PRE and AREC “TREK” to New York City
On March 5th the Associate Real Estate Council, an interdisciplinary graduate real estate club, embarked on its annual “Real Estate Trek” to New York City. The purpose of this two-day trip is to highlight a variety of real estate careers available to new students and to provide first and second-year students with an opportunity to network with alumni and potential employers. Forty students in total, 35 from the Program in Real Estate, and 5 from the Johnson Graduate School of Management participated in the event.
The first stop of the day was to the International Council of Shopping Centers (ICSC). Michael P. Kercheval, President and CEO of ICSC greeted the students and offered opening remarks. Students then enjoyed lunch generously provided by the ICSC. Elise Jaffe, Senior Vice President of Real Estate for The Dress Barn, Inc. gave the keynote address. Dress Barn has over $875 million in annual sales and operates more than 800 stores in 46 states. Ms. Jaffe’s address focused on retail acquisition and development for the national retail outlets.
Trek participants then proceeded to the United Nations Building where Ernest E. Hunt, Senior Investment Officer gave a presentation on the United Nations Pension Fund strategies for international investment in real estate. Students then toured the United Nations Building.
That evening, Cornell Advisory Board members and students convened at the Cornell Club for dinner and a panel discussion concerning the current economic recession. Speakers on the panel included Allen Smith, CEO of Prudential Real Estate Investors; Cia Buckley, Partner at Dune Capital Management, LP; Carl Neuss, Principal and CEO Of Pacific Cascade Group; and Doug Weill, Managing Director Credit Suisse. Rob Hellman, Managing Director at David Landau & Associates served as the panel moderator. The panel answered questions focused on finding rewards in real estate in the midst of financial chaos and severe economic recession.
The following day, students returned to the Cornell Club for breakfast followed by a presentation on the state of the real estate job market by Anthony J. LoPinto, Managing Director & CEO of Equinox Partners. An employer showcase followed which included the following companies: GE Capital, Prudential Real Estate, Urban American, Ivanhoe Cambridge and SelectLeaders.
Trek participants then proceeded to Lower Manhattan where Silverstein Properties hosted a lunch at 7 World Trade Center - the first of six buildings to be erected at or near the World Trade Center site and Manhattan’s first LEED Gold certified office tower. Prior to the September 11th disaster, Mr. Silverstein purchased the World Trade Center towers and subsequently now serves as the owner and developer of the new buildings. After lunch hosted by Silverstein Properties, participants were treated to a presentation on the vision behind the development of the World Trade Center site. Presenters included Robin Panovka, partner at Wachtell, Lipton, Rosen & Katz, David Worsley, Senior Vice President World Trade Center Properties and Dara McQuillan, Vice President of Marketing and Communications for Silverstein Properties. Maria Kozonis, a first-year PRE student said, “Mr. Silverstein’s vision for the World Trade Center site is inspiring. The site with its new towers, reflection ponds, and museum will not only serve as a memorial to the victims of 9/11 but also serve as a tribute to America and the principles of freedom.”
Finally, the group concluded the day with an investment management discussion with Doug Sesler, Managing Director and co-head of the Real Estate Investment Banking Division at Merrill Lynch.
If your company may be interested in hosting a visit by Cornell students for future events, please contacting the Associate Real Estate Council at AREC@cornell.edu.