Adler specializes in arranging hotel market transactions, financing, investment advisory services and consulting for domestic and offshore owners and investors. Adler's office is located in New York, and Crain's New York Business Journal previously named him as one of the top "40 under 40" business executives in New York City. The firm's parent company, Jones Lang LaSalle (NYSE: JLL), is the world's leading real estate services and investment management firm, operating across more than 100 key markets on five continents.

When the firm went out of business in late 1990, I became a Partner at Coopers & Lybrand in the Hospitality Consulting Group. At the time, the firm did not have a lodging consulting firm, and I was able to help the firm become one of the preeminent consulting firms in the lodging industry." In 1998, Adler became the Managing Director of the Lodging & Leisure Group at Sonnenblick-Goldman Company, a boutique real estate investment banking firm that bought, sold, and financed hotels. Adler's diverse industry background includes consulting, litigation support, market and valuation analysis, operations and strategic planning and debt and equity transaction services to owners.

In the US, Jones Lang LaSalle Hotels is ranked as the leading transaction advisor for hotel sales over $25 million. In 2004, its global success story includes the sale of 23,103 hotel rooms to the value of US $5.2 billion in 85 cities and advisory expertise on 132,498 rooms to the value of US $27.9 billion across 301 cities. Jones Lang LaSalle Hotels' services include transactions, mergers and acquisitions, financial advice and capital raising, valuation and appraisal, asset management, strategic planning, operator assessment and selection and industry research.

A few of Adler's clients include: InterContinental Hotels and Resorts, The Blackstone Group, Hyatt Hotels Corporation, Lend Lease, Loews, MeriStar, Starwood Hotels and Resorts, Goldman Sachs, and Prudential Insurance Company. Select assignments that Adler has overseen include a $180 million, 10- year term loan and an $80 million revolving line of credit for two properties owned by Manhattan East Suite Hotels, the $160 million sale of The Hyatt Regency Capitol Hill, a $63 million financing of the Ritz-Carlton Jamaica, the sale of Caneel Bay Resort on St. John, the $90 million sale of the Embassy Suites Chicago, a $99 million capitalization package to develop the Westin Kierland Resort in Scottsdale, Arizona, the sale of the 50 percent partnership interest in The Peabody Orlando and the operator selection process for The Diplomat Resort Country Club & Spa, the 1,060-room luxury convention hotel in Hollywood, FL.

While having lunch with his long time friend, Louis Kahnweiler, Bennett learned about Kahnweiler's plans to open a company. "Lou Kahnweiler told me that he wanted to open a real estate business selling factories to people who headed various companies. I immediately was intrigued and wanted to be part of it. Soon after, we formed a partnership called Bennett and Kahnweiler in 1949. In the beginning years, we bought pieces of vacant land with other financial partners, and we developed them for industrial use and then, leased the properties." Bennett and Kahnweiler is one of Chicago's oldest corporate real estate firms with broad-based expertise in industrial and office brokerage, development, investment and consulting. Bennett was the developer.

In 1954, Bennett and Kahnweiler developed their first comprehensive planned industrial district, the O'Hare Industrial Park. While looking for more land in the area, Bennett discovered the Centex (for Central Texas) Construction Company. "I was immediately interested in the possibilities of bridging the two-mile area between the planned residential development and the new O'Hare airport, because Centex had a terrific piece of property for an industrial park. We brought together Chicago's Pritzker family with the Texas-based Murchison brothers to make the deal happen." Bennett was able to bring the parties together because he had been childhood friends with Jay Pritzker, the eldest of the three sons of Chicago businessman Abram Nicholas ("A. N.") Pritzker and Jay had backed him in a number of deals. "We first found a property West of O'Hare field owned by Centex, and I convinced Clint Murchinson that we had some pretty good partners with the Pritzkers. During the deal, I had many anxious calls from A.N. Pritzker, because he was not as confident in the deal as I portrayed that I was. Before Centex, the biggest development I had done was 40 acres. Here we started with over 675, but I believed that our vision for the property was perfect with the future expansion of O'Hare airport and the surrounding area." Because of Bennett and Kahnweiler's vision and perseverance, the company pioneered the field of industrial development by creating the 2,200 acre Centex Industrial Park in Elk Grove Village in 1957 through 1973. The success of Centex helped spur the real estate development boom in the northwest suburbs.

"From Montbello, we kept on building industrial parks." Bennett and Kahnweiler went on to develop over 26 state-of-the-art industrial and office parks in Denver, St. Louis, Milwaukee, San Francisco, Atlanta, Southern California, as well as many other major sites in Chicago. In 1979, Bennett was named "Man of the Year" by the National Association of Industrial and Office Properties.

In 1977, Bennett's life took an unexpected turn when he suffered a severe head injury as a result of a kayak accident in Idaho. "This accident changed the direction of my business decisions. As soon as I fully recovered in 1982, I launched a new business, Marshall Bennett Enterprises. Since then, I have been involved in many diverse business ventures." He formed a Chicago-based joint venture, Miller-Klutznick Davis Gray/Bennett Co. He later invested to help Goldie Wolf, a fantastic commercial Realtor, open her own real estate company.

In addition, he gives much of his time towards building the Chicago School of Real Estate at Roosevelt University with his friend and co-founder, Gerald Fogelson. "Most people become involved in real estate transactions during their lifetime, and I wanted to give students the opportunity to learn about real estate investments and ownership. This is a wonderful pragmatic program."

In 1958, after serving in the Army for two years, Fogelson broke ground on the Highland Merchandise Mart, in Indiana, which became the forerunner of the discount department store era. In 1961, Fogelson relocated to Indianapolis, Indiana. There, his Development Company began building single family subdivisions and garden apartment projects. For the next seven years, he built throughout Indiana, Illinois, Ohio and Kentucky. In 1968, Fogelson formed a joint-venture with the Norfolk and Western Railroad to develop Briar East, one of the largest apartment/ commercial properties in Indiana. Also in conjunction with the railroad, he developed a project in Ohio. He later bought out the railroad and continued to own and operate the properties for years.

Recently, Central Station: The Realization of a Dream was published. In his own words, Fogelson describes how the property evolved as a successful development in downtown Chicago. In 2002, the Chicago City Council honored him for his prominence as developer and for creating the Chicago School of Real Estate.

In 1965, Frank started opening offices overseas. His first overseas office was established in Paris, France. "We were entrusted to make a survey for all properties owned by the U.S. government in France. Our second office was in Spain, where we handled assignments for US firms such as Armstrong of Lancaster PA, Xerox, Swift in Chicago, now called Beatrice Foods and many others," says Frank. He continued to open eight affiliated offices in various parts of the world. And in 1995, he sold the company to Mr. Jean-Marc Levet of Levet & Partners.

Then, Rene Frank turned his attention to building homes for the poor. "I had been FIABCI�s representative to the U.N. since the 70's. After I visited Managua, Nicaragua as Honorary Deputy President of FIABCI, I was struck by the appalling poverty of its people, especially in terms of housing. As a real estate professional, I was convinced that there should be a way to remedy the situation. In my capacity as FIABCI's permanent representative to the U.N., I took advantage of a U.N. Habitat meeting in Nairobi, Kenya and launched the GLOBAL HOUSING FOUNDATION, with the explicit purpose of helping the poor to obtain decent housing, and to improve slums and shantytowns." Shortly after that meeting, the Foundation tackled its first project, providing assistance to the residents of the "Dieciocho de Mayo" (Eighteenth of May) a shantytown in Managua, a labyrinth of over 900 hovels, housing some 4.000 people. Rather than giving away housing, the basic principle was to sell new homes at a price affordable enough without interest payments to make them accessible to the poorest purchaser." Mr. Rene Frank has received several awards for his work with providing homeownership for slum dwellers across the globe including: In 2004, FIABCI created the Rene Frank Award to permanently link his name with the yearly Award. In 2002, he received the medal of Valor from Prince Philippe of Belgium. Also, in 2002 he was appointed a member of The U.N. Task Force No. 8, dealing with world-wide conditions of slum dwellers.

In addition to all his other activities, Good has been involved in many philanthropic endeavors. He was the 2004 president of the Chicago Association of REALTORS®, a 12,000 member association. At the same time, he was also the Chairman of the National Auction Forum for the National Association of REALTORS®. He has received numerous honors for his service including he was a past recipient of the DePaul University College of Law Alumni Service Award.

Mr. Goodwin has been in the housing industry for over 35 years. He describes how he entered real estate, "n 1967, I suggested to three teachers that I had known from teaching, two of them went to school with me at Northeastern and one of them I met when I began teaching, that we should put our money together and buy an apartment building. And the only thing we could afford was a three flat not far from May School. Next, I got other teachers to invest their money with us. Our business continued to grow as many other teachers heard about what we were doing. In 1968, we were making money; so we decided to incorporate Inland Real Estate Corporation. And at that time, I was teaching during the day, working real estate at nights and on weekends and going to graduate school the other nights. By the time I had finished my master's degree, we had built up so much equity in the real estate, and we had hired people, so it became a point where I had to devote more and more time to real estate, which meant I eventually had to make a hard choice to leave teaching to work full-time in the real estate business."

Goodwin's companies continued to expand its operations in Florida, Arizona, and New England. Goodwin says, "As we expanded nationally, there were three major obstacles that we faced; in our early years, our main obstacle was really a question of financial survival until the business became profitable. The second biggest challenge was to deal with changes in the business such as tax reform in the 80�s, and still remain profitable. We gained an outstanding reputation in the industry because of our ability to make money. Our third challenge was learning how to deal with different types of investors. Our early investors were teachers at May School who were very hands on; they would look at the properties. Because of our reputation for making money, by the mid-70s, we were attracting more and more passive investors."

Goodwin adds, "I use many of my real estate skills to help with many educational pursuits." Mr. Goodwin is currently Vice Chairman of the Board of Trustees of Benedictine University and Springfield College and Chairman of the Board of Northeastern Illinois University. Goodwin instituted a program to educate disabled students about the workplace. Most of those original students are employed at Inland today, and Inland continues as one of the largest employers of the disabled in DuPage County. He has won numerous awards including: Outstanding Trustee of the Decade Award Northeastern Illinois University -- Honorary Doctorate and President's Meritorious Service Award. He is also the coauthor of a nationally recognized real estate reference book for the management of residential properties titled: The Landlord's Handbook published by Dearborn Trade Publishing.

From 1979 through 1984, Linneman was the Assistant Professor of Finance and Public Policy at Wharton School of the University of Pennsylvania. His teaching and research focused on real estate and investment strategies, mergers and acquisitions, and international markets. In 1984, Linneman became an Associate Professor and in 1988 was appointed as Professor of Finance and Public Policy at Wharton. In 1989, he was named the Albert Sussman Professor of Real Estate, Professor of Finance and Public Policy and Management at the Samuel Zell and Robert Lurie Real Estate Center at Wharton, where he was the Director of the Center from 1985 through 1998. He was appointed Chairperson, Wharton Real Estate Department from 1994-1997. The Wharton program is regularly identified as a top program in real estate, and Linneman is credited as a major contributor to the program's success.

In addition to teaching and consulting, Linneman has been very successful as a practitioner. During a one-year leave from Wharton he served as Senior Managing Director of Equity International Properties LLC, a global real estate investment firm. "I worked with Sam Zell to help him establish Equity International LLC. I learned a lot from flying with Sam Zell for fourteen months all over the world. My involvement as a practitioner always occurred when I had a consulting assignment and through the circumstances of my consulting, it resulted in me becoming a practitioner, and I always enjoyed it because it gave me action, access to leaders and new ideas, and it helped me to be a much better teacher." Linneman served as Vice Chairman of Amerimar Realty, and was Chairman of the Board of Rockefeller Center Properties Trust. In this latter capacity he led the process of foreclosing on its Japanese owners and the successful sale of Rockefeller Center. He has served and continues to serve on the board of directors of numerous NYSE and private companies. Dr. Linneman is the founder and Principal of the American Growth Land Fund, a $100 million investment vehicle that invests in long term land developments in high growth areas of the US. He is a partner in Gerber-Taylor Realty Fund III, a real estate fund-of-funds.

Linneman is a noted speaker and moderator for leading corporations and professional associations around the world. "I started speaking to bring attention to Wharton�s program. Later on, I was asked to moderate several conferences. For example, for the past 14 years I have been a co-coordinator/sponsor/moderator with Sam Zell of a prestigious real estate roundtable conference by invitation only each year that brings in very high level people, called " The Marshall Bennett Classic."

Since the beginning of his teaching career, Dr. Linneman has written for over 70 publications. He is the founding co-editor of The Wharton Real Estate Review. He publishes a quarterly newsletter The Linneman Letter, a leading economic and real estate strategy research publication that claims more than 120 leading real estate firms as subscribers. In 2001, he wrote a real estate textbook, Real Estate Finance and Investments: Risks and Opportunities, which has been adopted at leading universities, including Yale, John Hopkins, USC, Brown, Columbia, and Wharton, and has quickly become the leading reference source for those interested in real estate finance and investment. "I always hoped that leaders would want to read and could understand what I wrote, and I am fortunate to have achieved this goal. Writing is very rewarding."

Over the years, Reiss continued to excel in several different jobs. From 1970 through 1972, she became Director of Finance for the Department of Public Works in the City of Chicago. She supervised a 50-person department under Mayor Daley when she was only 22 years old. "In this position, I learned from the ground up about architecture, engineering, and construction of all municipal activities including sewers, high speed rapid transit, filtration plants, and bridges. I was also in charge of all human resources, budgetary and financial activities," concludes Reiss.

Her success led her to become a Principal for Arthur Young & Company in Chicago from 1972 to 1980. In this position, Reiss led the financial planning and control consulting practice. She was actively involved in cost accounting, financial systems and strategic planning assignments for a variety of industries including slaughter houses, meat processors, agri-business, public sector and service companies.

From 1980 to 1985, Reiss became the Senior Vice President and Controller for Urban Investment & Development Company in Chicago (A wholly owned subsidiary of Aetna Life & Casualty). She was responsible for the financial and administrative activities of a major national real estate developer. Her job incorporated all development activities including retail, office, mixed use, hotels as well as home building & construction subsidiaries. "During that time, Urban was building many major developments such as 333 N. Wacker, Water Tower Place and 900 North Michigan in Chicago, and the renovation of the Olympic Hotel in Seattle, and the development of Copley Place in Boston. It was a fabulous time to be with a major development company, and I learned a great deal. It was a great experience, because GAAP (general acceptable accounting principles), earnings and tax, as well as the underlying real estate business, were what made our world go around because of our Aetna parent"says Reiss.

In 1985, Reiss founded the Chicago office and was the managing partner of Kenneth Leventhal & Company (8th largest accounting firm specializing in real estate). "When I started at Kenneth Leventhal, I was the only woman managing partner of a Big Eight accounting firm anywhere in the United States, and I learned how to be successful as a woman in both accounting and in real estate." Reiss was responsible for overseeing all audit, tax, consulting activities in the Midwest. Her practice grew from a start-up to over 200 people as the most profitable practice in the firm. She served clients including JMB, First National Bank of Chicago, Continental Bank, Homart, and General Growth.

Subsequently, in 1995 Kenneth Leventhal merged into E & Y and in 1999, when Reiss�s predecessor retired, she became the Global and Americas Director of Real Estate, Hospitality & Construction practices for Ernst & Young LLP (E & Y), an accomplishment few women could have reached in the industry.

David Simon received his Bachelor's of Science degree from Indiana University in 1983, and he earned an MBA from Columbia University�s Graduate School of Business in 1985.

He joined the Simon organization in 1990 as Chief Financial Officer and Executive Vice President. Simon says, I decided to join the family real estate business after working on Wall Street for several years, because I believed that with my education and work experience in corporate finance and investment banking on Wall Street, I could help the company grow." Soon after Simon joined the Company, SPG grew rapidly. It went public in 1993, folding most of its properties into Simon Property Group and raising nearly $1 billion, which at the time was the largest real estate stock offering of this type. In 1995, he was named Chief Executive Officer. Following a $3 billion acquisition of DeBartolo Realty Corporation in 1996, the company became Simon DeBartolo Group, the nation�s dominant shopping center owner. And in 1998, it became Simon Property Group and is now the No. 1 mall owner in the United States. Simon adds, "A milestone for me personally at SPG was when in 1998, we bought Corporate Property Investors which at the time was one of the largest real estate M & A transactions -- that really created the size and scale in the retail real estate business that beforehand didn�t exist. I believe that two other milestones for me personally were when SPG completed four other M & A deals, and when SPG got into the S & P 500 and was recognized as an investment grade company."

The company has a total market capitalization of approximately $39 billion dollars. SPG owns 78 regional malls located in the 25 largest U.S. metros. The Company�s portfolio contains some of the country�s most productive and recognizable properties, including: Copley Place, Boston, MA; Dadeland Mall, Miami, FL; The Fashion Centre, Pentagon City, Arlington, VA; The Fashion Valley Mall, San Diego, CA; The Florida Mall, Orlando, FL; The Forum Shops at Caesars, Las Vegas, NV; and The Galleria, Houston, TX .

Simon Brand Ventures (SBV), Simon�s business-to consumer arm, has pioneered the transformation of shopping malls into a medium where consumer brands can build one-on-one relationships with shoppers who make approximately 2.2 billion visits to Simon Malls each year. SBV has engaged in a number of consumer business initiatives, including the Simon Giftcard&#0153, launch of Simon platform programs such as Simon Kidgits Club™ Simon Super Chefs Live!™, Simon DTour Live™.

Simon Business Network (SBN) is the business-to business division of Simon Property Group. SBN consists of operational programs designed to provide aggregated business solutions for Simon, its retailers and other developers as well as a selection of more than 100 preferred vendors that supply those solutions. Examples of these vendors include KONE, Inc. for vertical transportation needs; Sylvania for lighting.

Simon Global Limited, headquartered in London, is the entity created by SPG through which to pursue its international initiatives. Simon�s initial expansion abroad occurred in 1998 with its investment in Groupe B.E.G., a Paris-based developer, owner and manager of retail properties in Europe. In 2003, SPG created a joint venture with The Rinascente Group, an Italian retailer and real estate developer. Gallerie Commerciali Italia S.p.A. was formed to own, manage and develop shopping centers in Italy.

His real estate vision expands beyond U.S. borders. Equity International Properties is a privately-held company that invests in real estate businesses outside of the United States. The company strategically co-invests with world-class local partners in existing and newly-formed foreign real estate companies that have meaningful growth potential. Ever the contrarian, Mr. Zell and Equity International focus on geographic regions�such as Latin America, Central and Eastern Europe, India and China�that are characterized by strong economic growth yet also experience limited capital market efficiency and limited competition. Equity International has been at the vanguard of institutionalizing developing markets such as Mexico. There, it is one of the most active real estate investors with five portfolio companies, including Homex, a leading publicly-held homebuilder (NYSE:HXM).

Mr. Zell is well-known for possessing many outstanding leadership abilities. He is ambitious, self-confident, motivated, focused, self-disciplined, a great salesman and an eternal optimist, making him the consummate entrepreneur. When asked to explain how his leadership style as an entrepreneur has enabled him to become one of the world�s most successful real estate businessmen, Mr. Zell says, "I have been very fortunate in that I have developed an enormous self-confidence and that self-confidence has allowed me to be different and survive. And, therefore, I have been successful as a contrarian in identifying where I think the opportunities are, and then implementing the strategies accordingly."

With his late partner, Robert Lurie, Mr. Zell sought out and capitalized on numerous real estate opportunities in the 1970s and 1980s, building a substantial private portfolio of residential, office, manufactured home and retail assets. In the 1990s, he brought this portfolio to the public markets when he founded three of the nation�s largest self-administered and self-managed REITs in their respective asset classes: Equity Residential (NYSE: EQR), Equity Office Properties Trust (NYSE: EOP), and Equity Lifestyle Properties (formerly Manufactured Home Communities, Inc.) (NYSE:ELS). Mr. Zell remains Chairman of these publicly traded companies.

Mr. Zell also maintains substantial interests in and serves as Chairman of the Board of Anixter International (NYSE: AXE), a value-added provider of integrated networking and cabling solutions that support business information and network infrastructure requirements; Capital Trust (NYSE: CT), a specialized real estate finance company; and Rewards Network Inc. (AMEX: IRN), a leading provider of dining rewards programs.

Over the next 27 years, the three friends became great entrepreneurs by designing products and services to meet their clients� needs. "From the start, our mission has always been to use our experience and our passion to create great investment opportunities for our clients. We seek to achieve our mission through our disciplined approach to risk, constant communication, and our responsiveness to new ideas and challenges. We designed products, from private real estate to strategic growth to our alternative asset strategies, for our clients with an eye towards what works versus what sells. To ensure that we design products and services to perform as desired for all our investments, we have always done extensive research."

By 1973, Bailard�s founders published the first of six editions of their widely distributed college textbook, Personal Money Management. In 1974, they published their first newsletter commenting on economic and market events and issues. In 1976, Bailard began serving corporate pensions and profit-sharing clients. And in 1977, they developed multiplescenario planning, which forms the basis for their formal asset allocation. In 1979, Bailard�s International equity fund, was one of the country�s first who created a global investment opportunity for their clients. In 1986, the company began offering their first Asset Allocation Consulting Service in which they advised their Institutional clients, including CALPERS, Pacific Telesis, Hughes, and Raiston-Purina.

In 1990, Tom Bailard continued full time to expand the firm�s services, while Ron pulled-back to start a family farm and a vineyard, and Larry retired. From 1990 until 1997, Kaiser limited his time to one day a week at the office. "I had always wanted to run a farm and be a farmer. So when I was in my early 40�s, I took some time off to create a farm in California with my family. The time off allowed me to develop a new perspective on my work-life balance. I learned it is difficult to make a living at farming, and that I really missed creating more investment opportunities for our clients, especially in real estate. I knew that I added value to the Firm because, I understand the business, the markets, our clients. To have a balance in my life, I wanted to set certain specifications for my work. I decided to work in the office only a few days a week, and I to split the rest of my time between farming, with my family, attending conferences, doing research, writing, and doing other things. In addition, I wanted to specifically do the research for the firm�s real estate investments. So the time off also gave me a new perspective. I discovered that I am able to use the time away from the office to actually better focus on ways that I can improve the investment services we provide our clients."

Even though, from 1990 until 1997, Kaiser had cutback his time at the office to one day per week, he was able to contribute to the incredible growth of the company throughout those years because of his renewed focus and his business acumen that he was able to harness by having time to reflect. In 1990, the Firm launched its first private equity real estate fund to address many of the issues that investors encountered in the mid 1980s such as illiquidity and lack of investment confidence and diversification. In the mid-1990s, the company developed their quantitative research capabilities to augment its existing investment and portfolio management processes. In 1995, they implemented a "bestpractices"approach to investment management that emphasizes risk management and institutional-quality processes.

In 1997, with Ron Kaiser�s new perspective on the business, he agreed to become the Director of Real Estate Research for Bailard and spend more time at the office. He designed his to schedule so that he spent � of his week at the office, and the other � of his time divided among with his family, farming, traveling, attending conferences and doing research.

By 2001, we also launched our first long/short equity fund, which took advantage of the dispersion in performance among sectors of the US. Markets. In 2004, they created its first multistrategy hedge fund, which allowed them to diversity holdings among multiple alpha-generating strategies. One strategy, in the hedge fund was a long-short REIT strategy to take advantage of deviations from net-asset value.

In 2005, the company changed its name to Bailard Inc. and unveiled a brand new brand identity and web site. Also, encouraged by the success of their first offering, they launched their second private equity real estate fund. It was clear, that with Kaiser�s renewed focus has helped the Firm fulfill its new slogan "Investment Redefined."

After high school graduation, Kohlhepp went to Penn State University on a wrestling scholarship. "During high school and college, I had received several injuries while wrestling. So I knew that I had to find something else to study during my college years rather than becoming a professional wrestler. Fortunately, I realized quickly that I loved studying real estate, and so I decided to become a real estate professor." Dr. Kohlhepp earned his B.S. and M.B.A. degrees from Penn State University. While pursuing his Ph.D. at Ohio State, he met his future wife, Donna Sell, who was a nursing major at the University, and they later married. Dr. Kohlhepp then served on the faculties of the University of Oklahoma, where his wife Donna got her MSN and PhD., and then, Penn State, where he specialized in real estate investment analysis, and Donna taught on the nursing faculty. In 1979 Kohlhepp left Penn State to become a real estate developer and broker. Kohlhepp explains, "While at the University of Oklahoma, I was involved with several big deals taking place in Oklahoma. I realized quickly that I could make much more in the private sector than I could on the academic side of real estate and my wife and I wanted to have a family. Consequently, we left Penn State, and I went into partnership with an old friend, R. W. Finley. We founded a firm called Kohlhepp & Finley in Oklahoma City. My partner, about 20 years older than I, was a great mentor. He gave me the opportunity to learn from his vast knowledge of the business."

In 2000, Kohlhepp joined Crescent Resources, LLC to develop Potomac Yard, a 300-acre, mixed-use, urban in-fill project because of his ability to work-out problems in large transactions and developments. The property was located next to the Pentagon, and shortly after he started, 9/11 occurred. "After 9/11, nothing was being built. So, we offered our site to be used for the Pentagon construction workers to park their cars. During that time, we were involved with gaining the support of many local and state politicians to reopen the Reagan National Airport, which let us go back to business, because the Airport was a driver for our entire area. It took several years for us to recover, but because of our efforts to focus on finding solutions in the economic devastation of the area and do the right thing for everybody involved at Potomac Yard, we were able to eventually have outrageous success., I was also lucky to have the interest rates and the capitalization rates drop historical lows!" In 2006, Kohlhepp completed the development of Potomac Yard project. Dr. Kohlhepp and his team were awarded the Northern Virginia NAIOP Best Transaction of the Year (2001), Trenchless Technology�s Project of the Year (2003), Washington Business Journal�s Best GSA Lease Award (2004), and the Arlington Chamber of Commerce ABBIES "Green" Award (2005). In 2006, the U.S. Green Building Council awarded LEED Gold Certification to One & Two Potomac Yard, a 654,000 square-foot, twin-tower, office project within Potomac Yard. In 2007, One and Two Potomac Yard was awarded the "Best Commercial Project" and the "Best Building High-Rse" by the Virginia Sustainable Building Network and the Northern Virginia NAIOP, respectively.

In 2008, Dr. Kohlhepp retired from his eightyear tenure with Crescent Resources LLC. At the time of his retirement, he was the president of both its Commercial Division and the LandMar Group, LLC. Kohlhepp had been responsible for 18 major commercial developments in seven states that included mixed-use, office, warehouse/distribution, and retail projects. Committed to green building and sustainable development, he enrolled eight office projects totaling almost 2 million square feet in the United States Green Building Council�s Leadership in Energy Efficient Design (LEED) Program. In addition, he reorganized and re-staffed the Commercial Division and formed the Urban Mixed-use Land Development Division to address better the opportunities and issues inherent in mixed-use developments. At the LandMar Group, LLC, a master-planned community development subsidiary with 28 projects in Florida and southern Georgia, Kohlhepp substantially reduced the workforce and repositioned the company to deal with deteriorating residential and credit markets. Kohlhepp was also a key player in transitioning Crescent Resources from a wholly-owned Duke Energy subsidiary to a private company which included $1.8 billion debt and equity re-capitalization.

Dr. Kohlhepp has written extensively about his experiences with green projects because, "I believe that the concept of sustainable, green buildings is here to stay, because we all want to leave the world a better place to live for the next generation." His recent works include: "hallenges and Lessons Learned at Arlington Potomac Yard," which appears as Chapter Eight in Future Office: Design, Practice and Research, edited by Chris Grech and David Walter and published by Taylor and Francis in 2008 and "The Role of the Master Developer in Urban Mixed Use Projects," which he presented with Bobby Zeillier in July of 2008 at the Harvard Graduate School of Design�s program, "New Communities: Concepts of Master Planning." Along with Norm Miller, Ph.D., he is co-editor of a special monograph dedicated to green building and sustainable development research sponsored by the American Real Estate Society.

Dr. Kohlhepp is committed to many academic endeavors. He is a past president of the DuBois Educational Foundation., and he is an advisory board for Penn State DuBois. He is also on the advisory board of the Johns Hopkins University Real Estate Program. He is a past director of the Alexandria Economic Development Partnership, the American Real Estate Society, an the Urban Economic Association. In 1997, he received the Weimer School of Advanced Real Estate and Land Economics Leadership Award and in 2003, he was named a Penn State Alumni Fellow. In 2007, the Homer Hoyt Institute recognized Dr. Kohlhepp as a Hoyt Fellow and in 2008, he and his wife were inducted into Penn State University�s Mount Nittany Society.

1. Learn the numbers behind the deals. Learn ARGUS or similar software as well as Excel.


2. Learn to play golf.


3. Take any internship, even if you must work for free.


4. Learn financial analysis.


5. Work as an appraiser or at least learn what drives value.


6. Respect the importance of the Human Resource and Organizational Behavior courses and pay attention to them. If you advance into senior management and/or principal positions someday HR and OB issues will dominate your lives.


7. Go for the person vs. the company. That is, choose good and talented colleagues.


8. Learn how to value the asset, develop judgment and build relationships.


9. Learn the leasing part of the business. Be an operator in property management, leasing, or construction management. Even if you know you want to end up in finance or development, the only way the numbers mean anything is if you actually know what�s involved in executing your assumptions. Every great Real Estate entrepreneur I ever met started in an operations part of the business.


10. Be willing to learn from the ground up. Lose the attitude.


11. The business used to be "location, location, location". Now it�s "manager, manager, manager". The most important thing you can do is to properly examine the character of any firm you are interested in joining. All the other stuff is just stuff!


12. Add value and do more than you are asked. Be effective; don�t just put in hours.


13. If you really just have to get a tattoo make sure it�s in a place where it doesn�t show in a job interview.


14. Get to know all clients...understand their needs...respond with solutions.


15. Learn the art and science of negotiating.


16. Go somewhere where you can participate in or, at a minimum, observe the deal making process.


17. Develop good writing and presentation skills.


18. Don�t forget to take time off before life becomes a lot more complicated.


19. Be honest with yourself about what you enjoy doing but expect to first pay your dues. You don�t know as much as you think you do.


20. People that are happy at what they are doing perform much better than those that are unhappy.


21. Be very passionate about the industry, not just drawn to it because it�s currently popular and a "hot industry". The best real estate professionals have it their blood and they know by how they are drawn to real estate entrepreneurs, their stories and deals. The excitement and passion will be obvious and the internships and jobs will materialize as a result.


22. Gain experience leasing properties and understanding tenant needs. Also, try to participate in running the numbers and the financing of properties.


23. Evaluate your own personal strengths and the type of environment you thrive in and then look to focus in that arena. This could entail personality profile testing or just a candid assessment of what you love and want. 24. Join local trade-groups and networking clubs.


24. Join local trade-groups and networking clubs.


25. Never underestimate the power of relationships. People you fire may end up your clients, companies you leave may end up with the biggest RFP in the city, and someone opposite you in a deal may end up a key decision-maker whose respect you need.


26. Never do or say anything you don�t want to see as a headline in the paper the next day.


27. Tenants should never see you as their "friend". The best way to be known is "firm, but fair".


28. If a document has your signature on it, know what every single thing on that piece of paper means. If a client feels you�re unprepared on one item they will question everything you do. Always over-prepare.


29. If you get into a tough situation, deal with it head on. Raise your hand early, before "concerns" become "problems". Hiding something you�re worried about always makes it worse.
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30. Take the personal out of your reactions. Deals, people, co-workers, employees, and tenants will inevitably "get to you". Remember its business, and problems will always arise. People will judge your abilities not on how well you "maintain", but how well you "maintain under pressure".


31. Find a mentor.


32. Have an open mind, be flexible and be enthusiastic. With regard to open-mindedness, the student should recognize that there are many ways to participate in the real estate business. It matters less where you start than what you make of it.


33. Consider contacting alumni for network assistance.


34. Look at small as well as large firms.


35. Love what you do, whatever it is.


36. Treat all people with respect.


37. Have patience with people whose speaking of English is not as good as yours.


38. Be impeccable with your word. (1)


39. Don�t take anything personally.


40. Don�t make assumptions.


41. Always do your best.


42. Be curious.


43. Remember that first impressions last.


44. Trust your hunches. (2)


45. Give people a great deal of authority.


46. Treat people with real dignity and listen. Ask them how things could be done better.


47. Money is secondary.


48. Great leaders make themselves dispensable by creating organizations that function without them.


49. Choose wisely. (3)


50. The school you come from matters less than who you are. Attitude matters more than anything else. Be selfconfident but honest. An interesting read is the book Nuts which describes Southwest�s corporate culture.

Dr. Margot B. Weinstein is a successful commercial real estate practitioner, consultant, speaker, educator and writer in the fields of real estate and human resource development with over 30 years experience. Dr. Weinstein is President and CEO of MW Leadership Consultants LLC and Vice President of Kingston Group Inc., a commercial real estate company based in Illinois.

Dr. Weinstein has strong research interests in many areas of commercial real estate education including designing leadership strategies from her research to add new insights to real estate education. Dr. Weinstein has interviewed over 100 real estate leaders and is published in more than 55 publications. She has lectured at several universities, organizations and professional associations.

In 1998, Dr. Weinstein received her doctorate from Northern Illinois University and was initiated into Kappa Delta Pi International Honor Society. Her dissertation on leaders in real estate was nominated for the dissertation of the year. She is also an award winning developer recognized for a Good Neighbor�s Award from the prestigious Chicago Association of REALTORS�. She earned two masters� degrees from National-Louis University in Illinois: one in psychology and one in adult education. Dr. Weinstein did her post-doctoral research in Finland and Russia in 2000 in human resource development, adult education and real estate. She became a Certified International Property Specialist (CIPS) Designate in 2002. She serves on several boards, and she is an active member of many organizations.