LYNNE BEYER SAGALYN Columbia University Graduate School of Business Uris 418, 3022 Broadway New York, NY 10027-7004 Phone: (212) 854-4418 Fax: (212) 854-8776 POSITIONS Professor, Earle W. Kazis and Benjamin Schore Director of the M.B.A. Real Estate Program, Columbia Business School, 1998 to present; Professor and Coordinator of the M.B.A. Real Estate Program, 1992-1998; Visiting Professor, 1991-92. Associate Professor of Planning and Real Estate Development, Department of Urban Studies and Planning, M.I.T. 1987 to 1991; Class of 1922 Assistant Professor, 1984 to 1986; Assistant Professor, 1982 to 1984, 1986 to 1987; (part-time), 1980 to 1982; Postdoctoral Fellow and Instructor, 1980. Research Associate, Center for Urban Policy Research, Rutgers University, 1971 to 1972. BOARD SERVICE Capital Trust (NYSE listed), Trustee, July 1997 to present. United Dominion Realty Trust (NYSE listed), Director, May 1996 to present. Trustee Fellow, The Urban Land Institute; 2000 to present (Fellow 1992 to 1998). Real Estate Finance, editorial board, Summer 1996 to present. Columbia Graduate School of Business, Real Estate Program Advisory Board, 1994 to present. The Retail Initiative (a subsidiary of the Local Initiatives Support Corporation), 1993 to present. NAREIT Investors Advisory Council, 1999. NAREIT Journal of Real Estate Investment Trusts, editorial board, 1996 to dissolution in 1998. Advisory Board, Initiative for a Competitive Inner City, 1997 to 1998. American Real Estate and Urban Economics, Board of Directors, 1995 to 1997. The Nature Conservancy, National Real Estate Advisory Board, 1992 to dissolution in 1997. Journal of the American Planning Association, editorial board, 1988-1994. Cambridge YWCA, Vice President and Chair of the Redevelopment Committee, 1988-1992. Citizens Housing and Planning Association (of Boston), Board member, 1983-89. AWARDS First Place: Feature Article, The Society of National Association Publications (SNAP), 1991. Best Article, Journal of the American Planning Association, 1991. Ballard Award, Best article in Real Estate Issues, 1989. M.I.T. Faculty Career Development Chair, 1984. Charles Abrams Doctoral Fellowship, 1977. EDUCATION
Ph.D., M.I.T., 1980. M.C.R.P., Rutgers University, 1971. B.S., with distinction, Cornell University, 1969.
ACADEMIC AFFILIATIONS Faculty, Homer Hoyt Institute for Advanced Studies in Real Estate and Land Economics, 1993 to present; fellow candidate, 1992-1993. Faculty Associate, 1994-1998; Research Associate, 1988-89, Lincoln Institute of Land Policy. Scholar-in-Residence, A. Alfred Taubman Center for State and Local Government, Kennedy School of Government, Harvard University, January 1991-July 1992. Visiting Associate Professor, Columbia University Graduate School of Business, Spring 1990. PUBLICATIONS Books: (with G. Sternlieb, R.W. Burchell). The Affluent Suburb: Princeton. New Brunswick: Transaction Books. 1971. (with G. Sternlieb), eds. Housing: An Annual Anthology, 1970-1971. New York: AMS Press. 1972. Zoning and Housing Costs: The Impact of Land-Use Controls on Housing Price. New Brunswick: Center for Urban Policy Research. 1973. (with B. J. Frieden). Downtown Inc.: How America Rebuilds Cities. Cambridge, Ma.: MIT Press. 1989. Cases in Real Estate Finance and Investment Strategy. Washington, D.C.: ULI the Urban Land Institute. 1999. Times Square Roulette: Remaking the City Icon (Cambridge: MIT Press, forthcoming fall 2001). Journal Articles: Mortgage Lending in Older Neighborhoods: Lessons from Past Experience. Annals of the Academy of Political and Social Science. 465. January 1983, 98-108. Measuring Financial Returns When The City Acts As An Investor: Boston and Faneuil Hall Marketplace. Real Estate Issues. 14. Fall/Winter 1989, 7-15. [1989 Ballard Award] (with B. J. Frieden). Downtown Malls and the City Agenda (Chapter 13, Downtown, Inc.: How American Rebuilds Cities). Society. 56. July/August 1990, 43-49. Explaining the Improbable: Local Redevelopment in the Wake of Federal Cutbacks. Journal of the American Planning Association (JAPA). 56. Autumn 1990, 429-441. [1991 Best Article Award, JAPA; First-Place Award Scholarly Journals Feature Article, SNAP, 1991.] Real Estate Risk and the Business Cycle: Evidence from Security Markets. Journal of Real Estate Research. 5. Summer 1990, 203-219. Institutional Options: Publicly Traded REITs and Privately Held Real Estate Investments. The Journal of Real Estate Investment Trusts. 1. July 1996.
Conflicts of Interest in the Structure of REITs. Real Estate Finance. 13. Summer 1996, 34-52. Consolidation in the Real Estate Industry: Big vs. Strategic? Reflections on the Industry Structure of the Future. The Journal of Real Estate Investment Trusts. 2. October 1997. Negotiating for Public Benefits: The Bargaining Calculus of Public-Private Development, Urban Studies. 34. December 1997, 1955-1970. Book Chapters: (with A. P. Solomon). Residential Finance: Reforming the Mortgage Instrument, in The Construction Industry: Balance-Wheel of the Economy. eds., Q. Mills and J.E. Lange. Lexington: D.C. Heath & Co. 1979, 147-170. (with B. J. Frieden). Bringing the Shopping Mall Downtown, in International New Towns Association. 7th International Conference: New Life for Old Cities. Barcelona, Spain: Generalitat de Catalunya. 1983, 99-108. (with B. J. Frieden). Downtown Shopping Malls and The New Public-Private Strategy, in The Great Society and Its Legacy: Twenty Years of U.S. Social Policy. eds., M. Kaplan and P. L. Cuciti. Durham: Duke University Press. 1986, 130-147; in J.M. Bryson and R.C. Einsweiller. Shared Power: What is it? How does it work? How can we make it better? Lanham, MD: University Press of America copublished with the Hubert H. Humphrey Institute of Public Affairs. 1991, 189-212. Public Profit Sharing: Symbol or Substance? in City Deal Making. ed., T. Lassar. Washington, D.C. Urban Land Institute. 1990, 139-153. Public-Private Partnerships: Business Relationships in Political Environments, in Will Decentralization Succeed? National, Regional and Local Development in Multi-Party Democracies. Report on a Conference organized in cooperation with the Organization for Economic Co-Operation and Development, Center for Cooperation with European Economies in Transition, July 8-10, 1991 (Cambridge, Ma.: Project Liberty, Kennedy School of Government, Harvard University, 1992). Public-Private Joint Ventures, in J.R. White, ed. The Office Building: From Concept to Investment Reality. Chicago: American Society of Real Estate Counselors. 1993, 133-150. Meshing Public & Private Roles in the Development Process, in M. Miles et. al. Real Estate Development: Principles and Process. Washington, D.C.: The Urban Land Institute. Revised, 1995, 2000. (with B. J. Frieden). Entrepreneurial Cities and Maverick Developers. (Chapter 6, Downtown, Inc.: How American Rebuilds Cities), in Classic Readings in Real Estate and Development, ed. Jay M. Stein (Washington, D.C.: The Urban Land Institute, 1995), 282-287. Research Working Papers: Real Estate as an Investment Asset: The Performance Record and Investment Considerations. Report prepared for Rieger, Robinson & Harrington, New York. June 1986. (with B. J. Frieden). Government Roles in City Development in the United States. M.I.T. Center for Real Estate Development Working Paper. June 1988. Real Estate Securities: Risk and Return Over the Business Cycle. M.I.T. Center for Real Estate Development Working Paper FP #2. June 1989.
(with M. Louargand). Real Estate and the Next Recession. M.I.T. Center for Real Estate Development Working Paper FP #1. December 1989. Public Development: Using Land as a Capital Resource. Lincoln Institute of Land Policy and Taubman Center for State and Local Government, Kennedy School of Government, Harvard University, 1992. Leasing: The Strategic Option for Public Development. Lincoln Institute of Land Policy and Taubman Center for State and Local Government, Kennedy School of Government, Harvard University, 1993. Teaching Cases and Materials: Business Park Office Building. M.I.T. Center for Real Estate Development. 1984. Case Study: Plaza Pasadena. 1984. (with J. E. Thomas). Using Lotus 1-2-3 for Financial Analysis of Real Estate. M.I.T. Center for Real Estate Development. 1985. Strategies for Designing Real Estate Portfolios. Citicorp Advanced Real Estate Forum. 1988. Intercontinental Real Estate Securities Group. Citicorp Advanced Real Estate Forum. 1988. Note on Real Estate Performance. Citicorp Advanced Real Estate Forum. 1988. Rincon Ground Lease Problem. M.I.T. Center for Real Estate Development. 1990. Determining Disposition Strategy for the Multi-Family Portfolio: Citicorp Real Estate, Inc. Columbia Business School Real Estate Program. 1995. Determining Growth Options for a Publicly Traded Real Estate Company: United Dominion Realty Trust. Columbia Business School Real Estate Program. 1997. The Entrepreneur s Decision. Columbia Business School Real Estate Program. 1998. MHC and the Bidding War for Chateau Properties, Inc. Columbia Business School Real Estate Program. 1998. Graybar Revisited, Columbia Business School Real Estate Program. 1999. Capturing the Chrysler Building, Columbia Business School Real Estate Program. 1999. (With Rona Smith) Recapitalizing the Development Effort: Canary Wharf Columbia Business School Real Estate Program. 2000. Other Publications: Working Through the Kinks of Market Growth: Information and Real Estate Securitization. Property, Mellon/McMahan Real Estate Advisors, Spring 1993; reprinted in National Association of Real Estate Investment Trusts. The REIT Report. 13:13-17. HUD Initiatives for Economic Development in the 1990s: Policy Recommendations and A Program Design. Report prepared for the U.S. Department of Housing and Urban Development, Office of Policy Development and Research. September 1993.
Public Capital Investment: Patterns of Local Accommodation. Land Lines (a publications of the Lincoln Institute of Land Policy). November 1994. WORK IN PROGRESS Breaking the Bottlenecks in School Construction: A Consideration of Public-Private Approaches, research project. FACULTY RESPONSIBILITIES Courses Taught: Real Estate Finance, Advanced Seminar in Real Estate, Real Estate Capital Markets, Public Capital Investment, Fundamentals of Real Estate Analysis, Financial Analysis in Urban Planning, Seminar in Downtown Development, The Public Sector as Developer, Using Lotus to Do Financial Analysis, Design and Development, Housing Analysis and Public Policy, Ph.D. Seminar: Writing and Researching Case Studies, numerous independent studies. Committee Service: at Columbia Business School, Entrepreneurship Committee, Real Estate/Finance Search Committee (Chair), Library Committee, Building Committee; for the M.I.T. Center for Real Estate: Admissions Committee, Committee on Research, Advisory Committee; for the M.I.T. Department of Urban Studies and Planning: Ph.D. Committee, Quantitative Methods Position Search Committee, Committee on M.S. in Urban Management and Policy, Adjunct Professor Review Committee, Committee on Private Internships, Masters thesis and Ph.D. general exam and dissertation committees; for the M.I.T. School of Architecture and Planning: Committee on Graduate Student Housing. CONSULTING Real Estate Finance and Investment: Mack-Cali Realty Corporation, litigation expert on damages from competitively inspired delay in development, 1998-2000. Blank, Rome, Comisky & McCauley (Philadelphia), litigation expert on public/private development agreements, Fall/Winter 1996. Shea & Gould (client of TIAA), litigation expert on commercial real estate finance, 1993. Winslow Management Company, (on retainer), review of bank portfolios of real estate loans and analysis of real estate investments, 1990 to 1993. CIFAG (quasi-public business-education agency of Portugal), development and presentation of twoday seminar on real estate as an investment asset, 1990. Citicorp Real Estate, Inc., design and teaching of Advanced Real Estate Forum, 1989. The Kirkland Group, advice on structuring a land investment pool, 1987. Rieger, Robinson & Harrington, analysis of real estate investment strategies and publicly traded real estate securities, 1985 to 1990.
Burston-Marsteller (for client Merrill Lynch Capital Markets), on the impacts of financial deregulation on the U.S. housing finance system, 1982. Nonotuck Community Child Care Center, financial feasibility analysis of day-care center acquisition, 1981. Urban Systems and Engineering, Inc., on the development and marketing of a lender-services program to stimulate prepayment and refinancing of low-yield mortgages, 1980. Public Development and Policy Analysis: U.S. Housing and Urban Development Department, policy analysis and design of project-based urban development program, 1993. Urban Institute (under contract for the U.S. Agency for International Development), development of technical assistance work program for the strategic management of land assets and implementation of public-private partnerships for real estate development, for municipal governments in the Czech and Slovak Federal Republics (CSFR), 1992. Massachusetts Turnpike Authority, financial analysis and policy advice on structuring a land lease for a significant publicly owned site (Allston Landing), 1991. New York City Public Development Corporation, in association with Carr, Lynch, Hack, and Sandell, financial feasibility of urban design and planning proposals for Brooklyn Piers 1 to 5, 1990-1991. Massachusetts Industrial Finance Agency, financial evaluation of commercial rehabilitation of the Massachusetts Water Resources Authority/Quincy building site, 1989. PRESENTATIONS Numerous presentations at professional meetings, industry seminars, and academic conferences, including in the past few years: Alliance for Architecture, The Future of the American City, February 26, 1994, Public-Private Development: A Limited Solution for the 1990s. Annual Pension Fund Investment in Real Estate Conference, May 24, 1994, The Going Public Process and Conflicts of Interest in the Structure of REITs. Urban Land Institute Fall Meeting, Philadelphia, November 3, 1995, Public/Private Market Pricing: Who s Right? An Introduction to the Issues. PREA/NAREIT Symposium, New York, February 1, 1996, Learning from Recent Academic Research: Why Public Markets Matter. Bangkok, Thailand. The Impact of Property Funds on the Real Estate Sector, a jointly sponsored seminar by The Association of Investment Management Companies and the Thai Real Estate Association, June 11, 1996. Big Deals that Design Cities, Blousten School of Planning and Public Policy, April 1997.
Urban Land Institute Fall Meeting, New York, November 1997, Immigration in Gateway Cities, A Panel Discussion. Public Development as Public Policy: The Case of 42nd Street, Urban Policy Workshop, Barnard- Columbia Center for Urban Policy, February 1998. The Transformation of Times Square: Myth versus Reality, Association of Real Estate Women, March 2000; Columbia Business School Alumni Weekend, April 2000. SERVICE Manuscript referee: Real Estate Economics (American Real Estate and Urban Economics Association Journal), Journal of the Association of Policy and Management, Columbia Journal of World Business, Journal of Planning Education and Research, Journal of Real Estate Finance and Economics, Urban Affairs Quarterly, Urban Studies. American Real Estate and Urban Economics Association (AREUEA), Nominating Committee, 1991. Urban Planning Policy Committee, National Association of State Universities and Land-Grant Colleges, 1990. Seminar Committee, NEWIRE (New England Women in Real Estate), 1987 to 1991. Senior Fellow and (soon-to-be Trustee), Urban Land Institute, Policy and Practices Committee; Mixed-Use Development Council, present; International Council, 1992-1996; Research Committee, present; Education Committee, present; Commercial and Retail Council, 1991-1992; Publications Committee, 1992-1993; National Policy Council, 1988-1990; Research Committee, 1989-90; Chair, Subcommittee on Jobs/Housing Balance Research, 1989-1991; faculty for Teaching Real Estate by the Case Method, a seminar for academics, 1989; review committee for Public/Private Housing Partnerships, ed. Diane Suchman (Washington, D.C.: ULI, 1990), and Real Estate Development Process Handbook, 1991; Panel Advisory Service: San Diego Centre City Panel, 1987, Oklahoma City, 1995. Selection Committee for Noyes Fellow, The Bunting Institute, 1987. Northampton Planning Board, 1983. PROFESSIONAL AFFILIATIONS American Real Estate and Urban Economics Association (AREUEA) National Association of Real Estate Investment Trusts (NAREIT) Urban Land Institute (ULI), full member and trustee fellow Lambda Alpha International (An Honorary Land Economics Society) March 2001