W. P. Carey Foundation commits $25 million to ASU business school, bolsters real estate education

Rhea-AI Summary

The W. P. Carey Foundation has committed an additional $25 million to Arizona State University's W. P. Carey School of Business, bringing their lifetime commitment to over $100 million. This investment will expand the school's real estate programs, including:

1. Launching an undergraduate real estate degree program in fall 2025
2. Elevating the W. P. Carey Center for Real Estate and Finance
3. Introducing an experiential learning lab for real estate
4. Allocating dedicated physical space for the center and lab
5. Attracting leading faculty in real estate research and practice

The funding also establishes a Distinguished Chair in Real Estate and Finance and creates an executive director role for the newly named center. This partnership aims to strengthen real estate education and research at ASU, recognizing the industry's importance in economic development.

Positive

• Additional $25 million commitment from W. P. Carey Foundation
• Total lifetime commitment to ASU exceeds $100 million
• Launch of new undergraduate real estate degree program in fall 2025
• Establishment of W. P. Carey Distinguished Chair in Real Estate and Finance
• Creation of executive director role for the W. P. Carey Center for Real Estate and Finance

Negative

• None.

Financial Analyst

The $25 million commitment from the W. P. Carey Foundation to ASU's business school is a significant investment in real estate education. This brings their total contribution to over $100 million, demonstrating a strong, long-term partnership. While this news doesn't directly impact the stock market, it has potential long-term implications for the real estate sector.

The investment will fund a new undergraduate real estate degree program, expand the Center for Real Estate and Finance and create new faculty positions. This could lead to a larger talent pool and increased innovation in the real estate industry, potentially benefiting companies in this sector. However, the financial impact on individual companies or the market as a whole is indirect and likely to be gradual.

Real Estate Expert

This investment by the W. P. Carey Foundation is a strategic move to address the underrepresentation of real estate in business school education. With real estate accounting for a significant portion of U.S. GDP, this initiative could help bridge the gap between academia and industry practice.

The creation of an experiential learning lab and the appointment of an executive director from the industry are particularly noteworthy. These elements could foster stronger connections between students and real-world practitioners, potentially leading to more practical, industry-ready graduates. This could have a positive long-term impact on the real estate sector by improving the quality of its future workforce and potentially driving innovation in real estate practices and technologies.

Education Policy Analyst

This substantial investment in real estate education at ASU represents a significant shift in business school curriculum focus. By elevating real estate studies to a more prominent position, ASU is responding to market demands and potentially setting a trend for other institutions to follow.

The introduction of a new undergraduate degree program in real estate is particularly notable. This could lead to an increase in specialized talent entering the real estate industry, potentially impacting hiring practices and skill sets in the sector. Moreover, the emphasis on bridging academic research with industry practice through the new center could lead to more applicable research outcomes, benefiting both the academic and business communities in the long run.

Gift strengthens ongoing partnership with the Foundation and brings lifetime commitment to ASU to more than $100 million

TEMPE, Ariz., Aug. 5, 2024 /PRNewswire/ -- The W. P. Carey Foundation (the "Foundation") and Arizona State University's W. P. Carey School of Business are partnering to expand the scope, strength and reach of the school's real estate programs. The Foundation recently committed an additional $25 million to ASU, bringing the W. P. Carey Foundation's lifetime commitment to more than $100 million.

"A true partnership goes beyond just a monetary transaction, as it has to be rooted in shared vision, goals and values."

The W. P. Carey Foundation's latest investment catalyzes the launch of an innovative undergraduate real estate degree program in fall 2025, elevates the W. P. Carey Center for Real Estate and Finance through naming and expansion, and introduces an experiential learning lab devoted to real estate. Additionally, it will allocate dedicated physical space to the center and lab and attract leading faculty who specialize in real estate research and practice.

"For decades, the real estate industry has been a central component to the economic development engine that drives Arizona and that will continue to be central to our progress as the state and its economy mature in the years ahead," said ASU President Michael M. Crow. "We are extremely grateful for this generous gift, which will help ASU expand its programs within the W. P. Carey School of Business that serves not only the practitioners of real estate, but also those who rely upon these professionals."

The new commitment establishes the W. P. Carey Distinguished Chair in Real Estate and Finance to help recruit a top-level scholar who will serve as the center's academic director. Additionally, the funding creates an executive director role in the newly named center for a prominent real-estate practitioner to bridge the academic, student and business communities.

"The W. P. Carey Foundation's generous support will bolster our real estate program to be among the best in the country," said Ohad Kadan, Charles J. Robel Dean of the W. P. Carey School and W. P. Carey Distinguished Chair in Business. "Real estate accounts for a large portion of the U.S. GDP (gross domestic product), and yet is underrepresented in business school education."

"We are pleased to continue our support of the W. P. Carey School of Business at ASU with the launch of the W. P. Carey Center for Real Estate and Finance. As a key driver of the global economy, real estate has a significant impact on the lives of Americans and should be a focal point for academic research and education. The new W. P. Carey Center for Real Estate and Finance will build on the existing Master of Real Estate Development program and will bring together preeminent academics, industry practitioners, and students to be at the forefront of real estate and finance. By empowering students with essential knowledge, skills and professional networks, we aim to inspire and prepare the next generation of leaders in the real estate and finance industries," said William P. Carey II, chairman of the W. P. Carey Foundation.

The Carey family has a long history with Arizona State University — John Samuel Armstrong, grandfather of Wm. (Bill) Polk Carey, introduced legislation that launched Tempe Normal School, the precursor to ASU, in 1885. In 1990, Bill established the W. P. Carey Foundation to continue his family's tradition of philanthropy and educational leadership. In addition to Bill's philanthropic work, he was the founder and chairman of W. P. Carey Inc. (NYSE: WPC), a leading net lease real estate investment trust. The ongoing partnership between ASU and the W. P. Carey Foundation honors the history of his real estate and finance entrepreneurship and legacy of fostering excellence in business education.

Since its naming in 2003, the W. P. Carey School of Business has soared to become the nation's largest and one of the most prestigious business schools. With 15 programs and disciplines nationally ranked in the top 10 by U.S. News and World Report, the school is a beacon of academic excellence and innovation.

"A true partnership goes beyond just a monetary transaction, as it has to be rooted in shared vision, goals and values," said Kadan. "The W. P. Carey Foundation is a true partner to us in that way."

About the W. P. Carey School of Business
The W. P. Carey School of Business at Arizona State University is the largest and one of the top-ranked business schools in the United States. The school is internationally regarded for its research productivity and distinguished faculty members. Students come from more than 100 countries, and W. P. Carey is represented by alums in over 160 countries. Visit wpcarey.asu.edu.

For more information/media contact:
Shay Moser, W. P. Carey School of Business
shay.moser@asu.edu

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SOURCE W. P. Carey School of Business at Arizona State University

FAQ

What is the new commitment from the W. P. Carey Foundation to ASU's business school?

The W. P. Carey Foundation has committed an additional $25 million to Arizona State University's W. P. Carey School of Business, bringing their total lifetime commitment to over $100 million.

When will ASU launch its new undergraduate real estate degree program?

ASU plans to launch the new undergraduate real estate degree program in fall 2025 as part of the expansion of its real estate programs.

What new positions will be created with the W. P. Carey Foundation's investment?

The investment will establish a W. P. Carey Distinguished Chair in Real Estate and Finance and create an executive director role for the newly named W. P. Carey Center for Real Estate and Finance.

How will the W. P. Carey Foundation's investment impact ASU's real estate education?

The investment will expand ASU's real estate programs, launch a new undergraduate degree, elevate the Center for Real Estate and Finance, introduce an experiential learning lab, allocate dedicated space, and attract leading faculty in real estate research and practice.