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

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.

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

[email protected]

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SOURCE W. P. Carey School of Business at Arizona State University