141
From Banker
To Teacher
ROLEX
Dr. Spenser Robinson directs state's
only degree program in real estate
development.
Allan Nahajewski
Contributing Writer
H
ow did real estate banker
Spenser Robinson become a
teacher?
It's in his blood. His mother taught
math at Bloomfield Hills Andover High
School. His grandmother was a pre-
schoolteacher.
So after spending several years work-
ing on the West Coast as a capital market
real estate banker with Wells Fargo
Bank, he felt his true calling in 2009.
"With amazing support from my wife,
I decided to pursue my Ph.D.," he says.
He earned his doctorate in finance
and real estate from Cleveland State
University last year and is now in his
second year as director of the real
estate development program at Central
Michigan University in Mount Pleasant
— the only degree program of its kind in
the state.
Students learn financial analysis
and cash flow modeling and receive an
overview of the real estate industry and
the development process. The program
focuses on teaching critical thinking,
assessing risks and evaluating risk-
adjusted returns.
"I love teaching:' Robinson says. "I
enjoy connecting with the students, giv-
ing them the tools to fulfill their own
dreams, helping inspire them, giving
them confidence — that, to me, is my
way of giving back
"In the long run, the only job that
really makes you happy is one where
you are at least, in part, in service to oth-
ers. Every year, there are at least a few
students that you can tell you connect
with and make a difference in their lives.
That's something I never got as a banker
or consultant:'
Robinson, 40, was raised in
Huntington Woods and Bloomfield Hills,
attending Andover High School. He
became a bar mitzvah at Temple Beth
El in Bloomfield Hills and married at
Temple Shir Shalom in West Bloomfield
in 2004. He earned his bachelor's degree
from University of Michigan and his
MBA from University of Southern
California.
In addition to directing CMU's real
estate program, he teaches three classes
each semester. The other part of the job
-I
8
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Dr. Spenser Robinson
is research.
"I find the research to be a creative
outlet:' he says. "When you're in a bank
or a consulting firm, there are boxes
you have to work within. When you're
doing academic research, you can choose
whatever is important and relevant to
you in the industry:'
He recently won a national grant to
create a new real estate scoring metric
for sustainability built around market
preferences. The CBRE Real Green
Research Challenge Grant is funding the
three-year, $300,000 project.
Robinson's project was one of five
selected from more than 100 applicants.
He and his team are currently conduct-
ing focus groups around the country as
part of the research. The final product
will provide a benchmark for tenants
and owners to negotiate rental rates
based on regional market preferences of
green building characteristics.
"Once developers know what features
tenants are willing to pay for — a green
roof, extra windows or more efficient
lights, for example — then they're going
to be willing to make those upgrades,
knowing that they will make money or
break even:' he says. "People want to do
the right thing. If it doesn't cost them
anything, they virtually always will."
Robinson has six other research
papers in progress. He is also planning
Central Michigan University's next Real
Banker on page 22
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