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W. P. Carey Foundation Commits $25M to ASU's Real Estate Education
By GeoSquare News Desk · Published 2024-08-12
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.
The W. P. Carey Foundation’s 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 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 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.