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Greetings!

Graduation weekend was a great success. Many of the activities were webcast and can be viewed online (keep an eye out for a podcast version!). This newsletter covers the following topics:

• GRADUATION WEEKEND
• Prof. Richard de Neufville -- "Valuing Flexibility"
• Prof. Phillip Thompson -- "Rebuilding New Orleans"
• AACRE Thesis Award
• Matthew Kelly Speaker at MIT/CRE's 2006 Commencement
• UPCOMING EVENTS -- Open Houses, Information Sessions, and FIREs
• Meet Other Alums at the ULI this week, about 20 Alums are joining members of CRE2007
• Real Deals, Company Presentations, and Bursting with Real Estate
• ALUMNI/AE ASSOCIATION OF THE CENTER FOR REAL ESTATE INITIATIVES
• Jobs , Recent Postings
• MITREX Updates
• Reminders and Notices

22nd Graduation Recognized Fun, Facts, and Food (9/29-9/30)

Alums, current students, and graduating students and their friends and family joined to learn something new, re-affirm bonds, and celebrate the graduation of the Class of 2006. A number of presentations were planned as part of the graduation celebration. A detailed list can be found on the Graduation Weekend web page. A webcast of the Friday activities is posted as well.

On Friday, September 29th, Prof. Richard de Neufville of MIT's Civil and Environmental Engineering Department presented the audience with a discussion on "Valuing Flexibility". Prof. M. Phillip Thompson of the Department of Urban Studies and Planning enlightened the audience about the process of "Rebuilding New Orleans". And three members of the Class of 2006 shared their insights from their thesis work -- Harris Morrison, Arvind Pai, and Kristin Wang; all three theses are on MITREX.

Speaking of thesis work, the Alumni Association of the Center for Real Estate (AACRE) granted its second thesis award! Jong Yoon Lim and Yi Zhang have been awarded the 2006 AACRE Thesis Award for their joint thesis "A Study on Real Estate Derivatives." In their thesis, Messrs. Lim and Zhang found that derivatives can help real estate investors implement various strategies including hedging against market risk, asset allocation, sector rebalancing, international diversification and portable Alpha. Their thesis was chosen from eight nominations, and the authors will split the $1,500 award. You can find it on MITREX.

Mr. Matthew Kelly, Vice President of Real Estate Strategy and Development for Walt Disney Imagineering (WDI) was the keynote speaker for the graduation of the Center's 22nd MSRED class. Mr. Kelly urged the graduated to create a vision for the communities they develop and to leave a positive, lasting legacy. (Matt Kelly Story)

10th and 20th Anniversary Class Reunions (Classes of 1986 and 1996)

About 40 alums and guests attended the Class Reunion dinner for the Classes of 1986 and 1996. The dinner was kicked off by Maria Vieira who welcomed everyone. Maria has the distinction of knowing every graduate of the program. Following Maria were Chairman Tony Ciochetti and AACRE President, Amanda Strong. Tony talked about his upcoming travels to Tokyo, San Francisco and the UK, travels that include meetings with alums; and Amanda Strong, welcomed the alums and encouraged them to get involved in the AACRE. The evening was closed by Prof. Bill Wheaton who "quizzed the students" on market appreciation in real terms. The group passed with flying colors and Bill announced, "A's for all!"

Upcoming Events -- All Alums are invited!

• Urban Land Institute, Denver, CO, October 18-20, 2006
• MSRED Information Session, Tokyo, Japan, Jones Lang LaSalle, October 20, 2006
• Liberty Property Trust Presentation, Center for Real Estate, October 26, 2006
• Real Deals -- Legacy Property Group, Center for Real Estate, October 27, 2006
• Forum on Issues and Innovations in Real Estate, Berlin, Germany, October 27, 2006
• MSRED Open House, Center for Real Estate, November 6, 2006
• Alumni/ae and Current Student Phone-a-thons, Cambridge, MA; November 12 and 21
• MSRED Information Session, San Francisco, AMB Property Corp., November 13, 2006
• MSRED Information Session, New York, NY, TIAA-CREF; November 14, 2006
• Bursting with Real Estate, Cambridge, MA, November 17, 2006
• MSRED Information Session, London, England, Royal Institute of Chartered Surveyors, November 21, 2006
• Hines company presentation, Center for Real Estate, December 4, 2006
• Simon Property Group presentation, Center for Real Estate, December 7, 2006

Please see the CRE Events page (http://web.mit.edu/cre/events/index.html) for updates and further information.

MSRED OPEN HOUSE November 6, 2006

The Center for Real Estate is hosting an Open Housing for its Master of Science in Real Estate Development program. Participants will be given the opportunity to speak with the current class as well as alumni, faculty, and staff. If you know people who would be good candidates for the program, please encourage them to attend the Open House or an information session in their area.

BURSTING WITH REAL ESTATE

November 17, 2006

The Center for Real Estate is working with the Department of Urban Studies and Planning and Harvard's Graduate School of Design to produce a program called "Bursting with Real Estate". The program is scheduled for Friday, November 17th, and the event will be held at MIT in the Bush Room . Bursting with Real Estate is structured as a series of panels followed by small, round table discussions with a group of students. Each panelist has about 10 minutes to give a general overview of his or her company, job, or employment history. Following the panel, each panelist moves to a round table and engages in 30 minutes of discussion with a group of students. For the last three years we have had 60 to 70 graduate students participate in this event. We welcome alumni/ae participation. If you would like more information, contact Marion Cunningham.

ALUMNI/AE ASSOCIATION OF THE CENTER FOR REAL ESTATE (AACRE)

News and Updates

ALUMS AT THE URBAN LAND INSTITUTE!

Randy Nichols tour of Clayton Lane

About 20 CRE alums are scheduled to attend the Urban Land Institute's Fall meeting in Denver, CO. Joining these graduates will be 25 members of the Class of 2007. While in Denver, Randy Nichols, current Spaulding Award winner and member of the MIT/CRE Class of 1989, has agreed to provide students and alums a tour of his project, Clayton Lane. Details are below:

The Nichols Partnership is hosting a reception and tour of Clayton Lane for the CRE students (along with the Colorado University real estate program students) on Thursday October 19 starting immediately after a ULI session on “careers in real estate” that Michael Buckley is hosting. ...CRE alums are certainly welcome to attend.

If you are interested in attending, contact Randy at rnichols@nicholspartnership.com so he can get an accurate count for the reception.

AACRE NEEDS YOU!

Attention all alumni! The AACRE needs volunteers. We are looking for people interested in helping out with membership, programming events, and in particular need a treasurer for the current board. Email Amanda Strong at astrong@newbostonfund.com for details.

AACRE Student Host Program Needs You!

The Alumni Association of the CRE (AACRE) is developing a new program targeted to prospective students outside the Boston area. In this program, alums will be matched with people in their area who are interested in the MSRED program. We would ask participating alums to meet with the candidate and answer any questions they might have about the Center. If you are interested in participating, please contact Jay Valenta at jay.valenta@morganstanley.com or Amanda Strong

Alumni/ae Weblog

To allow alumni/ae to connect with one another, announce events, seek career advice, and share business opportunities, CRE has created an Alumni/ae Weblog ( http://amps-tools.mit.edu/cre-alumniblog/). On the weblog, you can find events and information geared to alumni/ae and see what your fellow alumni/ae are doing. Post your own news and comments, or send us your feedback or ideas for the weblog, by e-mailing wcs-maintenance@mit.edu.

Calling all Europe-based Alumni/ae

Do you work with or have an interest in European Real Estate? A network of Europe-based alumni/ae has formed, and their goal is to develop and expand the real estate network. If you are interested in joining the MIT/CRE European network, e-mail Nick Spencer (CRE '03) with your contact details. Nick can be reached at nspencer@credogroup.com.

Calling all San Francisco-based Alumni/ae

CRE alum Ted Horton ('87), is reaching out to San Francisco-based CRE grads. If you would be interested in "getting together and kicking around deals and ideas while asking questions and offering gratuitous opinions over a glass of wine and some good Italian food" on a monthly or bi-monthly basis, contact Ted at theodorehorton@gmail.com.

Regional Alumni/ae Organizations

Alums have been gathering in San Francisco, New York, London, and Tokyo. If you are interested in holding an event where you live, e-mail Amanda Strong to share ideas and discuss what support AACRE can offer. Amanda can be reached at amanda.strong@alum.mit.edu.

Jobs

Below are brief summaries of newly posted positions. For full descriptions please check the jobs website: http://web.mit.edu/cre/jobs

Advisory & Consulting

Company / Location: New Boston Fund, Inc. / Boston, MA

Job Title: Development Manager/Analyst

Company / Location: TPG/Tron Capital Partners / Boston, MA

Job Title: Senior Associate

Portfolio & Asset Management

Company / Location: RETAINED SEARCH: Carlyle Realty’s Asset Management Group

Job Title: Asset Manager

Real Estate Finance

Company / Location: Lehman Brothers’ Global Real Estate Group Asia/ Tokyo & Hong Kong offices

Job Title: Full Time and Summer Associates & Analysts

Company / Location: Lehman Brothers Real Estate Japan Limited/ Japan

Job Title: Full time Associate & Analyst positions as well as Summer Associate & Analyst positions

Please send your job listings (with contact information) to Jennifer Boyles at jboyles @mit.edu.

MITREX Updates

The MIT Real Estate Exchange, MITREX is a searchable database available to Industry Partners, MIT/CRE alumni/ae, students, staff and faculty. We are constantly posting new information to MITREX, including the following recent updates:

• Indexology by MIT/CRE Director, Prof. David Geltner
• Transaction Based Index
• Student Theses!
• Japanese commercial real estate market
• State of the Center
• Interviewing Skills

If you haven't already signed up to access MITREX, please do so at http://cre-mitrex.mit.edu/index.html .

Reminders and Notices

• Support the Center for Real Estate (http://web.mit.edu/cre/giving/index.html ). The need for funding to support the "new vision" of the Center is ongoing. Please continue your support!
• The 2006 Version of the CRE Alumni Directory is available. To request an electronic copy of the CRE Alumni Directory, e-mail mit-cre@mit.edu.
• Join AACRE, the Alumni Association of the CRE ( https://alum.mit.edu/smarTrans/user/PayDues.dyn?groupID=189). Thanks to the MIT Alumni Association, CRE alumni/ae 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). If you would prefer to complete your membership by mail, go to the CRE alumni web site and download the membership form .
• MIT/CRE Resume Book (http://web.mit.edu/cre/resumehome.html). Take a look, our students and graduates are impressive! The Class of 2007 resume book will be posted next month.
• Update Your Alumni Contact Information (http://web.mit.edu/cre/alumni/update.html ). We want to stay in touch and keep you informed. To help us do so, please use this URL to update your contact information.
• Alumni Network Services (http://alum.mit.edu/index.html ). Visit the MIT Alumni Association's web site to find addresses and contact information for classmates.
• Alumni Projects (http://web.mit.edu/cre/alumni/alumprojects.html ). Please send notices of your projects, publications, promotions, and noteworthy events for posting on the MIT/CRE web site and/or alumni/ae blog to Marion Cunningham at marionoc@mit.edu.

Best regards,

Marion Cunningham

Managing Director
MIT/Center for Real Estate
77 Massachusetts Avenue
W31-310
Cambridge, MA 02139-4307
Phone: (617) 253-2680
Fax: (617) 258-6991
http://web.mit.edu/cre/
CRE: Our Graduates Build the Future