the Heller College, can take real estate courses and potentially choose to pursue careers in the real estate industry.
On the graduate level, we are excited about the Graduate Certificate programs that we expect to launch this fall. These certificates, which initially will be in Real Estate Finance and Investment and in Real Estate Development, will be complements to the MSRE and MBA-RE degrees, providing graduate level knowledge for anyone interested in the industry or needing additional educational training for their careers, but who don’t think that completing a degree program is necessary or desired. There are many ways to provide knowledge and to help train and develop industry talent and these certificates are just the beginning of many creative educational initiatives we are considering.
I want to express my appreciation to the Institute Advisory Board, industry leaders who give their time and other resources to support our student success and our Institute’s efforts. We are excited to welcome three new Board members, Molly Phelan of Siegel Jennings; Kathy Hurst of Moran and Company and Bija Bennett, who is committed to carry on the involvement and support provided by her dad, Marshall Bennett, and The Bennett Family.
If you have an interest in working with us to advance the development and education of the future leaders of the real estate, please contact me at cenglishdixon@roosevelt.edu.
Laura Sayen graduated from The Marshall Bennett Institute of Real Estate in May of 2018. While working towards her Masters of Science in Real Estate, Laura held full-time positions in Commercial Multifamily Lending with JPMorgan Chase and in Affordable Housing Underwriting with the Illinois Housing Development Authority (IHDA).
Laura’s interest in affordable housing started while she was studying for her Master’s of Social Service Administration (from 2009-2011) at the University of Chicago’s School of Social Service Administration. She realized upon graduation that she lacked some of the formal skills and knowledge needed to fully understand affordable housing, including the ability to analyze the projects for what they are; pieces of real estate.
Laura was drawn to The Marshall Bennett Institute of Real Estate because of the program’s flexibility for adults working full-time, the incorporation of courses that focused on real estate development and the intersection of the public and private sectors, and the diversity of backgrounds that students brought to the table.
After graduation, Laura transitioned over to U.S. Bank where she is a Project Manager/Underwriter working on Affordable Housing Tax Credit Investment projects all over the country with a focus on Southern California.
Her advice to those considering the program is to dive in and give it your all. Seek knowledge from your fellow students and professors and utilize the networks available. Laura was able to move over to IHDA based on a connection made with a fellow RU alumnus and has kept in touch with many of the individuals with whom she took courses and formed friendships. If someone with a background in Psychology and Social Services can learn proformas and valuation methodologies, let alone graduate with an MSRE, you can too!
Family-run real estate companies as well as large, established property firms often struggle to find the time to develop comprehensive management plans, holistic strategies, and operational benchmarks. Enter graduate students in the Marshall Bennett Institute of Real Estate. Each fall, students select 2-3 companies as clients and complete a comprehensive real estate management plan for their selected company, patterned after the Institute of Real Estate Management’s (IREM) plan required for the Certified Property Manager designation.
“Students examine all aspects of a company’s operations, organizational structure, market positioning, and more, for providing their client with invaluable data and actionable insights,” said Dr. David Funk, Pasquinelli Family Chair in Real Estate and course instructor.
This fall, retail, multi-family, and office/industrial company portfolios were studied for clients Mid-America Asset Management, Inc., AMLI/Skidmore, Owings, and Merrill, and Mako Properties. Mako Properties, a three-generation family firm started by Boris Nitchoff in the 1980s, was selected as a client at the urging of Lauren Nitchoff, granddaughter, employee, and graduate student in the Roosevelt Program.
“I came to the US (from Macedonia) not speaking much English, and just got into real estate,” said Boris Nitchoff, adding that running a fully integrated company that includes construction left little time for the operational benchmarking and strategic planning that the Institute’s team provided. The management plan provided incredible detail, market analysis, and organizational strategies that could lead to significant strategic changes for the company, noted Lauren’s father, Alex Nitchoff.
AMLI is a national apartment developer/owner/manager with a significant presence in Chicagothat, along with architecture firm Skidmore, Ownings, and Merrill, sought outside market and property management analysis for their building at 900 S. Clark. The team’s analysis affirmed AMLI’s strong operational efficiencies and quantified the net present value of a number of alternative courses of action. Placement of the AMLI 900 building within the current multi-family market context and putting value enhancement returns to operational decisions was particularly useful, noted Dan Gladden, president of the east region of AMLI Management and president of the Chicagoland Apartment Association’s Board of Directors. “The opportunity to work with (AMLI and SOM) to study the property and asset management issues of the building from the ground up was a great learning experience,” said Lilian Yool, one of the project’s students.
Mid-America Asset Management, Inc. sponsored the third project, which focused on a shopping center located at Howard and Western Avenues in Chicago. Benchmarking operations, market comps, and logistical recommendations highlighted the retail management plan. “ One of our takeaways was understanding the strong management that was in place, and development of a profile for effective retail property management”, said Angelo Demeros, one of the student project leaders.
Students in the program are pursuing the Masters of Science in Real Estate (MSRE), and look to advance careers in real estate finance, investment, development and other real estate industry fields. The students are also eligible to use their management plan experience as part of the application for IREM’s Certified Property Manager.
To learn more about the Roosevelt University program in real estate contact Collete English Dixon, Executive Director, Marshall Bennett Institute of Real Estate at cenglishdixon@roosevelt.edu or visit our webpages at Roosevelt.edu/realestate.
Adrian Smith and Gordon Gill were Honored at the Seventeenth Annual Marshall Bennett Institute of Real Estate Annual Gala
On November 8, Adrian Smith and Gordon Gill, the leaders of renowned Chicago architecture firm, Adrian Smith + Gordon Gill Architecture (AS+GG) were honored with the Lifetime Industry Leadership Award. More than 450 industry leaders attended the gala which was held at the Four Seasons Hotel, Chicago.
Also honored were founders Anthony Pasquinelli, Gerald Fogelson and Marshall Bennet. Mr. Bennett passed away earlier in the month, and a tribute video was shown in his honor.
Dennis Harder was given the Distinguished Service Award in recognition for his many years as an adjunct professor.
Adrian Smith, FAIA, RIBA is an architect of international renown, having designed Burj Khalifa, the world’s tallest structure, as well as the soon to be completed new world’s tallest tower, Jeddah Tower now under construction in Saudi Arabia. He was a partner in the firm of Skidmore, Owings and Merrill (SOM) from 1980 through 2006 and was its Chairman in 1994 through 1995. During that time, he was responsible for the design of many notable and landmark structures including Rowes Wharf in Boston; as well as the Trump International Hotel + Tower, ATT and USG Headquarters Towers, NBC Tower, the Lakeshore East Master Plan, and the Millennium Park Master Plan, all in Chicago. His international projects include Broadgate/Bishopsgate Tower, 10 Ludgate Place, and the Canary Wharf Master Plan all in London, United Kingdom; Jin Mao Tower in Shanghai China; and Zifeng Tower (formerly Nanjing Greenland Financial Complex) in Nanjing, China.
In 2006, Adrian established Adrian Smith + Gordon Gill Architecture (AS+GG)with design partnerGordon Gill, FAIA and management partner, Robert Forest, FAIA. The firm is dedicated to the design of large-scale, highly complex, high-performance, and sustainable architecture on an international scale, embracing the concept of Global Environmental Contextualism. AS+GG’s first design was Clean Technology Tower in Chicago, Illinois, designed as the firm’s first net-zero energy tower. Other prominent projects now under construction include Central Park Tower in New York City, soon to be the tallest residential tower in the United States; Burj Vista and the Uptown District Tower, both in Dubai; and Wuhan Greenland Tower and Chengdu Greenland Tower, two supertall towers in China. Adrian’s work has been honored with over 145 Chicago AIA, National AIA, and International Design awards, including 3 ULI Awards for Excellence. He has received the 2011 Lynn S. Beedle Lifetime Achievement Award from the Council of Tall Buildings and Urban Habitat (CTBUH) as well as an Honorary Doctorate of Letters Degree from Texas A&M.
Gordon Gill, FAIA, is one of the world’s foremost exponents of performance-based architecture. Prior to co-founding AS+GG with Adrian Smith and Robert Forest, he was an associate partner at SOM, where he had the distinction of being responsible forPearl River Tower in Guangzhou, China, designed as the world’s first net-zero-energy supertall. Since then, his designs include the world’s first large-scale energy-positive building, Masdar Headquarters; the world’s next tallest tower, Jeddah Tower;Expo-2017, which included the sustainable master planning and architecture for last year’s international exposition in Astana, Kazakhstan, as well as the upcoming Dubai Expo2020 hallmark project: Al Wasl Plaza.
Gordon’s designs share a keen awareness of local environmental conditions as they capitalize on physical, social,and environmental features to maximize building performance. These ecological strategies are legible in his projects’ architectural vocabulary and are a hallmark of his philosophy,Form Follows Performance.Gordon’s work has been globally recognized with over 100 architectural awards including severalAIA National awards. He continues to expand his contribution to the practice of Architecture through his teaching at his alma mater, Harvard University and most recently serves as an advisor on urban and architectural design for the leadership of his birthplace country of Jamaica.
AS+GG’s practice is defining the buildings and the cities of the future around the globe from their studio in Chicago. Since the firm’s inception in 2006, the firm has continued to design dozens of large-scale projects, bothnationally and internationally including, 160 Front Street in Toronto, currently under design; Tribune East Tower in Chicago, which once completed will be the second tallest tower in Chicago; and Al Wasl Plaza, the engaging centerpiece of Dubai EXPO-2020, which will be the world’s largest immersive projection experience at the next international exposition.
AS+GGpractices within a range of scales from megaprojects to the more intimate, including the beautiful bronze-clad Waldorf Astoria Hotel in Beijing; the framework plan for the Pullman Historic District in Chicago; the new Willow Creek North Shore in Glenview, Illinois;at Navy Pier, The Yard at Chicago Shakespeare Theater; as well as the recently completed Chicago Architecture Center for the former Chicago Architectural Foundation. The firm has also influenced the built environment around the world with recent master planning efforts including several new satellite cities in China, the master planning of Astana Expo City, the legacy master plan for Expo-2017’s international exhibition in Astana, and the sustainable legacy plan for Expo-2020 in Dubai.In 2011, AS+GG published the nationally awarded, Toward Zero Carbon: The Chicago Central DeCarbonization Plan, which laid out a vision for achieving Chicago’s carbon goals for 2030.
AS+GG has been listed as one of the top 10 firms in the nation by Architect Magazine for the past six years, garnering the number one position in 2015. The firm has won over 150 international, national, and local design awards in their 12-year history. They have also been honored for excellence in architecture and urban planning from the Society of Architectural Historians in 2013 and received the Vision into Reality Award from the Streeterville Organization of Active Residents (SOAR) in 2009.
All proceeds benefit the student and industry education programs of the Marshall Bennett Institute of Real Estate in the Heller College of Business at Roosevelt University.
Congratulations to MBIRE grad Darius Munchow on his promotion at Waterton where he previously served as Corporate Hospitality Intern. In his new role as an Analyst, he is assisting with Waterton’s current hotel portfolio. He will be focusing on their financial goals, budgets, financing, and ensuring that all properties run smoothly. Darius obtained his Masters of Science in Real Estate this summer.
Severa Davis
Congratulations to alumnae and Goldie Scholar Sevara Davis, MBA – RE: August 2008, who was recently promoted to Director of Real Estate at Chicago Public Schools, where she manages a real estate portfolio of over 60 million SF, including 740 school properties, parking lots, administrative offices, vacant land, and more than 400 leases and/or license agreements.
She previously worked at the GSA, was a Regional Facility Manager for JLL and an Asset Manager at the IL Housing Development Authority. Sevara was also a Realtor at Keller William Realty. She earned her BS in Finance and MBA, Real Estate from Roosevelt University, where she was a Goldie Scholar.
Irene Papierek
Irene Papierek, Property Manager at Lillibridge Healthcare Services, has been named one of Goldie’s Scholars! Irene is pursuing a Master of Science in Real Estate and currently manages approximately 400,000 square feet of medical office space in Chicago’s western suburbs. She is active in BOMA/Suburban Chicago and is a licensed Illinois real estate broker. MBIRE helped to launch the Goldie Initiative in 2007.
Andrew Griffin
Andrew Griffin has been named Talent Coordinator for Trudo Realty, a full-service Brokerage focused on rental finding services. In this role, he will be overseeing the growth of the business by onboarding new agents, guiding them through the training program, and keeping up with their successes.
Kiana Richard
Kiana Richard has been selected as one of NAIOP Chicago’s 2018/2019 scholars. In addition to the tuition assistance, the recipients of the University Scholarship also receive a one-year NAIOP membership, and many other benefits.
