PRE’s Vast Korean Network
“Hi, Fifty-Two.” That is the greeting that first-year PRE student Jaeseok Lee received when he arrived at the offices of a PRE alumnus in Seoul, South Korea for a party held in his honor this past July. Gathered there were over fifteen Seoul-based PRE-alumni, who hosted a farewell party for Lee as he prepared to depart for the U.S. to begin his two years in Cornell’s Program in Real Estate.
Lee is aptly nicknamed, being the fifty-second Korean student in the PRE’s history. Fellow first-year PRE student Soo Hyun Baik is number fifty-three. When Lee was preparing to apply to the PRE he quickly discovered how strong the Korean and international PRE networks are. Lee was originally familiarized with the PRE through PRE alumni that he met while working in Seoul as an Analyst for Savills Korea. Said Lee, “As soon as I met one PRE alumnus, I was immediately introduced to the entire Korean PRE network. They took me under their wing, helped me prepare for the PRE application process and made me feel like I was already a part of the PRE community. I was overwhelmed by how tight the PRE network is, and that really influenced my decision to select Cornell as my top choice among all of the masters in real estate and MBA programs that I was considering.”
Joo Yeon Jo (PRE ’06), who works in real estate investment management in Seoul explained that the strength of the Korean PRE network is in part attributable to the intimacy of the Korean real estate industry, saying, “In the U.S., the number of PRE graduates relative to the size of the industry is not very large, however in Seoul we constitute a lot of people compared to the size of the industry and so we focus on creating synergies helping each other out.” His sentiments mirror the experience of other international PRE alumni who have found that local PRE networks around the world are very unique in their intimate sense of community and offer unrivaled opportunities to PRE students and alumni to connect with real estate leaders and rising stars in their local industries, and throughout the world. PRE graduates often find themselves working on deals and projects together as Daniel Cho (PRE ’10), a real estate private equity specialist has found on several occasions, “when one of our funds are about to expire and was going to disposition, a PRE alumnus from another company helped us with the transaction. Also, Cornell alumni helped us process the mezzanine loan.”
Lee describes the PRE’s reputation as, “My PRE contacts in Korea told me that they never even thought about prioritizing other schools because the Cornell PRE has so many advantages, including the quality of the faculty and Advisory Board members and the fact that it is the only two-year masters program in real estate.” As Hyun Suk Ha (PRE ’03) stated, “Many Korean real estate professionals value the Cornell real estate program as one of the best programs in the world. Internationally, there are many managers and companies that have started to recognize the program and think that the program supports an extremely strong academic background and good employment candidates.”
Several Korean alumni surveyed emphasized that the comprehensive real estate specific education that the PRE provides has many advantages over conventional MBA programs for those wishing to pursue a career in real estate. Jo stated, “The PRE is a specialized program that demonstrates to employers that a student has a focused interest in pursuing a career in real estate, versus an MBA which merely shows that a student has a general interest in business.”
Korean PRE alumni have found rewarding careers in a variety of roles, both in Korea and internationally. Lee estimates that approximately sixty percent of alumni return to Korea, with the residual alumni population typically working in major gateway cities such as Singapore, Hong Kong and New York. Many alumni feel that a large part of their long-term success is tied to their membership in the PRE community.
Lee brings an internationally diverse resume to the PRE, with work experience in Korea, Japan and the U.S. He has also worked in a wide variety of real estate industry disciplines including asset management, finance and construction and has high quality experience working with international partnerships and high-tech companies. He looks forward to being an active participant in both the Korean and the international PRE networks, saying, “I want to help other young real estate professionals in the same way that the Korean PRE networked helped me. I also want to help to continue to build these professional networks into something even greater.”
International diversity is a hallmark of the PRE, as the program makes a conscious effort to ensure that the PRE student population represents a broad range of international perspectives. The breadth of the local and international PRE networks is also a testament of the PRE’s focus on creating a dynamic international network of real estate professionals through initiatives such as the Cornell Real Estate Council. Just this year a new geographic PRE community was created when Hamza Bennani became the first ever Moroccan to join the PRE.
For a representation of the international diversity of the PRE, please review the current student profiles at www. realestate.cornell.edu/index.php/people/students.