Making the Case: The Real Deal
How classroom lessons translate into real market strategy.
When Beenish Haleem (GRA’24) and Linus Billings (GRA’24) were handed the brokerage memo for a distressed two-building office complex in Northern Virginia, they knew they weren’t just solving a classroom problem — they were stepping into the mindset of real-world investors. The assignment, part of McDonough’s M.S. in Global Real Assets (GRA) program, challenged students to evaluate an actual property on the market, apply investment principles, and present a strategy grounded in the realities of a shifting office market.
The buildings — 2001 and 2003 Edmund Halley Drive — were part of a commercial clinic led by Matthew Cypher, director of the Steers Center for Global Real Assets and academic director for GRA. The assignment: assess the opportunity, model a five-to-10-year financial projection, and determine whether to hold, renovate, or reposition the asset. With occupancies of 30% and 55% respectively, the project required rigor and creativity.
Haleem, who joined the GRA program after working for a UAE-based real estate fund while completing her undergraduate degree in London, brought a strong analytical lens and a desire to deepen her understanding of U.S. markets. “What drew me to Georgetown was how hands-on it is compared to the traditional academic approach in the United Kingdom,” she explained. “We were using the same tools and facing the same challenges you’d encounter on the job.”
Billings, a D.C. native, added vital local insight. His knowledge, along with Haleem’s research on tenancy in and around the Dulles Toll Road — with many defense and tech firms — helped the team gauge which businesses were likely to remain and which might exit.
Together, they underwrote multiple scenarios using Argus Enterprise, a professional-grade real estate software platform introduced in the clinic. The tool allowed them to account for tenant improvements, leasing commissions, capital costs, and varying market absorption timelines with precision.
Their business approach leaned toward a value-driven acquisition: a once-prime asset now priced below replacement cost, located near Reston Town Center and along the newly completed Silver Line Metro extension. Yet, they remained cautious. “We assumed heavy concessions and longer downtimes,” said Haleem. “We had to reflect the weakness in the suburban Northern Virginia office market.”
The project culminated in a full investment memo with an 11.8% unleveraged internal rate of return, yet the value of the experience extended far beyond the final numbers. “This was the first time we underwrote multiple assets as a portfolio,” said Billings. “It made us think not just about the building, but about strategy, investor goals, and risk tolerance.”
Lessons learned? “Don’t get distracted by sales language used in the offering memorandum,” Haleem reflected. “Strip it back to the fundamentals: Is this a good investment or not?” Billings agreed, emphasizing the importance of differentiating real competitive advantages from surface-level features.
The final twist: the property was ultimately acquired by Bernstein Management Corporation, led by John Lynch (MBA’19), whose approach — anchored in portfolio scale and long-term vision — differed from theirs. “That was one of the most valuable parts of this practicum,” Billings noted. “Seeing how different investors interpret the same asset.” From Reston to the real world, this case gave them more than a grade — it gave them a framework for decision-making in a changing market.
This story was originally featured in the Georgetown Business Fall 2025 Magazine. Download the Georgetown Business Audio app to listen to the stories and other bonus content.