Celebrating a Decade of Innovation and Leadership at Georgetown McDonough’s Steers Center

The Steers Center for Global Real Estate at Georgetown’s McDonough School of Business is celebrating a milestone: a decade of transformative growth, innovation, and leadership in real estate education.

This year they celebrate the 10th anniversary of the pivotal naming gift from Robert Steers (B’75, P’06, ‘08, ‘10) and his wife, Lauren. Their $10-million gift formally established the Steers Center after several years of success building the Real Estate Finance Initiative from the ground up.

The center was originally envisioned by three Georgetown University alumni – Robert Billingsley (F’67), Tim McBride (L’75, L’80), and Steers – in early 2002 after the terrorist attacks on September 11. They identified a need for viable career paths in real estate for McDonough students upon graduation. McBride initially led the effort, offering real estate coursework and hosting events to draw interest from both students and industry leaders.

Their efforts, alongside the leadership of Georgetown administrators, helped lay the foundation for a real estate center that would eventually become one of the most respected in the nation.

Early Growth and Contributions

In the early years, staff were hired to launch the Real Estate Finance Initiative, build connections with leaders in Washington, D.C., and New York, and expand professional opportunities at McDonough between students and a growing number of alumni with the goal of training the next generation of leaders in the industry.

In 2009, under the leadership of then-Dean George Daly, Georgetown officially recognized the importance of real estate by hiring Jeff Reid to launch both a new Real Estate Finance Initiative and Entrepreneurship Initiative at McDonough. In 2010, the Real Estate Finance Initiative was formally launched and held a successful inaugural Real Estate Summit.

This event set the tone for future programming and highlighted the school’s ability to bring together key industry players on campus. This foundation laid the groundwork to begin scaling the administrative infrastructure and grow from an initiative into a center. Following gifts from Mary and Bill Poland (P’13), the McBride Family, and the appointment of Matthew Cypher as director to steer this work, the initiative continued its robust student-centric approach to learning and programming.

In April 2015, the Real Estate Finance Initiative underwent its most significant transformation yet, becoming the Steers Center for Global Real Estate. Thanks to the generosity of the Steers Family, their $10-million gift allowed the center to build upon the initiative’s experiential learning opportunities, industry connections, and global approach to real estate – positioning the center as one of the top destinations for real estate education and training. 

“Washington, D.C., is a leading global real estate market,” noted Steers. “Georgetown’s McDonough School of Business is positioned to provide a first-class real estate education.”

The Steers Center quickly became a hub for real estate learning and leadership, offering students unique opportunities to engage with industry leaders and work on live projects, such as the Real Estate Clinic and the McDonough Real Estate Case Competition, aligned with coursework to make students market-ready from day one.

Leadership and Global Impact

The Steers Center has since launched new degree programs and co-curricular programming, expanded its signature Luminaries Series event, and broadened its application of real estate to include new property types, alternative energy sources, and infrastructure to build a generation of professionals who can meet the evolving needs of the industry.

“The past 10 years were a pivotal time of growth for the Steers Center and we are grateful to have the vision and support of the Steers family to drive these initiatives forward,” said Cypher, director of the Steers Center and Atara Kaufman Professor of Real Estate. “As we reflect on a decade of transformation, we look forward to the future as we empower future professionals to drive positive change in the new real assets economy – both here in Washington, D.C., and in communities throughout the world.”

As part of its evolution, the center launched the Real Estate International Trek, which took students to international cities like Bogotá, Stockholm, and London, giving them a global perspective on real estate. The introduction of the Real Estate Mentorship program, Steers Private Fund, and the Georgetown University Public Real Estate Fund further enhanced student opportunities, providing mentorship and funding to students pursuing careers in commercial real estate.

“The Steers Center offered a tremendous learning experience, but also the opportunity to develop a network of Hoyas in real estate that has only grown after I have graduated through my involvement with the Georgetown Real Estate Alliance,” said Lena Duffield (B’17).

The center also continues to ensure its students gain the best combination of in-classroom knowledge and hands-on experiences to prepare them for career success. This includes:

“Real estate is the largest asset class in the world, so having an innovative academic program […] provides value to both students and real estate enterprises and is a natural fit at Georgetown,” Steers notes.

Looking Ahead

When asked where the future of the industry is headed, both Steers and Cypher agree that it’s heading in the direction of new property types, alternative energy sources, and inclusion of infrastructure into a broader definition of the real estate industry – real assets.

“We have embarked on a truly unique endeavor,” says Cypher. “Our mission to provide students a rigorous education that is rooted in the complexities of the real estate industry represents a monumental step forward in our mission.”

As the Steers Center celebrates the 10th anniversary of its naming, the annual Real Estate Luminaries Series is just around the corner. As its signature event of the year, Luminaries gathers professionals in the commercial real estate space in the D.C.-region and beyond for a full-day of networking, community building, and gleaning insights from current “luminaries” in the field.

This year they are welcoming back their luminary from 2015: Jonathan Gray, president and chief operating officer of Blackstone, who will lead a topical discussion about pressing challenges, opportunities, and changes in the real estate industry, along with Joseph Baratta (B’93), global head of private equity strategies also at Blackstone.

With its world-class faculty, global reach, and innovative programming, the Steers Center has set a standard for real estate education, empowering students to navigate the complexities of the global real estate market and lead the charge for the industry’s future.