Asuka Nakahara
- Practice Professor of Real Estate
Contact Information
- Primary Email:
asukan@wharton.upenn.edu - Office Phone:
215-573-7838
- office Address:
450 Vance Hall
3733 Spruce Street
Philadelphia, PA 19104-6301
Links: CV
Overview
ASUKA NAKAHARA
Asuka Nakahara is Practice Professor of Real Estate and serves as Associate Director of the Zell/Lurie Real Estate Center at Wharton. He teaches a real estate capstone MBA course titled “Real Estate Development”. Over the past 22 years, he has received multiple “Excellence in Teaching” awards, presented to the top 8 professors in the Wharton MBA Program based on student ratings, and is a past recipient of the Helen Kardon Moss Anvil Award, the top Wharton teaching honor, the Class of 1984 Award, accorded to the Wharton professor with the highest teaching ratings, and the University of Pennsylvania’s Provost’s Award for Teaching Excellence by Non-Standing Faculty, the university’s highest teaching award with selection across all of Penn’s schools based on peer and student recommendations.
He has served as lecturer, panelist, facilitator or moderator for Harvard Law School, Professional Golfers’ Association of America (PGA), Wharton’s National Football League (NFL) program, Young Presidents’ Organization (YPO), Commercial Real Estate Women (CREW), Pension Real Estate Association (PREA), Urban Land Institute (ULI), CoreNet Global, Society of Industrial and Office Realtors (SIOR), International Council of Shopping Centers (ICSC), the Los Angeles County Bar Association, FINRA (Financial Industry Regulatory Authority), and others.
Asuka has consulted with investment management, international real estate and construction, private equity, golf course, restaurant, media, and entertainment companies, as well as family offices and a university. Areas of focus included strategy, leadership development, financial management, organizational assessment, real estate, deal assessment, and executive coaching. Asuka co-founded Triton Atlantic Partners, a real estate advisory and investment company, in 2009, and co-founded Incompass Labs, an algorithmic peer-assessment software company, in 2022.
Asuka joined Trammell Crow Company (TCC) in 1980 and was named a Partner in 1983. He opened the Philadelphia office in 1985 and was promoted to Northeast Regional Partner in 1987, joining the firm’s Management Board. He subsequently had responsibility for TCC’s business in the northeastern U.S., including development/acquisition, finance, and operations. In 1996, Asuka was promoted to Chief Financial Officer of TCC, overseeing finance, capital markets, mergers and acquisitions, marketing, Trammell Crow University, human resources, and other initiatives. TCC went public on the NYSE in November 1997. Asuka retired from the company at the end of 1999.
Asuka received his B.S. – Civil Engineering with honors from Rice University and an MBA from Harvard Business School. He serves on the boards of Comcast Corporation (NASDAQ: CMCSA), CBRE Global Real Estate Income Fund (NYSE: IGR), and Rice University. He previously served on the boards of the Children’s Hospital of Philadelphia, The Philadelphia Foundation, Philadelphia’s community foundation, the United States Golf Association, the PGA, Merion Golf Club, the Vanguard Group’s Innovation Studio, and Ardmore Presbyterian Church. In his board service, he has chaired Investment, Governance, Nominating, and Finance Committees. Asuka and his wife Karen reside in Merion Station, Pennsylvania and have 3 adult children.
Teaching
Current Courses (Spring 2024)
ARCH7680 - Real Estate Development
This course evaluates "ground-up" development as well as re-hab, re-development, and acquisition investments. We examine raw and developed land and the similarities and differences of traditional real estate product types including office, R & D, retail, warehouses, single family and multi-family residential, mixed use, and land as well as "specialty" uses like golf courses, assisted living, and fractional share ownership. Emphasis is on concise analysis and decision making. We discuss the development process with topics including market analysis, site acquisition, due diligence, zoning, entitlements, approvals, site planning, building design, construction, financing, leasing, and ongoing management and disposition. Special topics like workouts and running a development company are also discussed. Course lessons apply to all markets but the class discusses U.S. markets only. Throughout the course, we focus on risk management and leadership issues. Numerous guest lecturers who are leaders in the real estate industry participate in the learning process. Format: predominately case analysis and discussion, some lectures, project visits.
ARCH7680401
REAL3210 - Real Estate Development
This course evaluates "ground-up" development as well as re-hab, re-development, and acquisition investments. We examine raw and developed land and the similarities and differences of traditional real estate product types including office, R & D, retail, warehouses, single family and multi-family residential, mixed use, and land as well as "specialty" uses like golf courses, assisted living, and fractional share ownership. Emphasis is on concise analysis and decision making. We discuss the development process with topics including market analysis, site acquisition, due diligence, zoning, entitlements, approvals, site planning, building design, construction, financing, leasing, and ongoing management and disposition. Special topics like workouts and running a development company are also discussed. Course lessons apply to all markets but the class discusses U.S. markets only. Throughout the course, we focus on risk management and leadership issues. Numerous guest lecturers who are leaders in the real estate industry participate in the learning process. Format: predominately case analysis and discussion, some lectures, project visits.
REAL3210401 ( Syllabus )
REAL8210 - Real Estate Development
This course evaluates "ground-up" development as well as re-hab, re-development, and acquisition investments. We examine raw and developed land and the similarities and differences of traditional real estate product types including office, R & D, retail, warehouses, single family and multi-family residential, mixed use, and land as well as "specialty" uses like golf courses, assisted living, and fractional share ownership. Emphasis is on concise analysis and decision making. We discuss the development process with topics including market analysis, site acquisition, due diligence, zoning, entitlements, approvals, site planning, building design, construction, financing, leasing, and ongoing management and disposition. Special topics like workouts and running a development company are also discussed. Course lessons apply to all markets but the class discusses U.S. markets only. Throughout the course, we focus on risk management and leadership issues. Numerous guest lecturers who are leaders in the real estate industry participate in the learning process. Format: predominately case analysis and discussion, some lectures, project visits.
REAL8210401 ( Syllabus )
All Courses
ARCH7680 - Real Estate Development
This course evaluates "ground-up" development as well as re-hab, re-development, and acquisition investments. We examine raw and developed land and the similarities and differences of traditional real estate product types including office, R & D, retail, warehouses, single family and multi-family residential, mixed use, and land as well as "specialty" uses like golf courses, assisted living, and fractional share ownership. Emphasis is on concise analysis and decision making. We discuss the development process with topics including market analysis, site acquisition, due diligence, zoning, entitlements, approvals, site planning, building design, construction, financing, leasing, and ongoing management and disposition. Special topics like workouts and running a development company are also discussed. Course lessons apply to all markets but the class discusses U.S. markets only. Throughout the course, we focus on risk management and leadership issues. Numerous guest lecturers who are leaders in the real estate industry participate in the learning process. Format: predominately case analysis and discussion, some lectures, project visits.
FNCE7210 - Real Estate Investments
This course provides an introduction to real estate with a focus on investment and financing issues. Project evaluation, financing strategies, investment decision making and capital markets are covered. No prior knowledge of the industry is required, but students are expected to rapidly acquire a working knowledge of real estate markets. Classes are conducted in a standard lecture format with discussion required. The course contains cases that help students evaluate the impact of more complex financing and capital markets tools used in real estate. Lecture with discussion required.
REAL3210 - Real Estate Development
This course evaluates "ground-up" development as well as re-hab, re-development, and acquisition investments. We examine raw and developed land and the similarities and differences of traditional real estate product types including office, R & D, retail, warehouses, single family and multi-family residential, mixed use, and land as well as "specialty" uses like golf courses, assisted living, and fractional share ownership. Emphasis is on concise analysis and decision making. We discuss the development process with topics including market analysis, site acquisition, due diligence, zoning, entitlements, approvals, site planning, building design, construction, financing, leasing, and ongoing management and disposition. Special topics like workouts and running a development company are also discussed. Course lessons apply to all markets but the class discusses U.S. markets only. Throughout the course, we focus on risk management and leadership issues. Numerous guest lecturers who are leaders in the real estate industry participate in the learning process. Format: predominately case analysis and discussion, some lectures, project visits.
REAL7210 - Real Estate Investments
This course provides an introduction to real estate with a focus on investment and financing issues. Project evaluation, financing strategies, investment decision making and capital markets are covered. No prior knowledge of the industry is required, but students are expected to rapidly acquire a working knowledge of real estate markets. Classes are conducted in a standard lecture format with discussion required. The course contains cases that help students evaluate the impact of more complex financing and capital markets tools used in real estate. Lecture with discussion required.
REAL8210 - Real Estate Development
This course evaluates "ground-up" development as well as re-hab, re-development, and acquisition investments. We examine raw and developed land and the similarities and differences of traditional real estate product types including office, R & D, retail, warehouses, single family and multi-family residential, mixed use, and land as well as "specialty" uses like golf courses, assisted living, and fractional share ownership. Emphasis is on concise analysis and decision making. We discuss the development process with topics including market analysis, site acquisition, due diligence, zoning, entitlements, approvals, site planning, building design, construction, financing, leasing, and ongoing management and disposition. Special topics like workouts and running a development company are also discussed. Course lessons apply to all markets but the class discusses U.S. markets only. Throughout the course, we focus on risk management and leadership issues. Numerous guest lecturers who are leaders in the real estate industry participate in the learning process. Format: predominately case analysis and discussion, some lectures, project visits.
Awards and Honors
- Provost’s Award for Teaching Excellence by Non-Standing Faculty Awardee, 2021
- Excellence in Teaching Awardee, 2020
- Excellence in Teaching Awardee, 2019
- Excellence in Teaching Awardee, 2018
- Excellence in Teaching Awardee, 2017
- Excellence in Teaching Awardee, 2016
- Helen Kardon Moss Anvil Award Nominee, 2016
- Excellence in Teaching Awardee, 2015
- Helen Kardon Moss Anvil Award Nominee, 2015
- Provost’s Award for Teaching Excellence by Non-Standing Faculty Nominee, 2015
- Excellence in Teaching Awardee, 2014
- Helen Kardon Moss Anvil Award Nominee, 2014
- Excellence in Teaching Awardee, 2013 Description
The Excellence in Teaching Awards are awarded annually to eight (8) MBA faculty members who receive the highest average instructor rating on their course evaluation forms over the three prior semesters. The course evaluation forms are filled out by the students at the conclusion of every course.
- Helen Kardon Moss Anvil Award Nominee, 2013
- Helen Kardon Moss Anvil Award Nominee, 2012
- Excellence in Teaching Awardee, 2011
- Excellence in Teaching Awardee, 2009
- Excellence in Teaching Awardee, 2008
- Class of ’84 Awardee, 2008 Description
The Class of 1984 Award is awarded to the faculty member with the highest average instructor rating over the same time period. The faculty member must have taught at least one semester’s worth of course hours during the prior academic year in order to be eligible. A WGA subcommittee, the Excellence in Teaching Committee, calculates the award winners, along with a selected faculty advisor. Each of the recipients is awarded a plaque.
All awards are presented at the Spring Salute and are also recognized during the MBA Graduation Ceremony.
- Excellence in Teaching Awardee, 2006
- Helen Kardon Moss Anvil Awardee, 2006 Description
Helen Kardon Moss Anvil Award
The Helen Kardon Moss Anvil Award is awarded to the one faculty member "who has exemplified outstanding teaching quality during the last year." A list of nominees is generated through a vote by the MBA student body and nominations from the academic departments. The Anvil Award Selection Committee, comprised of student leaders, administrators and past Anvil Award winners, selects the recipient.
All awards are presented in the Spring semester and recipients are also recognized in the MBA Graduation Program.
- Excellence in Teaching Awardee, 2005
- Helen Kardon Moss Anvil Award Nominee, 2005
- Excellence in Teaching Awardee, 2004
- Helen Kardon Moss Anvil Award Nominee, 2004
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