W. P. Carey Foundation commits $25M to ASU business school, bolsters real estate education

Editor’s note: This story is featured in the 2024 year in review.

By Emily Beach and Michelle Stermole

The W. P. Carey 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 committed $25 million to ASU, bringing the W. P. Carey Foundation’s lifetime commitment to more than $100 million.

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 Carey family has a long history with ASU — John Samuel Armstrong, grandfather of William (Bill) Polk Carey, introduced legislation that launched Tempe Normal School, the precursor to ASU, in 1885. In 1990, Carey established the W. P. Carey Foundation to continue his family’s tradition of philanthropy and educational leadership. In addition to his philanthropic work, he was the founder and chairman of W. P. Carey Inc., a leading net lease real estate investment trust. The ongoing partnership between ASU and the W. P. Carey Foundation today honors the history of his entrepreneurship and legacy of fostering excellence in business 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,” said William P. Carey II, chairman of the W. P. Carey Foundation. 

“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 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.”

Since its naming in 2003, the W. P. Carey School of Business has become the nation's largest and one of the most prestigious business schools in the country, with 15 programs and disciplines nationally ranked in the top 10 by U.S. News and 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, the 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.

“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 is a true partner to us in that way.”

Alongside the new and expanded degree offerings, a key outcome of the W. P. Carey Foundation's commitment is establishing the W. P. Carey Center for Real Estate and Finance as a world-class hub for real estate knowledge, education and training.

The center will support practical and academic research and act as a major convener for industry and academic partners to address real estate issues, bringing together the best thought leaders, key policymakers, practitioners and land experts to discuss approaches and solutions to current and future property issues.

It will also be home to a host of continuing and executive education programs for existing and aspiring real estate leaders in Phoenix and around the world. The center will also launch initiatives to increase access and inclusivity in the real estate industry.

“Real estate is a key driver and indicator of the broader economy,” said Laura Lindsey, the Cutler Family Endowed Professor and chair of the Department of Finance at ASU. “The W. P. Carey Foundation's partnership allows us to offer a rigorous, finance-infused program of study that better connects the dots between real estate decision-making, capital markets and value creation for our students while strengthening ties to the real estate community.”

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 Distinguished Chair positions are key to our ability to attract preeminent faculty to ASU,” said Gopalakrishnan Mohan, senior associate dean of faculty and professor of supply chain management at the W. P. Carey School. “Undoubtedly, with the W. P. Carey Foundation's support, we are better positioned to hire the best faculty to lead this key initiative.”

There are three W. P. Carey Distinguished Chairs in Business at the school: Kadan, world-renowned machine learning expert Olivia Liu Sheng and incoming supply chain expert Karen Donohue. This new commitment establishes two more — one dedicated to real estate and one open across business disciplines. 

The foundation's gift will also establish an experiential learning lab to engage students interested in real estate with tangible business challenges to enhance their education and, simultaneously, engage the industry business community. 

The lab will identify, define and oversee projects that provide students with invaluable real-world experience as part of their real estate education. The lab will leverage emerging technologies to enhance the learning process, allowing students to experience the built environment and understand the implications of their decision-making.

“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 the Master in Real Estate Development program and Fred E. Taylor Professor in Real Estate. “Not only will students gain applied understanding of real estate concepts, but they will learn the vital human side of the business through engagement with business partners; real estate, at its core, is about people and communities, and is based on relationships.”

John Graham, chairman and chief executive officer of Sunbelt Holdings and chair of the ASU Foundation for a New American University board of directors, said ASU’s expansion of its real estate programs marks a pivotal point.

“It’s a testament to the power of collaboration between students, academia and industry professionals,” Graham said. “By bridging these worlds, ASU is not just educating the next generation of real estate leaders; it's creating an invaluable resource for innovation and solutions to the challenges we face in real estate. This initiative is a beacon that guides us toward a future where education and practical experience converge, fostering an environment ripe for growth and success.”

The W. P. Carey School of Business is partnering with the ASU Foundation for a New American University to raise an additional $12.5 million from the real estate community for experiential learning, scholarship and inclusive excellence efforts.

“We are grateful for the unwavering support and generosity of the W. P. Carey Foundation, whose philanthropic investment has been instrumental in advancing ASU’s business and real estate programs,” said Gretchen Buhlig, chief executive officer of the ASU Foundation. “Their commitment will enable ASU to make significant strides. Our fundraising efforts over the next five years will enable the full realization of our shared vision.”