MIPIM: Reflections and Takeaways

The MIPIM experience is hard to describe. I know this because we had several prep meetings prior to the conference, and while they were all very informative and useful, they still didn’t really paint a picture as to how the massive spectacle would really unfold. Much of the time it felt like we were drinking from a fire hydrant, just trying to take in as much as we could. The magnitude of the event, the amount of money put into each “booth”, the sheer volume of exotic cars and multimillion dollar yachts…it’s truly a demonstration of how large a role real estate plays in global wealth.

For a young professional at the forefront of his attempt to break into the industry, I found the opportunity to be immersed in such a vast congregation of knowledge and experience that it was invaluable. Our itinerary included scheduled meetings with industry professionals that are friends of the Real Estate program at UW, as well as two summits (investor and mayor) that allowed the students to sit at round tables and listen in on the conversations being held. I was one of the few students that was lucky enough to attend both summits. At the summits we were tasked with scribing the conversation that occurred at our tables, then submitting a condensed version of our notes to go towards a final MIPIM white paper for that event.

My main take away from the investor summit is that it seems that “passive” investing is out the window. Too many institutional investors got burned in the recession, and it seems that gone are the days of sitting back and trusting the fund manager to execute a define investment strategy. Our separate talk with Choy-Soon Chua of SEB Asset Management confirmed this notion. Chua described that, now possibly more than ever, investors are looking for transparency and track record when choosing a fund manager. This is why Blackstone, with its impeccable history of success, is still able to raise $10 billion in funds while other firms struggle to find cash. This is also an opportunity for smaller, lesser known funds to draw attention. As investors are looking to shake up their portfolio and find a safe haven for their money, smaller funds that are adjusting to cater to the desires of these investors (e.g. transparency, communication, defined strategy) can prove themselves an attractive option.

One thing that surprised me at MIPIM is the presence of cities themselves on display for investors. I was previously under the impression that development projects were presented on a project by project basis in hopes of attracting investors. However, some of the largest cities in the Europe – Paris, London, Munich, Stockholm, Copenhagen – as well as other lesser known cities around the world would have large booth areas that promoted their city as a whole. This concept ties back to my experience at the mayor summit and the discussion of funding of infrastructure investments. What I learned is that there is an endless demand for cash to fund infrastructure development and improvements in major metropolitan areas. The mayors at my table discussed the hardship of prioritizing and allocating the little funds that were available. With this in mind, it makes sense that each city is attempting to portray itself as an ideal opportunity for investment, since the need for cash is not necessarily limited to any single development. One interesting note of differentiation regarding how cities were selling themselves this year, versus in previous years, is that there was a decided shift from "opportunity and growth" to "safety and stability". This goes to reflect the consistent theme of secure and stable returns that resonated throughout the conference.

The overall sentiment at the conference was positive. It was actually surprisingly positive, considering that Europe is in the middle of a recession and that some predict the worst has yet to begin. However, multiple individuals countered this negativity with this statement: “If we weren’t optimistic, we wouldn’t be in this business.” The business, of course, is investment and development in real estate, and the conference was filled with individuals who think that money put into real estate is money well spent. I realized that it’s important to keep this in perspective when listening to speakers and networking with other conference participants. While there is plenty to learn for the sources, they are also inherently biased and might not have the most pragmatic viewpoint on their situation.

Other takeaways:

• Bring sunglasses and comfortable shoes.
• Drink wine. It’s cheaper than water in the South of France.
• Spend time wandering around and taking in all the commotion. Sometimes it can be useful just to witness how professionals from different countries interact and engage with one another.
• Don't get your schedule so booked that you don't have time to wander the booths and strike up conversations organically - sometimes your best leads come when you're not expecting them.
• Don’t be discouraged if you come across someone who isn’t interested in speaking with you. There are thousands of other people at MIPIM who are.
• There is such a thing as a free lunch at MIPIM. You just have to know where to look - try the German booths.
• The bus drivers for the conference have an hour every night for dinner, so you may end up choosing to walk home one night (see first takeaway).
• If you're a student asking participants to fill out a survey, then the Asian and English attendees are your best starting point.
• Speak slowly and clearly when conversing with other participants. English is not the first language of the majority of people there.
• Give it everything you have. The days are busy and the nights are long. Sleep is limited. Be prepared to fight through any lethargy and take advantage of the opportunity.

Andrew Toby is a first-year MBA student in the James A. Graaskamp Center for Real Estate. A CPA from California, Andrew hopes to utilize both his accounting background and the knowledge gained in the MBA program to pursue a career in private equity investments in real estate.

Photo courtesy of MIPIM_World

Reporting from MIPIM: Optimism with a new vocabulary

Reporting from MIPIM: Final thoughts on the wrap-up keynote presentation to end MIPIM 2012 from one of our students:


Here we are, the final day of MIPIM. It seems that the champagne-and-caviar yacht parties have finally taken a toll on the attendees. The crowds have thinned out, my fellow Badger students and I are exhausted but ready to attend the pièce de résistance, the keynote speech by our rock star dean François Ortalo-Magné.

We had spent the previous day conducting a survey measuring the general sentiment of MIPIM attendees. Those findings coupled with the information we've been hearing and sharing during our daily debriefs, we are looking forward to the culmination of this great effort.

We met at the Le Corbusier hall, named after the famed early 20th century French architect Charles-Edouard Jeanneret. François was joined on stage by Mark Roberts from RREEF Real Estate. Mark presented raw global economic data and projections specific to the real estate sector. The graphs clearly indicate and support the idea that core holdings are a safe haven for those funds that are constantly on the hunt for high yields which is a rarity during challenging economic times.

François then amplified the buzz words we've been hearing all week which are "transparency," "alignment" and "like mindedness" of investors; this type of vocabulary seems to be a new phenomenon here at MIPM. However, they are concepts that make sense in the context of increased joint ventures which are the most secure frameworks for investors where both risk and reward are shared equally. François also highlighted the prominence and importance of sustainability and green design and mentioned the Qatari initiative as a model to be emulated. He echoed the importance of core assets in a portfolio but also suggested the premise that "core periphery assets" are a viable alternative class to hold.

Finally, the data that we compiled was presented, drum roll! It seems that the majority of attendees are more optimistic about the future. There is also little variance of sentiment data from 2011. The majority appear to be open to the idea that non-core assets are a legitimate option. Investors are split down the middle on the question regarding debt markets and whether the current state constitutes an opportunity rather than an impediment.

Today our MIPIM immersion ends, and we pass the torch to the future Graaskamp Center students. My advice to you is to enjoy and exploit every minute of your time here, it is truly a once in a lifetime experience. The day has ended; I take my last stroll on the Boulevard de la Croisette as the sun sets. As if on cue I hear the music of Edith Piaf playing in the background to bid me a proper French farewell. I’m leaving Cannes with a heavy heart because it is so easy to fall in love with the romanticism of this city. Au revoir, Cannes, au revoir. I promise to come back to see you again.

Bashar Elayyan is a first-year MBA student in the James A. Graaskamp Center for Real Estate. As an architect based in Chicago, he was involved in the design and execution of numerous complex large scale projects in the U.S., Mideast and Chinese markets. His career aspirations lie within the domains of REIT management or real estate finance and investment banking.

Reporting from MIPIM: Day 2 with a Middle Eastern theme

Reporting from MIPIM: First-year students in the Real Estate MBA program at Wisconsin are in Cannes this week attending MIPIM. It's a great opportunity for them to be immersed in the international real estate scene, to see classroom principles in action, and of course to network. One of our students, Bashar Elayyan, shares his experiences from Day 2.

It’s the start of a beautiful sunny day; the air is crisp and heavy with the salty smell of the Mediterranean. The suits are immaculate and sharply pressed, and the caffeine fueled real estate global community converges on the Palais for another exciting eventful day at MIPM.

My day so far has had a Middle Eastern theme as I attended a seminar entitled MENA: Opportunities and Challenges. The Middle East and North Africa remain to be active regions and the hall was packed with professionals eager to hear the state of the real estate sector in this important part of the world. The topic on everyone’s minds is the real estate meltdown in hotspots such as Dubai. Security, in the context of the Arab Spring, was discussed extensively. The lack of a legal framework that regulates and protects parties involved in the sector has also been a challenge to entry. Despite the obstacles facing MENA, it remains to be an attractive region with great potential for investors.

My next stop was to the Qatari pavilion which has generated a lot of buzz this year. Qatar has been dubbed the new Dubai but so far has progressed in a subdued and controlled manner. Doha’s skyline has changed and new cities are emerging out of the sand dunes. I attended a lecture by one of the architects responsible for the design of Lusail City. The topic of preserving national culture and heritage was extensively covered. The world is under threat of turning into a massive homogeneous landscape where national identity is lost in the name of modernity. Lusail City is an example where contemporary design was implemented in a way that conformed to the language and essence of the local culture within a theme of sustainability and green design.

That’s it for today, tomorrow I will be attending a lecture by the former foreign minister of Germany which will cover the state of politics and economics within the European continent.


Bashar Elayyan is a first-year MBA student in the James A. Graaskamp Center for Real Estate. As an architect based in Chicago, he was involved in the design and execution of numerous complex large scale projects in the U.S., Mideast and Chinese markets. His career aspirations lie within the domains of REIT management or real estate finance and investment banking.

Photo courtesy of MIPIM_World

MBA Global Trip: South Africa

As part of our Meet Our Current Students series, first-year real estate MBA student Andrew Toby reports on student real estate activities and life in general. Also, news stories such as this are available in our monthly newsletter, which you can sign up to receive via Constant Contact.

Each year, the Wisconsin School of Business provides students the opportunity to take an international business class that focuses on a specific country. In this class, the economy and business environment of the particular country are researched and discussed in anticipation of actually traveling to the country and visiting local businesses.

I, along with fellow Real Estate student Jay Jambor, joined 8 other WSoB students in one of this year’s International Business courses: South Africa. Each week in October and November we met for an hour and took turns educating each other on the pressing issues that the South African economy currently faces: post-apartheid racial segregation, unemployment, educational barriers and disparity, distribution of wealth, crime, AIDS epidemic and other healthcare issues, etc. These classes enabled us to having a better foundation of knowledge prior to visiting local companies and allowed us to ask more pertinent, focused questions during the presentations.

The trip to South Africa (“SA”) began in Johannesburg. During our 3 days in SA’s largest city, our company visits included Eskon (the dominant electricity provider for the country), Munich RE, the American Chamber of Commerce, and the Johannesburg Stock Exchange. Each organization began with a comprehensive overview of their operations as a preface to the most pertinent question: what are the challenges of doing business in SA? We found it very insightful to hear the opinions of the executives that we spoke with (which included both men and women of different ethnic backgrounds). In fact, most of these viewpoints on the pros and cons of their country’s economy were drastically different from one executive to the next. While opinions on certain issues remained consistent (the fact that near 40% unemployment is unhealthy and the AIDS presence is overwhelming are facts that are pretty easy to agree upon), other topics brought on entirely different perspectives.

This however, in reality, doesn’t come as a surprise. As time passed in Johannesburg, I became more and more acutely aware of how divided the population is. Joburg seemed to function as a relatively normal city would (with perhaps an even greater amount of expensive cars on the highways – another thing I discovered is that the South Africans opt to display their wealth in the form of a BMW or Audi). However, when traveling to the nearby town of Soweto to visit Nelson Mandella’s old home, we were amidst a sea of shanty towns, a level of poverty beyond anything I had seen. Our driver put it into perspective when he said this: “Take this man here [pointing to a black man sitting in the back of a pickup truck driving down the street]. I know nothing of this man’s life, his background. I have no idea what he does to operate in this country, to make a living for himself, but I can be almost certain that the way he operates in this country and the way that I operate are entirely different, even though we live in the same city. We speak different languages. We both exist here, but we exist separately”. A fact to consider here is that South Africa has 11 official languages, which doesn’t even include a plethora of local dialect differences. This, coupled with decades of legal racial segregation that just ended in 1994, create a divide that makes it no wonder why the population disagrees on political issues.

Johannesburg served as an extreme juxtaposition to our next destination within the country: Cape Town. In between cities, however, we made a quick weekend trip to a game reserve in Kruger Nation Park, or “The Bush” as it is known locally. I suppose a trip to Africa isn’t complete without seeing the “Big 5” - the elephant, leopard, lion, rhino, and buffalo. Our adventures out on the jeep provided us with up close interactions with all of these animals and many more.

With its stunning beaches, beautiful landscape, and expanding vineyards, Cape Town easily draws tourists from around the globe despite its remote location. Although too far for many to have a weekend getaway home, we found that many of the rich and famous of the world opt to buy a second home in the spectacular Clifton area of the city (pictured). I asked around to get an idea of what some of the prime pieces of real estate cost in that location, and was given the answer of about R30-R40 million (The “R” stands for Rand, the local currency which trades at about 8:1 with the US dollar currently). Still pretty pricey, but given the fact that the cost of living is far cheaper that in America, I can see how it is an appealing option for those who can afford it.

Our main company visit in Cape Town was Lomold, the largest plastic recycler in the country. While plastic recycling may not seem all that interesting, what sets this company apart is what they are doing with the recycled plastic. They’ve spent over a decade pumping their earnings into the research and development of a machine that will create complex long-fiber plastic palettes. The longer the fiber, the stronger the plastic, and according to the company founder, Lomold is the first company to be able to produce such a strong plastic in a complex form (that is, rather than just sheets of plastic or other basic molds). It will be interesting to continue to follow this company as it hits the global markets with its revolutionary product.

Further highlighting our stay in Cape Town was a boat trip out to Robben Island, where Nelson Mandella was imprisoned for about 27 years. Similar to Alcatraz but on a larger scale, Robben Island imprisoned the individuals whom threatened or otherwise spoke out against the Apartheid government.

Adding in some leisure time for beach lounging, wine tasting, fine dining, and even a cage dive with great white sharks, the trip really rounded out to be an amazing experience both personally and professionally. A big shout out goes to our class advisor, Assistant Dean Blair Sanford, whose steadfast leadership kept us organized and was key in the trip’s success.

Andrew Toby is a first-year MBA student in the James A. Graaskamp Center for Real Estate. A CPA from California, Andrew hopes to utilize both his accounting background and the knowledge gained in the MBA program to pursue a career in private equity investments in real estate.

Mustache Season Has Ended

Seen an unusually low number of mustaches recently? That’s because Movember is over. If your memory needs to be jogged, then see Andrew Toby’s blog post from November.

A group of 20+ MBAs were able to collectively raise $2,590 to aid in the research for men’s health issues like prostate cancer. The Wisconsin MBA group competed in a group of 17 business schools from across the world to see who could raise the most money. Wisconsin ended up finishing in the middle of the pack at number nine in the earnings rankings. The London Business School dominated the competition by raising $32,574 (we here at Wisconsin like to think that some of those gains were resultant from a favorable exchange rate). Overall, teams raised a total of $119,176!

Generous donations were made from faculty, classmates, family, friends back home and even a few anonymous donors. The lady that cuts my hair even said she was going to donate, but she failed to come through. I finished with a paltry $30, but I know that every little bit helps, so I can’t let myself be too discouraged for my miserly family and friends back in Texas. The top fundraiser was from our Brand Management center and his contributions grew to $420 (which is more than can be said for how well his mustache grew). For worthy reasons such as interviews, and more ignoble reasons such as personal vanity, some MBAs were not able to stay the course for the full 30 days. The real estate guys started with six mustaches, but sadly ended with only four. Proudly I can say that my fellow-blogger Andrew Toby and I stayed the course.

I proudly wore my mustache back to Texas over the Thanksgiving break. Many laughed in my face, at my face. I thought it appropriate to wax my mustache, à la Rollie Fingers, per it reaching an envious length. However, on the flight back to Texas, I ended up explaining that this was not normally the way I looked to the couple on the plane next to me. I decided that I couldn’t handle the mustache was through the holidays, so I trimmed it down to the standard Tom Selleck-esque. In response to this new look, the TSA officer at the airport on the way back to Madison said, “Tom Selleck mustache…aviator sunglasses…that is not a safe look.” Despite that comment, he let me on the plane. Believe it or not, I’m looking forward to November next year. I think the real estate guys might have to be in charge of the campaign in 2012…that is so long as the Fed can give us a good exchange rate to work with, so that we can beat those guys at London Business School.

Jordan Denzer comes to Madison from Dallas, TX (it is often joked that he is one of the international students). Previously, Jordan managed corporate flexible spending accounts, but decided that he wanted to get into real estate development, which initiated the move to Madison. Currently, Jordan is interested in getting into historic redevelopment and/or mixed-use development projects.

MBA Team Project

In the first semester of the Wisconsin MBA, students across specializations are grouped and tasked with “creating” a new product for a publicly traded company. This is known as the “Integrated Company Analysis” project or “ICA” for short. ICA projects are worked on throughout the semester, and final presentations are made after final exams. Our grades from these projects constitute a percentage of our final grade for each of our four core classes.

The project begins with a list of the companies that were chosen for projects last year which aren’t allowed to be used again. This policy is so that you can’t get assistance from second year MBA students who previously reviewed that same company. Companies that are chosen for ICA projects are actually notified and invited to attend the presentations. On average, about three companies come each year to view the presentations. This is a unique opportunity, as it provides the company with a vision for a possibly unconsidered new product offering, and it allows the MBA Office to show off its students and build employment opportunities.

My team of five proposed to create an internet radio, much like Pandora, for Amazon. We thought that this would complement Amazon’s existing MP3 purchasing platform. In our concept, a shopper could browse through Amazon while listening to the radio functionality, exposing the shopper to new artists or popular hits, and then songs could be purchased via Amazon MP3. Unfortunately, no representatives from Amazon were available to come and view the presentation.

The members in our group represent the following specializations: Human Resources, Supply Chain, Brand Management, Corporate Finance, and of course, Real Estate. This project fell right into the wheel house of our Brand Management and Corporate Finance team members, but the rest of us had to recreate our areas of expertise. Our Supply Chain team member was a lawyer in his previous life, so he handled all of the legal elements regarding streaming a record company’s music for free over internet radio. The Human Resources team member and I were tasked with evaluating the competitors and the marketplace as a whole for internet radio. Initially this didn’t seem like too daunting of a task, but it is becoming apparent that I was mistaken. Primarily because the internet radio/streaming music industry is so new, we are having trouble finding any applicable resources. We are working with librarians in the business library to help us with research in industry specific publications. This is a critical piece of information so that we can make projections on revenues that could be gained from advertising.

We have another week until our slide deck for our ICA projects are due, just a few days after we finish exams. Then we’ll meet with a business communications specialist and go over our presentation. Finally we’ll do our final presentations that following week.

The semester is definitely going to end with a bang. I’ve gained extraordinary experience from it, but I can honestly say that I’m looking forward to a little R & R over the Christmas break.

Jordan Denzer comes to Madison from Dallas, TX (it is often joked that he is one of the international students). Previously, Jordan managed corporate flexible spending accounts, but decided that he wanted to get into real estate development, which initiated the move to Madison. Currently, Jordan is interested in getting into historic redevelopment and/or mixed-use development projects.

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Real Estate Students Embrace "Movember"

Seen an unusually high number of mustaches recently? If you’re near the Wisconsin School of Business, chances are the answer to that question is a definite “yes.” That’s because a team of over 20 MBAs, including six Real Estate students, have chosen to partake in the “Movember” movement that is sweeping the globe.

Pictured (from left): Andrew, Rob, Jordan, Jay, Jeff, and Andrew.

These students (myself included) have dedicated their facial "real estate" for the month of November to raise funds and awareness for men’s health, specifically prostate cancer and other cancers that affect men. During our endeavor to master the art of fine mustachery, we effectively become walking, talking billboards for the 30 days of November. Through our actions and words, we raise awareness by prompting private and public conversation around the often ignored issue of men’s health.

The team has already raised over $1,000, and there's plenty of time left in the month to keep the effort going! The movement has been a great way to connect with classmates and support a very worthwhile cause. Team captain Topher Stephenson has done a great job recruiting team members, and the Graduate Business Association has assisted in promoting the cause in the Grainger Squire. We are in an "MBA Challenge" network, in which we compete against other MBA programs across the globe for the most donations received. We are currently in 8th place, and hoping to continue the strong presence!

Interested in joining the team or making a donation? Visit team Mustache MBA homepage for details!

Andrew Toby is a first-year MBA student in the James A. Graaskamp Center for Real Estate. A CPA from California, Andrew hopes to utilize both his accounting background and the knowledge gained in the MBA program to pursue a career in private equity investments in real estate.

From full-time employee to full-time student

As part of our Meet Our Current Students series, first-year real estate MBA student Jordan Denzer reports on student real estate activities and life in general.

I’ve been in Madison for 2.5 months now. Coming from Texas, I’m thoroughly amazed at the fact that there are actually four seasons, as opposed to just two. Right now the leaves are changing colors and falling, but it’s not the standard Dallas version of trees shedding their foliage, where the leaves fall in two weeks and give an onlooker a limited visual appeal. Fall in Madison has a myriad of colors and seems in no hurry to leave. Unfortunately, both still require the prongs of a rake. I have also jumped into Madison’s bicycle culture, riding my bike as my primary means of transportation and am thoroughly enjoying it. I’ve gotten fenders put on it, so as to effectively navigate wet streets, and I understand that you can even get snow tires for winter riding, but I’ll wait and see how appealing that sounds once the snow starts hitting the ground.

I also have crossed off two items on my Wisconsin bucket list*. I have been both to a Badgers’ and Packers’ football game. While both have their strong suits, I must say that I enjoyed the Badgers’ game more than the Packers’. I love the experience of “sitting” (or more accurately, standing) in the students’ section. The student interaction with the activity of the game is great and keeps you on your toes for the next group response, counting of Bucky’s push-ups after a score or jingling of keys for a kick-off. Of course, I can’t forget to mention the “Jump Around” explosion that happens after every third quarter – those are a blast! Unfortunately though, the Badgers have now lost two games in a row (Michigan St. and Ohio St.), so any hopes of contending for the national championship are down the drain. That said, the Packers are still in the hunt, and I had the pleasure of seeing them dismantle the St. Louis Rams with a fellow international student (Canadian) at Lambeau. An unpleasantry of the Lambeau experience was dealing with scalpers and paying three times face value for our tickets. The game wasn’t nearly as interactive as the Badgers’ game either, but it did have redeeming qualities. First of all, I was in a football shrine at Lambeau and loved it. Second, the group of people I attended the game with moved tailgating from its normal pre-game position, to a 9 to 5 endeavor. Only two of the 20+ in our group went to the game, as all others stayed in the parking lot the entire time, but they weren’t lacking in comforts, as we came with a fully-enclosed packed trailer, a generator and more food and beverages than you could shake a stick at.

*Wisconsin Bucket List:

• Badger football game: check

• Packer football game: check

• Ice fishing: pending

Now regarding academics (what I’m really here for), specifically the real estate program, there is much to be said. Two weeks ago, the Graaskamp Center had the fall meeting of its Board of Advisors, a group of senior level real estate industry leaders who are alumni and friends of the program. The meeting’s theme was, "Real Estate in Recovery: Navigating a New World of Risk and Reward", and the keynote speaker was author, UW professor and geo-political expert Jon Pevehouse. Following dinner at the newly-finished Wisconsin Institute for Discovery, Pevehouse spoke regarding geo-political events in the past and present and their impact on current economic situations. One memorable point of the talk was a test that had been used to indicate the corruption level of a nation’s government. Pevehouse cited a study that had been done in New York City on parking tickets received by diplomats of foreign embassies, and he showed that the home countries of the diplomats who received the most parking tickets lined up well with high corruption levels in those countries. The following day was filled with panel discussions on the “New Risks of Global Economy,” “Understanding the Global Economy,” “Public Real Estate Markets,” “Global Strategies of Private Equity in Real Estate,” and “China’s Rise.” Between panel discussions, I had, along with the other MBA students, had the great opportunity to network with board members and discuss current issues in real estate.

On the class work front, my real estate class this semester, Real Estate Finance, has its first exam this week, so it has been a steep learning curve for this career changer (previously I managed corporate flexible spending accounts). Not only am I familiarizing myself with the various financial components involved with real estate, but I am also learning how to use my financial calculator appropriately. I’m currently using a TI BA II Plus calculator, and I encourage any prospective students reading this blog to familiarize themselves with that calculator, unless you already have a financial calculator with which you’re comfortable. The more you have under your belt prior to entering the program, the more it will serve you in the long run, as you’ll be able to focus solely on the course material and will not have to worry regarding calculators and computer programs. That said, I’ve found that classmates who are more advanced in certain subject matters are eager and willing to help you, so it makes for a supportive learning environment. You don’t feel like your out on an island, but that you are in it together with your classmates.

Later this month, I’m looking forward to hearing from Dan McCaffery, Chairman and CEO of McCaffrey Interests in Chicago. He will be the featured speaker in the E.J. Plesko Distinguished Speaker Series in Real Estate Development on November 11. The series features developers who embody the "Wisconsin tradition" in their spirit, imagination, entrepreneurial skills, and enthusiasm for improving the quality of the built environment. It's also a great complement to the Center's real estate curriculum.

Jordan Denzer comes to Madison from Dallas, TX (it is often joked that he is one of the international students). Previously, Jordan managed corporate flexible spending accounts, but decided that he wanted to get into real estate development, which initiated the move to Madison. Currently, Jordan is interested in getting into historic redevelopment and/or mixed-use development projects.