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We share today to share with you the bittersweet news that Christopher Mayer, Paul Milstein Professor of Real Estate, and Co-Director of the Paul Milstein Center for Real Estate, will be retiring from his full-time responsibilities at the Business School effective June 30th.
Chris joined the Columbia faculty in 1996 as an Assistant Professor and was promoted to Associate Professor before leaving in 1999. He returned to Columbia Business School in 2003 with an appointment to the Milstein Chair and to lead the Milstein Center, after getting tenure at the Wharton School of the University of Pennsylvania and the Zell Lurie Real Estate Center. Chris has had a tremendous role in shaping and developing the MBA Real Estate Program into what it is today. He initiated the Center’s robust research platform, building resources, establishing structure and support, connecting faculty to one another, and ensuring that a wide range of expertise within the discipline or real estate finance were accessible under the umbrella of the Paul Milstein Center for Real Estate. This research platform has helped recruit 5 full-time faculty and established Columbia Business School as the leading academic real estate research institution. With a strong faculty, the Center has expanded its student offerings. Real estate MBA enrollments grew 136% from 404 to 952 in the decade from 2013 to 2023. In 2023, 97 students took at least 3 real estate courses, and ~41% of all MBA students enrolled in at least one real estate course; the highest numbers the program ever achieved. Through a partnership with our dedicated alumni, Chris helped establish the Real Estate Circle, the first such program at CBS. Today, nearly 2,000 alumni are now connected to the Milstein Center through its various newsletters and activities.
In addition to his work in real estate, Chris served CBS in many other capacities. He was Senior Vice Dean of the faculty from 2008-2011, co-chaired the Race, Diversity, and Inclusion Task Force from 2020-21, and served as Founding Co-Director of the Richard Paul Richman Center for Business, Law and Public Policy from 2011-2016.
Chris has been active in the media and advising policymakers, testifying six times before committees of the U.S. Senate and House of Representatives, writing a paper for the Financial Crisis Inquiry Commission, authoring numerous op-ed articles, and appearing regularly in top print and web publications, TV, and radio.
As a scholar, Chris published 46 academic and policy papers in top academic journals and obtained two grants from the National Science Foundation. His research has received more than 15,000 Google Scholar citations and he remains one of the most highly cited real estate scholars. He helped establish the first continuing real estate program at the National Bureau of Economic Research, the leading group of economic researchers.
Chris’ impact on all aspects of real estate education and the community we have built has been immense, and we thank him for the time and expertise he has given to the Center and to so many students over his tenure.
It is with pleasure that we also share the news of a faculty transition, as we welcome Stijn Van Nieuwerburgh, Earle W. Kazis and Benjamin Schore Professor of Real Estate and Professor of Finance, to the Paul Milstein Center for Real Estate. Stijn will be the new Faculty Co-Director of the Paul Milstein Center for Real Estate, leading the MBA real estate curriculum, and along with David Sherman directing the strategic vision for the Center and its platform.
Stijn joined the faculty at Columbia Business School in 2018. He founded the NYU Stern Center for Real Estate Finance Research, which he led for 6 years prior to coming to Columbia Business School. He holds a PhD in Economics from Stanford and has been teaching and conducting cutting edge research for more than 20 years. His research, particularly his groundbreaking insights into the impact of remote work on the commercial office sector and "the urban doom loop,” has been widely publicized over the last few years, including recently on 60 Minutes, and he was the inaugural recipient of the Columbia Business School Practice Prize. His research predominantly sits at the intersection of housing, asset pricing, and macroeconomics.
While Stijn will officially be stepping into the role as Faculty Co-Director, effective July 1st, the transition will be more gradual over the next 12 months. Chris will remain involved in some of the Center’s initiatives and teaching as an emeritus professor. We will look forward to honoring him and celebrating his contributions and retirement in the Fall. He will also continue working as CEO of Longbridge Financial, a mission-driven company he helped start with a commitment to helping seniors responsibly use home equity to help finance a better retirement.
David Sherman will remain in his role as Co-Director and Kristin Svenningsen will remain in her role as Managing Director. Together with Stijn, they warmly welcome your continued engagement.
We look forward to sharing more about Stijn, Center activities, and new initiatives soon. If you have any questions or need support, reach out to David or Kristin. Please join us in congratulating Chris on his retirement, and welcoming Stijn to this new leadership role!
Thank you for supporting and engaging with the MBA RE Program and Paul Milstein Center for Real Estate at Columbia Business School – we are grateful for our dedicated community and are excited about what’s to come.
Regards,
The Paul Milstein Center for Real Estate
David Sherman, Kristin Svenningsen, Stijn Van Nieuwerburgh, Chris Mayer
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