The Competition: Real Estate Challenge, UT Austin, Nov. 2011.
The Team: Full-time students Christian Eder, Josh Mogabgab, Derek Simmons, Nicholas Romero, and Tyler Kepler, all MBA 12; evening student Charlie McEachron, MBA 12.
The Outcome: Second place (second year in a row).
The Field: Haas came in ahead of Stanford, MIT Sloan, Wharton, and Yale.
The Challenge: How to buy a partner out of a joint venture involving three office buildings.
The Winning Approach: The Berkeley team used rights embedded in the joint venture agreement to buy its partner out of the deal.
Defining Principles at Work: "We learned to think about deals from the perspective of each party at the table—developer, investor, counter-party, lender—and evaluate each of their incentives to push a potential transaction forward,” says Romero of a Students Always approach.
The Motivation: "We’re interested in how the built environment shapes urban areas," says Kepler. "There is still tremendous opportunity to think creatively about real estate finance-related issues leftover from the recent financial crisis."
Fuel of Choice: Take-out Thai food, Cut Copy mixtapes, Peet's coffee, and Tony Romo jokes.