Real Estate Faculty Profile

The collaboration between the MIT Center for Real Estate and MIT Professional Education opens an exciting opportunity for real estate professionals, investors, policy-makers, and executives worldwide. Recent global developments have demonstrated that one cannot understand financial markets and the economy without understanding real estate markets and underwriting real estate risk. 

Our joint new program provides an unparalleled opportunity for professionals and executives to obtain state-of-the art insights about the key factors and investment strategies driving real estate markets, and to deepen their understanding of the development process. All from MIT professors and lecturers who are not only globally-renown thought leaders, practitioners, and sought-after consultants in these topics, but also great lecturers.

Learn more about the courses:

Real Estate Finance: Fundamentals – June 8-9

Evaluating Real Estate Markets – June 10

Real Estate Finance: Advanced – June 11-12

Commercial Real Estate Development – June 15-17

NEW - Global Real Estate Markets – June 18-19

About the faculty

Professor Albert Saiz is Director of the MIT Center for Real Estate and Daniel Rose Associate Professor of Urban Economics and Real Estate.An outstanding urban/housing economist, he pursues research interests in local public finance, real estate economics and urban economic development, with an emphasis on immigration and immigrant location choices, and the impact of skills on earnings and city growth. He will be conducting research and teaching in both the urban planning and real estate programs.

Saiz also serves as the Director of MIT’s Urban Economics Lab, which focuses on urban and real estate economics. He and his research staff conduct path-breaking work on the determinants of housing supply and the impact of immigrant inflows on housing prices in urban areas. His work in progress, valuing urban amenities and building design, promises to open broad areas of collaboration between economists, urban designers and urban developers.

Professor William C. Wheaton Professor Emeritus from MIT's Department of Economics and is still teaching the MIT Center for Real Estate’s graduate core course in Real Estate Economics. As a founding faculty member and former director of the MIT Center for Real Estate, he has been on the MIT faculty since 1972.

Professor Wheaton was instrumental in developing the field of urban economics by pioneering the theory of how land, location, and housing markets jointly operate. He was the first economist to apply econometric methods to the forecasting of real estate markets and actively works with firms in the real estate profession to better understand the fluctuations and trends of the industry. He has also specialized in the problems of urban infrastructure and local government finance. He has written numerous articles in scholarly journals throughout the world, and with Denise DiPasquale, is the author of Urban Economics and Real Estate Markets, the first text book to cover the real estate application of economic analysis.

Dr. Walter Torous is a senior lecturer holding a joint appointment in the Center for Real Estate’s MSRED Program, as well as in the Sloan School of Management. As one of the nation’s leading scholars and researchers in real estate finance, Torous teaches a graduate course in Securitization.

Torous is the founding director of the Ziman Center for Real Estate and Professor Emeritus at UCLA Anderson School of Management. He taught managerial finance, real estate finance, and empirical methods in finance. His research interests include the pricing of financial instruments (options, future, risky debt, mortgages), the reorganization of financially distressed firms, and statistical issues in finance. He previously taught at the University of Michigan and the London Business School.  He received his BMath from the University of Waterloo in 1976 and his PhD from the University of Pennsylvania in 1981, both in economics.

W. Tod McGrath is a lecturer in MIT’s Center for Real Estate. He is also the president of advisoRE, LLC, which assists clients with real estate strategy, analytics, negotiation, and documentation. McGrath teaches introductory and advanced real estate finance and spreadsheet analysis courses for MIT’s Master’s in Real Estate Development and the Center for Real Estate’s Professional Development Institute. He also lectures on the topic of negotiating development-phase and operating-phase agreements pertaining to real estate ventures. He has written a number of papers on real estate finance and is also a two-time recipient of the Shidler Award.

Previously, McGrath was senior vice president at McCall & Almy, Inc. in Boston, where he helped formulate and implement real estate acquisition and disposition strategies for corporate clients. Prior to that, he was at Winthrop Financial Associates, where he had primary responsibility for stock selection and portfolio strategies for the Pioneer Winthrop Real Estate Investment Fund.

Professor David Geltner has been at MIT since 2002, where he has held the George Macomber Chair and currently is Professor of Real Estate Finance in the Department of Urban Studies & Planning with a joint appointment in Engineering Systems in MIT’s School of Engineering.

Geltner served as Academic Director of the MIT Center for Real Estate during 2003-2014, currently serves as the Center's Associate Director of Research, and is the faculty chair of MIT’s Master of Science in Real Estate Development (MSRED). He is the lead author of the most widely-cited real estate investments textbook, Commercial Real Estate Analysis & Investments, now in its third edition.

Recipient of the U.S. Pension Real Estate Association’s prestigious Graaskamp Award in 2011 for excellence and influence in real estate investment research, Geltner has served as Academic Advisor to the National Council of Real Estate Investment Fiduciaries (NCREIF), and as Director of MIT’s Commercial Real Estate Data Laboratory which has developed pioneering commercial property price and investment performance indices based on transactions prices (including the Moody’s/RCA CPPI, the NCREIF-based TBI, and the FTSE-NAREIT PureProperty® Indices). Geltner served from 1999-2012 as the External Academic Member of the Real Estate Investment Committee of the State Teachers Retirement System of Ohio (a pension plan sponsor with over $5 billion of directly managed real estate holdings).