Publications

Research Summary

Distress Investing

By: Arthur I Segel

Because of the economic crisis this past few years, I am interested in more work on debt restructuring and reorganization of real estate projects/companies. View Details

Research Summary

Emerging and Frontier Markets

By: Arthur I Segel

I continue to spend a great deal of time examining real estate in all aspects from development to securitization in new and growing markets. View Details

November 2001 (Revised July 2002)
Case

Discount and Hawkins Critical Moments: Full Transcript

By: Michael A. Wheeler and Gillian Morris

This case presents a transcript of two professional negotiators of the Discount and Hawkins real estate negotiations. It highlights the challenges of creating value for both sides in the deal and provides a glimpse of how one set of professionals structured an... View Details

Keywords: Agreements and Arrangements; Value Creation; Problems and Challenges; Negotiation Participants; Real Estate Industry

April 1996 (Revised March 1997)
Case

Jason Bosworth

By: William J. Poorvu and John H. Vogel Jr.

Jason Bosworth is a real estate investor who wants to purchase apartments for a $300 million limited partnership in which he is the general partner. This case is part of a negotiation game simulation that includes Sunshine Villas, Silver Lane Apartments, and Major... View Details

Keywords: Financing and Loans; Property; Negotiation Tactics; Partners and Partnerships; Management; Real Estate Industry

Find at Harvard

Teaching Interest

Executive Education

By: Shawn A. Cole

Shawn Cole regularly teaches executive education. He has taught in the ACCION microfinance in the HBS-ACCION Microfinance Program on Strategic Leadership, View Details

December 2003 (Revised February 2005)
Case

HiJinx, Inc.

HiJinx is formulating its financial policy after a failed IPO. Options include landlord financing of its expansion, though with the knowledge that its real estate strategy may be compromised. View Details

Keywords: Initial Public Offering; Expansion; Valuation; Financial Strategy

January 2013 (Revised June 2017)
Case

The Perfect Storm: What Happens When the Market Moves Four Standard Deviations?

By: Nori Gerardo Lietz

Adam Carter was the portfolio manager for Tate Modern Finance III, L.P. (“Tate” or the “Fund”), the third in a series of U.S. commercial real estate debt funds sponsored by the London-based Tate Partners. The Fund was capitalized with $700 million of equity... View Details

Keywords: CMBS; CLO; Repo Financing; Financial Strategy; Investment Funds; Financing and Loans

October 2004 (Revised May 2006)
Case

Wells REIT II

By: Arthur I Segel and Dwight Angelini

Dr. Richard Planter, a dentist, asks his financial adviser, Michael Saris, to review an offering memorandum for a new, private real estate investment trust. After reviewing the documents, Saris needs to develop an analytical framework and provide concrete advice... View Details

Keywords: Finance; Investment; Framework; Private Ownership; Mathematical Methods; Real Estate Industry

April 2008 (Revised December 2008)
Case

North Goes East

By: Nicolas P. Retsinas, Daniela Beyersdorfer and Elena Corsi

In August 2006, Magnus Lofgren and Robert Provine, managing directors and co-founders of the "North Real Estate Opportunities Fund," need to decide which real estate investment the Fund should pursue as its first project. The Fund's target region, Central and Eastern... View Details

Keywords: Developing Countries and Economies; Investment Funds; Risk Management; Emerging Markets; Opportunities; Real Estate Industry; Europe

August 2003 (Revised March 2004)
Case

Waltz on the Danube

By: Arthur I Segel, Vincent Dessain and Anais Loizillon

Describes the intricate parts of an early real estate deal from the standpoint of the developer including feasibility analysis, market choice, acquisition of land, project development, design and construction issues, investment returns, and equity financing issues.... View Details

Keywords: Joint Ventures; Management; Property; Project Finance; Real Estate Industry; Germany; Hungary

April 2002
Case

The Cardon Family

By: William J. Poorvu and Melissa Yin-Yin Lam

Wil Cardon is the third-generation steward of his family's real estate land development business. He grapples with issues of business structure, intergenerational business, compensation, and family values. This case includes in-depth discussion of the land development... View Details

Keywords: Business Ventures; Family Business; Entrepreneurship; Values and Beliefs; Compensation and Benefits; Family and Family Relationships; Real Estate Industry

January 2011
Case

A Slice of the Pie: Ruby Collins and Tenants in Common

By: John D. Macomber and Kristian Peterson

A securitized small real estate investment vehicle fails and the many individual owners have to decide how to manage or dispose of the asset. This case follows Ruby Collins, a small investor, through the logic of Section 1031 Like Kind Exchanges as well as the... View Details

Keywords: Financial Instruments; Investment; Risk Management; Ownership Stake; Partners and Partnerships; Valuation; Real Estate Industry

November 1999 (Revised April 2008)
Case

Revere Street

By: Arthur I Segel, John H. Vogel, Jr., Lisa Strope and Erich Dylus

Although inexperienced in real estate, Edward Alexander hopes in June 1999 that youthful enthusiasm and an $80,000 inheritance will help him enter the real estate business. His experience chronicles the process of finding, evaluating, and acquiring a four-unit... View Details

Keywords: Acquisition; Investment; Housing; Real Estate Industry; Boston

August 1999
Background Note

Note on Property Types

By: William J. Poorvu and Daniel J. Rudd

Commercial real estate in the United States can be divided into five distinct property types: apartment, office, hotel, industrial, and retail. This note presents the important characteristics of each of these five property types and highlights the "value drivers" for... View Details

Keywords: Organizational Structure; Property; Commercialization; Value; Real Estate Industry; United States

May 2021
Teaching Plan

Gera Developments: Leadership at a Crossroads

By: Christina R. Wing and John Masko

Teaching Plan for HBS Case No. 621-018. For decades, Gera Developments (Gera) was a boutique family-owned real estate development firm in Pune, India. But since 2000, managing director Rohit Gera had turned the company into a dynamic innovator in housing solutions for... View Details

Keywords: Buildings and Facilities; Business Growth and Maturation; Construction; Geographic Location; Global Strategy; Globalized Firms and Management; Housing; Leadership Style; Management Succession; Organizational Change and Adaptation; Organizational Culture; Family Ownership; Family and Family Relationships; Urban Development; Customization and Personalization; Real Estate Industry; Maharashtra; India; San Francisco

May 2000 (Revised January 2003)
Case

Health Development Corporation

By: Richard S. Ruback

Health Development Corp. (HDC) owns and operates health clubs in the Greater Boston area. HDC engaged a local investment banker to explore a sale of the company. The most likely buyer views HDC's prior purchase of real estate as a negative. HDC's management is... View Details

Keywords: Cash Flow; Property; Business Exit or Shutdown; Valuation; Value; Decisions; Health Industry; Boston

May 1996 (Revised May 1997)
Case

Colliers International Property Consultants, Inc.: Managing a Virtual Organization

By: Lynda M. Applegate and Carin-Isabel Knoop

In less than 20 years, the real estate firm Colliers International expanded into a federation of 180 offices with close to 4,500 professionals in over 30 countries. Because Colliers expanded by signing up existing firms strong in their local markets, its leaders had to... View Details

Keywords: Demand and Consumers; Globalized Firms and Management; Management Practices and Processes; Service Operations; Information Technology; Organizational Structure; Mergers and Acquisitions; Business Strategy; Budgets and Budgeting; Real Estate Industry

December 2008
Article

The Credit Crisis of 2008: Causes, Consequences and Implications for India

By: V.G. Narayanan and Lisa Brem

This article gives a brief overview of the causes and consequences of the current global credit crisis. The article then discusses the benefits and potential drawbacks of real estate loan securitization in India, and what India can do to realize those benefits while... View Details

Keywords: Financial Crisis; Credit; Mortgages; Real Estate Industry; India