Arthur I Segel

Poorvu Family Professor of Management Practice

Arthur Segel is the Poorvu Family Professor of Management Practice in the Finance Department at Harvard Business School where he has been writing cases and teaching the Real Property Asset Management course since 1996.  He is an honors graduate of Harvard College (1973) and Stanford University, Graduate School of Business (1975).

At Harvard Business School, Professor Segel has written extensively in the areas of securitization, distress investing, sustainability and globalization. He has assisted new faculty in creating courses, such as, executive education; emerging markets; development, design and construction; affordable housing; urbanization and infrastructure; and portfolio and real estate investing.

Mr. Segel was a co-founder and co-owner (1982-2001) of TA Associates Realty, a large private equity real estate development and investment advisory firm specializing in commercial and multi-family real estate in over thirty markets in the United States and Canada. Prior to TA Associates Realty, he worked as a Vice President at Boston Properties and as Deputy for Finance and Administration at Massport under Governor Michael S. Dukakis.

In 2005, he helped found and serves as Chairman of the Global Advisory Board of The Xander Group, a real estate and infrastructure private equity firm focused on emerging markets, and he co-founded The Tobin Project, a non-profit that encourages policy-relevant academic research and is a recipient of the 2012 MacArthur Genius Award. In 1998, he was one of the co-founders of the 21st Century Fund, a non-profit for public education.

Professor Segel serves on the Advisory Committees of High Vista, a Boston-based multi-asset fund; and SRB Corporation, a Boston-based insurance company.  He is a member of the Urban Land Institute, PREA, NAIOP, a trustee and member of the Executive Committee of the Boston Symphony Orchestra, a trustee of the Rothschild Family Foundation, Yad Hanadiv, in Jerusalem, a life trustee of Temple Israel and an overseer of the Gardner Museum. In 2006, Private Equity Real Estate Journal awarded him one of the 30 most influential players in real estate in the world.

Book Chapters

  1. Patrimonio Hoy: A Groundbreaking Corporate Program to Alleviate Mexico's Housing Crisis

    Keywords: Corporate Social Responsibility and Impact; Housing; Mexico;

    Citation:

    Segel, Arthur I. "Patrimonio Hoy: A Groundbreaking Corporate Program to Alleviate Mexico's Housing Crisis." Chap. 14 in Business Solutions for the Global Poor: Creating Social and Economic Value, edited by V. Kasturi Rangan, John A. Quelch, Gustavo Herrero, and Brooke Barton, 155–166. John Wiley & Sons, 2007.

Cases and Teaching Materials

  1. 8 Spruce Street

    The case begins in March 2009 during the depths of the recession with Forest City Ratner (FCR) Companies, a New York City based developer, facing the decision to halt construction half-way on 8 Spruce Street, the tallest residential tower in the Western Hemisphere, or continue to build to 76 stories. It includes background on FCR, protagonist MaryAnne Gilmartin and the Vision for 8 Spruce. It traces the origins of the development from site acquisition in 2004 to early challenges including an early lawsuit, loss of a major tenant and change in asset type to completely residential. It details discussion on the choice to use world-renowned architect Frank Gehry. Finally, the case presents the proposed development, including complete development budget and projected returns for the first 38 stories. It examines financing concerns, development in tenuous market circumstances, condo versus rental units for floors 38-76 and a consumer perspective to buy versus rent units. Ultimately, the protagonist must decide to halt construction or continue construction as either condo or rental.

    Keywords: real estate; Investment; Real Estate Industry; Japan;

    Citation:

    Segel, Arthur I. "8 Spruce Street." Harvard Business School Teaching Note 214-051, November 2013.
  2. Porto Adriatico

    Teaching Note to the Porto Adriatico Case, HBS No. 213-024

    Keywords: real estate; finance; developing markets;

    Citation:

    Segel, Arthur I. "Porto Adriatico." Harvard Business School Teaching Note 214-053, November 2013.
  3. Value Retail (B) China: Opportunities for Expansion

    After spending two years evaluating China as a potential market for expansion, in 2012, Scott Malkin, Chief Executive of Value Retail, identifies a highly desireable site in Suzhou. Now Malkin must decide if it is the right opportunity to open a village in China.

    Keywords: real estate; China; Retail property; Property; Retail Industry; China;

    Citation:

    Segel, Arthur I., and John H. Vogel, Jr. "Value Retail (B) China: Opportunities for Expansion." Harvard Business School Supplement 814-013, July 2013. (Revised January 2014.)
  4. Value Retail: Opportunities for European Expansion

    Scott Malkin, CEO of Value Retail, a developer and operator of European outlet villages serving luxury brands, is planning on developing a 18,503 m2 open-air outlet village to be built 98 kilometers south of Milan on land he was about to acquire for 7.26 million lira. Is this a good investment? What are the risks associated with the project? Could Value Retail pursue its outlet strategy in Italy? Includes color exhibits.

    Keywords: Acquisition; Investment; Risk and Uncertainty; Expansion; Retail Industry; Milan;

    Citation:

    Segel, Arthur I. "Value Retail: Opportunities for European Expansion." Harvard Business School Case 814-015, July 2013. (Revised January 2014.)
  5. Rawabi

    Bashar Masri is developing the first new stand-alone Palestinian city 25 kilometers north of Jerusalem and 9 kilometers north of Ramallah in the West Bank on 6300 dunams (1556 acres) for 40,000 people with financial support from the Qatari investment authority and assistance from The Portland Trust. The first phase with 5000 homes along with a commercial city center, parks, schools and other public facilities will be available for occupancy in 2014. The eventual $1.5 billion new city has a host of start up problems including what should be built when and at what price along with infrastructure issues.

    Keywords: Housing; Urban Development; Problems and Challenges; Construction Industry; Middle East;

    Citation:

    Segel, Arthur I., Sarika Agrawal, Nimrod Brandt, Daniel Kuhagen, and Thomas Reithinger. "Rawabi." Harvard Business School Case 214-008, June 2013. (Revised March 2014.)
  6. Bonnie Road

    Victor Alexander was intrigued by the packet of papers that lay in front of him. The papers comprised a brochure that Garden State Bank had put together in an effort to sell the Bonnie Road Distribution Center in Somerset, New Jersey, for $9.7 million. It was April 2013 and the New Jersey real estate market was recovering and the capital markets were in disarray. Alexander had convinced 10 friends to put up $200,000 each in addition to his own $200,000 to acquire one or two troubled properties. Alexander decided to focus on warehouse properties due to their relatively small size, their strong historical performance, and his relevant experience. He wondered whether Bonnie Road would make a good investment.

    Keywords: real estate; Investment; Acquisition; Buildings and Facilities; Property; Partners and Partnerships; Decision Choices and Conditions; Distribution Industry; Real Estate Industry; Texas;

    Citation:

    Segel, Arthur I., John H. Vogel, Jr., and Lisa Strope. "Bonnie Road." Harvard Business School Case 813-186, June 2013.
  7. 8 Spruce Street

    Keywords: real estate; Housing; New York (city, NY);

    Citation:

    Segel, Arthur I., Zuriel Chavez, Sarika Agrawal, and Warren Min. "8 Spruce Street." Harvard Business School Case 213-134, June 2013.
  8. Pinckney Street

    Although inexperienced in real estate, Edward Alexander hopes in June 2013 that youthful enthusiasm and $240,000 in savings and inheritance will help him enter the real estate business. His experience chronicles the process of finding, evaluating, and acquiring a four-unit brownstone in need of renovation in the Beacon Hill area of Boston. The case also identifies the various players in the process. A rewritten version of an earlier case.

    Keywords: real estate; Acquisition; Investment; Housing; Real Estate Industry; Boston;

    Citation:

    Poorvu, William J., Arthur I Segel, John H. Vogel, Jr., Lisa Strope, and Erich Dylus. "Pinckney Street." Harvard Business School Case 813-182, May 2013.
  9. SOHO China: Design, Development, and Social Harmony (TN)

    Citation:

    Segel, Arthur I. "SOHO China: Design, Development, and Social Harmony (TN)." Harvard Business School Teaching Note 213-110, March 2013.
  10. The Paris Opera Hotel (TN)

    This case provides an introduction to hotel investment, development and management from the perspective of a short term oriented investor group. Students learn that hotels are a unique real estate property type, with performance often tied to the broader economy, and returns dependent upon sound marketing and an efficient operating strategy, usually executed by a third-party manager. As such, hotels can reasonably be viewed as operating companies—not simply real estate—and therefore carefully structured operating agreements, which align incentives for owners and third-party managers, while maximizing returns, are vital. Class discussion of the selection of an operating company, and potential ways to structure the agreement, allows students to hone their negotiation instincts in a real estate context.

    Keywords: real estate; Hotel; Paris;

    Citation:

    Segel, Arthur I. "The Paris Opera Hotel (TN)." Harvard Business School Teaching Note 213-066, December 2012.
  11. General Growth Properties and Pershing Square Capital Management (TN)

    Citation:

    Segel, Arthur I., and Stuart C. Gilson. "General Growth Properties and Pershing Square Capital Management (TN)." Harvard Business School Teaching Note 213-042, September 2012.
  12. Porto Adriatico

    In March 2012, Jack Dawkins is in the early stages of leading the development of an old navy yard in Croatia into a mixed-use waterfront community of residences, hotel rooms, shops and dining. Catering to those arriving by superyachts and other leisure boats, and set amongst dramatic coastline, the project would transform the region. Coordinating the many stakeholders in a new country, Jack has to decide the best way to navigate the development risks and whether the project really makes sense as proposed, in more ways than one.

    Keywords: real estate; Real Estate Industry; Croatia;

    Citation:

    Segel, Arthur I. "Porto Adriatico." Harvard Business School Case 213-024, August 2012. (Revised March 2013.)
  13. General Growth Properties and Pershing Square Capital Management

    Keywords: real estate;

    Citation:

    Segel, Arthur I., Stuart C. Gilson, Thomas Edward Follett Langer, Zubin Gopal Malkani, and John Anthony Mascari. "General Growth Properties and Pershing Square Capital Management." Harvard Business School Case 212-109, May 2012. (Revised July 2012.)
  14. The Paris Opera Hotel

    Real estate investor Javier Faus invests in a luxury hotel development in central Paris, and must select a management company.

    Keywords: real estate; international business; capital investments; Investment; Property; Business or Company Management; Real Estate Industry; Paris;

    Citation:

    Segel, Arthur I., and Chad M. Carr. "The Paris Opera Hotel." Harvard Business School Case 212-003, June 2012. (Revised November 2013.)
  15. Building Cities: A Technical Note

    World population growth and increasing urbanization will require new cities in the future around the world. This technical note attempts to systematize the key design decisions that developers and policy makers alike must make to be able to proceed.

    Keywords: real estate; Urban Scope; City; Real Estate Industry;

    Citation:

    Segel, Arthur I., and Oliver O. Hartleben. "Building Cities: A Technical Note ." Harvard Business School Technical Note 213-006, August 2012. (Revised July 2013.)
  16. New Songdo City: Use-Typology-Area Worksheet

    Citation:

    Segel, Arthur I., and Oliver O. Hartleben. "New Songdo City: Use-Typology-Area Worksheet." Harvard Business School Spreadsheet Supplement 212-712, July 2012.
  17. Patagonia Sur: For-Profit Land Conservation in Chile (TN)

    Teaching Note for 211103.

    Keywords: Real Estate Industry; Chile;

    Citation:

    Segel, Arthur I., and Nicolas Ibanez. "Patagonia Sur: For-Profit Land Conservation in Chile (TN)." Harvard Business School Teaching Note 211-111, June 2011. (Revised June 2012.)
  18. Technical Note on Financial Leverage in Real Estate

    Demonstrates the accelerating impact of leverage on returns under differing scenarios of property performance. The performance scenarios represent two points in time: the inception of the investment and the liquidation.

    Keywords: Property; Investment; Real Estate Industry;

    Citation:

    Wu, Charles F., and Arthur I Segel. "Technical Note on Financial Leverage in Real Estate." Harvard Business School Technical Note 208-041, August 2007. (Revised April 2012.)
  19. Real Property Negotiation Game : Lender Case, Porus Bank

    The Real Property Negotiation Game simulates the experience negotiating the sale, purchase, or financing of a property. The class competes as either a lender, buyer, or one of two groups of sellers, Raleigh, North Carolina and Las Vegas, Nevada. This is the lender case for the Real Property Negotiation Game. Porus Bank must decide to which buyers they must learn and at what terms.

    Keywords: Financing and Loans; Negotiation; Property; Real Estate Industry;

    Citation:

    Segel, Arthur I., and John H. Vogel, Jr. "Real Property Negotiation Game : Lender Case, Porus Bank." Harvard Business School Case 209-031, August 2008. (Revised April 2012.)
  20. Real Property Negotiation Game (B): Buyer

    The Real Property Negotiation Game simulates the experience negotiating the sale, purchase, or financing of a property. The class competes as either a lender, buyer, or one of two groups of sellers, Raleigh, North Carolina and Las Vegas, Nevada. The buyer case for the Real Property Negotiation Game. Celia Hernandez must decide which of two properties to purchase.

    Keywords: Property; Negotiation; Decision Making; Real Estate Industry;

    Citation:

    Segel, Arthur I., and John H. Vogel, Jr. "Real Property Negotiation Game (B): Buyer." Harvard Business School Supplement 209-032, August 2008. (Revised April 2012.)
  21. Real Property Negotiation Game (A): Buyer Case, Celia Hernandez

    The Real Property Negotiation Game simulates the experience negotiating the sale, purchase, or financing of a property. The class competes as either a lender, buyer, or one of two groups of sellers, Raleigh, North Carolina and Las Vegas, Nevada. This is the buyer case for the Real Property Negotiation Game. Celia Hernandez must decide which of two properties to purchase.

    Keywords: Acquisition; Negotiation; Property; Real Estate Industry;

    Citation:

    Segel, Arthur I., and John H. Vogel, Jr. "Real Property Negotiation Game (A): Buyer Case, Celia Hernandez." Harvard Business School Case 209-034, August 2008. (Revised April 2012.)
  22. Steel Street

    The case involves repositioning an old 6-story warehouse in Pittsburgh and many of the issues of rehabilitation and selecting and managing the development team especially in a world of capital market uncertainty. The case also demonstrates the alignment of interests of the players, the construction process, and the various methods available to contract with the general contractor including lump sum, cost-plus, and guaranteed maximum price.

    Keywords: Construction; Capital Markets; Financial Management; Investment; Property; Urban Development; Real Estate Industry; Pittsburgh;

    Citation:

    Segel, Arthur I., William J. Poorvu, Ben Creo, and Justin Seth Ginsburgh. "Steel Street." Harvard Business School Case 210-010, August 2009. (Revised January 2012.)
  23. A Note on Real Estate Research

    This note provides a comprehensive research guide for real estate students, professionals, and executives. It includes lists of real estate industry trade organizations, publicly available research resources, books, and journals relevant to a wide range of financial and operational careers in real estate.

    Keywords: Investment; Knowledge Acquisition; Research; Real Estate Industry;

    Citation:

    Segel, Arthur I., Griffin James, and Ann Cullen. "A Note on Real Estate Research." Harvard Business School Background Note 210-086, May 2010. (Revised January 2012.)
  24. Stuyvesant Town - Peter Cooper Village: America's Largest Foreclosure

    In July 2010, William Ackman, the founder of Pershing Square, is considering a potential new opportunity: the acquisition of the distressed Stuyvesant Town and Peter Cooper Village ("ST /PCV") complex. The property had recently been abandoned by its owners and had come under the control of CW Capital, the special servicer for the vast amount of debt that was in default. Any investment in a distressed property could be very risky and might require the company to seek protection in the bankruptcy courts. While the bankruptcy process was not new for Ackman, it could add significant complexity and unknown outcomes. Ackman must consider whether this is a worthwhile investment, given the ambiguous valuation and significant public scrutiny of any investment deal.

    Keywords: Risk Management; Opportunities; Valuation; Insolvency and Bankruptcy; Investment; Outcome or Result; Acquisition; North and Central America;

    Citation:

    Segel, Arthur I., Gregory S. Feldman, James T. Liu, and Elizabeth C. Williamson. "Stuyvesant Town - Peter Cooper Village: America's Largest Foreclosure." Harvard Business School Case 211-106, May 2011. (Revised December 2011.)
  25. Stuyvesant Town - Peter Cooper Village: America's Largest Foreclosure (TN)

    Keywords: Real Estate Industry;

    Citation:

    Segel, Arthur I., and Nicolas Ibanez. "Stuyvesant Town - Peter Cooper Village: America's Largest Foreclosure (TN)." Harvard Business School Teaching Note 212-058, December 2011.
  26. Busse Place (TN)

    Teaching Note for 209154.

    Citation:

    Segel, Arthur I., William J. Poorvu, Richard Kessler, and Justin Seth Ginsburgh. "Busse Place (TN)." Harvard Business School Teaching Note 210-031, November 2009. (Revised October 2011.)
  27. Corporate Avenue

    Keywords: Leasing; Negotiation; Real Estate Industry;

    Citation:

    Segel, Arthur I., Michael Shih-ta Chen, and Dawn Lau. "Corporate Avenue." Harvard Business School Case 812-056, October 2011.
  28. Patagonia Sur: For-Profit Land Conservation in Chile

    Warren Adams founded Patagonia Sur in 2007 as one of the world's first for-profit land conservation businesses. His goal was to purchase over 100,000 acres of land in southern Chile and to run a variety of sustainable businesses to generate annual returns for investors. Patagonia Sur planned to derive various streams of revenue from the land—including eco-tourism, sustainable land development, carbon credits, water rights and eco-brokerage—thereby giving a financial return to investors on top of achieving a positive environmental impact. By 2011, Warren had raised over $20 million from high net worth individuals and Patagonia Sur had over 60,000 acres in Patagonia under management. However, institutional investors seriously questioned whether Patagonia Sur could ever do more than break even on an annual basis. Further, they worried that in fact the risk of the investment went up significantly as the company spent both its capital and management time on so many different revenue streams. In addition, some investors felt that for-profit conservation was morally wrong. Warren needed to convince both individual and institutional investors that his vision would succeed in both generating returns and preserving the natural beauty of Patagonia.

    Keywords: Business Model; Environmental Sustainability; Profit; Investment; For-Profit Firms; Entrepreneurship; Investment Return; Revenue; Risk and Uncertainty; Capital; SWOT Analysis; Real Estate Industry; Chile;

    Citation:

    Segel, Arthur I., Nicolas Ibanez, and Jay Verjee. "Patagonia Sur: For-Profit Land Conservation in Chile." Harvard Business School Case 211-103, June 2011. (Revised October 2012.)
  29. Back to the Future: Redeveloping Unilever House

    Steve Williams, General Counsel of Unilever PIc, has two key decisions to make prior to commencing construction on the redevelopment of Unilever House - the company's London corporate headquarters. The purpose of the redevelopment is to reinvigorate the corporate culture by making the company's workspace more collaborative, transparent, and efficient. Steve has to decide how to finance the project and whether the current design proposed by his architects achieves the project's goals.

    Keywords: Organizational Culture; Leasing; Sales; Restructuring; Leading Change; Financing and Loans; Decisions; Business Headquarters; Design; Projects; London;

    Citation:

    Kohn, A. Eugene, Arthur I Segel, and Andrew Pierson Terris. "Back to the Future: Redeveloping Unilever House." Harvard Business School Case 211-038, December 2010. (Revised June 2011.)
  30. Conceptual Overview of Real Property

    Real estate represents the largest asset class in the world. Businesses in the United States have over $8.6 trillion of real estate assets on their balance sheets. Excluding housing--worth $16 trillion in the United States--and corporate-owned real estate, there is another $4.7 trillion in commercial property alone. Real estate is also a huge source of personal wealth, and the liquidity of that wealth is an essential driver of economic growth in the United States.

    Keywords: Property;

    Citation:

    Segel, Arthur I., and Ann Winslow. "Conceptual Overview of Real Property." Harvard Business School Course Overview Note 205-072, March 2005. (Revised May 2011.)
  31. Back to the Future: Redeveloping Unilever House (TN)

    Teaching Note for 211038.

    Keywords: London;

    Citation:

    Segel, Arthur I., and Andrew Pierson Terris. "Back to the Future: Redeveloping Unilever House (TN)." Harvard Business School Teaching Note 211-055, December 2010.
  32. Cresud S.A., Farmer or Real Estate Developer? (TN)

    Teaching Note for 211-011.

    Keywords: Agribusiness; Decision Choices and Conditions; Risk Management; Competition; Motivation and Incentives; Corporate Strategy; Opportunities; Decisions; Performance Effectiveness; Agriculture and Agribusiness Industry; Argentina; Bolivia; Brazil; Paraguay;

    Citation:

    Segel, Arthur I., and Andrew Pierson Terris. "Cresud S.A., Farmer or Real Estate Developer? (TN)." Harvard Business School Teaching Note 211-046, December 2010.
  33. Farmland Investing: A Technical Note

    This note seeks to provide an overview of farmland investing, the investment thesis behind investing in agriculture, how and why investors would choose farmland, and the general risks and return characteristics of this asset class. In recent years, a growing number of individual and institutional investors have allocated a portion of their capital into agricultural farmland. Private investors, public companies, and sovereign wealth funds are now all currently purchasing and selling large amounts of farmland for profit.

    Keywords: Agribusiness; Investment; Investment Return; Risk Management; Property; Agriculture and Agribusiness Industry; Financial Services Industry; Real Estate Industry; Asia; United States; South America;

    Citation:

    Goldberg, Ray, Arthur I Segel, Gustavo Herrero, and Andrew Terris. "Farmland Investing: A Technical Note." Harvard Business School Background Note 211-022, November 2010. (Revised October 2012.)
  34. Holt Lunsford Commercial (TN)

    Teaching Note for case number 804012.

    Citation:

    Segel, Arthur I. "Holt Lunsford Commercial (TN)." Harvard Business School Teaching Note 807-024, July 2006. (Revised September 2012.)
  35. Cresud S.A., Farmer or Real Estate Developer?

    Alejandro Elsztain, CEO of Cresud S.A., is faced with the difficult choice of whether to sell, develop, or continue to hold the 151,000 hectares of remaining undeveloped farmland at the company's Los Pozos farm in Argentina. Developing the land will further expose Cresud to a variety of risks related to owning and operating farmland, but the potential financial rewards are potentially significant. As competition has increased and farmland values have skyrocketed in the last eight years, Cresud's overall corporate strategy has been to increasingly focus on development opportunities outside of the country—in areas such as Brazil, Paraguay, and Bolivia. Alejandro's looming decision on Los Pozos is, in many ways, reflective of choices facing his company in general.

    Keywords: Agribusiness; Investment; Investment Portfolio; Risk Management; Ownership Stake; Property; Agriculture and Agribusiness Industry; Real Estate Industry; Argentina;

    Citation:

    Goldberg, Ray, Arthur I Segel, Gustavo Herrero, and Andrew Terris. "Cresud S.A., Farmer or Real Estate Developer?" Harvard Business School Case 211-011, November 2010. (Revised February 2013.)
  36. The Beijing Dream (TN)

    Teaching Note to 208015.

    Keywords: Beijing;

    Citation:

    Segel, Arthur I., Voon Siang Lee, Jialei Tian, and Ying Laura Wang. "The Beijing Dream (TN)." Harvard Business School Teaching Note 208-016, July 2007. (Revised October 2010.)
  37. Busse Place

    Busse Corporate Center's largest tenant recently declared bankruptcy, leaving the building 38% occupied and significantly overleveraged. In a depressed suburban Chicago office market, Marisa Sanchez, the leasing agent, has to negotiate lease proposals with three prospective tenants to try to fill the vacant space. Meanwhile, the building's owner, Collins Properties, must decide with its equity partner whether to continue funding the building's losses while trying to lease the vacant space, restructure the debt, or default on the loan and turn the building over to its lenders. The decision is made more complicated by Collins' use of a Commercial Mortgage Backed Security (CMBS) Loan, which involves multiple parties, ambiguous relationships, and bifurcated responsibilities.

    Keywords: Buildings and Facilities; Restructuring; Borrowing and Debt; Financial Management; Mortgages; Investment; Leasing; Property; Real Estate Industry; Chicago;

    Citation:

    Segel, Arthur I., William J. Poorvu, Richard Kessler, and Justin Seth Ginsburgh. "Busse Place." Harvard Business School Case 209-154, June 2009. (Revised October 2010.)
  38. Understanding the Credit Crisis of 2007 to 2008

    This note details the background of the credit crisis, discusses potential causes of it, and considers its ramifications. The exhibits contain a variety of pertinent data regarding the rise of securitization, debt levels, and typical aspects of financial crises. A new matrix is also introduced for thinking about a country's potential economic performance at any point in time.

    Keywords: Financial Crisis; Borrowing and Debt; Credit; Financial Instruments; Financial Management; Financial Markets;

    Citation:

    Segel, Arthur I., and Ben Creo. "Understanding the Credit Crisis of 2007 to 2008." Harvard Business School Background Note 209-073, October 2008. (Revised August 2010.)
  39. How Institutional Investors Think About Real Estate

    Real estate is an increasingly important component in the portfolios of institutional investors. This note discusses the issues these investors must consider when investing in real estate from the legal forms of ownership, to separate or commingled funds, to property type and geography, to broad or focused managers, to leverage, to the timing of investment, and finally, to the compensation paid to both external managers and internal staff.

    Keywords: Investment; Investment Funds; Investment Portfolio; Property; Financial Services Industry;

    Citation:

    Segel, Arthur I. "How Institutional Investors Think About Real Estate." Harvard Business School Background Note 209-152, June 2009. (Revised August 2010.)
  40. Holt Lunsford Commercial

    Holt Lunsford is debating how to grow his Dallas-based commercial real estate services firm and how to advise a long-time client who is wondering whether to lease or buy an industrial warehouse. Focuses on the highly competitive and increasingly institutionalized $50 billion real estate services industry, which encompasses property management, leasing, tenant representation, and other activities. What makes Lunsford's firm, The Holt Companies, special? Explores what corporate strategy Lunsford should choose for his firm, and what recommendation he should make to his client.

    Keywords: Decision Choices and Conditions; Investment; Growth and Development Strategy; Leasing; Competition; Corporate Strategy; Real Estate Industry; Service Industry;

    Citation:

    Segel, Arthur I., and John H. Vogel Jr. "Holt Lunsford Commercial." Harvard Business School Case 804-012, September 2003. (Revised April 2013.)
  41. Eldeco: Playing in the Big League (TN)

    Citation:

    Segel, Arthur I., Nicolas P. Retsinas, and Griffin James. "Eldeco: Playing in the Big League (TN)." Harvard Business School Teaching Note 207-007, July 2006. (Revised June 2010.)
  42. Eldeco: Playing in the Big League

    In 2001, Pankaj Bajaj is considering whether to go forward with a residential development outside New Delhi. Facing an uncooperative local authority, he must determine how to evaluate the risks of proceeding against the potential loss of a golden opportunity to bring Eldeco, his real estate development company, into the top tier of industry players.

    Keywords: Developing Countries and Economies; Construction; Government and Politics; Risk Management; Emerging Markets; Business and Government Relations; Conflict and Resolution; Real Estate Industry; New Delhi;

    Citation:

    Segel, Arthur I., Nicolas P. Retsinas, and Siddarth Yog. "Eldeco: Playing in the Big League." Harvard Business School Case 206-116, March 2006. (Revised June 2010.)
  43. Banco Hipotecario S.A.

    In 2003, the chairwoman and controlling shareholder of Argentina's leading residential mortgage lender are considering how to bring the bank's restructuring to a successful conclusion as the country's economy continues to suffer from the impact of the 2001-2002 currency crisis and default. As the bank's competitors, many of whom were also creditors, begin to close ranks, Banco Hipotecario's management and shareholders need to come up with a plan that will satisfy creditors and keep the bank's business model intact.

    Keywords: Restructuring; Currency; Banks and Banking; Mortgages; Crisis Management; Competition; Argentina;

    Citation:

    Bergstresser, Daniel Baird, Arthur I Segel, and Alexandra de Royere. "Banco Hipotecario S.A." Harvard Business School Case 206-102, March 2006. (Revised May 2010.)
  44. Rose Smart Growth Investment Fund

    The Jonathan Rose Companies must decide how to design and launch an innovative new real estate fund focused on green and transit oriented properties. JRC seeks to show through the fund that smart growth and green buildings provide superior economic returns to sprawl and environmentally damaging development. In order to launch the fund, JRC must decide on several important outstanding issues. What will be the fund's investment criteria? To whom should the fund be marketed? How should the fund be structured? What should be the fund's first investment?

    Keywords: Property; Buildings and Facilities; Transition; Financing and Loans; Investment Funds; Investment; Marketing; Energy Conservation; Business Strategy; Growth and Development Strategy; Environmental Sustainability; Finance; Real Estate Industry;

    Citation:

    Segel, Arthur I., and Justin Seth Ginsburgh. "Rose Smart Growth Investment Fund." Harvard Business School Case 210-033, November 2009. (Revised April 2010.)
  45. Real Property Negotiation Game (CW): Excel Model

    This Excel model is used to analyze the deals made in The Real Property Negotiation Game, which simulates the experience negotiating the sale, purchase, or financing of a property.

    Keywords: Property; Negotiation Deal; Sales; Financing and Loans; Mathematical Methods; Real Estate Industry;

    Citation:

    Segel, Arthur I., John Vogel, and Justin Seth Ginsburgh. "Real Property Negotiation Game (CW): Excel Model." Harvard Business School Spreadsheet Supplement 210-703, February 2010.
  46. Real Property Negotiation Game (TN)

    Teaching Note for [209031], [209032], [209034], [209036], [209037], [209038], and [209039].

    Keywords: Real Estate Industry; Raleigh; Las Vegas;

    Citation:

    Segel, Arthur I., John Vogel, and Justin Seth Ginsburgh. "Real Property Negotiation Game (TN)." Harvard Business School Teaching Note 210-048, January 2010.
  47. Five and Six Dulles Station

    Cricket Real Estate Advisors needs to decide if they should invest in a proposed joint venture development with Buddy Holly & Associates. Holly is a successful northern Virginia office developer who plans to develop two buildings containing 232,750 rentable square feet. Students need to evaluate the deal's structure and financial arrangements, recommend changes and decide whether to proceed with the deal.

    Keywords: Valuation; Joint Ventures; Markets; Accounting Audits; International Finance; Agreements and Arrangements; Change; Strategic Planning; Management Analysis, Tools, and Techniques; Financial Management; Real Estate Industry;

    Citation:

    Segel, Arthur I. "Five and Six Dulles Station." Harvard Business School Case 210-047, January 2010.
  48. The IBET Pension Fund

    Marisa Caris oversees real estate investments for the IBET Pension Fund. She must value each of the existing eight properties and determine a strategy for going forward. A rewritten version of an earlier case.

    Keywords: Financial Strategy; Investment Funds; Investment Portfolio; Valuation; Real Estate Industry;

    Citation:

    Segel, Arthur I. "The IBET Pension Fund." Harvard Business School Case 800-133, November 1999. (Revised December 2009.)
  49. Polanco: A Fashionable Opportunity

    Roberto Charvel is a young MBA graduate making his first personal real estate investment in his native Mexico City. Charvel is planning to purchase and renovate a nine-unit apartment building. Is the market good? Should he sell or lease the units? How should he handle other issues like the architectural designs, the construction process, and the legal process? How should he balance all the competing demands on his time? This case serves as an introduction to the multifamily property type

    Keywords: Investment; Housing; Leasing; Property; Real Estate Industry; Mexico City;

    Citation:

    Segel, Arthur I., and Ben Creo. "Polanco: A Fashionable Opportunity." Harvard Business School Case 209-012, August 2008. (Revised December 2009.)
  50. Steel Street (TN)

    Teaching Note for [210010].

    Citation:

    Segel, Arthur I., Ben Creo, and Justin Seth Ginsburgh. "Steel Street (TN)." Harvard Business School Teaching Note 210-034, October 2009. (Revised December 2009.)
  51. Real Property Negotiation Game (A): Seller Case, Las Vegas Pines

    The Real Property Negotiation Game simulates the experience negotiating the sale, purchase, or financing of a property. The class competes as either a lender, buyer, or one of two groups of sellers, Raleigh, North Carolina and Las Vegas, Nevada. This is the seller case, Las Vegas, for the Real Property Negotiation Game. David Stephens must decide whether and at what price to sell his property.

    Keywords: Negotiation; Property; Sales; Price; Financing and Loans; Real Estate Industry; Las Vegas;

    Citation:

    Segel, Arthur I., and John H. Vogel, Jr. "Real Property Negotiation Game (A): Seller Case, Las Vegas Pines." Harvard Business School Case 209-038, August 2008. (Revised April 2012.)
  52. Kibera and the Kenya Slum Upgrading Project (A)

    Kenya's Minister of Housing faces tremendous pressures in dealing with the pervasive housing troubles in his country. Kibera is the largest slum in Africa and home to more than 800,000 residents, yet only measures two square kilometers, roughly half the size of Manhattan's Central Park. Most homes are single-story structures and the density is 3,000 persons per hectare (compared to 43 in London, 100 in New York City, and 143 in Tokyo), making this one of the most densely populated areas in the world. The slum's living conditions are abysmal by Western standards and gets little to no support from the local government due to the entrenched bureaucracy that has seemingly misaligned interests in the slum.

    Keywords: Construction; Housing; Urban Development; Poverty; Kenya;

    Citation:

    Retsinas, Nicolas P., Arthur I Segel, Marc Diaz, and John Dean Shepherd. "Kibera and the Kenya Slum Upgrading Project (A)." Harvard Business School Case 207-017, January 2007. (Revised May 2009.)
  53. Kibera and the Kenya Slum Upgrading Project (B)

    Keywords: Projects; Wealth and Poverty; Kenya;

    Citation:

    Retsinas, Nicolas P., Arthur I Segel, Marc Diaz, and John Dean Shepherd. "Kibera and the Kenya Slum Upgrading Project (B)." Harvard Business School Supplement 207-018, January 2007. (Revised May 2009.)
  54. Banco Hipotecario S.A. (TN)

    Teaching Note for [206102].

    Keywords: Finance;

    Citation:

    Bergstresser, Daniel Baird, and Arthur I Segel. "Banco Hipotecario S.A. (TN)." Harvard Business School Teaching Note 209-127, April 2009.
  55. Structuring Real Estate Deals: An Investor's Perspective

    Addresses the following questions: What are the portfolio-level implications? What are the asset-level characteristics? How do I invest? With whom do I invest? What do I get for my investment? What protections do I have? When and how do I get out?

    Keywords: Property; Negotiation; Contracts; Real Estate Industry;

    Citation:

    Segel, Arthur I. "Structuring Real Estate Deals: An Investor's Perspective." Harvard Business School Background Note 208-066, October 2007. (Revised March 2009.)
  56. Clifford Chance: Repotting the Tree

    Clifford Chance, LLP, a global law firm headquartered in London, needs to make a decision whether to stay in the central business district of London or move to a redeveloped business park at Canary Wharf, three miles outside of central London. Peter Charleton, head of the London Office, is proposing to move to Canary Wharf and building a single, landmark headquarters with all the necessary amenities and premium fit-outs that are appropriate for an elite law firm. The tension surrounding the case is the choice to move from the hub of commerce in central London to a relatively obscure site whose owners (Olympia and York) have a history of financial bankruptcy. What business elements (clients, operations, employees, etc.) should they consider if they move the firm and how much relative weight do they place on each element? How do they frame the advantages and disadvantages between central London and Canary Wharf? What type of items should they program into the new facility (cellular or open floor plans, ceiling heights, common space, dining facilities, gymnasiums, etc.)? How should they prioritize these items?

    Keywords: Buildings and Facilities; Business Headquarters; Decision Choices and Conditions; Geographic Location; Logistics; London;

    Citation:

    Segel, Arthur I., A. Eugene Kohn, and Nhat Minh Nguyen. "Clifford Chance: Repotting the Tree." Harvard Business School Case 207-073, October 2006. (Revised March 2009.)
  57. Allston: Brand vs. Architecture

    Harvard President Lawrence Summers had presided over the final interviews of world-renowned architects being considered for the science complex planned for Harvard's expanded campus in Allston. The selection process had absorbed nine months in 2005 and amplified the long-standing debate about Harvard architecture. How will the proposed new complex be received be faculty, students, alumni, neighbors, and the public?

    Keywords: Decision Choices and Conditions; Brands and Branding; Design; Urban Development; Management Teams; Construction Industry; Boston;

    Citation:

    Perold, Andre F., Arthur I Segel, and Christopher M. Gordon. "Allston: Brand vs. Architecture." Harvard Business School Case 208-079, November 2007. (Revised March 2009.)
  58. The Big Easy, Not So Easy

    Enterprise Community Partners must determine whether to rebuild the Lafitte housing projects in hurricane-ravaged New Orleans and, if so, how to mitigate the risks. Set in January 2007, more than a year after Hurricane Katrina made landfall, the case examines how Enterprise has a number of environmental, contractual, reputational, and legal risks to overcome in making the project a success. Given these risks, Enterprise is unsure whether to rebuild in New Orleans at all and whether to renovate the site or redevelop it into a mixed-income community.

    Keywords: Natural Disasters; Housing; Projects; Risk Management; Urban Development; Reputation; New Orleans;

    Citation:

    Retsinas, Nicolas P., Arthur I Segel, and Ben Creo. "The Big Easy, Not So Easy." Harvard Business School Case 208-068, February 2008. (Revised May 2012.)
  59. Real Property Negotiation Game (B): Seller, Raleigh Commons

    The Real Property Negotiation Game simulates the experience negotiating the sale, purchase, or financing of a property. The class competes as either a lender, buyer, or one of two groups of sellers, Raleigh, North Carolina and Las Vegas, Nevada. The seller case, Raleigh Commons, for the Real Property Negotiation Game. Steve Stroud must decide whether and at what price to sell his property.

    Keywords: Negotiation; Property; Price; Sales; Market Transactions; Real Estate Industry; Raleigh;

    Citation:

    Segel, Arthur I., and John H. Vogel, Jr. "Real Property Negotiation Game (B): Seller, Raleigh Commons." Harvard Business School Supplement 209-036, August 2008. (Revised April 2012.)
  60. Real Property Negotiation Game (B): Seller, Las Vegas Pines

    The Real Property Negotiation Game simulates the experience negotiating the sale, purchase, or financing of a property. The class competes as either a lender, buyer, or one of two groups of sellers, Raleigh, North Carolina and Las Vegas, Nevada. The seller case, Las Vegas, for the Real Property Negotiation Game. David Stephens must decide whether and at what price to sell his property.

    Keywords: Negotiation; Property; Price; Sales; Financing and Loans; Real Estate Industry; Las Vegas;

    Citation:

    Segel, Arthur I., and John H. Vogel, Jr. "Real Property Negotiation Game (B): Seller, Las Vegas Pines." Harvard Business School Supplement 209-037, August 2008. (Revised April 2012.)
  61. Real Property Negotiation Game (A): Seller Case, Raleigh Commons

    The Real Property Negotiation Game simulates the experience negotiating the sale, purchase, or financing of a property. The class competes as either a lender, buyer, or one of two groups of sellers, Raleigh, North Carolina and Las Vegas, Nevada. This is the seller case, Raleigh Commons, for the Real Property Negotiation Game. Steve Stroud must decide whether and at what price to sell his property.

    Keywords: Price; Negotiation; Property; Sales; Financing and Loans; Real Estate Industry; Raleigh;

    Citation:

    Segel, Arthur I., and John H. Vogel, Jr. "Real Property Negotiation Game (A): Seller Case, Raleigh Commons." Harvard Business School Case 209-039, August 2008. (Revised April 2012.)
  62. Value Retail (TN)

    Teaching Note for (9-803-008).

    Keywords: Investment; Risk and Uncertainty; Performance Effectiveness; Brands and Branding; Planning; Strategy; Luxury; Milan;

    Citation:

    Segel, Arthur I., and Ani M Vartanian. "Value Retail (TN)." Harvard Business School Teaching Note 803-081, November 2002. (Revised February 2009.)
  63. Grosvenor Group Limited (TN)

    Teaching Note for [207064].

    Keywords: Resource Allocation; Market Transactions; Property; Financial Instruments; Assets; Emerging Markets; Real Estate Industry;

    Citation:

    Segel, Arthur I., and Ben Creo. "Grosvenor Group Limited (TN)." Harvard Business School Teaching Note 209-074, October 2008.
  64. Polanco: A Fashionable Opportunity (TN)

    Teaching Note for [209012].

    Keywords: Investment; Planning; Buildings and Facilities; Construction; Design; Property; Opportunities; Legal Liability; Real Estate Industry; Mexico;

    Citation:

    Segel, Arthur I., and Ben Creo. "Polanco: A Fashionable Opportunity (TN)." Harvard Business School Teaching Note 209-005, October 2008.
  65. The Time Warner Center: Mixed-Use Development

    Despite the failure of other attempts to bring mixed use development in New York City, Related Companies in 2004 opened Time Warner Center, a huge complex incorporating offices, shops, restaurants, music auditoriums, a hotel, and luxury apartments on Columbus Circle in Manhattan. Tracing the process by which Related became the site developer, the case examines the risks and rewards of building and marketing the various components of the megastructure.

    Keywords: Risk and Uncertainty; Marketing; Buildings and Facilities; Construction; Development Economics; New York (city, NY);

    Citation:

    Kohn, A. Eugene, Arthur I Segel, and David Lane. "The Time Warner Center: Mixed-Use Development." Harvard Business School Case 208-081, January 2008. (Revised August 2008.)
  66. A Technical Note and Discussion on Real Estate Valuation (IBET): Back of the Envelope (BOE) on Bonhomme Place: A Case within a Case

    Discusses real estate valuation. Reviews "back of the envelope" valuation; real estate appraisal methods, including the income method; market comparables and replacement costs; and more complex computer modeling. Also discusses other variables that could influence valuation.

    Keywords: Investment Funds; Mathematical Methods; Valuation; Real Estate Industry;

    Citation:

    Segel, Arthur I. "A Technical Note and Discussion on Real Estate Valuation (IBET): Back of the Envelope (BOE) on Bonhomme Place: A Case within a Case." Harvard Business School Technical Note 802-025, August 2001. (Revised July 2008.)
  67. Rancho Cucamonga

    Mikey Jones must decide what type of senior housing to develop, whether he should operate the facility himself, and what financing option he should pursue.

    Keywords: Financing and Loans; Investment; Housing; Real Estate Industry;

    Citation:

    Segel, Arthur I., and David Robert Cotterman. "Rancho Cucamonga." Harvard Business School Case 206-033, September 2005. (Revised July 2008.)
  68. Value Retail

    Scott Malkin, CEO of Value Retail, a developer and operator of European outlet villages serving luxury brands, is planning on developing a 18,503 m2 open-air outlet village to be built 98 kilometers south of Milan on land he was about to acquire for 7.26 million lira. Is this a good investment? What are the risks associated with the project? Could Value Retail pursue its outlet strategy in Italy? Includes color exhibits.

    Keywords: Acquisition; Investment; Risk and Uncertainty; Expansion; Retail Industry; Milan;

    Citation:

    Segel, Arthur I., and Ani M Vartanian. "Value Retail." Harvard Business School Case 803-008, July 2002. (Revised July 2008.)
  69. The Beijing Dream

    The purchase of a single-family home is generally the major investment for most young couples in China. Shows in detail the process that a young couple goes through in late April 2007 to find, finance, and close on an apartment in Beijing within what they believe to be their financial capabilities. Takes place in the context of the rapidly developing Chinese real estate market and introduces issues concerning the search and property acquisition that are specific to Beijing. Also deals with the direct and indirect cost involved in home acquisition, and compares these costs to the rental alternative. Also explores the role that the Internet can play in the home-buying process in China.

    Keywords: Property; Investment; Cost; Emerging Markets; Financing and Loans; Acquisition; Activity Based Costing and Management; Internet; Online Technology; Management Practices and Processes; Online Advertising; Renting or Rental; Real Estate Industry; Beijing; United States;

    Citation:

    Segel, Arthur I., Voon Siang Lee, Jialei Tian, and Ying Laura Wang. "The Beijing Dream." Harvard Business School Case 208-015, July 2007. (Revised July 2008.)
  70. The Arts Property and Hotel

    Julio Martinez finds himself as one of the owners of the Arts Hotel Project in Barcelona, Spain. The 455-room hotel is managed by the Ritz Carlton and is in a 44-story tower along Barcelona's beachfront. Julio needs to figure out a strategy to maximize his investment, including a negotiation of the Ritz's operating agreement. Includes color exhibits.

    Keywords: Investment; Agreements and Arrangements; Property; Strategy; Accommodations Industry; Real Estate Industry; Barcelona;

    Citation:

    Segel, Arthur I., and Ani M Vartanian. "The Arts Property and Hotel." Harvard Business School Case 803-009, September 2002. (Revised May 2008.)
  71. Beacon Lakes

    In September 2001, Armando Codina, the CEO and chairman of Codina Group, is facing the decision of whether to go ahead as planned with its $220 million Beacon Lakes project, a 6.6-million-square-foot warehouse and office park in Miami's Airport West submarket. Although his firm has already spent more than two years and almost $2 million to get the project underway, the various obstacles ahead make him ponder whether to continue. Codina feels that an unsuccessful project could hurt his otherwise untainted career. Among the issues facing him: the uncertainty regarding the expansion of the Urban Development Boundary line to the west to include the site of the project, which is currently zoned to prohibit any type of development, and the heated environmental debate regarding the site's proximity to the Northwest Wellfield Protection Area and the Everglades National Park. Codina needs to analyze fully the economics of the deal, taking into account market conditions as well as the ultimate profitability of the project given the concessions that he is willing to make. Includes color exhibits.

    Keywords: Decision Making; Urban Scope; Business and Government Relations; Natural Environment; Expansion; Environmental Sustainability; Real Estate Industry; Everglades National Park; Miami;

    Citation:

    Segel, Arthur I., Robert Barlick Jr, and Jose Gonzalez. "Beacon Lakes." Harvard Business School Case 805-023, July 2004. (Revised May 2008.)
  72. Yamanote Kaikan

    In 2001, James O'Connell, president of Holyoke Japan, an affiliate of Larson Capital, a distress debt private equity firm, wants to bid on a 90 billion yen loan currently in default by the borrower, Sanjo Enterprises, for a popular wedding and banquet facility with an adjacent office tower in downtown Tokyo. O'Connell has to determine a bidding strategy, consider the competition, and price the deal.

    Keywords: Borrowing and Debt; Private Equity; Price; Bids and Bidding; Competition; Japan;

    Citation:

    Greenwood, Robin, Arthur I Segel, and Joshua Katzin. "Yamanote Kaikan." Harvard Business School Case 205-084, June 2005. (Revised May 2008.)
  73. Revere Street

    Although inexperienced in real estate, Edward Alexander hopes in June 1999 that youthful enthusiasm and an $80,000 inheritance will help him enter the real estate business. His experience chronicles the process of finding, evaluating, and acquiring a four-unit brownstone in need of renovation in the Beacon Hill area of Boston. The case also identifies the various players in the process. A rewritten version of an earlier case.

    Keywords: Acquisition; Investment; Housing; Real Estate Industry; Boston;

    Citation:

    Segel, Arthur I., John H. Vogel, Jr., Lisa Strope, and Erich Dylus. "Revere Street." Harvard Business School Case 800-147, November 1999. (Revised April 2008.)
  74. Pinckney Street

    Teaching Note to (9-813-182).

    Citation:

    Segel, Arthur I. "Pinckney Street ." Harvard Business School Teaching Note 804-122, March 2004. (Revised August 2013.)
  75. Grosvenor Group Limited

    A global real estate investment firm is trying to decide whether to enter into a property-derivative transaction to help it effect a change in asset allocation. The market for real estate derivatives is beginning to grow quite rapidly and the firm is trying to understand how to use these instruments in managing its business.

    Keywords: Asset Management; Financial Instruments; Financial Markets; Business or Company Management; Property; Financial Services Industry; Real Estate Industry;

    Citation:

    Perold, Andre F., Arthur I Segel, Oliver Corlette, and Soyoun Song. "Grosvenor Group Limited." Harvard Business School Case 207-064, October 2006. (Revised October 2007.)
  76. Chongqing Tiandi

    In late 2000, Vincent Lo, a prominent Hong Kong developer was invited by the Deputy Mayor of Chongqing, China to undertake a major redevelopment of the urban core. Lo had previously successfully developed the landmark Xintiandi retail and entertainment district in Shanghai. Lo must decide if the opportunity is the right fit in terms of place, timing, government support, and market demand.

    Keywords: Demand and Consumers; Emerging Markets; Business and Government Relations; Urban Development; Real Estate Industry; Chongqing (municipality, China); Hong Kong;

    Citation:

    Segel, Arthur I., Nicolas P. Retsinas, Joshua A. Katzin, Nadeem Meghji, and Cindy Yan. "Chongqing Tiandi." Harvard Business School Case 207-019, November 2006. (Revised August 2007.)
  77. The Pilgrim Assurance Building

    A local real estate developer has to decide how much to bid for a Boston office building in 2005.

    Keywords: Buildings and Facilities; Decisions; Investment; Bids and Bidding; Real Estate Industry; Boston;

    Citation:

    Greenwood, Robin, David S. Scharfstein, and Arthur I Segel. "The Pilgrim Assurance Building." Harvard Business School Case 206-078, December 2005. (Revised April 2007.)
  78. Cinco de Mayo

    In 2004, Adrian Pandal is seeking financing for a residential conversion of a building in Mexico City's historic center district. He must convince potential lenders that the project is viable and that it makes sense to bet on the future potential of an area that, until recently, has not attracted substantial real estate investment.

    Keywords: History; Risk Management; Opportunities; Urban Development; Investment; Property; Real Estate Industry; Mexico City;

    Citation:

    Segel, Arthur I., Nicolas P. Retsinas, David Margain, and Andres Caldera Radonski. "Cinco de Mayo." Harvard Business School Case 206-115, March 2006. (Revised April 2007.)
  79. Habitat for Humanity International in South Africa

    In March 2006, Larry English, Director of Program Design and Innovation for Habitat for Humanity International Africa and the Middle East, was reflecting on a large development project in Durbin that had stalled. Notwithstanding global attention led by former President Jimmy Carter, the local capacity to carry out the project was limited. English wondered whether partnerships with private, for-profit real estate companies were plausible, and whether they could be carried out without undermining the mission of Habitat to focus on the very poor.

    Keywords: Partners and Partnerships; Investment; Innovation Strategy; Emerging Markets; Social Entrepreneurship; Poverty; Property; Projects; South Africa; Middle East;

    Citation:

    Retsinas, Nicolas P., Arthur I Segel, and Nelson Hioe. "Habitat for Humanity International in South Africa." Harvard Business School Case 207-016, November 2006. (Revised January 2007.)
  80. Kibera and the Kenya Slum Upgrading Project (TN) (A) and (B)

    Keywords: Poverty; Projects;

    Citation:

    Retsinas, Nicolas P., and Arthur I Segel. "Kibera and the Kenya Slum Upgrading Project (TN) (A) and (B)." Harvard Business School Teaching Note 207-015, January 2007.
  81. Habitat for Humanity International in South Africa (TN)

    Keywords: Nonprofit Organizations; Housing; Construction Industry;

    Citation:

    Retsinas, Nicolas P., and Arthur I Segel. "Habitat for Humanity International in South Africa (TN)." Harvard Business School Teaching Note 207-014, January 2007.
  82. Doral Costa

    Doral Costa is a proposed 277,803 square foot Class A office park development in Miami, FL. Trammell Crow Co. would like to develop this office park in joint venture with a partner. Samantha Spar, the acquisitions partner at Titan Associates, a large real estate institutional advisory firm, must decide whether to recommend participation in this development to her client, QRS, a public pension fund. Samantha must evaluate this location, the Southern Florida office market, the proposed building design, the lease-up and financial projections, the economic terms of the deal, and the potential partner to make a decision.

    Keywords: Buildings and Facilities; Joint Ventures; Acquisition; Investment; Partners and Partnerships; Decision Choices and Conditions; Fair Value Accounting; Construction; Property; Real Estate Industry; Consulting Industry; Miami;

    Citation:

    Poorvu, William J., John H. Vogel Jr., Arthur I Segel, and Amy Silverstein. "Doral Costa." Harvard Business School Case 802-023, August 2001. (Revised June 2013.)
  83. Chongqing Tiandi (TN)

    Citation:

    Segel, Arthur I., and Nicolas P. Retsinas. "Chongqing Tiandi (TN)." Harvard Business School Teaching Note 207-012, November 2006.
  84. Cinco de Mayo (TN)

    Keywords: Mexico;

    Citation:

    Segel, Arthur I., and Nicolas P. Retsinas. "Cinco de Mayo (TN)." Harvard Business School Teaching Note 207-013, August 2006.
  85. Patrimonio Hoy

    Patrimonio Hoy is a program targeting the housing needs of the low-income population by CEMEX, a major Mexican company and a leading global cement producer. Originally conceived as a project to understand the customers in the self-construction segment better, a major component of Mexican home-building concentrated in low-income neighborhoods, Patrimonio Hoy has generated recognition and good will for the company. Its innovative approach reduces significantly the cost and time needed by the poor to improve their housing. Begun in 1998, the program has reached break-even in 2004, with strong prospects of growth in the future. The president of CEMEX North America wonders whether the program should be turned into a major line of business for the company. Provides a good understanding of financing mechanisms available to home builders in Mexico and represents an interesting application of microfinance and product design to open a new market segment based on the needs of low-income customers.

    Keywords: Housing; Construction; Product Design; Globalized Firms and Management; Microfinance; Income Characteristics; Market Entry and Exit; Emerging Markets; Entrepreneurship; Construction Industry; Mexico;

    Citation:

    Segel, Arthur I., Michael Chu, and Gustavo Herrero. "Patrimonio Hoy." Harvard Business School Case 805-064, November 2004. (Revised July 2006.)
  86. New Songdo City (TN)

    Keywords: Urban Development; South Korea;

    Citation:

    Segel, Arthur I. "New Songdo City (TN)." Harvard Business School Teaching Note 207-004, July 2006.
  87. Yamanote Kaikan (TN)

    Citation:

    Segel, Arthur I., and Richard Shumway Bennion. "Yamanote Kaikan (TN)." Harvard Business School Teaching Note 207-003, July 2006.
  88. Wells REIT II (TN)

    Citation:

    Segel, Arthur I. "Wells REIT II (TN)." Harvard Business School Teaching Note 207-006, July 2006.
  89. Hines Goes to Rio (TN)

    Keywords: Brazil;

    Citation:

    Segel, Arthur I., and Ricardo Reisen de Pinho. "Hines Goes to Rio (TN)." Harvard Business School Teaching Note 207-001, July 2006.
  90. Angus Cartwright III (TN)

    Teaching Note to (9-375-376). A rewritten version of an earlier teaching note.

    Citation:

    Poorvu, William J., and Arthur I Segel. "Angus Cartwright III (TN)." Harvard Business School Teaching Note 304-094, May 2004. (Revised June 2006.)
  91. New Songdo City

    The government of South Korea has chosen John Hynes and Gale International to construct New Songdo City. This is an entirely new city, about the size of Boston, between the new Incheon airport and the capital of Seoul. The proposed city is the government's attempt to create an Asian financial and business center to rival Shanghai and Tokyo. But how to design, market, build, and finance a whole city is up for grabs. Is this the typical developer hubris or can it really work?

    Keywords: Buildings and Facilities; Urban Development; Construction; Design; Weather and Climate Change; South Korea;

    Citation:

    Segel, Arthur I., Brandon Blaser, Gerardo Garza, Albert Kim, John Richard, and Andrew Murphy. "New Songdo City." Harvard Business School Case 206-019, September 2005. (Revised June 2012.)
  92. Beacon Lakes (TN)

    Citation:

    Segel, Arthur I. "Beacon Lakes (TN)." Harvard Business School Teaching Note 206-149, June 2006.
  93. Highlands' Garden Village

    It was March 2003 and Chuck Perry was awaiting the arrival of his New York-based business partner, Jonathan Rose. He and Rose had begun Highlands' Garden Village, their latest mixed-use, mixed-income development project. In 1996, they had optioned the unused Elitch Gardens amusement park site and since then had transformed the site into a traditional neighborhood development that was now nearly complete. The amusement park rides had been dismantled and replaced with apartments, homes, and two acres of open space. The project's pro formas were positive and the residential units were fully sold.

    Keywords: Entrepreneurship; Urban Development; Housing; Society; Construction Industry; Real Estate Industry; Colorado;

    Citation:

    Segel, Arthur I., Eve Bould, and Hank Midgley. "Highlands' Garden Village." Harvard Business School Case 803-193, June 2003. (Revised June 2006.)
  94. Highlands' Garden Village (TN)

    Teaching Note to (9-803-193).

    Keywords: Agriculture and Agribusiness Industry;

    Citation:

    Segel, Arthur I. "Highlands' Garden Village (TN)." Harvard Business School Teaching Note 804-123, March 2004. (Revised June 2006.)
  95. Buckingham Park

    In September, 2004, Stephen Lebowitz, President of CBL, a $6 billion publicly traded shopping mall real estate investment trust (REIT) with over 70 million square feet, is considering acquiring 170 acres for a new retail development at a racetrack site in Southern New Hampshire. First, Stephen has to calculate the value of the land to make his bid based on current market conditions and local zoning. Next, Stephen has to consider how the public securities markets will react, good and bad, to a shopping center REIT doing a new development at this time.

    Keywords: Buildings and Facilities; Debt Securities; Investment; Real Estate Industry; New Hampshire;

    Citation:

    Segel, Arthur I., and Joshua A. Katzin. "Buckingham Park." Harvard Business School Case 205-085, March 2005. (Revised May 2006.)
  96. Wells REIT II

    Dr. Richard Planter, a dentist, asks his financial adviser, Michael Saris, to review an offering memorandum for a new, private real estate investment trust. After reviewing the documents, Saris needs to develop an analytical framework and provide concrete advice regarding the investment.

    Keywords: Finance; Investment; Framework; Private Ownership; Mathematical Methods; Real Estate Industry;

    Citation:

    Segel, Arthur I., and Dwight Angelini von Yves. "Wells REIT II." Harvard Business School Case 205-019, October 2004. (Revised May 2006.)
  97. Tenant and Landlord Rights

    Certain key principles govern the landlord-tenant relationship in both commercial and residential settings. Because most property law is state specific, this note provides an overview of how many states would generally analyze a particular situation or relationship.

    Keywords: Renting or Rental; Leasing; Rights; Contracts; Laws and Statutes; Relationships; Real Estate Industry;

    Citation:

    Segel, Arthur I., Jeff Mandelbaum, and Armen Panossian. "Tenant and Landlord Rights." Harvard Business School Background Note 804-161, June 2004. (Revised July 2005.)
  98. Environmental Law in Real Estate Transactions

    Summarizes several of the major federal environmental statutes, most notably the Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA" or "Superfund"). Also discusses several state and local regulations.

    Keywords: Environmental Sustainability; Laws and Statutes; Real Estate Industry;

    Citation:

    Segel, Arthur I., Jeff Mandelbaum, and Armen Panossian. "Environmental Law in Real Estate Transactions." Harvard Business School Background Note 804-185, June 2004. (Revised April 2005.)
  99. Chapter 11 Bankruptcy Law in Real Estate

    Begins with a brief overview of the bankruptcy process, discussing key debtor protections and the administration of claims against the estate. Discusses the treatment of bankruptcies filed by property owners. Also summarizes the tenant's bankruptcy protections and powers relating to the creditor-landlord. Ends with a brief comparison of international bankruptcy regimes.

    Keywords: Insolvency and Bankruptcy; Real Estate Industry;

    Citation:

    Segel, Arthur I., Jeff Mandelbaum, and Armen Panossian. "Chapter 11 Bankruptcy Law in Real Estate." Harvard Business School Background Note 804-194, June 2004. (Revised April 2005.)
  100. Beacon Lakes

    Citation:

    Segel, Arthur I. "Beacon Lakes." Harvard Business School Video Supplement 805-702, April 2005.
  101. Principals, Agents, and Partners

    The establishment of the principal-agent relationship, the duties owed by the agent to the principal, and the principal's liability for illegal actions or representations made by the agent are all examined. Also covers the creation of partnerships and the duties of partners to one another.

    Keywords: Partners and Partnerships; Agency Theory; Legal Liability;

    Citation:

    Segel, Arthur I., Armen Panossian, and Jeff Mandelbaum. "Principals, Agents, and Partners." Harvard Business School Background Note 804-186, June 2004. (Revised January 2005.)
  102. Hines Goes to Rio

    The Torre Almirante office tower, Hines' newest project in Rio de Janeiro, was a 36-story, Class AA office tower with an adjoining 420-stall parking structure and a preserved 14-story historic facade. It was completely different from anything that had previously been built in the city. It was also the first time that a developer took the risk of publicly announcing to the Brazilian business community its intention and commitment to complete such a complex real estate project on schedule. It was an impressive and unprecedented enterprise, but at this stage, the project was enmeshed in some operational complications. Several project designs were not yet ready, and discussions among the different companies involved in the development had intensified in the past weeks. Robert A.M. Stern Architects, the New York-based design architect, was debating with Hines about issues ranging from the glass window specifications to the material for the gold leaf lobby ceiling. Pontual Arquitetura, the local production architect, was concerned about the fire protection system. In addition, Racional, the local general contractor, just pointed out a serious problem in the freight elevator shaft that could force Hines to modify substantial parts of the project and, consequently, trigger a new round of required approvals. Includes color exhibits.

    Keywords: Property; Design; Construction; Buildings and Facilities; Risk and Uncertainty; Risk Management; Debates; Problems and Challenges; Real Estate Industry; Brazil; New York (city, NY);

    Citation:

    Segel, Arthur I., and Ricardo Reisen De Pinho. "Hines Goes to Rio." Harvard Business School Case 805-001, July 2004. (Revised October 2004.)
  103. Canary Wharf

    On September 25, 2002, Peter Anderson was due to meet with Morgan Stanley in ten minutes. Anderson had been the finance director of Canary Wharf Group (CWG) since Paul Reichmann and a group of investors had repurchased Canary Wharf in 1995. Anderson had joined Olympia & York in 1989 to finance Canary Wharf and had struggled through the bankruptcy of the project and its parent company, Olympia & York. He had stayed with Reichmann through those difficult years and worked with him to buy back the project from the banks. Largely due to Anderson's ability to raise the capital necessary for Canary Wharf to fund its growth, the project was now universally acclaimed as hugely successful. Anderson had now invested over half his professional life in Canary Wharf and he was anxious to find a solution to the conflicting objectives of the CWG.

    Keywords: Entrepreneurship; Negotiation; Business or Company Management; Financial Management; Financial Strategy; Financing and Loans; Crisis Management; Problems and Challenges; Insolvency and Bankruptcy; Success;

    Citation:

    Poorvu, William J., Arthur I Segel, and Camille Douglas. "Canary Wharf." Harvard Business School Case 803-058, October 2002. (Revised August 2004.)
  104. Walden Woods

    In 1984, Mortimer Zuckerman and Ed Linde, through their firm, Boston Properties (BP), acquired land in Concord, MA to build a 147,000-square-foot, first-class suburban office building. BP proceeded to go through the permitting and approval process with the town and was ready to commence construction when in August 1988, the state, after considerable lobbying from historic and environmental groups, delayed the project by requiring an environmental impact statement. Environmental groups from around the country continued to organize against BP's development along with a nearby affordable housing development. While the project was delayed, the real estate market collapsed. But by the spring of 1993, the market was beginning to recover and BP had received all necessary permits. Zuckerman and Linde had to decide whether to proceed with the development or sell to the environmental group opposing them, and if they were to sell, at what price.

    Keywords: Risk and Uncertainty; Decision Choices and Conditions; Entrepreneurship; Property; Environmental Sustainability; Conflict and Resolution; Real Estate Industry; Massachusetts;

    Citation:

    Poorvu, William J., and Arthur I Segel. "Walden Woods." Harvard Business School Case 897-070, February 1997. (Revised July 2004.)
  105. Nehemiah Strategy, The: Bringing it to Boston (Multimedia Case) (TN)

    Teaching Note to (4-303-130), (9-304-082), and (9-304-810).

    Keywords: Boston;

    Citation:

    Barrett, Diana, and Arthur I Segel. "Nehemiah Strategy, The: Bringing it to Boston (Multimedia Case) (TN)." Harvard Business School Teaching Note 304-102, June 2004.
  106. Nehemiah In The South Bronx

    Keywords: New York (city, NY);

    Citation:

    Barrett, Diana, and Arthur I Segel. "Nehemiah In The South Bronx." Harvard Business School Video Supplement 304-810, June 2004.
  107. Nehemiah Strategy, The: Bringing it to Boston

    In 2003, Lee Stuart was working with the Greater Boston Interfaith Organization to implement an affordable housing initiative in Boston. She and her colleagues faced a number of challenges in transferring the strategy, including whether the strategy was appropriate for the Boston marketplace. The project was at a critical point, and key decisions had to be made regarding project direction. The CD-ROM contains both a paper case and a supplemental multimedia case. The paper case provides essential background and exhibits on Nehemiah. The multimedia case includes video clips from key Boston protagonists profiled in the paper case. Also includes animated exhibits that depict the Nehemiah strategy and illustrate the financial underpinnings of the model.

    Keywords: Housing; Problems and Challenges; Strategy; Projects; Decisions; Boston;

    Citation:

    Barrett, Diana, and Arthur I Segel. "Nehemiah Strategy, The: Bringing it to Boston." Harvard Business School Video Case 304-082, June 2004.
  108. IBET Pension Fund, The (TN)

    Teaching Note to (9-800-133).

    Keywords: Investment; Investment Funds; Valuation; Strategy;

    Citation:

    Segel, Arthur I. "IBET Pension Fund, The (TN)." Harvard Business School Teaching Note 804-128, April 2004.
  109. The Arts Property and Hotel (TN)

    Teaching Note to (9-803-009).

    Keywords: Strategy; Investment; Agreements and Arrangements; Management; Accommodations Industry; Barcelona;

    Citation:

    Segel, Arthur I. "The Arts Property and Hotel (TN)." Harvard Business School Teaching Note 804-119, April 2004.
  110. AMB Consolidation, The (TN)

    Teaching Note to (9-899-144).

    Keywords: Consolidation;

    Citation:

    Segel, Arthur I. "AMB Consolidation, The (TN)." Harvard Business School Teaching Note 804-126, April 2004.
  111. Waltz on the Danube

    Keywords: Europe;

    Citation:

    Segel, Arthur I. "Waltz on the Danube." Harvard Business School Spreadsheet Supplement 804-703, March 2004.
  112. Ft. Myers Eldercare

    A developer attempts to get into the elderly housing business. The case reviews the various elderly housing options, how they differ from one another, and how the industry differs from other types of real estate.

    Keywords: Housing; Age Characteristics; Real Estate Industry; Florida;

    Citation:

    Poorvu, William J., and Arthur I Segel. "Ft. Myers Eldercare." Harvard Business School Case 898-041, November 1997. (Revised March 2004.)
  113. Ft. Myers Eldercare (TN)

    Teaching Note to (9-898-041).

    Keywords: Real Estate Industry;

    Citation:

    Segel, Arthur I. "Ft. Myers Eldercare (TN)." Harvard Business School Teaching Note 804-127, March 2004.
  114. Meadowlands (TN)

    Teaching Note to (9-898-074).

    Keywords: Urban Development; Financing and Loans; Acquisition; District of Columbia;

    Citation:

    Segel, Arthur I. "Meadowlands (TN)." Harvard Business School Teaching Note 804-120, March 2004.
  115. Waltz on the Danube

    Describes the intricate parts of an early real estate deal from the standpoint of the developer including feasibility analysis, market choice, acquisition of land, project development, design and construction issues, investment returns, and equity financing issues. Thirty-two-year-old Dr. Philipp von Wilmowsky is director of Hungarian operations for ECE Projektmanagement, a German real estate development conglomerate. He has been working for two years on the development of a 30,300 square-meter (m2), 75 million Eurodollar shopping project located in the city of Gyor, Hungary. Allows students to analyze the viability and attractiveness of the project and perform calculations on project returns (including co-investor returns), cost analysis, sensitivity analysis, composition of leasing revenues, and loan structuring.

    Keywords: Joint Ventures; Operations; Property; Real Estate Industry; Germany; Hungary;

    Citation:

    Segel, Arthur I., Vincent Dessain, and Anais Loizillon. "Waltz on the Danube." Harvard Business School Case 804-021, August 2003. (Revised March 2004.)
  116. Waltz on the Danube (TN)

    Teaching Note to (9-804-021).

    Keywords: Real Estate Industry; Hungary; Germany;

    Citation:

    Segel, Arthur I. "Waltz on the Danube (TN)." Harvard Business School Teaching Note 804-159, March 2004.
  117. Walden Woods (TN)

    Teaching Note to (9-897-070).

    Keywords: Real Estate Industry;

    Citation:

    Segel, Arthur I. "Walden Woods (TN)." Harvard Business School Teaching Note 804-125, March 2004.
  118. Bonnie Road

    Teaching Note to (9-813-186).

    Keywords: Distribution Industry; New Jersey;

    Citation:

    Segel, Arthur I. "Bonnie Road ." Harvard Business School Teaching Note 804-121, February 2004. (Revised August 2013.)
  119. Nehemiah Strategy, The: Bringing it to Boston

    In 2003, Lee Stuart, who had successfully used the Nehemiah Strategy to create thousands of units of affordable housing in the South Bronx, was working with the Greater Boston Interfaith Organization to implement the strategy in Boston. She and her colleagues faced a number of challenges in transferring the strategy, with some questioning whether the strategy was appropriate for the Boston marketplace. The project was at a critical point, and key decisions had to be made regarding project direction. Teaching Purpose: To explore a model of building affordable housing and the challenge of implementing it in different communities.

    Keywords: Strategy; Boston;

    Citation:

    Barrett, Diana, Arthur I Segel, and Sheila McCarthy. "Nehemiah Strategy, The: Bringing it to Boston." Harvard Business School Case 303-130, June 2003. (Revised December 2003.)
  120. Angus Cartwright III Answer Spreadsheet

    Citation:

    Segel, Arthur I., and Benjamin Robert Margoles. "Angus Cartwright III Answer Spreadsheet." Harvard Business School Spreadsheet Supplement 804-701, November 2003.
  121. Real Estate Finance: A Technical Note Based on 'Bonnie Road'

    Supplement to (813-186).

    Keywords: real estate; Finance; Real Estate Industry; New Jersey;

    Citation:

    Segel, Arthur I. "Real Estate Finance: A Technical Note Based on 'Bonnie Road'." Harvard Business School Technical Note 803-030, September 2002. (Revised May 2013.)
  122. Shady Trail

    Holt Lunsford was intrigued by the packet of papers that lay in front of him. The papers comprised a brochure that Lonestar Bank had put together in an effort to sell the Shady Trail Distribution Center in Dallas, Texas. Shady Hill was a five-year-old, 120,000-square-foot distribution warehouse facility located on the west side of Dallas. Lonestar was asking $4 million for the property. It was September 2003 and the Dallas real estate market was plateauing and the capital markets were in disarray. Lunsford had convinced 11 friends to put up $100,000 each in addition to his own $100,000 to acquire one or two troubled properties. Lunsford decided to focus on warehouse properties due to their relatively small size, their strong historical performance, and his relevant experience. He wondered whether Shady Trail would make a good investment.

    Keywords: Investment; Acquisition; Buildings and Facilities; Property; Partners and Partnerships; Decision Choices and Conditions; Distribution Industry; Real Estate Industry; Texas;

    Citation:

    Segel, Arthur I. "Shady Trail." Harvard Business School Case 899-143, January 1999. (Revised July 2003.)
  123. Note on the Evolution of Retail in the United States

    Covers the evolution of retail real estate in the United States. Specifically covers types of retail centers, such as neighborhood, community, regional, and super-regional as well as the recent phenomenon of the 1990s to 2002 of the growing emergence of value retail, i.e., discount, off-price, and manufacturer outlet retailers.

    Citation:

    Segel, Arthur I. "Note on the Evolution of Retail in the United States." Harvard Business School Background Note 803-017, July 2002. (Revised December 2002.)
  124. Meadowlands

    In February 1998, developers Ted Leonard and Charlie Sexton are attempting to acquire and develop a large multifamily site in Maryland, north of Washington, D.C. They are attempting to win financing and government approvals to develop a new kind of product for the market based on "new urbanism" precepts created by their architect, Andres Duany. They must convince their banker, city officials, and local brokers and contractors that their traditional neighborhood development plan is socially and economically viable.

    Keywords: Urban Development; Real Estate Industry; Maryland;

    Citation:

    Segel, Arthur I., and William J. Poorvu. "Meadowlands." Harvard Business School Case 898-074, February 1998. (Revised November 2002.)
  125. Aspen Financial

    Jack and Bruce Aspen must decide how they want to grow their commercial real estate finance company during a time of tremendous change in the industry.

    Keywords: History; Organizational Change and Adaptation; Change Management; Growth and Development; Real Estate Industry;

    Citation:

    Segel, Arthur I., and Melissa Yin-Yin Lam. "Aspen Financial." Harvard Business School Case 802-145, May 2002.
  126. Note on Commercial Real Estate Financial Market

    Discusses the recent history of the commercial real estate financial market (pre-1990s-2001). Looks at the shift to more conventional capital markets for commercial real estate debt.

    Keywords: History; Capital Markets; Financial Markets; Borrowing and Debt; Real Estate Industry;

    Citation:

    Segel, Arthur I., and Melissa Yin-Yin Lam. "Note on Commercial Real Estate Financial Market." Harvard Business School Background Note 802-165, February 2002.
  127. Astor Park Hotel

    Starwood Hotels, the world's largest REIT, is interested in acquiring an underperforming hotel in the Pacific Northwest. Steve Goldman, Starwood's VP of acquisitions and development, is wondering how much to pay for the property and how to reposition it.

    Keywords: Entrepreneurship; Mergers and Acquisitions; Asset Pricing; Property; Investment; Accommodations Industry; Northwestern United States;

    Citation:

    Poorvu, William J., Arthur I Segel, and Matthew C. Lieb. "Astor Park Hotel." Harvard Business School Case 800-194, February 2000. (Revised August 2001.)
  128. Cortlandt Town Center

    CBL & Associates is trying to decide whether to go ahead with the development of a 790,000 square-foot power center with retailers such as Home Depot and Barnes & Noble. The costs are such that the developer needs to renegotiate its land acquisition price. Then the project must be presented to its board of directors for approval.

    Keywords: Buildings and Facilities; Decision Making; Entrepreneurship; Cost; Negotiation; Projects; Strategy; Construction Industry; Retail Industry;

    Citation:

    Poorvu, William J., and Arthur I Segel. "Cortlandt Town Center." Harvard Business School Case 800-232, November 1999. (Revised November 2000.)
  129. Del Bosque

    Citation:

    Poorvu, William J., and Arthur I Segel. "Del Bosque." Harvard Business School Video Supplement 899-512, March 1999.
  130. Alexander Plaza

    In May 1996, Henry Bower, an asset manager for a real estate adviser, Medcem, has to negotiate the details of a lease after signing a letter of intent with a high technology company, Defentek, Inc. Defentek, Inc. is a fast-growing company with limited net worth that is dependent on the government as a government contractor. Defentek, Inc. would be taking a large block of space in a recently acquired Class A suburban office building outside of Washington, D.C., which has had a history of problem tenants in a problem market that is now somewhat improving. Henry must determine a negotiating strategy and take a position on the various issues raised by the tenant and the tenant's lawyer.

    Keywords: Negotiation Tactics; Negotiation Preparation; Agreements and Arrangements; Risk and Uncertainty; Real Estate Industry; Financial Services Industry; District of Columbia;

    Citation:

    Segel, Arthur I., and William J. Poorvu. "Alexander Plaza." Harvard Business School Case 897-066, November 1996. (Revised July 1997.)