$25 million from W. P. Carey Foundation bolsters real estate programs
ASU is the recipient of more than $100 million in lifetime giving to continue William Polk Carey’s legacy
The Foundation, which donated a $50 million naming gift to the school in 2003 and an additional $25 million in 2019, announced an additional commitment of $25 million earlier this year. The gift will contribute to building the real estate programs and attracting renowned faculty to the W. P. Carey School.
“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,” says William P. Carey II, chairman of the W. P. Carey Foundation.
“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,” continues Carey II. “The new W. P. Carey Center for Real Estate and Finance will build on the existing Master of Real Estate Development program and 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.”
The Carey family has a long history with Arizona State University—John Samuel Armstrong, grandfather of William (Bill) Polk Carey, introduced legislation that launched Tempe Normal School, the precursor to ASU, in 1885. In 1990, Carey established the W. P. Carey Foundation to continue his family’s tradition of philanthropy and educational leadership. In addition to his philanthropic work, he was the founder and chairman of W. P. Carey Inc., a leading net lease real estate investment trust. The ongoing partnership between ASU and the W. P. Carey Foundation today honors the history of his entrepreneurship and legacy of fostering excellence in business education.
Building a top-tier real estate program
The school aims to not only build an academic program but also combine theory and practice to better serve students, practitioners, and the community.
“The W. P. Carey Foundation’s generous support will bolster our real estate program to be among the best in the country,” says Kadan. “Real estate accounts for a large portion of the U.S. GDP (gross domestic product) and yet is underrepresented in business school education.”
The school currently offers the Master of Real Estate Development (MRED) program along with an active real estate alumni group and advisory board.
“The new experiential learning lab is a key component of the school’s goal to be among the top real estate programs in the country,” explains Mark Stapp, director of the MRED program and Fred E. Taylor Professor in Real Estate. “Not only will students gain an applied understanding of real estate concepts, but they will also learn the vital human side of the business through engagement with business partners; real estate, at its core, is about people and communities, and is based on relationships.”
Attracting world-class faculty
“The W. P. Carey Distinguished Chair positions are key to attracting preeminent faculty to ASU,” says Gopalakrishnan Mohan, director of the School of Technology, Innovation, and Entrepreneurship, senior associate dean of faculty, and professor of supply chain management. “No doubt, with the Foundation’s support, we are better positioned to hire the best faculty to lead this key initiative.”
There are three W. P. Carey Distinguished Chairs in Business at the school: Kadan, world-renowned machine learning expert Olivia Liu Sheng, and incoming supply chain expert Karen Donohue.