Converting an office building into a life science center to lease to medical and biotech companies landed a team of Berkeley Haas MBA students a first place win at the 2021 UT Austin Real Estate Competition.
The competition was held Thursday, Nov. 18 and hosted by the University of Texas at Austin McCombs School of Business.
Team members include Carson Goldman, Andrew Johnson, Ian MacLean, Alex Dragten, all MBA 22, Fukang Peng, and Travis Kauzer, both EWMBA 22.
Haas bested 19 other teams from top U.S. business schools including Columbia, Yale, Wharton, NYU Stern, and University of Michigan’s Ross School of Business, and won $10,000 in prize money. This is Haas’ third first place win at this competition in the last four years.
MBA teams were tasked with creating a business plan for a building with a single tenant whose lease was about to expire. They had to consider maximizing risk-adjusted returns and demonstrate an understanding of macroeconomic trends, including the effects of inflation and the COVID-19 pandemic.
The Haas MBA team decided to convert the building into a life science center to attract multiple tenants and maximize high returns.
Team lead Carson Goldman credited the team’s win to practicing case presentations every week this semester and to work they did with their faculty advisors.
“Our coaches Bill Falik and Abby Franklin provided constant feedback and guidance and were wholly committed to this competition,” Goldman said. “Our alumni were just as important as they had volunteered weekly to judge our practice cases and offer constructive criticism,” he added.
“It’s very gratifying to see our students progress over the semester and to win first place,” said Haas Lecturer Bill Falik. “We’ve had victories, but to win first place in three out of the four years at this national competition–this has never been done before.”