Resume

RREEF/DB Real Estate, Managing Director and Chief Information Officer. Earlier work in the Research and Real Estate Securities groups included investigation of the performance characteristics of properties and portfolios; practical application of advanced valuation theory; economic diversification of properties, portfolios, and markets; the supply of investment-grade real estate; and a wide variety of technology-related initiatives to improve portfolio management, valuation, and client reporting.

Real Asset Management, Inc. Vice President of real estate investment management firm that created a unique concept for investment by pension funds. By dividing equity real estate ownership into two pieces, existing leases and future residual interests, we offered a bond-like component that appealed to fixed-income investors and an equity-like component that captured the appreciation and unanticipated inflation-hedging characteristics that are so appealing to real estate investors.

Pension Realty Advisors, Inc. Manager in charge of performance measurement, responsible for client relations, investment due diligence, and marketing. The company was a prominent real estate consultant to fiduciary clients including public and private pension plans, foundations, endowments, and Taft-Hartley plans. Also, Vice President for marketing and a Trustee of PRA Securities Advisors, an offshoot of Pension Realty Advisors investing in publicly-traded real estate securities on behalf of pension plans.

Young Information Systems, Inc., President, Chief Executive Officer, and sole stockholder. The company developed and marketed real estate computer software called CREAMS, REAM, and microREAM. These programs were among the first computer-based discounted cash flow forecasting tools for real estate owners, advisors, appraisers, and consultants. Written in 1979 in conjunction with The First National Bank of Chicago, Bankers Life & Casualty Company (later The MacArthur Foundation), and Richard Ellis, CREAMS was probably the first portfolio management software available to institutional real estate investment managers.

Shlaes & Co., Senior Vice President. The company was a nationally-known real estate consulting and appraisal firm. Pathbreaking assignments included development rights transfer, historic preservation feasibility and conservation easements, litigation support in unique situations including the first real estate case brought under the Sherman Antitrust Act.

Arthur Rubloff & Co., Assistant to the Chairman of the Board and member of the Development Division. Drawing on colleagues at the Cornell Hotel School, I helped draft the first hotel management agreement between the Marriott Corporation and a developer.

The University of Chicago, Master of Business Administration, Graduate School of Business, 1972.

Cornell University, Bachelor of Science, Sibley School of Mechanical Engineering, 1968.

National Council of Real Estate Investment Fiduciaries (NCREIF), former chair of research committee

American Real Estate Society (ARES), webmaster and former director

Pension Real Estate Association (PREA)

Homer Hoyt Institute (HHI), fellow

National Association of Real Estate Investment Managers (NAREIM)

Data Consortium, founder and president

Open Standards Consortium for Real Estate (OSCRE), executive member

Lambda Alpha International, an honorary society for the advancement of land economics

The James A. Graaskamp Award for 2006, presented by the American Real Estate Society.

Fellow, Homer Hoyt Institute.

Eight manuscript prizes in several categories from the American Real Estate Society. The award-winning papers are noted on the articles page.

University of Illinois at Chicago Circle, Graduate School of Urban Planning, Chicago, Illinois. Adjunct Lecturer in real estate finance, investment, and development.

Northwestern University, Kellogg School of Management, Chicago, Illinois. Lecturer in real estate finance.

Cornell University, Statler School of Hotel Administration, Ithaca, New York. Instructor in hotel engineering and building systems.

Guest lecturer at the University of Chicago, DePaul University, University of Wisconsin-Madison, University of Cincinnati, University of California-Berkeley.