Q&A
with Sunil Madan
Welcome
to the McDonough School of Business! What are you most excited about in your
new position as associate director for the Steers Center for Global Real
Estate?
Two
things excite me most. Throughout my career, I have worked with
well-established institutions that were growing rapidly. The Steers Center for
Global Real Estate is a very good program already. Building it out further,
particularly internationally, is exciting to me.
Additionally,
I am looking forward to the mentorship aspect and working directly with
students. I do not think mentoring stops with graduation – the wonderful thing
about having a center is that the relationships begin when they enter the
program and can last throughout their careers. Setting up those relationships
is one of the key reasons this job appealed to me.
In
your 20 years of experience in the private sector, what are some of the biggest
changes you have seen in the real estate industry?
The
first was when I saw how the commercial real estate (CRE) industry was
inextricably linked to global financial markets. That was in 1998 when Russia
defaulted on its debt and, for no clear reason, the CRE debt markets took a big
hit.
The
Second, as I’ve gone to work outside of the United States, I have seen how the financial
technology used in the U.S. capital markets can be used overseas. The systems
need to be tweaked to adjust for local laws and practices, but the same
technology can be used in Europe, as well as in Asia.
And
the third change is more recent with new regulations impacting banks and
private equity funds. Non-banks and financial companies are starting to play a
much larger role in the debt capital flows in real estate.
What
are a few highlights of your career?
I
joined both Morgan Stanley and Deutsche Bank right as they were growing their presence
in CRE, so my first highlight was working on some of the industry’s first ever
transactions and structures. Each bank grew to reach the top of the CRE league
tables so I was fortunate to be involved in a large volume of deals. At
Deutsche Bank, I worked on numerous structured arbitrage transactions and the
acquisition of a large GSE lender, which were very rewarding. Running the bank’s
real estate debt business in Japan was another high -- it was just an
incredible experience. The last highlight that sticks out would be my managing
a global portfolio of real estate assets, which allowed me to get direct
exposure to private equity and asset management.
What
led you to jump from private sector to higher education?
I
am excited to educate new professionals and leaders for a bigger and more
challenging real estate market. This sector has seen a growth spurt in global volume
in the past two decades, and this will continue as global wealth increases.
Simultaneously, the execution and funding of transactions has become more
sophisticated. We now see many more global players and funds taking an
active role in almost every region.
Training
has been a large part of my career and I always have enjoyed mentoring
associates and analysts. When I saw this opportunity it definitely looked like
something I’d be interested in pursuing. Then I met with Matt, and heard him enthusiastically
describe his vision for the center and the tremendous support it has received. This
is different from anything I have done before, and the Steers Center is the
perfect environment for me to join.
Why
did you choose to work at Georgetown?
My
sister and brother-in-law both went to Georgetown, so I already knew the university
and its global outlook, which is part of its DNA. Additionally, I went to a Jesuit
school in Mumbai for 11 years, so I am familiar with, and an admirer of, the
Jesuit education system. The culture at Georgetown seemed like a perfect fit
for me, and the right incubator for a growing real estate center. My view for
the future of the Steers Center for Global Real Estate completely matches Matt’s
and I am delighted to be part of it.
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