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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 align=center><SPAN class=689441113-25042003><EM><STRONG><FONT
face=Arial>Elite o Visionary
o Relevant</FONT></STRONG></EM></SPAN></DIV>
<DIV align=center><SPAN class=689441113-25042003><STRONG><EM><FONT
face=Arial></FONT></EM></STRONG></SPAN> </DIV>
<DIV align=left><SPAN class=689441113-25042003><FONT
face=Arial></FONT></SPAN> </DIV>
<DIV align=left><SPAN class=689441113-25042003><FONT
face=Arial></FONT></SPAN></DIV>
<DIV align=left><SPAN class=689441113-25042003><STRONG><EM><FONT face=Arial
size=4>Greetings!</FONT></EM></STRONG></SPAN></DIV>
<DIV align=left><SPAN class=689441113-25042003><FONT
face=Arial></FONT></SPAN> </DIV>
<DIV align=left><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><FONT size=+0><SPAN
style="FONT-FAMILY: 'Times New Roman'"><FONT size=2><FONT size=2><FONT
face=Arial size=3><SPAN
class=204292914-19072004></SPAN></FONT></FONT></FONT></SPAN></FONT></SPAN></SPAN> </DIV>
<DIV align=left><SPAN class=689441113-25042003><FONT face=Arial>Included in
the November edition of the MIT/CRE Alumni/ae E-newsletter are the
following items:</FONT></SPAN></DIV>
<DIV align=left><SPAN class=689441113-25042003><FONT
face=Arial></FONT></SPAN> </DIV>
<UL>
<LI>
<DIV align=center><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN
class=689441113-25042003></SPAN></SPAN></SPAN><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><FONT face=Arial size=4><STRONG>CRE is FIREd up!
<FONT size=3>in New York &
D.C.</FONT></STRONG></FONT></SPAN></SPAN></SPAN></DIV>
<LI>
<DIV align=center><FONT face=Arial><STRONG><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><FONT size=4>CRE 20th Anniversary,</FONT> March
18 - 19, 2005</SPAN></SPAN></SPAN></STRONG></FONT></DIV>
<LI>
<DIV align=center><FONT face=Arial><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><STRONG><FONT
size=4>Update Your Contact Information for the 2005 <U>Alumni
Directory</U></FONT></STRONG> <BR>(<A
href="http://web.mit.edu/cre/alumni/alumupdate.html"><FONT face=Arial
color=#000000
size=2>http://web.mit.edu/cre/alumni/alumupdate.html</FONT></A>)</SPAN></SPAN></SPAN></FONT></DIV>
<LI>
<DIV align=center><FONT face=Arial><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><STRONG><FONT
size=4>CRE Research Initiatives "Turn the
Corner"</FONT></STRONG></SPAN></SPAN></SPAN></FONT></DIV></LI></UL>
<DIV align=center><FONT face=Arial><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN
class=689441113-25042003></SPAN></SPAN></SPAN></FONT><FONT face=Arial><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><STRONG><FONT size=4>New Century
Cities</FONT></STRONG>: <A
href="http://web.mit.edu/cre/research/newcenturycities.html">http://web.mit.edu/cre/research/newcenturycities.html</A><BR><STRONG><FONT
size=4>Affordable Housing Initiative</FONT></STRONG>: <A
href="http://web.mit.edu/cre/research/facprojects/MIT%20Affordability%20Agenda%201.2.pdf">http://web.mit.edu/cre/research/facprojects/MIT%20Affordability%20Agenda%201.2.pdf</A><BR><STRONG><FONT
size=4>Commercial Real Estate Data
Laboratory</FONT></STRONG></SPAN></SPAN></SPAN></FONT></DIV>
<UL><FONT face=Arial><SPAN class=689441113-25042003>
<LI>
<DIV align=center></SPAN></FONT><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><FONT
face=Arial><STRONG>Save the Dates -- FIRE events in Europe &
Asia</STRONG></FONT></SPAN></SPAN></SPAN></DIV></LI></SPAN></SPAN></SPAN></SPAN><SPAN
class=689441113-25042003><SPAN class=204292914-19072004></SPAN></SPAN>
<LI>
<DIV align=center><SPAN class=689441113-25042003><SPAN
class=689441113-25042003></SPAN></SPAN><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><FONT face=Arial><STRONG>Reminders and
Notices</STRONG> (<FONT size=2>Class of 2005 Resume Book, Job
Postings, and MITREX!</FONT>)</FONT></SPAN></DIV></LI></UL></SPAN><SPAN
class=689441113-25042003></SPAN><SPAN class=689441113-25042003>
<DIV align=left><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><FONT size=+0><SPAN
style="FONT-FAMILY: 'Times New Roman'"><FONT size=2><FONT size=2><FONT
face=Arial size=3><SPAN
class=204292914-19072004></SPAN></FONT></FONT></FONT></SPAN></FONT></SPAN></SPAN> </DIV></SPAN>
<DIV align=left><SPAN class=689441113-25042003><FONT face=Arial
size=4><STRONG></STRONG></FONT></SPAN> </DIV>
<DIV align=left><SPAN class=689441113-25042003><BR><BR></SPAN><SPAN
class=689441113-25042003><FONT size=4></DIV><SPAN class=689441113-25042003><FONT
size=3>
<DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><FONT
face=Arial size=4><SPAN class=689441113-25042003><STRONG>MIT/CRE is FIREd UP!
<BR></STRONG></SPAN></FONT><SPAN class=689441113-25042003><EM><FONT
face=Arial><FONT color=#0000ff>AACRE & CRE - New York City Forum on Issues
and Innovations in Real Estate (FIRE!)</FONT> -- Nov. 3,
2004</FONT></EM></SPAN></SPAN></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><EM><FONT face=Arial><SPAN
class=689441113-25042003><EM><FONT face=Arial><FONT color=#0000ff>CRE, Carr
Capital & Trammell Crow - Washington, D.C. Forum on
Issues and Innovations in Real Estate (FIRE!)</FONT> -- Nov. 8,
2004<BR></FONT></EM></SPAN></FONT><FONT face=Arial><BR><A
href="http://web.mit.edu/cre/events/pastevents.html">http://web.mit.edu/cre/events/pastevents.html</A></FONT></EM></SPAN></SPAN></DIV>
<DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><FONT
face=Arial size=2></FONT></SPAN></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><FONT
size=3><SPAN
style="FONT-SIZE: 10pt; COLOR: white; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p><FONT
color=#000000 size=3><STRONG> </STRONG></FONT></o:p></SPAN></DIV>
<DIV>
<P class=MsoNormal
style="MARGIN: 0in 0in 6pt; mso-layout-grid-align: none; mso-pagination: none"><SPAN
style="FONT-SIZE: 10pt; COLOR: white; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><FONT
color=#000000 size=3><SPAN class=689441113-25042003>On November 3rd, Center for
Real Estate Chairman Tony Ciochetti moderated a panel organized by CRE alums
Rachel Matthai and Tamara Larsen and DUSPer Larisa Ortiz and Aaron
Koffman. Held in New York City as a part of the Urban Land Institute's
annual meeting, the panel discussion and reception were developed as part of the
Center's new Forums on Issues and Innovations in Real Estate (FIRE)
series. Over 200 MIT alums, ULI members, and students attended the
presentation that featured leading planners and architects addressing the City's
plans to redevelop the area bound by the Hudson River, Eighth Avenue, 42nd
Street, and 28th Street. The panelists were Meta Brunzema (Meta
Brunzema Architects), Seth Pinsky (NYC Economic Development Corporation),
Vishaan Chakravarti (NYC Dept. of City Planning), and Robert Yaro (Regional
Plan Association). The event was a tremendous success.
</SPAN></FONT></SPAN></P>
<P class=MsoNormal
style="MARGIN: 0in 0in 6pt; mso-layout-grid-align: none; mso-pagination: none"><SPAN
style="FONT-SIZE: 10pt; COLOR: white; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><FONT><SPAN
class=689441113-25042003><FONT color=#000000
size=3></FONT></SPAN></FONT></SPAN> </P>
<P class=MsoNormal
style="MARGIN: 0in 0in 6pt; mso-layout-grid-align: none; mso-pagination: none"><SPAN
style="FONT-SIZE: 10pt; COLOR: white; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><FONT><SPAN
class=689441113-25042003><FONT color=#000000 size=3>On the heels of the success
of the alumni/ae inspired program in New York City, Chairman Ciochetti traveled
to Washington, D.C. where he moderated a panel discussion that looked at
"<EM>The Disconnect Between Space and Capital Markets in Washington, D.C. --
Real or Imagined?</EM>" Held at Carr Capital's Willard Intercontinental
Hotel and sponsored by Trammell Crow and Carr Capital, this panel featured James
Walsh (J. P. Morgan), David Webb (Cushman and Wakefield), Jeff Sherman (Trammell
Crow), Michael Zammitti (Cornerstone), and William Wheaton
(Torto-Wheaton). Over 50 alums, prospective students, and industry
professionals attended this intimate industry function. For those of you
interested in the trajectory of the D.C. market, Prof. Wheaton's Power Point
presentation is on line (<A
href="http://web.mit.edu/cre/events/events/pdf/wdc3.pdf">http://web.mit.edu/cre/events/events/pdf/wdc3.pdf</A>).</FONT></SPAN></FONT></SPAN></FONT></SPAN></SPAN></SPAN></P></DIV></DIV>
<DIV><SPAN class=689441113-25042003><FONT
face=Arial></FONT></SPAN> </DIV></FONT></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial
size=3></FONT></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial><STRONG>20th Anniversary
Celebration -- Save the Date!</STRONG></FONT></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004><FONT
face=Arial>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><FONT
face=Arial size=3><SPAN class=689441113-25042003>MIT/CRE 20th Anniversary --
March 18 - 19, 2005<BR></SPAN></FONT></SPAN></SPAN></DIV><SPAN
class=689441113-25042003>
<DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><FONT
face=Arial size=2></FONT></SPAN></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><FONT
size=3><SPAN
style="FONT-SIZE: 10pt; COLOR: white; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p><FONT
color=#000000 size=3><STRONG> </STRONG></FONT></o:p></SPAN></DIV>
<DIV>
<P class=MsoNormal
style="MARGIN: 0in 0in 6pt; mso-layout-grid-align: none; mso-pagination: none"><SPAN
style="FONT-SIZE: 10pt; COLOR: white; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><FONT
color=#000000 size=3><SPAN class=689441113-25042003>The Center's 20th
Anniversary is scheduled for March 18th and 19th of 2005. The wheels have
been in motion for some time and we wanted to give you a peak into the
future. The alumni/ae are organizing the gala scheduled for the evening of
March 19, 2005 and if you remember the 15th anniversary, you know that the
graduates of the Center for Real Estate know how to throw a party! If you
would like to be involved in the planning, contact Toby Kramer at <A
href="mailto:toby.kramer@verizon.net">toby.kramer@verizon.net</A>.
Otherwise, stay tuned for details and whatever you do, <STRONG><EM><FONT
color=#0000ff>save the
date</FONT></EM></STRONG>!</SPAN></FONT></SPAN></P></DIV></FONT></SPAN></SPAN></DIV></SPAN></FONT></SPAN></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004><STRONG><FONT
face=Arial></FONT></STRONG></SPAN></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004><STRONG><FONT
face=Arial></FONT></STRONG></SPAN></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004><STRONG><FONT
face=Arial></FONT></STRONG></SPAN></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004>
<DIV><SPAN class=689441113-25042003><FONT face=Arial><STRONG>The 2005 <U>Alumni
Directory</U> is Coming Soon -- Make Sure Your Information is
Up-to-Date!</STRONG></FONT></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004><FONT
face=Arial>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><FONT
face=Arial><SPAN class=689441113-25042003><A
href="http://web.mit.edu/cre/alumni/alumupdate.html"><FONT face=Arial
color=#000000
size=3>http://web.mit.edu/cre/alumni/alumupdate.html</FONT></A></SPAN></FONT></SPAN></SPAN></DIV><SPAN
class=689441113-25042003>
<DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><FONT
face=Arial size=2></FONT></SPAN></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><FONT
size=3><SPAN
style="FONT-SIZE: 10pt; COLOR: white; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p><FONT
color=#000000 size=3><STRONG> </STRONG></FONT></o:p></SPAN></DIV>
<DIV>
<P class=MsoNormal
style="MARGIN: 0in 0in 6pt; mso-layout-grid-align: none; mso-pagination: none"><SPAN
style="FONT-SIZE: 10pt; COLOR: white; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><FONT
color=#000000 size=3><SPAN class=689441113-25042003>The Center will be updating
the <U>Alumni Directory</U> in the next couple of weeks. Make sure your
contact information is accurate and up-to-date. To update your
information, go to the following URL: <A
href="http://web.mit.edu/cre/alumni/alumupdate.html"><FONT face=Arial
color=#000000
size=2>http://web.mit.edu/cre/alumni/alumupdate.html</FONT></A>.</SPAN></FONT></SPAN></P>
<P class=MsoNormal
style="MARGIN: 0in 0in 6pt; mso-layout-grid-align: none; mso-pagination: none"><SPAN
style="FONT-SIZE: 10pt; COLOR: white; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><FONT
color=#000000 size=2><SPAN
class=689441113-25042003></SPAN></FONT></SPAN> </P>
<P class=MsoNormal
style="MARGIN: 0in 0in 6pt; mso-layout-grid-align: none; mso-pagination: none"><SPAN
style="FONT-SIZE: 10pt; COLOR: white; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><FONT
color=#000000 size=3><SPAN
class=689441113-25042003></SPAN></FONT></SPAN></FONT></SPAN></SPAN></SPAN></FONT></SPAN></SPAN></SPAN></SPAN><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><STRONG><FONT
face=Arial></FONT></STRONG></SPAN></SPAN> </P></DIV></DIV></DIV></DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004>
<DIV><SPAN class=689441113-25042003><STRONG><FONT face=Arial>Center for Real
Estate Research Initiatives</FONT></STRONG></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><FONT
size=3><SPAN class=689441113-25042003><A
href="http://web.mit.edu/cre/research/facprojects.html"><FONT
face=Arial>http://web.mit.edu/cre/research/facprojects.html</FONT></A><BR></SPAN></FONT></SPAN></SPAN></DIV><SPAN
class=689441113-25042003>
<DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><FONT
face=Arial size=2></FONT></SPAN></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><FONT
size=3><SPAN
style="FONT-SIZE: 10pt; COLOR: white; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p><FONT
color=#000000 size=3><STRONG> </STRONG></FONT></o:p></SPAN></DIV>
<DIV>
<P class=MsoNormal
style="MARGIN: 0in 0in 6pt; mso-layout-grid-align: none; mso-pagination: none"><SPAN
style="FONT-SIZE: 10pt; COLOR: white; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><FONT
color=#000000><SPAN class=689441113-25042003><FONT size=3><SPAN
style="FONT-SIZE: 12pt; FONT-FAMILY: Times; mso-bidi-font-family: 'Times New Roman'; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: Times; mso-ansi-language: EN-US; mso-fareast-language: KO; mso-bidi-language: AR-SA"><FONT
face=Arial>In the April 2004 e-newsletter, I outlined the Center's research
direction. In the seven months since, our research agenda has
blossomed! The projects we are pursuing cover a range of disciplines and
areas of application within real estate, and they all offer synergy between the
real world of practice and MIT's faculty and research capabilities.
These projects are highly relevant to policy makers, planners, investors,
developers, advisors, asset managers, architects, and researchers, among
others:</FONT></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt"><o:p><FONT
size=3> </FONT></o:p></P>
<UL style="MARGIN-TOP: 0in" type=disc>
<LI class=MsoNormal
style="MARGIN: 0in 0in 0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in"><FONT
size=3>The <I style="mso-bidi-font-style: normal"><U>New Century
Cities</U></I> project is a joint effort of the Center, the City Design &
Development group in the DUSP, and the MIT Media Lab.<SPAN
style="mso-spacerun: yes"> </SPAN>Led by Dennis Frenchman and Michael
Joroff, the NCC Project seeks to bring MIT students and faculty together with
global thought leaders in three fields of endeavor: Advanced media and
information technology, cutting-edge urban planning and design, and pioneering
real estate development.<SPAN style="mso-spacerun: yes"> </SPAN>These
three groups are interacting to create a new type of urban fabric that
integrates technology and new social and work patterns into the city.<SPAN
style="mso-spacerun: yes"> </SPAN>Our initiative focuses on several
large-scale mixed-use development projects around the world that are examples
of this type of “new century city”.<SPAN style="mso-spacerun: yes">
</SPAN>The first phase of the program includes a faculty-student seminar this
fall, as well as an international conference and working session in January
2005 that will bring to MIT a small group of global thought leaders from each
of these three communities.<SPAN style="mso-spacerun: yes"> </SPAN>MIT
members and students will be invited to this conference. (</FONT><A
href="http://web.mit.edu/cre/research/newcenturycities.html"><FONT
size=3>http://web.mit.edu/cre/research/newcenturycities.html</FONT></A><FONT
size=3>)</FONT></LI></UL>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt 0.25in"><SPAN
style="mso-spacerun: yes"><FONT size=3></FONT></SPAN> </P>
<UL style="MARGIN-TOP: 0in" type=disc>
<LI class=MsoNormal
style="MARGIN: 0in 0in 0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in"><FONT
size=3>The <I style="mso-bidi-font-style: normal"><U>Housing Affordability
Initiative</U></I> identifies ways in which MIT can make a unique,
policy-relevant contribution to the challenge of the high cost of housing in
eastern <st1:place w:st="on"><st1:State
w:st="on">Massachusetts</st1:State></st1:place>, and by extension, to other
areas of the country with high housing costs.<SPAN
style="mso-spacerun: yes"> </SPAN>This project is being managed by Henry
Pollakowski under the direction of a steering committee that includes
Professor Langley Keyes of the DUSP, Tod McGrath, Lecturer with the Center for
Real Estate, and Class of 2002 alumnus Mark Baranski.<SPAN
style="mso-spacerun: yes"> </SPAN>We are working with such agencies as
the Federal Home Loan Bank Board and the Massachusetts Housing Finance Agency
to conduct quantitative studies that may help to cut through the Gordian Knot
of the problem of increasing the housing supply in <st1:place
w:st="on"><st1:State w:st="on">Massachusetts</st1:State></st1:place>.<SPAN
style="mso-spacerun: yes"> </SPAN>Initial projects include studies of
the effect of high-density mixed-income housing development on price
appreciation in surrounding single-family homes, and the development of a
multi-dimensional, micro-level <I style="mso-bidi-font-style: normal">housing
affordability index</I> that could help policy makers allocate funds and
marshal political support for new housing development at the local
level. (</FONT><A
href="http://web.mit.edu/cre/research/facprojects/MIT%20Affordability%20Agenda%201.2.pdf"><FONT
size=3>http://web.mit.edu/cre/research/facprojects/MIT%20Affordability%20Agenda%201.2.pdf</FONT></A></LI></UL>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt"><o:p><FONT
size=3> </FONT></o:p></P>
<UL style="MARGIN-TOP: 0in" type=disc>
<LI class=MsoNormal
style="MARGIN: 0in 0in 0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in"><FONT
size=3>The <I style="mso-bidi-font-style: normal"><U>Commercial Real Estate
Data Laboratory – CREDL</U></I> provides a “space” (both virtual and real) for
the nurturing of databanks and quantitative tools for the <I
style="mso-bidi-font-style: normal">measurement of commercial real estate
performance</I>.<SPAN style="mso-spacerun: yes"> </SPAN>The idea is to
encompass several dimensions of commercial property performance, including
investment performance, management or operational performance, and
environmental or social performance.<SPAN style="mso-spacerun: yes">
</SPAN>For example, one of our alumni, Oliver Carr, suggested an office
building lease renewal databank that could increase the industry’s
understanding of lease renewal performance.<SPAN
style="mso-spacerun: yes"> </SPAN>An initial MS thesis was done in this
area this past summer by Rebecca Asser of the Class of 2004, using data
contributed by Walter Page, research head of Equity Office Properties, one of
the Center’s new members.<SPAN style="mso-spacerun: yes"> </SPAN>A major
initial project of the CREDL is the development, in cooperation with NCREIF,
of an “MIT Index” of commercial property investment performance, similar to
the NCREIF Index, but using advanced econometric techniques to base the index
on transaction prices instead of appraised values.<SPAN
style="mso-spacerun: yes"> </SPAN>This MIT Index should be more
up-to-date and precise than the NCREIF Index in some ways, and it also allows
separate tracking of movements on the demand side and the supply side of the
institutional real estate investment marketplace.<SPAN
style="mso-spacerun: yes"> </SPAN>The intent is for the CRE to regularly
produce and publish this index for the benefit of the
industry. <o:p> </o:p></FONT></LI></UL>
<P class=MsoNormal
style="MARGIN: 0in 0in 6pt; mso-layout-grid-align: none; mso-pagination: none"><SPAN
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face=Arial>We are making good progress in all three of these research
initiatives. By the end of the academic year we will have an impressive track
record that we can point to, something that will be of practical interest to a
number of real estate firms in various branches of industry and government.
</FONT></SPAN></SPAN></FONT></SPAN></P>
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style="MARGIN: 0in 0in 6pt; mso-layout-grid-align: none; mso-pagination: none"><SPAN
style="FONT-SIZE: 10pt; COLOR: white; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><FONT
face=Arial color=#000000 size=2><SPAN
class=689441113-25042003></SPAN></FONT></SPAN> </P></DIV></FONT></SPAN></SPAN></DIV></SPAN></SPAN></SPAN></DIV></SPAN></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004><STRONG><FONT
face=Arial></FONT></STRONG></SPAN></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004><STRONG><FONT
face=Arial>SAVE THE DATES!</FONT></STRONG></SPAN></SPAN></DIV>
<DIV><FONT face=Arial><SPAN class=689441113-25042003><SPAN
class=204292914-19072004></SPAN></SPAN><SPAN class=689441113-25042003><SPAN
class=204292914-19072004><FONT size=2></FONT></SPAN></SPAN></FONT> </DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004><FONT size=3>
<DIV><SPAN class=689441113-25042003><SPAN
class=204292914-19072004></SPAN></SPAN></FONT></SPAN></SPAN><SPAN
class=689441113-25042003><SPAN class=204292914-19072004></SPAN></SPAN><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><FONT face=Arial
size=3></FONT></SPAN></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004><FONT
size=3><FONT face=Arial><SPAN class=689441113-25042003><SPAN
class=204292914-19072004><STRONG>CRE FIRE -- San
Francisco</STRONG></SPAN></SPAN><SPAN class=689441113-25042003><SPAN
class=204292914-19072004><FONT size=3><EM>.</EM> Co-sponsored with member
firm, AMB Property Corporation, we look forward to a San Francisco forum on the
impact of technology on the demand for commercial real estate. Keep an eye
on the Center's web site for further
details!</FONT></SPAN></SPAN></FONT></FONT></SPAN></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004><FONT
size=3><FONT face=Arial><SPAN class=689441113-25042003><SPAN
class=204292914-19072004></SPAN></SPAN></FONT></FONT></SPAN></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004><FONT
size=3><FONT face=Arial><SPAN class=689441113-25042003><SPAN
class=204292914-19072004><SPAN class=689441113-25042003><SPAN
class=204292914-19072004><FONT size=3><FONT face=Arial><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><STRONG>CRE
FIRE -- Asia and Germany</STRONG></SPAN></SPAN><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><FONT
size=3><EM>.</EM> Also stay tuned to the e-newsletters and web site for
information about 2005 programs in Germany and Asia. We are very excited
about these international engagements and will update you as the details are
confirmed.</FONT></SPAN></SPAN></FONT></FONT></SPAN></SPAN></SPAN></SPAN></FONT></FONT></SPAN></SPAN></DIV></DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004><FONT
face=Arial size=3></FONT></SPAN></SPAN> </DIV>
<DIV><FONT face=Arial><SPAN class=689441113-25042003><SPAN
class=204292914-19072004><STRONG><FONT size=3>March 18 - 19, 2005 --
MIT/CRE'S 20TH ANNIVERSARY BASH. </FONT></STRONG></SPAN></SPAN><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><FONT size=3>In March,
the Center for Real Estate will be celebrating its 20th Anniversary.
Included in the festivities will be a NewVisions Gala for both alumni and
members and a conference spotlighting the Center's role as a thought leader in
the real estate industry. Mark your calendars! Our 20th Anniversary
promises to be a landmark and celebratory
event!</FONT></SPAN></SPAN></FONT></DIV>
<DIV><FONT face=Arial size=3><SPAN class=689441113-25042003><SPAN
class=204292914-19072004></SPAN></SPAN></FONT> </DIV>
<DIV><FONT face=Arial size=3><SPAN class=689441113-25042003><SPAN
class=204292914-19072004><SPAN class=689441113-25042003><SPAN
class=204292914-19072004><FONT size=3><STRONG>May 2005 -- MIT/CRE'S Housing
Affordability Conference</STRONG>.<STRONG> </STRONG>In May of 2005,
the Center for Real Estate is sponsoring a conference on housing affordability
in the Boston metropolitan area. The conference will spotlight the
findings of work currently underway by Professor Lynn Fisher and Research
Associate Henry Pollakowski. The Housing Affordability Initiative is being
supported by the major housing organizations in the Boston area and the
conference promises to be highly
informative.</FONT></SPAN></SPAN></SPAN></SPAN></FONT></DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004><FONT
face=Arial size=3></FONT></SPAN></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial
size=3></FONT></SPAN> </DIV><SPAN class=689441113-25042003>
<DIV><SPAN class=689441113-25042003><FONT size=3><FONT size=2><FONT face=Arial
size=4><SPAN
class=204292914-19072004><STRONG></STRONG></SPAN></FONT></FONT></FONT></SPAN></SPAN></FONT></SPAN><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><FONT size=2><SPAN
class=689441113-25042003></SPAN></FONT></SPAN> </DIV>
<DIV>
<DIV>
<DIV>
<DIV>
<DIV dir=ltr></SPAN></SPAN>
<DIV></SPAN></SPAN><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><FONT
face=Arial><U><STRONG>Reminders and Notices</STRONG></U> </FONT></DIV></DIV>
<UL>
<LI><SPAN class=689441113-25042003><!--StartFragment --><STRONG><FONT
face=Arial size=2>Support the Center for Real Estate (</FONT></STRONG><A
title=http://web.mit.edu/giving/priorities/schools/architecture/cre.html
href="http://web.mit.edu/giving/priorities/schools/architecture/cre.html"><FONT
title=http://web.mit.edu/giving/priorities/schools/architecture/cre.html
face=Arial color=#000000
size=2>http://web.mit.edu/giving/priorities/schools/architecture/cre.html</FONT></A><FONT
face=Arial><FONT size=2><STRONG>). </STRONG> The need for funding
to support the "new vision" of the Center is ongoing. Please
continue your support!</FONT></FONT></SPAN>
<LI><SPAN class=689441113-25042003></SPAN><SPAN class=689441113-25042003><FONT
face=Arial><FONT size=2><STRONG>Update Your </STRONG><STRONG>Alumni Contact
Information (</STRONG></FONT></FONT><A
href="http://web.mit.edu/cre/alumni/alumupdate.html"><FONT face=Arial
color=#000000
size=2>http://web.mit.edu/cre/alumni/alumupdate.html</FONT></A><FONT
face=Arial><FONT size=2><STRONG>).</STRONG> We want to stay in touch and
keep you informed. To help us do so, please use this URL to update your
contact information. </FONT></FONT></SPAN>
<LI><SPAN class=689441113-25042003></SPAN><SPAN
class=689441113-25042003><STRONG><FONT face=Arial size=2>Alumni Network
Services and <U>Alumni </U></FONT></STRONG><A
href="http://alum.mit.edu/"><STRONG><FONT face=Arial color=#000000
size=2>Directory</FONT></STRONG></A><STRONG><FONT face=Arial
size=2> (</FONT></STRONG><A href="http://alum.mit.edu/index.html"><FONT
face=Arial color=#000000
size=2>http://alum.mit.edu/index.html</FONT></A><STRONG><FONT face=Arial
size=2>).</FONT></STRONG></SPAN><FONT face=Arial size=2> <SPAN
class=689441113-25042003><STRONG> </STRONG>Visit the MIT Alumni Association's
web site to find addresses and contact information for classmates. To
request an electronic copy of the CRE <U>Alumni Directory</U>, e-mail Marion
Cunningham at <A href="mailto:marionoc@mit.edu"><FONT
color=#000000>marionoc@mit.edu</FONT></A>.</SPAN> </FONT>
<LI><SPAN class=689441113-25042003><STRONG><FONT face=Arial size=2>Join the
Alumni Association of the CRE, AACRE(</FONT></STRONG><A
href="https://alum.mit.edu/smarTrans/user/PayDues.dyn?groupID=189"><FONT
face=Arial color=#000000
size=2>https://alum.mit.edu/smarTrans/user/PayDues.dyn?</FONT></A><FONT
face=Arial><FONT size=2><STRONG>)</STRONG>. Thanks to joining the larger MIT
Alumni Association, CRE Alumni can pay their dues on line.
L</FONT></FONT><FONT size=2><FONT face=Arial>og in using your Infinite
Connection login. Select the dues type you'd like to pay from the
simple, secure, one-page form. Enter your billing and credit card information,
and your dues are paid for this fiscal year (7/1 to 6/30).<SPAN
style="mso-spacerun: yes"> </SPAN>If you would prefer to complete your
membership by mail, go to the CRE alumni web site (<A
href="http://web.mit.edu/cre/alumni/index.html) and download the membership formclick">http://web.mit.edu/cre/alumni/index.html)
and download the membership form</A></FONT><FONT face="Times New Roman">.<SPAN
style="mso-spacerun: yes"> </SPAN></FONT></FONT></SPAN><FONT size=2>
</FONT>
<LI><SPAN class=689441113-25042003></SPAN><SPAN
class=689441113-25042003><STRONG><FONT face=Arial size=2>MIT Real Estate
Exchange, MITREX (</FONT></STRONG><A
href="http://cre-mitrex.mit.edu/index.html"><FONT face=Arial color=#000000
size=2>http://cre-mitrex.mit.edu/index.html</FONT></A><FONT face=Arial><FONT
size=2><STRONG>). MITREX</STRONG> identifies documents and other MITREX
members with similar profiles. A searchable database, MITREX
can also be used to find documents of
specific interest.</FONT></FONT></SPAN><FONT face=Arial><FONT
size=2> <SPAN class=689441113-25042003>This promises to be an invaluable
tool for the real estate industry. Keep an eye out for new
information. New data is added regularly!</SPAN></FONT></FONT>
<LI><FONT face=Arial><FONT size=2><STRONG><SPAN
class=689441113-25042003>MIT/CRE </SPAN>Resume Book</STRONG>
(</FONT></FONT><A href="http://web.mit.edu/cre/resumehome.html"><FONT
face=Arial color=#000000
size=2>http://web.mit.edu/cre/resumehome.html</FONT></A><FONT face=Arial
size=2>). <SPAN class=689441113-25042003>T</SPAN>he <SPAN
class=689441113-25042003>Class of 2005 resume book has joined the
</SPAN>Class of 200<SPAN class=689441113-25042003>4</SPAN> resume book on
line. <SPAN class=689441113-25042003>Our students and graduates are
impressive</SPAN><SPAN class=689441113-25042003>!</SPAN> </FONT>
<LI><STRONG><FONT face=Arial><FONT size=2><SPAN
class=689441113-25042003><EM>Note New URL!! </EM></SPAN>Job Listings
(</FONT></FONT></STRONG><A href="http://web.mit.edu/cre/jobs/index.html"><FONT
face=Arial color=#000000 size=2>http://web.mit.edu/cre/job<SPAN
class=689441113-25042003>s/index</SPAN>.html</FONT></A><FONT face=Arial><FONT
size=2><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"><FONT
color=#000000>marionoc@mit.edu</FONT></A></SPAN> and <SPAN
class=689441113-25042003>they</SPAN> will<SPAN class=689441113-25042003>
be</SPAN> post<SPAN class=689441113-25042003>ed</SPAN><SPAN
class=689441113-25042003>. </SPAN></FONT></FONT>
<LI><STRONG><FONT face=Arial size=2>Alumni Projects (</FONT></STRONG><A
href="http://web.mit.edu/cre/alumni/index.html"><FONT face=Arial color=#000000
size=2>http://web.mit.edu/cre/alumni<SPAN
class=689441113-25042003>/index</SPAN>.html</FONT></A><SPAN
class=689441113-25042003></SPAN><FONT face=Arial><FONT
size=2><STRONG> </STRONG><SPAN
class=689441113-25042003><STRONG>and</STRONG> <A
href="http://web.mit.edu/cre/alumni/alumprojects.html and http://web.mit.edu/cre/alumni/index.html"
eudora="autourl"><FONT
color=#000000>http://web.mit.edu/cre/alumni/alumprojects.html </FONT></A></SPAN><STRONG>).</STRONG>
Send <SPAN class=689441113-25042003>me (<A
href="mailto:marionoc@mit.edu"><FONT
color=#000000>marionoc@mit.edu</FONT></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></FONT></LI></UL></SPAN></SPAN>
<DIV dir=ltr><SPAN class=689441113-25042003><FONT
face=Arial></FONT></SPAN> </DIV>
<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><SPAN class=689441113-25042003><FONT
size=2></FONT></SPAN></SPAN></DIV><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><FONT size=2></FONT></SPAN></SPAN></DIV><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><FONT
size=2></FONT></SPAN></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><FONT
face=Arial size=2></FONT></SPAN></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><FONT size=2>
<DIV dir=ltr><FONT face=Arial></FONT><FONT face=Arial></FONT><BR><FONT
size=3><FONT face=Arial><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></FONT><A href="http://web.mit.edu/cre/"
eudora="autourl"><FONT face=Arial color=#000000
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></SPAN></SPAN></DIV></DIV>
<DIV><FONT face=Arial></FONT> </DIV>
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