Gift strengthens ongoing partnership with the Foundation and
brings lifetime commitment to ASU to more than $100 million
TEMPE,
Ariz., Aug. 5, 2024 /PRNewswire/ -- The W.
P. Carey Foundation (the "Foundation") and Arizona State University's W. P. Carey School of Business are partnering to
expand the scope, strength and reach of the school's real estate
programs. The Foundation recently committed an additional
$25 million to ASU, bringing the W.
P. Carey Foundation's lifetime commitment to more than $100 million.
"A true partnership goes beyond just a
monetary transaction, as it has to be rooted in shared vision,
goals and values."
The W. P. Carey Foundation's latest investment catalyzes the
launch of an innovative undergraduate real estate degree program in
fall 2025, elevates the W. P. Carey Center for Real Estate and
Finance through naming and expansion, and introduces an
experiential learning lab devoted to real estate. Additionally, it
will allocate dedicated physical space to the center and lab and
attract leading faculty who specialize in real estate research and
practice.
"For decades, the real estate industry has been a central
component to the economic development engine that drives
Arizona and that will continue to
be central to our progress as the state and its economy mature in
the years ahead," said ASU President Michael M. Crow. "We are extremely grateful for
this generous gift, which will help ASU expand its programs within
the W. P. Carey School of Business
that serves not only the practitioners of real estate, but also
those who rely upon these professionals."
The new commitment establishes the W. P. Carey Distinguished
Chair in Real Estate and Finance to help recruit a top-level
scholar who will serve as the center's academic director.
Additionally, the funding creates an executive director role in the
newly named center for a prominent real-estate practitioner to
bridge the academic, student and business communities.
"The W. P. Carey Foundation's generous support will bolster our
real estate program to be among the best in the country," said
Ohad Kadan, Charles J. Robel Dean of the W. P. Carey School and W. P. Carey Distinguished Chair
in Business. "Real estate accounts for a large portion of the U.S.
GDP (gross domestic product), and yet is underrepresented in
business school education."
"We are pleased to continue our support of the W. P.
Carey School of Business at ASU with
the launch of the W. P. Carey Center for Real Estate and Finance.
As a key driver of the global economy, real estate has a
significant impact on the lives of Americans and should be a focal
point for academic research and education. The new W. P. Carey
Center for Real Estate and Finance will build on the existing
Master of Real Estate Development program and will bring together
preeminent academics, industry practitioners, and students to be at
the forefront of real estate and finance. By empowering students
with essential knowledge, skills and professional networks, we aim
to inspire and prepare the next generation of leaders in the real
estate and finance industries," said William P. Carey II, chairman of the W. P. Carey
Foundation.
The Carey family has a long history with Arizona State University — John Samuel Armstrong, grandfather of Wm.
(Bill) Polk Carey, introduced
legislation that launched Tempe Normal School, the precursor to
ASU, in 1885. In 1990, Bill established the W. P. Carey Foundation
to continue his family's tradition of philanthropy and educational
leadership. In addition to Bill's philanthropic work, he was the
founder and chairman of W. P. Carey Inc. (NYSE: WPC), a leading net
lease real estate investment trust. The ongoing partnership between
ASU and the W. P. Carey Foundation honors the history of his real
estate and finance entrepreneurship and legacy of fostering
excellence in business education.
Since its naming in 2003, the W. P. Carey School of Business has soared to become
the nation's largest and one of the most prestigious business
schools. With 15 programs and disciplines nationally ranked in the
top 10 by U.S. News and World Report, the school is a beacon of
academic excellence and innovation.
"A true partnership goes beyond just a monetary transaction, as
it has to be rooted in shared vision, goals and values," said
Kadan. "The W. P. Carey Foundation is a true partner to us in that
way."
About the W. P. Carey School
of Business
The W. P. Carey
School of Business at Arizona State
University is the largest and one of the top-ranked business
schools in the United States. The
school is internationally regarded for its research productivity
and distinguished faculty members. Students come from more than 100
countries, and W. P. Carey is represented by alums in over 160
countries. Visit wpcarey.asu.edu.
For more information/media contact:
Shay Moser, W. P. Carey
School of Business
shay.moser@asu.edu
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SOURCE W. P. Carey School of
Business at Arizona State
University