The Masters Degree in Real Estate
Fo r t h o s e s e r i o u s about real estate
realestate.cornell.edu
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Academics > Curriculum
Summary WELCOME FROM DIRECTOR
ACADEMICS
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Welcome! I invite you to explore the Cornell Baker Program in Real Estate, widely acknowledged as the world’s leading comprehensive, two-year professional graduate degree in the
CURRICULUM
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CORE COURSES
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you are serious about graduate real estate education, Cornell is the place to be.
PROJECT COURSES
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DISTINGUISHED SPEAKER SERIES
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an encompassing core curriculum combined with a rich, diverse selection of real estate electives allowing for niche specialization, all in close interaction with the largest oncampus real estate faculty in the country; and the classroom is only the beginning! Cornell real estate education is dedicated to applied learning, highlighted by our capstone Real Estate Project Workshop experience--a pioneer effort in linking real
INTERNSHIPS & PLACEMENT
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OPPORTUNITIES
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ADMISSIONS
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FROM THE FIELD
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comprehensive real estate skill development. Our commitment to high value-added internships and experiential placements is often cited by students and employers alike as a distinguishing feature of leadership positions in the industry upon graduation.
Baker Program in Real Estate 114 West Sibley Hall Cornell University Ithaca, New York 14853 realestate.cornell.edu
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The Baker Program in Real Estate has ties to nationally ranked colleges and programs at Cornell, and it includes graduate faculty from across the university. Cornell’s range of courses and depth of committed, tenured faculty are without equal in graduate real estate education.
School of Hotel Administration
- Courses in real estate development, investments and marketing & management.
College of Architecture, Art and Planning
- Courses in architecture, urban planning historic preservation
Samuel Curtis Johnson Graduate School of Management
- Courses in Finance, (Ranked 7th) Management & Leadership
We encourage you to learn more about the opportunities that await you at the Baker Program in Real Estate by visiting our website and scheduling a visit to Ithaca to meet our faculty, program staff, students and alumni. If you are passionate about making an impact
Dr. David Funk, Director, Baker Program in Real Estate
39 credits of core courses 12 credits in your selected concentration 5 credits of management & leadership 6 credits for additional discretionary coursework A professional internship
COLLEGES & COURSES
We take pride in the fact that Cornell graduates, given their comprehensive real estate knowledge and applicable skills coming out of the program, enjoy a diversity of employment options with offers comparable to those of top MBA programs. The returns on their investment continue to emerge over time, not only in professional career advancement but also through membership in the Cornell Real Estate Council and the University’s strong alumni network.
Cornell is the place to be.
To deliver a comprehensive, multi-disciplinary education in real estate, our academic plan includes:
Law School School of Industrial and Labor Relations
Robert Duncan, Transwestern and Jonathan Gray, Blackstone, at the 2011 Cornell Real Estate Council Annual Conference
- Courses in real estate law - Courses in management & leadership
School of Civil and Environmental Engineering
- Courses in construction planning and operations
College of Human Ecology
- Courses in design
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Academics > Core Courses The Baker Program in Real Estate core courses cover a wide variety of subjects, preparing you for a successful career in the real estate industry.
Mark Foerster, C. Bradley olson Real Estate faculty fellow Prior to teaching at Cornell, I spent close to 30 years in the real estate industry. So, I look at the Baker program through the lens of that comprehensive curriculum, professional internship opportunity, ongoing close personal contact with leading industry professionals, amazing faculty that care about student advancement -- allow our graduates to contribute immediately and meaningfully as they start their careers.
PRINCIPLES OF REAL ESTATE sCHool of HotEl AdministRAtion Students develop a thorough understanding of real estate commercial real estate investments.
REAL ESTATE DEvELOPMENT PROCESS BAKER PRogRAm in REAl EstAtE The course examines the real estate development process (retail, industrial, residential, commercial and affordable housing) and the roles of major participants in that process.
CONSTRUCTION PLANNING & OPERATIONS EnginEERing Prepares students for responsibilities in overseeing the engineering and management of complex construction projects within time and budget constraints.
REAL ESTATE MARKETING & MANAGEMENT BAKER PRogRAm in REAl EstAtE principal focus, focuses on the tenant as the basic source of value in a real estate transaction. Topics include marketing research and campaigns, negotiation of lease agreements and governmental regulations.
REAL ESTATE LAW lAW sCHool Examination of major legal concepts pertaining to acquisition, use, management and transfer of real estate.
sCHool of HotEl AdministRAtion The course promotes sound real estate investment
YEAR 1 AND YEAR 2 YEAR 1: RESIDENTIAL DEvELOPMENT
will engage in a real-world residential development project on an actual site, as a member of a 5-person team. This course explores the residential development process from site acquisition to the
and demonstrate your real estate potential during the formal presentation to faculty and industry professionals.
YEAR 2: PROJECT WORKSHOP “CAPSTONE” During the last semester of your curriculum, you will embark on the Real Estate Project Workshop, our “Capstone” course. Each year a challenging development site (commercial or industrial) is selected so you can combine your knowledge and creativity to address the particularities of the project. This is an opportunity for interdisciplinary and collaborative learning, and an excellent simulation of how real estate development and design teams work in the real world.
JoHnson sCHool of mAnAgEmEnt Develop a strategic perspective on written and verbal communications within the context of the commercial real estate industry. Focus will communications.
ARCHitECtuRE, ARt And PlAnning All aspects of design, including interiors, architecture, landscape, and urban planning, will be considered relative to their importance in real estate projects.
MANAGERIAL FINANCE REAL ESTATE TRANSACTIONS & DEAL STRUCTURING
JoHnson sCHool of mAnAgEmEnt
BAKER PRogRAm in REAl EstAtE The course examines real estate deals through a practitioner perspective within a case study and transactional approach.
theory and practice. Topics include the time value of money, stock and bond valuation, cost of capital, option pricing and risk management.
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To integrate and apply your knowledge and skills in all aspect’s of real estate, you will take on the challenges of two real-world project courses during your curriculum. In these project courses, you will have the ability to team up with graduate students from other colleges such as the School of Hotel Administration (MMH students), the College of Architecture, Art and Planning (MRP and MArch students), college of Agriculture and Life Sciences (MLA students) and the Samuel Curtis Johnson Graduate School of Management (MBA students).
COMMUNICATION IN REAL ESTATE
DESIGN IN REAL ESTATE DEvELOPMENT REAL ESTATE FINANCE & INvESTMENTS
Academics > Project Courses
“We gained a lot by participating as the client for the Capstone project. The Cornell student teams were very impressive. Students developed an excellent grasp of the business and design issues that our company is facing in the proposed development of a very complicated site and market, and they came up with some good solutions and ideas for us to consider. We thoroughly enjoyed coming to Ithaca to hear the presentations on their work product, and in fact, we have shown their working in a public/private partnership to develop this site.” Bob Wulff, Senior Vice President, B.F. Saul Company
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Internships & Placement The Baker Program in Real Estate provides opportunities for you to initiate professional relationships with experienced alumni, practicing professionals and industry icons. Conferences, our Distinguished Speaker Series, courses co-taught by industry professionals, career forums, case writing partnerships, research work and campus visits offer our students the venues they need to build a vibrant professional network.
Number of Students (Past & Present) from the Illustrated Raduis
Academics > Distinguished Speaker Series
<5 5-10 >10
Larry Silverstein, WTC Properties Program in Real Estate students hail from across the US and Globally
Development & Construction Robert I. Toll, ‘63 Chairman and CEO Toll Brothers Horsham, PA
Architecture Arthur Gensler Jr., ‘57 Founder, Chairman & CEO Gensler San Francisco, CA
Global Real Estate
Kevin Fitzpatrick, ‘76 President
Spring Bay Properties New-York, NY
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Retail Development
A unique feature of the baker Program in Real Estate is the weekly Distinguished Speaker Series, which attracts leading to share insights with Program students, faculty and Cornell Real Estate Council members. Each week of the academic year, industry professionals discuss important issues and developments in their projects and the career paths that led them to their positions. A question and answer session, with lively exchanges among students and seminar leaders, typically follows the formal presentation, and conversation continues at a reception following the seminar.
Richard baker, ‘88 Governor
Hudson’s Bay Company Toronto, ON
Construction Development Dale S. Rosenthal Senior VP & CFO
Clark Construction Group, LLC Bethesda, MD
JOb SECTORS Real Estate Investment Russel S. bernard, ‘80 Managing Partner
Westport Capital Partners, LLC Westport, CT
Development
Investment
Consulting
Acquisitions
As a result of a comprehensive education, Baker Program in Real Estate students and graduates are selected for sought-after positions in all sectors of the industry. U.S and international employers from renowned real estate companies seek our students for summer internships and permanent positions on their real estate teams. The Class of 2012 reported a mean starting salary of $100,800, a near doubling of the mean pre-program salary. These graduates accepted offers in acquisitions, investment,
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Opportunities CORNELL REAL ESTATE COUNCIL (CREC) Started by a small group of alumni in the 1970’s, the 1,600+ members of the Council represent all sectors of real estate. A key asset to students in the Baker Program, Council members provide mentoring and case expertise, and often contribute and teach as visiting
MENTORS
lecturers and speakers. As a student of the Baker Program in Real Estate you will attend the
While a student in the Program, members of both the Cornell Real Estate Council Advisory
Annual Cornell Real Estate Conference, where you will meet, hear from and network with
Board and alumni of the Baker Program in Real Estate are available for C-suite and
hundreds of members of the CREC. This is a fantastic opportunity to be a part of the deal
trailblazer mentoring relationships with you. These relationships aid your professional
making and entrepreneurship of real estate. Additionally, in 10 cities throughout the US,
development and improve your knowledge of the real estate industry.
as a way to stay connected in a geographic market that is important
“This competition is unique in its dual focus on design and
in your professional futures.
Jessica Coulson Cornell University, Baker Program in Real Estate Class of 2013 “The Baker Program prepared me for the next phase of my career in real estate in several valuable ways. The two-year approach to the Masters enabled me to pursue my passion for real estate to great depths in my coursework, as I developed a curriculum tailored to my
the sweet spot where great
GRADUATE TEACHING AND RESEARCH SPECIALIST (GTRS)
CASE COMPETITIONS
Throughout your tenure in the Program, there will be opportunities to further the research, writing and teaching in graduate real estate
Baker Program students compete each year in real estate
education, and in the real estate industry. We encourage you to use
case competitions throughout the country. Through these
these positions to further enhance your resume, and to help defray
competitions, you will have an opportunity to compete,
your expenses.
showcase your knowledge, and learn from each other through the analysis of a complex real world development MIT Center for Real Estate competition and UT Austin,
CASE STUDIES
while others are more design oriented, such as the ULI/ Hines Student Urban Design competition.
One of the goals of the Baker Program in Real Estate is to become a
and took classes in the top programs across campus. My summer internship helped me to develop new skill sets and diversify my resume in ways that have helped to clarify my career aspirations. Further, as my peers and I advance in our careers, the expansive Cornell Real Estate Council network will remain an incredible resource to connect with alums and friends of the Program around the world.”
world renowned producer of real estate case studies and teaching materials in a variety of academic and professional forums. Through its “Collaboration Initiative”, seasoned faculty and real estate professionals ensure that cases represent a balance between real opportunity to augment your resume, and to forge a strong bond with a real estate professional and a respected faculty member.
OUTREACH Outreach and service to the real estate industry are key components of the Baker Program in Real Estate. These activities occur on campus and at events held around the country. They include:
ASSOCIATE REAL ESTATE COUNCIL (AREC) AREC is Cornell’s graduate student-run real estate organization. It is committed to enhancing Cornell’s presence in the industry and providing its members with educational and career
Pike Oliver Lead Faculty Advisor, ULI Gerald Hines Student Design Competition
The Annual Cornell Real Estate Review, our student-edited real estate journal The Cornell Real Estate Conference, regional meetings and special events
returns is key to achieving excellence in real estate development. The ULI Gerald Hines Competition offers a great opportunity to learn how to do that. The Hines Competition strives to encourage cooperation and teamwork—necessary talents in the planning, design and development of sustainable communities—among future real estate professionals and allied professions, such as architecture, landscape architecture, urban planning, historic preservation, engineering, real estate psychology and law. In 2012, 139 university teams, including four from Cornell, participated in the Hines Competition. Cornell teams have participated each year since the competition’s inception in 2002 and several have earned honorable mentions.”
Special events which our students are encouraged to attend
development opportunities. AREC membership should be viewed as a stepping stone to lifetime involvement with real estate at Cornell, including membership in the Cornell Real Estate Philadelphia, Washington, D.C., Los Angeles and Boston.
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Admissions Requirements
From The Field
Each year, the Baker Program in Real Estate selects diverse, high potential real estate leaders. Students in the Program share a passion for real estate with the ability to contribute, challenge and support one another. Our selection process the committee looks for individuals with leadership potential within the real estate industry, strong academic ability and outstanding interpersonal and team skills.
The Selection Process Baker Program in Real Estate is available for you, with more detailed information on the application process.
Jermaine Gause George Chapman CEo Healthcare REIT
“In addition to their specialization in real estate, baker graduates demonstrate critical thinking skills, solid business acumen, and an entrepreneurial spirit. They join us with fundamentals necessary to make a meaningful contribution at Health Care REIT.”
We strongly encourage you to plan a campus visit on Thursdays, to meet our students, sit in on a course, and join our students at the Distinguished Speaker Series and reception. To schedule a visit, email real_estate@cornell.edu. If you have explored what the Baker Program has to offer and plan to apply, your next step is to complete the Cornell Graduate School on-line application, www.gradschool.cornell.edu.
Scholarship & Financial Aid New this year, the Baker Program in Real Estate offers up to 2 full–tuition scholarships to applicants who show exemplary real estate leadership potential. For more information, see our website. The Program offers many students graduate assistantships, which enable you to make a contribution to the program in
Our Advisory Board members award scholarships to students with outstanding academic records.
The baker Program gave me the opportunity to broaden and enhance my fundamental knowledge of to specialize in hospitality real estate investment. Through the Program’s connection to The School of Hotel Administration, I established relationships with industry leaders and successfully prepared for my transition to the hotel investment arena.
Elysia Tse
Jason Chew
Head of investment governance,
managing director Greater China Pramerica REI
Real Estate Aviva Investors Asia Pte Ltd Class of 2001
“The Program not only equipped me with real estate knowledge and skills through a comprehensive array of academic courses, but also provided me with numerous channels to keep apprised of global trends and receive insights from industry leaders while I was on campus experience and the Cornell network throughout my career.”
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Class of 2012
During Randolph’s internship in beijing, I am pleasantly surprised on several fronts. “No school education can truly prepare one for the complexities on doing business in China. It takes tremendous tenacity, adaptability and the genuine willingness order to do business. I am pleasantly surprised by Randolph, who has clearly demonstrated this understanding in his short stint here. It seems that Cornell has indeed prepared him well.”
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114 West Sibley Hall
607.255.7110
realestate.cornell.edu
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