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<P class=MsoNormal style="MARGIN: 0in 0in 0pt">July 21, 2003</P>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <?xml:namespace prefix = o
ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></P>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt"> </P>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt">Dear<SPAN
class=689441113-25042003> CRE Alumns,</SPAN></P>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN
class=689441113-25042003></SPAN> <o:p></o:p></P>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt">On July 1<SUP>st,</SUP> I assumed
the directorship of the MIT Center for Real Estate (CRE), less than a year after
arriving at MIT as <SPAN class=689441113-25042003>P</SPAN>rofessor of Real
Estate Finance in our Master of Science in Real Estate Development (MSRED)
program. As CRE stands on the threshold of enrolling our 20<SUP>th</SUP> MSRED
class, I want you to know that I value your continued support of the Center, and
I want to relate to you my initial perspective on the big picture of the MIT
CRE. </P>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <o:p></o:p></P>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt">For nearly twenty years, the
Center has run a top-notch, unique graduate educational program. MIT’s MSRED
program contributes to the global real estate industry by providing a bright,
energetic, creative talent pool with a focused real estate curriculum and
educational experience that is second to none. MSRED alums number over 600
worldwide, and are rising throughout the ranks of the real estate industry. I
know I share your hope that the MSRED program will continue to evolve and serve
the industry for many years to come.</P>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <o:p></o:p></P>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt">When MIT established the Center
for Real Estate in 1984, its stated mission was to improve the quality of the
built environment and to raise the level of the real estate industry by
increasing the skills, knowledge and creativity of those in that industry. These
aims were to be achieved primarily through graduate and professional education,
basic and applied research, and industry/academia outreach. At the inception of
my term as director, I must say that as impressed as I am with how well the
Center has developed its educational objective, I believe it is currently
falling short of what it needs to do in the other dimension of its mission:
industry relevant research and outreach. We need to do more to develop the
synergy that should exist between this great research institution, MIT, and the
global real estate industry. It is both a symptom and a cause of this
shortcoming that CRE currently finds itself too isolated--isolated from the rest
of MIT, and isolated from the real estate industry that we serve. To ensure the
CRE’s long-range health, including our continued ability to provide and improve
the MSRED program, the vital research and outreach spark must be rekindled. </P>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <o:p></o:p></P>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt">As director, I am viewing this
need as Job #1. In recent weeks, I have met with the top leadership of the
Institute--from President Vest to the leaders of the Sloan School of Management,
the School of Engineering, and our “home” School of Architecture and Planning,
as well as many faculty and administrators. There is no question that real
estate is one of the greatest and most important fields of interdisciplinary
research application in the world. Academic disciplines and departments ranging
from economics through architecture, from sociology through logistics, from
urban planning through corporate finance, and many more, are vitally relevant
for real estate. Real estate is one-third of all global wealth, over one-tenth
of the GDP, largely defines our cities and humankind’s imprint on the earth’s
physical environment, and affects everyone’s daily lives. What other field of
application should be more important than real estate for an Institute that aims
to make the world a better place? The cross-disciplinary nature of both the real
estate industry and the Institute has not waned in the twenty years since the
Center’s founding; in fact it is quite the opposite! I see great potential to
leverage and respond to the synergy between MIT and the real estate industry in
ways that will increase the intellectual capital of all parties.</P>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <o:p></o:p></P>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt">We are committed to building the
Center into an effective bridge linking MIT’s unique capabilities to the cutting
edge of the global real estate industry. Of course, this must be done in
partnership with industry. MIT cannot dance alone. We plan to approach leaders
in the industry soon, for their input and perspective. Right now, I am working
within MIT to ensure that we are organized in a manner that allows us to be
substantively responsive to industry.</P>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <o:p></o:p></P>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt">Clearly this is a pivotal time in
the Center’s history. Your continued support is vital to realizing the strategic
vision of the Center. I am very interested in hearing from you. Please feel free
to contact me at (617) 253-8311 or <A href="mailto:dgeltner@MIT.EDU"><SPAN
class=Hyperlink1><FONT color=#000000>dgeltner@MIT.EDU</FONT></SPAN></A>. As we
“build the future” together, I hope that I can count on your continued
support.</P>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <o:p></o:p></P>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt">With best regards,</P>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <o:p></o:p></P>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt"><IMG height=42
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<P class=MsoNormal style="MARGIN: 0in 0in 0pt"> <o:p></o:p></P>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt">David Geltner</P>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt">Professor, </P>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt">Director, MIT Center for Real
Estate</P></DIV></BODY></HTML>