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<DIV><FONT face=Arial size=4><IMG alt="MITCenter for Real Estate" hspace=0
src="cid:689441113@25042003-14ee" align=baseline border=0></FONT></DIV>
<DIV><FONT face=Arial size=4></FONT> </DIV>
<DIV align=center><SPAN class=689441113-25042003><EM><STRONG><FONT face=Arial
size=4>Elite o Visionary
o Relevant</FONT></STRONG></EM></SPAN></DIV>
<DIV align=center><SPAN class=689441113-25042003><STRONG><EM><FONT face=Arial
size=4></FONT></EM></STRONG></SPAN> </DIV>
<DIV align=left><SPAN class=689441113-25042003><FONT face=Arial
size=4></FONT></SPAN> </DIV>
<DIV align=left><SPAN class=689441113-25042003><FONT face=Arial
size=4></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
size=4></FONT></SPAN> </DIV>
<DIV align=left><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN style="FONT-FAMILY: 'Times New Roman'"><FONT
face=Arial size=4><SPAN
class=204292914-19072004></SPAN></FONT></SPAN></SPAN></SPAN> </DIV>
<DIV align=left><SPAN class=689441113-25042003><FONT face=Arial size=4>Included
in this 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
size=4></FONT></SPAN> </DIV>
<UL>
<LI>
<DIV align=center><SPAN><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><FONT size=4><FONT face=Arial><STRONG>MIT/CRE 20th
Anniversary a Success, </STRONG><FONT color=#0000ff><EM>The following
</EM></FONT></FONT></FONT></SPAN></SPAN><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><FONT size=4><FONT color=#0000ff><FONT
face=Arial><EM>Power Points have been added to <BR>MITREX (</EM><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><FONT size=3><SPAN
class=689441113-25042003><A
href="http://cre-mitrex.mit.edu/index.html">http://cre-mitrex.mit.edu/index.html</A><EM><FONT
size=4>)</FONT></EM></SPAN></FONT></SPAN></SPAN></SPAN></SPAN></FONT></FONT></FONT></SPAN></SPAN></SPAN></DIV>
<LI>
<DIV align=center><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><EM><FONT face=Arial
color=#0000ff>User Break Out Notes</FONT></EM></SPAN></SPAN></SPAN></DIV>
<LI>
<DIV align=center><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><EM><FONT face=Arial
color=#0000ff>Financing Break
Out Notes</FONT></EM></SPAN></SPAN></SPAN></DIV>
<LI>
<DIV align=center><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><EM><FONT face=Arial
color=#0000ff>Torto / Wheaton Power
Point</FONT></EM></SPAN></SPAN></SPAN></DIV>
<LI>
<DIV align=center><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><EM><FONT face=Arial
color=#0000ff>New Songdo City
Presentation</FONT></EM></SPAN></SPAN></SPAN></DIV>
<LI>
<DIV align=center><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><EM><FONT face=Arial
color=#0000ff>University Park
Presentation</FONT></EM></SPAN></SPAN></SPAN></DIV>
<LI>
<DIV align=center><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><EM><FONT face=Arial
color=#0000ff>Bill Mitchell
Presentation</FONT></EM></SPAN></SPAN></SPAN></DIV>
<LI>
<DIV align=center><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><EM><FONT face=Arial
color=#0000ff>The Digital Challenge
Presentation</FONT></EM></SPAN></SPAN></SPAN></DIV>
<LI>
<DIV align=center><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><EM><FONT face=Arial
color=#0000ff>Emerging Trends in Project Development
Presentation</FONT></EM></SPAN></SPAN></SPAN></DIV>
<LI>
<DIV align=center><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><EM><FONT face=Arial
color=#0000ff>Leadership in Real Estate
Presentation</FONT></EM></SPAN></SPAN></SPAN></DIV>
<LI>
<DIV align=center><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><EM><FONT face=Arial
color=#0000ff>New Technologies that Will Change Real Estate
Presentation</FONT></EM></SPAN></SPAN></SPAN></DIV>
<LI>
<DIV align=center><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><EM><FONT face=Arial
color=#0000ff>Gala Power Point of Alumni & Alumni
Projects</FONT></EM></SPAN></SPAN></SPAN></DIV></LI></UL>
<DIV align=center><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><FONT face=Arial
size=4><STRONG></STRONG></FONT></SPAN></SPAN></SPAN> </DIV>
<UL>
<LI>
<DIV align=center><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><FONT size=4><FONT
face=Arial><STRONG>Privately vs Publicly Held Investment Performance,
</STRONG><U>Real Estate Economics</U><STRONG><EM>
article</EM></STRONG></FONT></FONT></SPAN></SPAN></SPAN></DIV>
<LI>
<DIV align=center><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><STRONG><FONT
face=Arial size=4>Quoting Taka -- MIT/CRE Alum in the
News<BR></FONT></STRONG></SPAN></SPAN></SPAN></DIV>
<LI>
<DIV align=center><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><STRONG><FONT
face=Arial>MIT/CRE Research -- NCC,
Thesis</FONT></STRONG></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></DIV></LI>
<LI>
<DIV align=center><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 (</STRONG>New York
Trip!<STRONG>)</STRONG></FONT></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></DIV>
<LI>
<DIV align=center><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></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN><SPAN
class=689441113-25042003><SPAN class=204292914-19072004></SPAN></SPAN><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> (<U>Alumni Directory</U>,
MITREX, Class of 2005 Resume Book, and Job Postings!<BR>(links also in
MITREX)</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><SPAN style="FONT-FAMILY: 'Times New Roman'"><FONT
face=Arial size=4><SPAN
class=204292914-19072004></SPAN></FONT></SPAN></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><FONT face=Arial><FONT
size=2></FONT><FONT size=2></FONT><FONT size=2></FONT><FONT size=2></FONT><FONT
size=2></FONT><FONT size=2></FONT><FONT size=2></FONT><FONT size=2></FONT><FONT
size=2></FONT><FONT size=2></FONT><FONT size=2></FONT><FONT size=2></FONT><FONT
size=2></FONT><FONT size=2></FONT><FONT size=2></FONT><BR><BR><FONT
size=4></FONT></FONT></SPAN><SPAN class=689441113-25042003></DIV><SPAN
class=689441113-25042003>
<DIV></SPAN><SPAN class=689441113-25042003><FONT size=4><STRONG><FONT
face=Arial>New Visions: The 20th Anniversary Celebration </FONT><EM><FONT
color=#0000ff><BR></FONT></EM></STRONG></FONT></SPAN><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><FONT face=Arial color=#0000ff
size=4><EM><STRONG>MIT/CRE 20th Anniversary -- March 18 - 20,
2005<BR></STRONG></EM></FONT><A
href="http://web.mit.edu/cre/events/events/20thanniversary.html"><FONT
face=Arial
size=4>http://web.mit.edu/cre/events/events/20thanniversary.html</FONT></A><FONT
size=2><BR><SPAN class=689441113-25042003><SPAN class=204292914-19072004><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><FONT face=Arial
size=4><SPAN class=689441113-25042003><A
href="http://cre-mitrex.mit.edu/index.html">http://cre-mitrex.mit.edu/index.html</A></SPAN></FONT></SPAN></SPAN></SPAN></SPAN></FONT><BR></SPAN></SPAN></SPAN></DIV>
<DIV><SPAN class=689441113-25042003>
<DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><FONT
face=Arial size=4></FONT></SPAN></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><SPAN
style="FONT-SIZE: 10pt; COLOR: white; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p><FONT
color=#000000
size=4><STRONG> </STRONG></FONT></o:p></SPAN></SPAN></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><SPAN
style="FONT-SIZE: 10pt; COLOR: white; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p></o:p></SPAN></SPAN></SPAN><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><SPAN
style="FONT-SIZE: 10pt; COLOR: white; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p><FONT
color=#000000 size=3>The Center for Real Estate's 20th Anniversary
was memorable, informative, and fun. Back to the Future
was a great success with alums from the classes of 1985 through 2004 connecting
and re-connecting. Following luncheon words of wisdom by Larry Bacow,
Dennis Frenchman and Gloria Schuck started out the education portion of the
afternoon by talking about, respectively, technologies that will change real
estate and leadership. Both Dennis and Gloria's
presentations are posted on MITREX. Following Dennis and Gloria
were Tod McGrath discussing fair returns on development and Jim Becker
and Chris Gordon on the impact of technology on the building
industry. Jim and Chris's presentations are also posted on MITREX,
and Tod promises to post his presentation personally. Ray Torto and
Bill Wheaton (who was a real trooper, presenting despite pneumonia and a cracked
rib!) outlined the 10 questions facing the real estate industry. The first
thing you will probably notice about their presentation is that they could
not agree on the 10 questions, so 11 are listed. Click and Clack (Ray
Torto and Bill Wheaton) and Building for Tomorrow's Developments
Today were video taped so keep an eye out for the video as
well.</FONT></o:p></SPAN></SPAN></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><SPAN
style="FONT-SIZE: 10pt; COLOR: white; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p><FONT
color=#000000></FONT></o:p></SPAN></SPAN></SPAN><FONT
face=Arial> </FONT></DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><SPAN
style="FONT-SIZE: 10pt; COLOR: white; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p><FONT
color=#000000 size=3>On Saturday, attention turned to Vision
Driven Cities. We looked at large scale, mixed-use developments in
the United Kingdom (Canary Wharf), Korea (New Songdo City), and in the United
States (University Park). Each project represented a point in time and a
different vision and catalyst for development. Following these case studies,
Bill Mitchell presented the case for digital technology's ability to add to the
value of a development project. The New Songdo, University Park, and
Mitchell presentations are on MITREX. In addition, the
entire morning was taped so the video should be available
soon.</FONT></o:p></SPAN></SPAN></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><SPAN
style="FONT-SIZE: 10pt; COLOR: white; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p><FONT
color=#000000></FONT></o:p></SPAN></SPAN></SPAN><FONT
face=Arial> </FONT></DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><SPAN
style="FONT-SIZE: 10pt; COLOR: white; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p><FONT
color=#000000 size=3>The afternoon was devoted to giving those in attendance an
opportunity to synthesize, evaluate, and ponder what they had
heard. Notes for these sessions were taken by current
students. The four break out groups were -- the User,
Financing Considerations (risk and return), Partnering and Partnerships, and Non
Traditional Dimensions of Value. Currently, notes for the <FONT
color=#0000ff>USERS</FONT> and the <FONT color=#0000ff>FINANCING</FONT> break
out groups are posted. Notes will be added as they are
prepared. </FONT></o:p></SPAN></SPAN></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><SPAN
style="FONT-SIZE: 10pt; COLOR: white; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p><FONT
color=#000000></FONT></o:p></SPAN></SPAN></SPAN><FONT
face=Arial> </FONT></DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><SPAN
style="FONT-SIZE: 10pt; COLOR: white; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p><FONT
color=#000000 size=3><SPAN style="mso-font-width: 100%">Saturday concluded with
a gala at the Park Plaza Hotel and Tower where we presented Visioneer Awards to
Hank Spaulding, The Walt Disney Company, Hines, and Hines Founder and
Founding Member, Gerald D. Hines. Visioneers are described as
follows: </SPAN></FONT></o:p></SPAN></SPAN></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><SPAN
style="FONT-SIZE: 10pt; COLOR: white; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p><FONT
color=#000000><SPAN
style="mso-font-width: 100%"></SPAN></FONT></o:p></SPAN></SPAN></SPAN><FONT
face=Arial> </FONT></DIV>
<BLOCKQUOTE dir=ltr style="MARGIN-RIGHT: 0px">
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><SPAN
style="FONT-SIZE: 10pt; COLOR: white; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p><SPAN
style="mso-font-width: 100%">
<P class=Body
style="MARGIN: 6pt 0in 0pt; LINE-HEIGHT: 12pt; mso-pagination: none; mso-line-height-rule: exactly"><SPAN
style="FONT-FAMILY: 'Times New Roman'"><FONT color=#000000><FONT size=3><FONT
face=Arial><SPAN class=689441113-25042003>...</SPAN> They are
visionaries. They are pioneers. And in quintessential MIT tradition they are
engineers. <o:p></o:p></FONT></FONT></FONT></SPAN></P>
<P class=Body
style="MARGIN: 6pt 0in 0pt; LINE-HEIGHT: 12pt; mso-pagination: none; mso-line-height-rule: exactly"><SPAN
style="FONT-FAMILY: 'Times New Roman'"><FONT size=3><FONT color=#000000><FONT
face=Arial>Their vision is far-reaching, seeing beyond the horizons of
ordinary imaginations. They may often be called dreamers, but never
day-dreamers. Their philosophies are practical and their persistence
legendary. <o:p></o:p></FONT></FONT></FONT></SPAN></P>
<P class=Body
style="MARGIN: 6pt 0in 0pt; LINE-HEIGHT: 12pt; mso-pagination: none; mso-line-height-rule: exactly"><SPAN
style="FONT-FAMILY: 'Times New Roman'"><FONT size=3><FONT color=#000000><FONT
face=Arial>They are pioneers. The future that they envision exists only in
their imaginations until they make it a reality. But they persevere, despite
the obstacles and setbacks, through the long years of planning and
persuasion.<o:p></o:p></FONT></FONT></FONT></SPAN></P>
<P class=Body
style="MARGIN: 6pt 0in 0pt; LINE-HEIGHT: 12pt; mso-pagination: none; mso-line-height-rule: exactly"><SPAN
style="FONT-FAMILY: 'Times New Roman'"><FONT size=3><FONT color=#000000><FONT
face=Arial>Finally, they are engineers, in the broadest sense of that word:
they build their dreams. And in doing so, they change the course of life for
countless numbers of people, for communities, and for the organizations that
are created and imbued with their indelible
spirit.<o:p></o:p></FONT></FONT></FONT></SPAN></P></SPAN></o:p></SPAN></SPAN></SPAN></DIV></BLOCKQUOTE>
<DIV><FONT face=Arial><SPAN class=689441113-25042003><FONT
size=2></FONT></SPAN></FONT> </DIV>
<DIV><FONT face=Arial><SPAN class=689441113-25042003><FONT size=2>The Gala was a
fitting tribute to individuals and companies that have changed the face of real
estate.</FONT></SPAN> </FONT></DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV><FONT face=Arial>Alums near and far answered the call for project photos
and as we dined, danced, and mingled<SPAN class=689441113-25042003>,
</SPAN> those projects, along with pictures of many of you from years long
gone, were projected<SPAN class=689441113-25042003> throughout the
evening</SPAN>.<SPAN class=689441113-25042003> The Power Point is
also posted on the MITREX.</SPAN></FONT></DIV>
<DIV><FONT face=Arial></FONT> </DIV>
<DIV><FONT face=Arial>Closing out the weekend was the Alumni/ae Brunch, a
casual, relaxed opportunity for people to say their final good
byes. </FONT></DIV>
<DIV><FONT face=Arial></FONT> </DIV>
<DIV><FONT face=Arial><SPAN class=689441113-25042003>Pictures from the weekend
will be posted to the web soon.</SPAN></FONT></DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><SPAN
style="FONT-SIZE: 10pt; COLOR: white; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p><FONT
color=#000000><SPAN
style="mso-bidi-font-family: 'Times New Roman'"><o:p></o:p></SPAN></FONT></o:p></SPAN></SPAN></SPAN><FONT
face=Arial> </FONT></DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><SPAN
style="FONT-SIZE: 10pt; COLOR: white; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p><FONT
color=#000000><FONT size=4><SPAN
style="mso-bidi-font-family: 'Times New Roman'"><o:p></o:p></SPAN></FONT></FONT></o:p></SPAN></SPAN></SPAN><FONT
face=Arial> </FONT></DIV>
<DIV><FONT face=Arial><FONT size=4></FONT><FONT
size=4></FONT></FONT></SPAN></SPAN></SPAN><SPAN class=689441113-25042003><SPAN
class=204292914-19072004><SPAN class=689441113-25042003><FONT
size=4></FONT> </DIV></DIV></DIV>
<DIV>
<DIV>
<DIV></SPAN><SPAN class=689441113-25042003><FONT face=Arial size=4><STRONG>PJ
Yeatman and Mark Moriarty's <U>Real Estate Economics</U> Article
on MITREX<BR></STRONG></FONT></SPAN><SPAN class=689441113-25042003><SPAN
class=204292914-19072004><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><A
href="http://cre-mitrex.mit.edu/index.html"><FONT
face=Arial>http://cre-mitrex.mit.edu/index.html</FONT></A></SPAN></SPAN></SPAN></DIV></DIV>
<DIV>
<DIV><FONT face=Arial></FONT><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><SPAN
class=689441113-25042003> </DIV>
<P><FONT face=Arial><!--StartFragment --><!--StartFragment --></FONT></P>
<P><FONT face=Arial><FONT size=2><FONT size=3><SPAN
class=689441113-25042003>"</SPAN>Privately Versus Publicly Held Investment
Performance<SPAN class=689441113-25042003>"</SPAN><SPAN
class=689441113-25042003> -- </SPAN>Published in Real Estate Economics, March
2005<SPAN class=689441113-25042003>. </SPAN> Classic asset pricing is
problematic as a method to assess privately held asset investment
performance. <SPAN class=689441113-25042003> Yeatman, Moriarty, and
Riddiough </SPAN>propose<SPAN class=689441113-25042003>d</SPAN> an
alternative approach that involves adjusting the characteristics of assets
constituting an index or portfolio to match the asset characteristics of a
reference index or portfolio</FONT>.</FONT>
</FONT></P></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><SPAN
class=689441113-25042003></DIV></DIV>
<DIV>
<P class=MsoNormal
style="MARGIN: 0in 0in 6pt; mso-pagination: none; mso-layout-grid-align: none"><FONT
face=Arial><FONT size=2></FONT><FONT
size=2></FONT></FONT></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><SPAN
class=689441113-25042003><FONT size=2></FONT></SPAN></SPAN></SPAN> </P>
<P class=MsoNormal
style="MARGIN: 0in 0in 6pt; mso-pagination: none; mso-layout-grid-align: none"><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><SPAN
class=689441113-25042003><FONT size=4><FONT face=Arial><STRONG>Takayuki Kiura
(CRE '00)<BR></STRONG><FONT color=#008000><FONT color=#000000><A
href="http://web.mit.edu/cre/alumni/newsprojects.html#news">http://web.mit.edu/cre/alumni/newsprojects.html#news</A></FONT></FONT></FONT></FONT></SPAN><SPAN
class=689441113-25042003><SPAN class=204292914-19072004></P></DIV>
<DIV>
<DIV><SPAN class=689441113-25042003>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: 'Courier New'"><FONT face=Arial
size=4></FONT></SPAN></SPAN></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><SPAN
style="FONT-SIZE: 10pt; FONT-FAMILY: 'Courier New'"><FONT size=4><FONT
face=Arial size=3>Takayuki Kiura, Class of 2000, is now head and managing
director of Heitman Japan. Posted on the web site are recent articles
in the Wall Street Journal and New York Times that quote Taka.</FONT><FONT
face=Arial size=3> <BR></FONT></DIV></FONT></SPAN></SPAN></SPAN><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><SPAN
style="FONT-SIZE: 10pt; COLOR: white; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><FONT
color=#000000><SPAN class=689441113-25042003><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"><STRONG><FONT
size=4></FONT></STRONG>
<DIV><STRONG><FONT face=Arial size=4></FONT></STRONG> </DIV>
<DIV><STRONG><FONT face=Arial size=4></FONT></STRONG> </DIV>
<DIV><STRONG><FONT face=Arial size=4></FONT></STRONG> </DIV>
<P class=MsoNormal
style="MARGIN: 0in 0in 6pt; mso-pagination: none; mso-layout-grid-align: none"><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><SPAN
class=689441113-25042003><FONT size=4><FONT face=Arial><STRONG>MIT/CRE
Research<BR></STRONG><FONT color=#008000><FONT
color=#000000></FONT></FONT></FONT></FONT></SPAN></SPAN></SPAN></P>
<BLOCKQUOTE dir=ltr style="MARGIN-RIGHT: 0px">
<DIV class=MsoNormal
style="MARGIN: 0in 0in 6pt; mso-pagination: none; mso-layout-grid-align: none"><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><SPAN
class=689441113-25042003><FONT face=Arial color=#000000><STRONG>New Century
Cities</STRONG> <SPAN class=016205219-03012005> (<A
title=http://web.mit.edu/cre/research/ncc/index.html
href="http://web.mit.edu/cre/research/ncc/index.html">http://web.mit.edu/cre/research/ncc/index.html</A>)</SPAN> --
The site includes case studies for each of the NCC projects<SPAN
class=016205219-03012005>, presentations from the </SPAN> "Show Me
Yours" technology showcase, and some of the Power Point slides that were used
as part of the panel discussions.
</FONT></SPAN></SPAN></SPAN></DIV>
<DIV class=MsoNormal
style="MARGIN: 0in 0in 6pt; mso-pagination: none; mso-layout-grid-align: none"><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><SPAN
class=689441113-25042003><FONT face=Arial><STRONG>Thesis Research</STRONG>
(</FONT><A
href="http://web.mit.edu/cre/membership/pdf/CRE%20Members-Thesis.pdf"><FONT
face=Arial>http://web.mit.edu/cre/membership/pdf/CRE%20Members-Thesis.pdf</FONT></A><FONT
face=Arial>) -- <!--StartFragment --> If you would like to sponsor a
student thesis or have an idea for a research-related initiative that
is relevant to your firm, take a look at the requirements for a good
thesis and give Tony Ciochetti, the Center's new Chairman, a call at
617-253-4373.</FONT></SPAN></SPAN></SPAN></DIV></BLOCKQUOTE>
<DIV class=MsoNormal
style="MARGIN: 0in 0in 6pt; mso-pagination: none; mso-layout-grid-align: none"><FONT
face=Arial><STRONG><FONT size=4></FONT></STRONG><STRONG><FONT
size=4></FONT></STRONG><STRONG><FONT size=4></FONT></STRONG><STRONG><FONT
size=4></FONT></STRONG><STRONG><FONT size=4></FONT></STRONG><STRONG><FONT
size=4></FONT></STRONG><STRONG><FONT
size=4></FONT></STRONG></FONT></SPAN></SPAN></FONT></SPAN><STRONG><FONT
size=4></FONT></STRONG></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><SPAN lang=EN-GB
style="mso-ansi-language: EN-GB"><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><STRONG><FONT
size=4></FONT></STRONG></SPAN></SPAN> </DIV></DIV></DIV>
<DIV>
<DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004><STRONG><FONT
face=Arial size=4></FONT></STRONG></SPAN></SPAN> </DIV>
<DIV></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><STRONG><FONT face=Arial
size=4>SAVE THE DATES!</FONT></STRONG></SPAN></SPAN></DIV></DIV></DIV><SPAN
class=689441113-25042003><SPAN class=204292914-19072004>
<DIV><FONT face=Arial><SPAN class=689441113-25042003><SPAN
class=204292914-19072004><FONT size=4></FONT></SPAN></SPAN><FONT
size=2></FONT><FONT size=2></FONT><FONT size=2></FONT><FONT size=2></FONT><FONT
size=2></FONT><FONT size=2></FONT><FONT size=2></FONT><FONT size=2></FONT><FONT
size=2></FONT><FONT size=2></FONT></FONT></SPAN></SPAN><SPAN
class=689441113-25042003><SPAN class=204292914-19072004></SPAN></SPAN><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><FONT
size=2></FONT></SPAN></SPAN> </DIV><SPAN class=689441113-25042003><SPAN
class=204292914-19072004><SPAN class=689441113-25042003><SPAN
class=204292914-19072004>
<BLOCKQUOTE dir=ltr style="MARGIN-RIGHT: 0px">
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><STRONG><FONT
face=Arial size=4>The MIT<SPAN class=689441113-25042003>/CRE Cla</SPAN>ss of
2005</FONT><SPAN class=689441113-25042003><FONT size=4><FONT face=Arial> is
Coming to New York City </FONT><FONT color=#0000ff><BR></FONT><FONT face=Arial
color=#0000ff>April 28 & 29,
2005</FONT></FONT></SPAN></STRONG></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004><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>April
28 -29, 2005 -- The Center for Real Estate will be conducting its annual visit
to New York's investment banks. The event has traditionally been
characterized by a reception the evening of Thursday, April 28th and a
breakfast panel discussion hosted by the New York chapter of the Alumni
Association of the Center for Real Estate the following Friday (April
29th). For more information about the plans, contact Rachel Matthai at
</FONT><A href="mailto:rmatthai@alum.mit.edu"><FONT
face=Arial>rmatthai@alum.mit.edu</FONT></A><FONT
face=Arial>.</FONT></SPAN></DIV></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN>
<DIV><STRONG><FONT face=Arial size=4></FONT></STRONG> </DIV>
<DIV><STRONG><FONT face=Arial size=4></FONT></STRONG> </DIV>
<DIV><STRONG><FONT face=Arial size=4>CRE FIRE -- San
Francisco</FONT></STRONG></SPAN></SPAN><SPAN class=689441113-25042003><SPAN
class=204292914-19072004><FONT size=4><FONT face=Arial><EM>.</EM>
</FONT></FONT></SPAN></SPAN></DIV>
<DIV><FONT face=Arial><SPAN class=689441113-25042003><SPAN
class=204292914-19072004>C</SPAN></SPAN><SPAN class=689441113-25042003><SPAN
class=204292914-19072004>o-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!</SPAN></SPAN></FONT></SPAN></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004><FONT
face=Arial size=4><SPAN class=689441113-25042003><SPAN
class=204292914-19072004></SPAN></SPAN></FONT></SPAN></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><FONT face=Arial
size=4><SPAN class=689441113-25042003><SPAN
class=204292914-19072004><STRONG></STRONG></SPAN></SPAN></FONT></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><FONT size=4><FONT
face=Arial><SPAN class=689441113-25042003><SPAN
class=204292914-19072004><STRONG>April 2005 -- CRE
FIRE -- Asia</STRONG></SPAN></SPAN><SPAN
class=689441113-25042003><SPAN
class=204292914-19072004><EM>.</EM> <EM> </EM>
</SPAN></SPAN></FONT></FONT></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><FONT
face=Arial>Co-sponsored with Merrill Lynch, we are planning a FIRE event in
April in Beijing. We are very excited about this engagement
and will update you as the details are
confirmed.</FONT></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004><FONT
face=Arial size=4></FONT></SPAN></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004><FONT
face=Arial size=4></FONT></SPAN></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><FONT size=4><FONT
face=Arial><STRONG>May 25, 2005 -- MIT/CRE'S Housing Affordability
Conference</STRONG>.<STRONG> </STRONG></FONT></FONT></SPAN></SPAN></SPAN></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><FONT face=Arial>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 Dr. 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></DIV></BLOCKQUOTE>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004><FONT
face=Arial size=4></FONT></SPAN></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial size=4><SPAN
class=689441113-25042003><SPAN
class=204292914-19072004></SPAN></SPAN></FONT></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><SPAN
class=204292914-19072004><FONT size=2></FONT><FONT size=2></FONT><FONT
size=2></FONT><FONT size=2></FONT><FONT size=2></FONT><FONT size=2></FONT><FONT
size=2></FONT><FONT size=2></FONT><FONT size=2></FONT><FONT size=2></FONT><FONT
size=2></FONT><FONT size=2></FONT><FONT size=2></FONT><FONT size=2></FONT><FONT
size=2></FONT><FONT size=2></FONT> </DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004><FONT
size=2><FONT face=Arial><STRONG><FONT size=4>2005 PROFESSIONAL DEVELOPMENT
COURSES<BR></FONT></STRONG><FONT size=3>The 2005 PDC schedule should be
available by April 1, 2005. Stay tuned to the web page --
</FONT></FONT></FONT><A href="http://web.mit.edu/cre/conted/index.html"><FONT
face=Arial>http://web.mit.edu/cre/conted/index.html</FONT></A></SPAN></SPAN></SPAN></SPAN></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><SPAN
class=204292914-19072004><STRONG><FONT face=Arial
size=4></FONT></STRONG> </DIV>
<DIV><BR><FONT color=#000080></FONT><FONT face=Arial
size=4> </FONT></DIV></SPAN></SPAN></SPAN><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><SPAN
class=204292914-19072004><STRONG></STRONG></SPAN></SPAN></SPAN></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><SPAN
class=689441113-25042003></SPAN></SPAN></SPAN></SPAN>
<DIV dir=ltr></SPAN></SPAN><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><FONT size=4><FONT
face=Arial><U><STRONG>Reminders and Notices</STRONG></U> </FONT></FONT></DIV>
<UL>
<LI><SPAN class=689441113-25042003><!--StartFragment --><STRONG><FONT
face=Arial>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>http://web.mit.edu/giving/priorities/schools/architecture/cre.html</FONT></A><FONT
face=Arial><STRONG>). </STRONG> The need for funding to support the
"new vision" of the Center is ongoing. Please continue your
support!</FONT></SPAN><FONT face=Arial> </FONT>
<LI><SPAN class=689441113-25042003><FONT face=Arial><FONT
color=#ff0000><EM><STRONG>Center for Real Estate <U>Alumni
Directory</U></STRONG>. The 2005 Directory has been
completed</EM></FONT>! To request an electronic copy of the CRE
<U>Alumni Directory</U>, e-mail Marion Cunningham at </FONT><A
href="mailto:marionoc@mit.edu"><FONT face=Arial
color=#000000>marionoc@mit.edu</FONT></A><FONT face=Arial>.</FONT></SPAN><FONT
face=Arial> </FONT>
<LI><SPAN class=689441113-25042003><STRONG><FONT face=Arial>Join the Alumni
Association of the CRE, AACRE (</FONT></STRONG><!--StartFragment --><A
href="https://alum.mit.edu/smarTrans/user/PayDues.dyn?groupID=189"><FONT
face=Arial>https://alum.mit.edu/smarTrans/user/PayDues.dyn?groupID=189</FONT></A><FONT
face=Arial><STRONG>)</STRONG>. Thanks to joining the larger MIT Alumni
Association, CRE Alumni can pay their dues on line. Log 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 (</FONT><A
href="http://web.mit.edu/cre/alumni/index.html) and download the membership form"><FONT
face=Arial>http://web.mit.edu/cre/alumni/index.html) and download the
membership form</FONT></A><FONT face=Arial><U>.</U><SPAN
style="mso-spacerun: yes"> </SPAN></FONT></SPAN><FONT face=Arial>
</FONT></LI>
<LI><SPAN class=689441113-25042003></SPAN><SPAN
class=689441113-25042003><STRONG><FONT face=Arial>MIT Real Estate Exchange,
MITREX (</FONT></STRONG><A
href="http://cre-mitrex.mit.edu/index.html"><FONT face=Arial
color=#000000>http://cre-mitrex.mit.edu/index.html</FONT></A><FONT
face=Arial><STRONG>). MITREX</STRONG> is a searchable
database that can be used to find documents of specific interest
and alumni/ae and members with expertise or interests in specific
areas.</FONT></SPAN><FONT face=Arial> <SPAN
class=689441113-25042003>Currently, MITREX has 256 members and 253 items that
have been contributed. </SPAN><SPAN class=689441113-25042003>This promises to
be an invaluable tool. </SPAN> </FONT>
<LI><FONT face=Arial><STRONG><SPAN
class=689441113-25042003>MIT/CRE </SPAN>Resume Book</STRONG> (</FONT><A
href="http://web.mit.edu/cre/resumehome.html"><FONT face=Arial
color=#000000>http://web.mit.edu/cre/resumehome.html</FONT></A><FONT
face=Arial>). <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>Take a look, o</SPAN><SPAN
class=689441113-25042003>ur students and graduates are impressive</SPAN><SPAN
class=689441113-25042003>!</SPAN> </FONT>
<LI><STRONG><FONT color=#ff0000><FONT face=Arial><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=#ff0000>http://web.mit.edu/cre/job<SPAN
class=689441113-25042003>s/index</SPAN>.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"><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><SPAN class=689441113-25042003>
<LI><SPAN class=689441113-25042003></SPAN><SPAN class=689441113-25042003><FONT
face=Arial><STRONG>Update Your </STRONG><STRONG>Alumni Contact Information
(</STRONG></FONT><A href="http://web.mit.edu/cre/alumni/alumupdate.html"><FONT
face=Arial
color=#000000>http://web.mit.edu/cre/alumni/alumupdate.html</FONT></A><FONT
face=Arial><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></SPAN>
<LI><SPAN class=689441113-25042003></SPAN><SPAN class=689441113-25042003><FONT
face=Arial><STRONG>Alumni Network Services
</STRONG><STRONG>(</STRONG></FONT><A
href="http://alum.mit.edu/index.html"><FONT face=Arial
color=#000000>http://alum.mit.edu/index.html</FONT></A><STRONG><FONT
face=Arial>).</FONT></STRONG></SPAN><FONT face=Arial> <SPAN
class=689441113-25042003><STRONG> </STRONG>Visit the MIT Alumni Association's
web site to find addresses and contact information for classmates.
</SPAN></FONT></SPAN>
<LI><STRONG><FONT face=Arial>Alumni Projects (</FONT></STRONG><A
href="http://web.mit.edu/cre/alumni/index.html"><FONT face=Arial
color=#000000>http://web.mit.edu/cre/alumni<SPAN
class=689441113-25042003>/index</SPAN>.html</FONT></A><SPAN
class=689441113-25042003></SPAN><FONT size=4><FONT face=Arial><FONT
size=3><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>.</FONT> <SPAN
class=689441113-25042003> </SPAN> </FONT></FONT></LI></UL></SPAN></SPAN>
<DIV dir=ltr><SPAN class=689441113-25042003><FONT face=Arial
size=4></FONT></SPAN> </DIV>
<DIV dir=ltr><SPAN class=689441113-25042003><FONT face=Arial size=4>Best
regards,</FONT></SPAN></DIV>
<DIV dir=ltr><SPAN class=689441113-25042003><FONT face=Arial
size=4></FONT></SPAN> </DIV><SPAN
class=689441113-25042003></SPAN></SPAN><SPAN class=689441113-25042003><SPAN
class=689441113-25042003></SPAN></SPAN><SPAN class=689441113-25042003><SPAN
class=689441113-25042003></SPAN></SPAN>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><FONT
face=Arial size=4></FONT></SPAN></SPAN> </DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003>
<DIV dir=ltr><FONT size=2></FONT><FONT size=2></FONT><BR><FONT size=4><FONT
face=Arial><EM>Marion O. Cunningham<BR></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=4>http://web.mit.edu/cre/</FONT></A><BR><BR><FONT face=Arial
size=4><I>CRE: 20 Years of Building the
Future</I></FONT></SPAN></DIV></SPAN></SPAN></SPAN></DIV>
<DIV><FONT face=Arial size=4></FONT> </DIV>
<DIV class=Section1>
<P class=MsoAutoSig><o:p><FONT face=Arial size=4> </FONT></o:p></P></DIV>
<DIV><FONT face=Arial size=4></FONT> </DIV></BODY></HTML>