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<DIV><FONT face=Arial size=2><IMG alt="MITCenter for Real Estate" hspace=0
src="cid:689441113@25042003-14ee" align=baseline border=0></FONT></DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV><SPAN class=689441113-25042003><FONT face="Arial Black"
color=#0000ff><STRONG>HAPPY NEW YEAR!!!</STRONG></FONT></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial
size=2></FONT></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial>If the start of the new
calendar year marks a time to begin anew, then the Center for Real Estate is off
to an excellent start! </FONT></SPAN><SPAN class=689441113-25042003><FONT
face=Arial>On January 9th the Center held a strategic retreat that was attended
by 24 "Friends", members of industry, alumni/ae, and representatives from a
variety of Departments and Schools at MIT. Our goal was to agree on a
vision and strategic initiatives related to that vision as the Center for
Real Estate looks to the future. The participants were engaged and the
session was productive. Continuing to reach out to Center graduates and
provide ongoing value to the alumni/ae community, identifying and
cultivating real estate relevant research throughout MIT, and developing the
Center's international connections are initiatives that were identified and
supported by the group. Stay tuned as Director, David Geltner, further
molds these ideas into the Center's strategic direction!</FONT></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial
size=2></FONT></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial
size=2></FONT></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial size=4><STRONG>NEW DEAN FOR
SCHOOL OF ARCHITECTURE AND PLANNING</STRONG></FONT></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial size=2>(</FONT><A
href="http://web.mit.edu/newsoffice/tt/2004/jan14/dean.html"><FONT face=Arial
size=2>http://web.mit.edu/newsoffice/tt/2004/jan14/dean.html</FONT></A><FONT
face=Arial size=2>)</FONT></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><FONT face="Arial Black"
size=4></FONT></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial>Adele Naude Santos has been
announced as the new Dean of MIT's School of Architecture and Planning.
Ms. Santos will start her tenure as Dean on February 2nd. Dean
Santos is particularly interested in creating environmentally sensitive
"livable spaces". For additional information concerning the career
and interests, I direct you to <U>Tech Talk</U>: <A
href="http://web.mit.edu/newsoffice/tt/2004/jan14/dean.html">http://web.mit.edu/newsoffice/tt/2004/jan14/dean.html</A>.</FONT></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial></FONT></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial
size=2></FONT></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial
size=2></FONT></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003>
<DIV><SPAN class=689441113-25042003><FONT face=Arial size=4><STRONG>ALUMNI/AE
INITIATIVES</STRONG></FONT></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><STRONG><FONT face=Arial
size=2></FONT></STRONG></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial><STRONG><EM>Alumni/ae
Survey</EM></STRONG>. In November David Geltner surveyed the alumni/ae
community regarding their expectations and experience at the Center.
</FONT></SPAN><SPAN class=689441113-25042003><FONT face=Arial>Almost 15% of the
alumni/ae responded to the survey. These respondents indicated
that they chose the MSRED program because of its reputation, real estate
focus, length and because it targeted mid-career real estate
professionals. Alums who responded to the survey felt that it was
important for a graduate real estate program to provide access to industry
experts (both faculty and practitioners) and they felt that the Center
delivered on this important dimension. However, better post graduate
placement assistance and networking were considered areas where improvements are
needed. If you are interested in the full report, it is located on the CRE
website: <A href="http://web.mit.edu/cre/alumni/pdf/alumnisurvey.pdf"
eudora="autourl">http://web.mit.edu/cre/alumni/pdf/alumnisurvey.pdf</A></FONT></SPAN></DIV>
<DIV><SPAN class=689441113-25042003></SPAN><SPAN class=689441113-25042003><FONT
face=Arial><STRONG><EM></EM></STRONG></FONT></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><FONT
face=Arial><STRONG><EM></EM></STRONG></FONT></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial><STRONG><EM>Alumni/ae Forum
-- Web-based Document Library</EM></STRONG>. The Center is working with a
group of alumni/ae to develop a web-based real estate library. The
"library" would contain documents categorized according to topic, geography,
and/or product type. Initial postings to the library will be
class presentations and theses, but to maximize the ongoing utility of the
library we hope that alums will provide data and will tell
us what types of data are most useful to them as professionals and lifelong
learners. Examples of the types of documents alums have identified as
useful include pro forma templates, information regarding market trends, job
postings, and legal documents. If you have ideas about additional
items you would like to see in such a library, send your ideas to <U><FONT
color=#0000ff>mit-cre</FONT></U></FONT><A href="mailto:mit-cre@mit.edu"><FONT
face=Arial>@mit.edu</FONT></A><FONT face=Arial
color=#0000ff><U>.</U></FONT></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><U><FONT face=Arial
color=#0000ff></FONT></U></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><U><FONT face=Arial
color=#0000ff></FONT></U></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><FONT size=2> <SPAN class=689441113-25042003><FONT
size=3> </FONT>
<DIV><SPAN class=689441113-25042003><STRONG><FONT face=Arial size=4>ALUMNI/AE
DEVELOPMENTS</FONT></STRONG></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><STRONG><FONT face=Arial
size=3></FONT></STRONG></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><STRONG><FONT face=Arial size=3>Artist Space
Initiative, Boston, MA</FONT></STRONG></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial size=3>Peter Roth '85,
President, New Atlantic Development Corporation</FONT></SPAN></DIV>
<DIV><FONT face=Arial></FONT> </DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial size=3>New Atlantic was
designated developer by the Boston Redevelopment Authority to redevelop three
urban renewal parcels in the South End for a mixed- use project
that includes artist studios and gallery space, affordable artists'
live/work space, and market rate condominiums. This project represents the first
public land disposition related to the Mayor's Artist Space Initiative. It's a
really interesting and unusual project, and Peter is very excited to have won
the competition.</FONT></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial
size=3></FONT></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial
size=3></FONT></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003>
<DIV><SPAN class=689441113-25042003><STRONG><FONT face=Arial
size=3><U></U></FONT></STRONG></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial size=3><STRONG><U>Banker
and Tradesman</U>, <EM>Lower Cape Volatility and Average Return Compared to
Three Boston Area Primary Markets </EM></STRONG>(<A
href="http://web.mit.edu/cre/alumnews.html">http://web.mit.edu/cre/alumnews.html</A>)</FONT></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial size=3>Craig Knight '03,
President, Knight Holdings Corp.</FONT></SPAN></DIV></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial></FONT></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial><SPAN
class=689441113-25042003><FONT face=Arial size=3>In its December 22, 2003
publication, <U>Banker and Tradesman</U> highlighted the thesis
of Craig Knight, a member of the Class of 2003. In his thesis
Craig investigated the general market perception that the secondary
home market has higher price volatility than the primary home market. To
read the article, click here: (<A
href="http://web.mit.edu/cre/alumnews.html">http://web.mit.edu/cre/alumnews.html</A>)</FONT></SPAN></FONT></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><STRONG><FONT face=Arial
size=3></FONT></STRONG></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><STRONG><FONT face=Arial
size=3></FONT></STRONG></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><STRONG><FONT face=Arial
size=3></FONT></STRONG></SPAN> </DIV></SPAN></FONT>
<DIV>
<DIV dir=ltr>
<DIV><SPAN class=689441113-25042003>
<DIV><SPAN class=689441113-25042003><STRONG><FONT face=Arial size=4><SPAN
class=689441113-25042003><STRONG><FONT face=Arial color=#0000ff
size=4>APPLICATIONS DUE
2/15/2004</FONT></STRONG></SPAN></FONT></STRONG></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><STRONG><FONT face=Arial size=4><SPAN
class=689441113-25042003></SPAN></FONT></STRONG></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial><SPAN
class=689441113-25042003>Thanks to all of you who have referred prospective
applicants to the Center. This is just a reminder that applications are
due February 15, 2004. Applications are available on-line: <A
href="http://web.mit.edu/cre/application.html">http://web.mit.edu/cre/application.html</A></SPAN></FONT></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial><SPAN
class=689441113-25042003></SPAN></FONT></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial><SPAN
class=689441113-25042003></SPAN></FONT></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><STRONG><FONT face=Arial
size=4></FONT></STRONG></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><STRONG><FONT face=Arial size=4>SAVE THE
DATES</FONT></STRONG></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><STRONG><FONT face=Arial
size=3></FONT></STRONG></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial><FONT size=3><SPAN
class=689441113-25042003><FONT face=Arial><STRONG><EM>March 11, 2004.
</EM></STRONG></FONT></SPAN><SPAN class=689441113-25042003><FONT face=Arial>The
Center for Real Estate will be making its annual visit to New York
City. As part of this trip, Prof. David Geltner will be making a
presentation to the New York alumni/ae community. Keep an eye on the
CRE web site for details.</FONT></SPAN></FONT></FONT></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><STRONG><FONT face=Arial
size=3><EM></EM></FONT></STRONG></SPAN> </DIV>
<DIV><FONT size=3><SPAN class=689441113-25042003><STRONG><FONT
face=Arial><EM>April 27, 2004. </EM></FONT></STRONG></SPAN><SPAN
class=689441113-25042003><FONT face=Arial>The Center for Real Estate has joined
forces with the Boston Council of the Urban Land Institute to put together
a program on the fate of tourism and the convention center business. The
program will be held the morning of Tuesday, April 27th at Boston's Hynes
Convention Center. Additional details will be presented in future
e-newsletters and posted on the Center's web page.</FONT></SPAN></FONT></DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial
size=3></FONT></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial><FONT
size=3><STRONG><EM>May 25, 2004.</EM></STRONG> A webcast of student thesis
proposals is planned for Tuesday, May 25, 2004. Students will present
their thesis ideas for feedback from the alumni/ae and member
communities.</FONT></FONT></SPAN></DIV>
<DIV><FONT size=3><SPAN class=689441113-25042003><FONT
face=Arial></FONT></SPAN><SPAN class=689441113-25042003><FONT
face=Arial></FONT></SPAN></FONT></SPAN> </DIV></DIV>
<DIV><FONT size=3><SPAN class=689441113-25042003><STRONG><FONT
face=Arial><EM>September 30 - October 2, 2004.
</EM></FONT></STRONG></SPAN><SPAN class=689441113-25042003><FONT face=Arial>Next
year Alumni Reunion weekend will be September 30th through October 2nd.
Mark your calendars now and make plans to visit the Center! We are also
targeting this period for a signature event related to the Center for Real
Estate's 20th Anniversary.</FONT></SPAN></FONT></DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial></FONT></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><FONT
face=Arial></FONT></SPAN> </DIV></SPAN></SPAN></DIV>
<DIV dir=ltr><SPAN class=689441113-25042003><SPAN class=689441113-25042003>
<DIV><SPAN class=689441113-25042003><FONT face=Arial><SPAN
class=689441113-25042003><FONT face="Times New Roman"> </FONT>
<DIV><SPAN class=689441113-25042003><STRONG><FONT face=Arial size=4>PROFESSIONAL
DEVELOPMENT COURSES</FONT></STRONG></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><STRONG><FONT face=Arial
size=3></FONT></STRONG></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial><SPAN
class=689441113-25042003><FONT face=Arial size=3>During the summer of 2004, the
Center will be offering three new Professional Development
Courses:</FONT></SPAN></FONT></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial size=2><SPAN
class=689441113-25042003></SPAN></FONT></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial><FONT size=3><SPAN
class=689441113-25042003><FONT face=Arial><STRONG><EM>Green Development.
</EM></STRONG></FONT></SPAN><SPAN class=689441113-25042003><FONT face=Arial>This
will be a two-day course taught by Bill Browning ('91) and Joyce Lee ('89)
during July. The course is designed to give an in-depth overview as well
as a level of hands-on experience related to green
development.</FONT></SPAN></FONT></FONT></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial size=2><SPAN
class=689441113-25042003></SPAN></FONT></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial><SPAN
class=689441113-25042003>
<DIV><SPAN class=689441113-25042003><FONT face=Arial><FONT size=3><SPAN
class=689441113-25042003><FONT face=Arial><STRONG><EM>Legal Issues in the
Development Process. </EM></STRONG>Taught by Elliot Surkin, Managing
Partner, Piper Rudnick, t</FONT></SPAN><SPAN class=689441113-25042003><FONT
face=Arial>his one-day course will address the legal issues that arise in
acquisitions, financing, and leasing.</FONT></SPAN></FONT></FONT></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial size=2><SPAN
class=689441113-25042003></SPAN></FONT></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><FONT face=Arial><FONT
size=3><SPAN class=689441113-25042003><FONT face=Arial><STRONG><EM>Affordable
Housing. </EM></STRONG></FONT></SPAN><SPAN class=689441113-25042003><FONT
face=Arial>This will be a two-day course taught by Stephen
Nolan, Partner, Piper Rudnick. Mr. Nolan will address the business,
legal, and financial aspects of developing affordable
housing.</FONT></SPAN></FONT></FONT></SPAN></SPAN></FONT></SPAN></SPAN></FONT></SPAN></DIV></DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial size=2><SPAN
class=689441113-25042003></SPAN></FONT></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial size=2><SPAN
class=689441113-25042003></SPAN></FONT></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial size=2><SPAN
class=689441113-25042003></SPAN></FONT></SPAN> </DIV></SPAN></FONT></SPAN></DIV>
<DIV></SPAN></SPAN><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><STRONG><FONT
face=Arial>Reminders and Notices </FONT></STRONG></DIV></DIV>
<UL>
<LI><SPAN class=689441113-25042003><FONT face=Arial><STRONG>State of the
Center</STRONG>. If you did not receive a copy of David Geltner's
<EM>State of the Center</EM> report and would like one, contact Rosrin (<A
href="mailto:rosrin@mit.edu">rosrin@mit.edu</A>, 617-253-8311).</FONT></SPAN>
<LI><SPAN class=689441113-25042003><FONT face=Arial><STRONG>Class of 2003
Theses (</STRONG></FONT><A href="http://web.mit.edu/cre/thesis.html"><FONT
face=Arial>http://web.mit.edu/cre/thesis.html</FONT></A><FONT
face=Arial><STRONG>).</STRONG> Thesis titles are on-line and copies
of some of these theses are available on-line as well. Take a
look! </FONT></SPAN>
<LI><SPAN class=689441113-25042003></SPAN><FONT face=Arial><STRONG><SPAN
class=689441113-25042003>Updated </SPAN>Alumni Directory<SPAN
class=689441113-25042003> <EM><FONT color=#008000>Now
Available</FONT></EM></SPAN>.</STRONG> The Center <SPAN
class=689441113-25042003>has updated the Alumni</SPAN> Directory<SPAN
class=689441113-25042003>. To get an electronic copy
contact</SPAN> Stephanie Bright at </FONT><A
href="mailto:sbright@mit.edu"><FONT face=Arial>sbright@mit.edu</FONT></A><FONT
face=Arial> or 617-253-8308<SPAN class=689441113-25042003>.
</SPAN></FONT>
<LI><FONT face=Arial><STRONG><FONT color=#000000>Class of 200<SPAN
class=689441113-25042003>4</SPAN> Resume Book</FONT></STRONG> (</FONT><A
href="http://web.mit.edu/cre/resumehome.html"><FONT
face=Arial>http://web.mit.edu/cre/resumehome.html</FONT></A><FONT
face=Arial>). The <SPAN class=689441113-25042003> Class of 2004
resume book joins the </SPAN>Class of 2003 resume book on line. Take a
look<SPAN class=689441113-25042003>; you will be impressed</SPAN><SPAN
class=689441113-25042003>!</SPAN></FONT>
<LI><FONT face=Arial><STRONG>Job Listings (</STRONG></FONT><A
href="http://web.mit.edu/cre/jobhome.html"><FONT
face=Arial>http://web.mit.edu/cre/jobhome.html</FONT></A><FONT
face=Arial><STRONG>).</STRONG> Have a job <SPAN
class=689441113-25042003>you want to fill or seeking a new
opportunity</SPAN>? We have the right person<SPAN
class=689441113-25042003> and the right job</SPAN>!
Send your job listings<SPAN class=689441113-25042003> to <A
href="mailto:marionoc@mit.edu">marionoc@mit.edu</A></SPAN> and I will
post them<SPAN class=689441113-25042003>. </SPAN></FONT>
<LI><FONT face=Arial><STRONG>Alumni Projects (</STRONG></FONT><A
href="http://web.mit.edu/cre/alumni.html"><FONT
face=Arial>http://web.mit.edu/cre/alumni.html</FONT></A><FONT
face=Arial><STRONG>).</STRONG> Send <SPAN
class=689441113-25042003>me (<A
href="mailto:marionoc@mit.edu">marionoc@mit.edu</A>) n</SPAN>otices of your
projects, publications, promotions, and noteworthy events<SPAN
class=689441113-25042003> for posting on the MIT/CRE web
site</SPAN>. <SPAN class=689441113-25042003> </SPAN>
</FONT></LI></UL></SPAN></SPAN>
<DIV dir=ltr><SPAN class=689441113-25042003><FONT face=Arial>Best
regards,</FONT></SPAN></DIV>
<DIV dir=ltr><SPAN class=689441113-25042003><FONT
face=Arial></FONT></SPAN> </DIV>
<DIV dir=ltr><SPAN class=689441113-25042003><FONT
face=Arial></FONT></SPAN> </DIV>
<DIV dir=ltr><SPAN class=689441113-25042003><FONT size=2><BR><FONT face=Arial
size=3><EM><STRONG>Marion O. Cunningham<BR></STRONG></EM>Associate
Director<BR>MIT/Center for Real Estate<BR>77 Massachusetts
Avenue<BR>W31-310<BR>Cambridge, MA 02139-4307<BR>Phone: (617)
253-2680<BR>Fax: (617) 258-6991<BR></FONT><A
href="http://web.mit.edu/cre/" eudora="autourl"><FONT face=Arial
size=3>http://web.mit.edu/cre/</FONT></A><BR><BR><FONT face=Arial
size=3><I><STRONG>CRE: 20 Years of Building the
Future</STRONG></I></FONT></FONT></SPAN></DIV></SPAN></DIV></SPAN></DIV></SPAN></DIV></BODY></HTML>