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Thomas Johnston Takes on Leadership at W. P. Carey Center for Real Estate and Finance

On August 5, 2025, the W. P. Carey School of Business at Arizona State University (ASU) made a significant announcement in the realm of real estate education. Thomas “TJ” Johnston, a seasoned leader with over twenty years of experience, has been appointed as the executive director of the newly expanded W. P. Carey Center for Real Estate and Finance.

This pivotal role was made possible through a substantial $25 million contribution from the W. P. Carey Foundation aimed at enhancing real estate education within the institution. The foundation’s objective is to foster experiential learning, bolster research initiatives, and forge stronger industry partnerships. According to Ohad Kadan, the Charles J. Robel Dean and W. P. Carey Distinguished Chair in Business, “Real estate is a cornerstone of both economic development and community strength.” Kadan emphasized the importance of Johnston's leadership in preparing students to understand and shape the future of the real estate industry, ensuring that the center aligns academic endeavors with real-world applications.

Johnston's impressive career portfolio includes significant roles at established firms such as SVN | SFRhub Marketplace, where he served as managing director, and held leadership positions at Savills North America, Voit Real Estate Services, and Cushman Wakefield. His comprehensive background spans various aspects of the real estate sector, including brokerage, operations, and investment strategies. As he steps into his new role, Johnston expresses enthusiasm about the unique opportunity to shape the next generation of real estate leaders. “I am honored to join ASU and the W. P. Carey School at such a dynamic time for the real estate sector,” he remarked.

The W. P. Carey Center for Real Estate and Finance represents a flagship initiative emphasizing ASU's commitment to academic excellence and innovation, particularly in real estate education. The center is actively engaged in expanding real estate programming which includes support for the distinguished Master of Real Estate Development program and a newly launched bachelor's degree in real estate and applied finance. Johnston will guide the center's strategic vision, aiming to deepen engagement with industry stakeholders, develop new mentorship pathways for students, and reinforce connections between academic insights and practical industry applications.

Collaboration will be a critical aspect of Johnston's leadership as he works closely with Mark Stapp, the executive director of the Master of Real Estate Development program and director of the center’s Experiential Learning Lab. Stapp remarked on the significance of having a leader like Johnston to enhance student readiness while instilling purpose-driven values, ensuring that ASU's reputation in real estate education remains robust and nationally recognized.

As the real estate sector continues to evolve, so too must the methods of education and partnerships within the industry. Johnston's appointment comes as a strategic move to ensure the W. P. Carey School's programs remain relevant and impactful in a field that constitutes over 14% of the U.S. gross domestic product. His expertise is expected to play a crucial role in positioning students for success in a competitive market and in bridging the gap between academic theories and real-world practices.

In conclusion, the establishment of the W. P. Carey Center for Real Estate and Finance, coupled with Johnston's leadership, marks a transformative step for Arizona State University. It aims to enrich the educational landscape while contributing positively to the broader real estate community. This initiative signifies ASU’s commitment to addressing the ever-evolving needs of the industry and preparing students to excel within it.