The fifth annual Real Estate Symposium took place on December 4, 2012, at Columbia University’s Faculty House, with more than 180 alumni representing classes from 1961 to 2012. David E. Simon ’85, chairman and CEO, Simon Property Group, delivered the keynote address.Hosted by the Paul Milstein Center for Real Estate and the Real Estate Circle of Columbia Business School, the Real Estate Symposium is an annual educational forum that brings together accomplished Columbia Business School alumni and top industry leaders for a broad-based discussion of topical issues, high-profile transactions, trends, and challenges facing the real estate industry.ReportsOpening Remarks and Keynote AddressMain Panel: Assessing Risk and Return in a Global Real Estate MarketNew York Panel: Real Estate Development in New York City in the Digital AgeEquity Capital Markets Panel: Consolidating and Recapitalizing Real Estate BusinessesDebt Panel Report: Special Servicing—360 DegreesSlideshow(For a full-screen view, click on the icon at lower right of the slideshow. For captions, click on "Show Info" at upper right of the full-screen view.)Schedule of EventsNoon-1:00Check-inBuffet lunch1:00Opening Remarks: Lynne B. Sagalyn, Earle W. Kazis and Benjamin Schore professor of Real Estate and Director, the Paul Milstein Center for Real Estate, Columbia Business School1:15Keynote speaker: David E. Simon ’851:45-2:00Break2:00-3:30Breakout PanelsConsolidating and Recapitalizing Real Estate BusinessesWith panelists Stephen J. Furnary, Michael Lehrman ’90, Matthew J. Lustig, and Glenn J. Rufrano. Moderated by Jeffrey A. Barclay ’83.Real Estate Development in New York City in the Digital AgeWith panelists Tom Bow ’87, Tommy Craig ’82, MaryAnne Gilmartin, and Douglas MacLaury ’81. Moderated by John Livingston.Special Servicing: 360 DegreesWith panelists Robert Lieber, Regina Lubin ’05, and Stephen Meister. Moderated by Darrell Wheeler.3:30-3:45Break3:45-5:00Main Panel: Assessing Risk and Return in a Global Real Estate MarketIntroduction: Nancy Lashine ’81, Park Madison Partners, Chair of the 2012 Real Estate Symposium Planning CommitteeWith panelists Peter Ballon, Adam Gallistel ’04, and James A. Stolpestad II. Moderated by Lynne B. Sagalyn.5:00-6:00Real Estate Association Networking ReceptionPanelists and ModeratorsPeter Ballon, Canada Pension Plan Investment BoardJeffrey A. Barclay ’83, Goldman, Sachs & Co. and Columbia Business SchoolTom Bow ’87, The Durst OrganizationTommy Craig ’82, Hines and Columbia Business SchoolStephen J. Furnary, Clarion PartnersAdam Gallistel ’04, GIC Real EstateMaryAnne Gilmartin, Forest City Ratner CompaniesMichael Lehrman ’90, Cantor Fitzgerald/Newmark Grubb Knight FrankRobert Lieber, Island Capital GroupJohn T. Livingston, Tishman Construction Corporation and Columbia Business SchoolRegina Lubin ’05, CW CapitalMatthew J. Lustig, Lazard Frères & CoDouglas MacLaury ’81, Mattone GroupStephen Meister, Meister Seelig & Fein LLPGlenn Rufrano, Cushman & WakefieldLynne B. Sagalyn, Columbia Business SchoolJames A. Stolpestad II, Allianz Real Estate of AmericaDarrell Wheeler, Amherst Securities Group