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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:</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 face=Arial size=4><STRONG>The following
</STRONG></FONT></SPAN></SPAN><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><FONT face=Arial size=4><STRONG>Item has been added
to MITREX (</STRONG></FONT><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 color=#000000
size=4><STRONG>http://cre-mitrex.mit.edu/index.html</STRONG></FONT></A><FONT
face=Arial
size=4><STRONG>):<BR></STRONG></FONT></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><FONT color=#0000ff><SPAN
style="FONT-SIZE: 12pt; COLOR: black; FONT-FAMILY: 'Arial Black'; mso-bidi-font-family: 'Arial Black'; mso-fareast-font-family: Batang; mso-ansi-language: EN-US; mso-fareast-language: KO; mso-bidi-language: AR-SA"><FONT
face=Arial><FONT color=#0000ff><EM>Transactions-Based Index of Institutional
Real Estate Investment</EM></FONT><STRONG> </STRONG></FONT><EM><FONT
color=#0000ff><BR></FONT></EM></SPAN></FONT></SPAN></SPAN></SPAN></DIV></LI></UL>
<UL>
<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
size=4><STRONG>Housing Affordability Initiative (</STRONG><A
href="http://web.mit.edu/cre/research/hai/index.html">http://web.mit.edu/cre/research/hai/index.html</A><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><STRONG><FONT
face=Arial size=4>Center for Real Estate Data Laboratory, CREDL, Working Paper
Announced</FONT></STRONG></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><FONT face=Arial
size=4><STRONG>2005 Professional Development Courses (</STRONG><A
href="http://web.mit.edu/cre/conted/courses.html">http://web.mit.edu/cre/conted/courses.html</A><STRONG>)<BR></STRONG></FONT></SPAN></SPAN></SPAN></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><FONT face=Arial
size=4><STRONG><BR></STRONG></FONT></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></DIV></LI><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>
<LI>
<DIV align=center></SPAN></SPAN></SPAN></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><FONT face=Arial><FONT size=4><STRONG>Save the Dates
(</STRONG>New York Trip!, Asia FIRE,
ICSC</FONT><STRONG>)</STRONG></FONT></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></DIV></LI>
<LI><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>
<DIV align=center><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><STRONG><FONT
face=Arial size=4>Slide Show of Alumni & Alumni
Projects (See Also Side Bar, </FONT></STRONG><A
href="http://web.mit.edu/cre/alumni/index.html"><FONT face=Arial
size=4>http://web.mit.edu/cre/alumni/index.html</FONT></A><STRONG><FONT
face=Arial
size=4>)<BR></FONT></STRONG></SPAN></SPAN></SPAN></DIV></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></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></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><FONT
face=Arial><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><STRONG>Reminders and Notices</STRONG> (<U>Alumni
Directory</U>, MITREX, Class of 2005 Resume Book, and Job
Postings!<BR></SPAN></SPAN><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><FONT color=#0000ff>links are also in
MITREX</FONT>)</SPAN></DIV></LI></UL></SPAN><SPAN
class=689441113-25042003></SPAN></FONT><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><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 face=Arial
size=4><STRONG>Housing Affordability Initiative<BR></STRONG></FONT></SPAN><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><FONT color=#0000ff size=4><EM><FONT face=Arial
size=4>Effects of Mixed-Income, Multi-Family Housing Developments on
Single-Family Housing Values</FONT></EM><STRONG><EM><FONT face=Arial> -- April
27, 2005<BR></FONT></EM></STRONG></FONT><U><FONT color=#0000ff size=4><A
href="http://web.mit.edu/cre/research/hai/index.html"><FONT
face=Arial>http://web.mit.edu/cre/research/hai/index.html</FONT></FONT></U></A></SPAN></SPAN></SPAN></DIV><SPAN
class=689441113-25042003>
<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></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 size=4>Chapter 40B is a Massachusetts statute that enables
developers to obtain state-authorized comprehensive permits in municipalities
that are not in compliance with state affordability criteria. Developments
seeking comprehensive zoning permits can override local zoning regulations if
less than ten percent of the municipality's housing stock is defined as
affordable. The ability of developers to circumvent local controls
has led to the fear that home values surrounding these 40B developments will
decrease. Is this fear based on experience? More
specifically, do large-scale, high-density, mixed-income rental developments
negatively impact nearby single-family values in suburban Boston
communities? -- ("<EM>Effects of Mixed-Income, Multi-Family Housing
Development on Single-Family Housing Values: Executive
Summary</EM>")</FONT></o:p></SPAN></SPAN></SPAN></DIV>
<P><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>The findings of the Center for Real Estate's inquiry
into this topic will be presented and discussed on April 27, 2005 at One Beacon
Street. While the event is free, pre-registration is required. To
register for the event visit the following URL: </FONT><A
href="http://web.mit.edu/cre/research/hai/index.html"><FONT
size=4>http://web.mit.edu/cre/research/hai/index.html</FONT></A><FONT
size=4>.</FONT></FONT></o:p></SPAN></SPAN></SPAN></P>
<P><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>A follow up conference will present additional aspects of
the Housing Affordability Initiative's work. This all-day conference
is scheduled for May 25, 2005 at MIT. Details will be posted on the
Center's web site on April 28, 2005.</FONT></o:p></SPAN></SPAN></SPAN></P>
<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><FONT
size=4></FONT><FONT size=4></FONT></SPAN></SPAN></SPAN><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><SPAN
class=689441113-25042003><FONT size=4></FONT> </DIV>
<DIV>
<DIV></SPAN><SPAN class=689441113-25042003><FONT face=Arial
size=4><STRONG>Center for Real Estate Data Laboratory (CRED) Working Paper
Presented at ARES Conference<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
size=4>http://cre-mitrex.mit.edu/index.html</FONT></A></SPAN></SPAN></SPAN></DIV></DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><FONT face=Arial
size=2></FONT> </DIV>
<P><FONT face=Arial><!--StartFragment --><!--StartFragment --></FONT></P>
<P><FONT face=Arial></FONT><FONT size=2><SPAN class=689441113-25042003><!--StartFragment --></P>
<P class=O v:shape="_x0000_s1026"><FONT face=Arial><FONT size=4>CREDL is an
initiative of the MIT Center for Real Estate. The objective is to provide a
“space” (virtual and real) for the development, refinement, and dissemination of
quantitative measures of commercial property performance. This includes any
dimension of performance: investment<SPAN class=689441113-25042003>
--</SPAN> operational, economic, engineering, environmenta<SPAN
class=689441113-25042003>l. </SPAN>CREDL is meant to provide a place to
gather data, develop methodologies and tools, and provide a forum for analysis
and perspective.<SPAN class=689441113-25042003> </SPAN></FONT></FONT></P>
<P><FONT face=Arial><FONT size=4><SPAN class=689441113-25042003>One of the
initial products of CREDL is a quarterly, transaction-based index. The
work was presented by Drs. David Geltner, Henry Pollakowski, and Jeff Fisher
during the American Real Estate Society's annual meeting in New
Mexico</SPAN>. <SPAN class=689441113-25042003> The
work</SPAN> is preliminary, <SPAN class=689441113-25042003>but the
paper and Power Point presentation "describe and hone a methodology by which a
quarterly transactions-based index of property-level investment performance may
be regularly produced for the U.S. institutional real estate investment
industry. The objective is to produce a series of indices of investment
periodic total returns and capital appreciation (or price-changes) for the
major property types included in the NCREIF Property Index. These indexes
are based on transaction prices so as to avoid appraisal-based sources of index
'smoothing' and lagging bias." <SPAN
style="FONT-SIZE: 11pt; COLOR: black; FONT-FAMILY: 'Arial Black'; mso-bidi-font-family: 'Arial Black'; mso-fareast-font-family: Batang; mso-ansi-language: EN-US; mso-fareast-language: KO; mso-bidi-language: AR-SA">(<SPAN>A
Quarterly Transactions-Based Index of Institutional Real Estate Investment
Performance and Movements in Supply and Demand by </SPAN><SPAN
style="FONT-SIZE: 11pt; COLOR: black">Jeff Fisher*, David Geltner**, & Henry
Pollakowski*** )</SPAN></SPAN></SPAN></FONT></FONT></P>
<P><SPAN class=689441113-25042003><FONT face=Arial size=4>This work promises to
be an important tool for institutional investors. Get an early
look!</FONT></SPAN></P>
<DIV><FONT
face=Arial></FONT></SPAN></FONT></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><FONT size=2></FONT><FONT
size=2></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> </DIV>
<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></STRONG></FONT></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>Professional
Development Courses<BR></STRONG><FONT color=#008000><FONT color=#000000><A
href="http://web.mit.edu/cre/conted/courses.html">http://web.mit.edu/cre/conted/courses.html</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></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><SPAN class=689441113-25042003><FONT face=Arial>The Center for Real Estate
will be offering eight courses as a part of its summer Professional
Development program. While the course list includes such stalwarts as
"Real Estate Markets" and "Fundamentals of Real Estate Finance," there are a
number of new courses as well. "Topics in Real Estate Development" will
focus on four topics that are being discussed by virtually every developer --
building for the life sciences, technology and development,
sustainable or "green" development, and brownfields. In addition, as
an offshoot of the work being done by the Center in housing, we are offering a
course that looks at the differences and similarities between the issues
of housing affordability and affordable housing. The summer promises
to be an exciting time to return to the Center and retool or in the "words" of
the 20th Anniversary -- REfresh, REvisit, and REdiscover.</FONT></SPAN></DIV>
<DIV><SPAN class=689441113-25042003><FONT face=Arial></FONT></SPAN> </DIV>
<DIV><STRONG><FONT face=Arial size=4></FONT></STRONG> </DIV>
<DIV><STRONG><FONT face=Arial size=4></FONT></STRONG> </DIV>
<DIV class=MsoNormal
style="MARGIN: 0in 0in 6pt; mso-pagination: none; mso-layout-grid-align: none"></SPAN></SPAN></FONT></SPAN></SPAN></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><FONT size=2></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><FONT face=Arial
size=4><STRONG>The MIT<SPAN class=689441113-25042003>/CRE Cla</SPAN>ss of
2005</STRONG></FONT><SPAN class=689441113-25042003><FONT size=4><FONT
face=Arial><STRONG> is Coming to New York City </STRONG></FONT><FONT
color=#0000ff><BR></FONT><FONT color=#0000ff><FONT face=Arial><STRONG>April 28
& 29, 2005<BR></STRONG></FONT><A
href="http://web.mit.edu/cre/events/events/nytrip2005.html"><FONT
face=Arial>http://web.mit.edu/cre/events/events/nytrip2005.html</FONT></A></FONT></FONT></SPAN></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><FONT face=Arial
size=2></FONT></SPAN></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
size=4>The Center for Real Estate will be conducting its annual visit to New
York's investment banks. There will be an alumni/ae reception the
evening of Thursday, April 28th at St. Barts Cafe. For more information
about the plans, contact Rachel Matthai at </FONT><A
href="mailto:rmatthai@alum.mit.edu"><FONT face=Arial
size=4>rmatthai@alum.mit.edu</FONT></A><FONT face=Arial size=4> and/or
visit the "events" URL on the Center's web site: <A
href="http://web.mit.edu/cre/events/index.html">http://web.mit.edu/cre/events/index.html</A>.</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>
<DIV dir=ltr style="MARGIN-RIGHT: 0px"><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><SPAN class=689441113-25042003><SPAN
class=204292914-19072004><STRONG><FONT size=4>CRE
FIRE -- Asia</FONT></STRONG></SPAN></SPAN><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><FONT
size=4> <BR><FONT color=#0000ff><STRONG>May 17, 18, & 19,
2005<BR></STRONG><A
href="http://web.mit.edu/cre/events/events/cre-fire.html">http://web.mit.edu/cre/events/events/cre-fire.html</A></FONT><EM><BR>Stay tuned
to our web site for updates!
</EM> </FONT></SPAN></SPAN></FONT></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></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=+0><SPAN
class=689441113-25042003><SPAN class=204292914-19072004>
<UL dir=ltr>
<LI>
<DIV style="MARGIN-RIGHT: 0px"><STRONG><FONT face=Arial color=#0000ff
size=4>May 17, 2005 <BR>Beijing, China<SPAN class=689441113-25042003> --
Sponsored by Merrill Lynch
</SPAN><BR></FONT></STRONG></SPAN></SPAN></FONT></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=204292914-19072004><SPAN
class=689441113-25042003><SPAN class=204292914-19072004><FONT face=Arial
size=4>Location: Capital Mansion, Floor 50, 6 Xin Yuan Nan Road, Chao
Yang District<BR>Topic: </FONT><FONT
face=Arial size=4><EM>Global Trends in Real Estate Capital
Markets<BR></EM>Time:
6:30pm<BR></FONT></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></DIV></LI>
<LI>
<DIV style="MARGIN-RIGHT: 0px"><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 size=4><FONT face=Arial
color=#0000ff><STRONG>May 18, 2005<BR>Tsinghua University (</STRONG><A
href="http://www.tsinghua.edu.cn/eng/">http://www.tsinghua.edu.cn/eng/</A><STRONG>)<BR></STRONG></FONT><FONT
color=#000000><FONT
face=Arial>Topic: </FONT><FONT
face=Arial><EM>Global Trends in Real Estate Capital
Markets<BR></EM>Time:
6:30pm<BR></FONT></FONT></FONT></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></DIV></LI>
<LI>
<DIV style="MARGIN-RIGHT: 0px"><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 size=4><FONT face=Arial><FONT
color=#0000ff><STRONG>May 19, 2005<BR>Shanghai, China
<BR></STRONG><FONT color=#000000>Topic:
</FONT><FONT face=Arial><FONT color=#000000><EM>Global Trends in Real Estate
Capital Markets<BR></EM>Time:
6:30pm</FONT><BR></FONT></FONT></FONT></FONT></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></DIV></LI></UL></DIV>
<DIV><STRONG><FONT face=Arial size=4></FONT></STRONG> </DIV>
<DIV><FONT face=Arial size=4><STRONG>ICSC -- Las
Vegas<BR></STRONG></FONT><FONT face=Arial color=#0000ff size=4><STRONG>May 23,
2005<BR></STRONG></FONT></SPAN></SPAN><SPAN class=689441113-25042003><SPAN
class=204292914-19072004></SPAN></SPAN><SPAN class=689441113-25042003><SPAN
class=204292914-19072004><FONT color=#ff00ff size=4><FONT
face=Arial><STRONG><EM>Calling all alums! Calling all alums!
</EM></STRONG><FONT color=#000000>At 7pm on Monday, May 23rd, a group of
MIT/CRE alumni led by Jay Timon ('98), Jay Hooper ('98), and Jake Boyer ('99)
will be meeting at The Capital Grille - Las Vegas (<A
href="http://www.thecapitalgrille.com/Locations/LasVegas/Main.asp?Location=L) for">http://www.thecapitalgrille.com/Locations/LasVegas/Main.asp?Location=L)
for</A> dinner and drinks. In the past these gatherings have been as
useful as they have been fun. Interested parties should give Jay
Timon a call at 800-277-0606, ext. 205. If you are in Las Vegas on
May 23rd, I encourage you to
attend!</FONT></FONT></FONT></SPAN></SPAN></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 dir=ltr style="MARGIN-RIGHT: 0px"><SPAN class=689441113-25042003><SPAN
class=204292914-19072004><SPAN class=689441113-25042003><SPAN
class=204292914-19072004><FONT size=4><FONT face=Arial><STRONG>MIT/CRE's
Housing Affordability Conference</STRONG>.</FONT><STRONG><FONT
face=Arial> <BR></FONT><SPAN class=689441113-25042003><SPAN
class=204292914-19072004><SPAN class=689441113-25042003><SPAN
class=204292914-19072004><FONT size=4><FONT face=Arial
color=#0000ff><STRONG>May 25,
2005<BR></STRONG></FONT></FONT></SPAN></SPAN></SPAN></SPAN></STRONG></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
size=4>The Center for Real Estate is sponsoring a conference on housing
affordability in the Boston metropolitan area. Expanding on the findings
released at our April 27th meeting, the conference will spotlight the
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 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><FONT size=2></FONT></FONT> </DIV>
<DIV><SPAN class=689441113-25042003><SPAN class=204292914-19072004>
<DIV align=left><SPAN class=689441113-25042003><SPAN
class=689441113-25042003><SPAN class=689441113-25042003><FONT face=Arial
size=4><STRONG>Slide Show of Alumni & Alumni
Projects <BR><FONT color=#0000ff>(See Also Side Bar,</FONT></STRONG><FONT
color=#0000ff> </FONT></FONT><A
href="http://web.mit.edu/cre/alumni/index.html"><FONT face=Arial color=#0000ff
size=4>http://web.mit.edu/cre/alumni/index.html</FONT></A><FONT face=Arial
color=#0000ff
size=4><STRONG>)<BR></STRONG></FONT></SPAN></SPAN></SPAN></DIV><FONT face=Arial
size=4>One of the most popular MITREX downloads was the Gala Slide Show that was
prepared by Marylynn Gentry ('88). In fact, the slide show was so
impressive, we decided to make it available for the general public. Visit
the alumni web page and take a
look!</FONT></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><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 now has 288 members and 260 items
that have been contributed. </SPAN><SPAN class=689441113-25042003>Membership
is growing at an impressive rate; 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 face=Arial><FONT
size=4><EM>Marion O. Cunningham<BR></EM><SPAN class=689441113-25042003>Managing
</SPAN> 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>
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