W. P. Carey Foundation Renews Support with $25M to ASU

The W. P. Carey Foundation is collaborating with Arizona State University’s W. P. Carey School of Business to enhance and broaden the school’s real estate programs. The foundation recently pledged an additional $25 million to ASU, raising its total lifetime commitment to over $100 million.

The W. P. Carey Foundation’s latest investment will launch an undergraduate real estate degree program in the fall of 2025, elevate the W. P. Carey Center for Real Estate and Finance through naming and expansion, and introduce an experiential learning lab focused on real estate.

The new collaboration will also establish the W. P. Carey Distinguished Chair in Real Estate and Finance to recruit a top-level scholar to serve as the center’s academic director. The funding creates an executive director role in the newly named center, appointing a prominent real estate practitioner to bridge the academic, student and business communities.

“For decades, the real estate industry has been a central component to the economic development engine that drives Arizona, and that will continue to be central to our progress as the state and its economy mature in the years ahead,” said ASU president Michael M. Crow. “We are extremely grateful for this generous gift, which will help ASU expand its programs within the W. P. Carey School of Business that serves not only the practitioners of real estate but also those who rely upon these professionals.”

The Carey family has a longstanding history with ASU. John Samuel Armstrong, grandfather of William (Bill) Polk Carey, introduced legislation that launched Tempe Normal School, the precursor to ASU, in 1885.

“As a key driver of the global economy, real estate has a significant impact on the lives of Americans and should be a focal point for academic research and education. The new W. P. Carey Center for Real Estate and Finance will build on the existing Master of Real Estate Development program and bring together preeminent academics, industry practitioners and students to be at the forefront of real estate and finance,” said William P. Carey II, chairman of the W. P. Carey Foundation.

For more behind this Frontdoor, visit wpcarey.asu.edu.