SE Valley Times

The W. P. Carey Foundation and Arizona State University’s W. P. Carey School of Business are collaborating to enhance the school's real estate programs through a $25 million commitment from the foundation, bringing its total contributions to over $100 million.

This investment will facilitate the launch of an undergraduate real estate degree program in fall 2025, expand the W. P. Carey Center for Real Estate and Finance, and introduce an experiential learning lab focused on real estate. The funds will also provide dedicated physical space for these initiatives and attract leading faculty specializing 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,” 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.”

The Carey family has a long-standing relationship with ASU dating back to John Samuel Armstrong, grandfather of William (Bill) Polk Carey, who introduced legislation that led to the founding of Tempe Normal School, now ASU, in 1885. Bill Carey established the W. P. Carey Foundation in 1990 to continue his family's philanthropic legacy.

“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,” said William P. Carey II, chairman of the W. P. Carey Foundation.

Since its naming in 2003, the W.P.Carey School has grown into one of the largest and most prestigious business schools in the U.S., with several programs ranked nationally by U.S.News & World Report.

“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, Dean of the W.P.Carey School.

A significant outcome of this commitment is establishing a world-class hub for real estate knowledge at ASU through practical and academic research initiatives supported by industry leaders.

“Real estate is a key driver and indicator of the broader economy,” said Laura Lindsey, chair of ASU's Department of Finance.

The new funding will also establish distinguished chairs in Real Estate and Finance to recruit top scholars who will serve as academic directors at ASU’s newly named center.

“The W.P.Carey Distinguished Chair positions are key to our ability to attract preeminent faculty,” said Gopalakrishnan Mohan, senior associate dean at W.P.Carey School.

Additionally, an experiential learning lab will be created to provide students with hands-on experience through projects involving emerging technologies.

“The new experiential learning lab is a key component of our goal to be among the top real estate programs in the country,” said Mark Stapp, director of ASU's Master in Real Estate Development program.

John Graham from Sunbelt Holdings emphasized that this expansion marks a pivotal point for collaboration between students, academia, and industry professionals: “By bridging these worlds...ASU is creating an invaluable resource for innovation.”

The school aims to raise an additional $12.5 million from industry partners over five years for further development efforts.

“We are grateful for...the unwavering support...of [the]W.P.Carey Foundation," said Gretchen Buhlig from ASU Foundation.

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