A Passion for Real Estate
Two Carolina graduates endow $2 million professorship
By Kristina Casto

$2 million gift to Kenan-Flagler given by University of North Carolina at Chapel Hill alumni Steve Bell and Leonard Wood endows the largest chaired professorship in Kenan-Flagler's history, providing momentum and national visibility for the School's Center for Real Estate Development. Their contribution also marks a lead gift in the University's $1.8 billion Carolina First campaign (http://carolinafirst.unc.edu/).

From left, Leonard Wood Jr., Leonard Wood, Jonathan Durant Bell and Steve Bell

The gift establishes the Steven D. Bell and Leonard W. Wood Distinguished Professorship in Real Estate. The $2 million professorship benefits not only Kenan-Flagler's long-standing program in real estate but also its new Center for Real Estate Development, one of the centers of excellence in the Frank Hawkins Kenan Institute of Private Enterprise.

"Steve and I believe that this gift will have a lasting impact on the School," said Wood, director of Atlanta-based Wood Partners. "It will allow Kenan-Flagler to attract a faculty candidate with world-class business and academic accomplishments. The endowment means that we will see the positive results of this gift year after year as it helps us attract and retain an excellent faculty member. Each year, hundreds of students will feel the positive effects of this gift."

The Center for Real Estate Development, launched in February 2002, focuses on education and research initiatives in the field of real estate. Recognizing that a considerable portion of the world's available investment asset base lies in real estate, the Center, through its programmatic offerings, trains real estate developers in smart and sustainable growth practices. According to professor Tony Ciochetti, Center director, the professorship will enable the Center to hire a faculty member of the highest caliber, rounding out a talented and committed team of teachers and researchers.

"We have a great history and tradition in real estate here at Kenan-Flagler," Ciochetti said. "This generous gift allows us to take the program to the next level by adding a new faculty member in real estate. This will enable us to expand our program, which in turn will allow us to compete much more aggressively in the field of real estate research and education at both the national and international levels."

Faculty support is the School's highest priority in the Carolina First campaign.

"We are no better than the quality of our faculty," said Dean Robert S. Sullivan. "Faculty quality determines the quality of students who apply and enroll, dictates the intellectual climate of the School, stimulates private-sector involvement and maintains the School's status among the top research institutions. Kenan-Flagler owes a great deal to Leonard Wood and Steve Bell, not only for their generous and loyal support but also for highlighting and addressing the School's highest priority of attracting and retaining stellar faculty."

Bell, president of Greensboro-based Steven D. Bell & Co., and Wood both showed an early interest in real estate and development that grew into an expertise backed by more than 50 years of combined experience in the field. When they brought their collective talent and experience to bear on a business partnership, they soon discovered a shared interest in Carolina. Both men are Carolina graduates, Wood '72 with a Kenan-Flagler MBA, and Bell '67 with a BA in history. Their experience exemplifies the lifelong benefits of belonging to the UNC community.

"I think one of the best things about Kenan-Flagler is not just what you learn - it is the relationships that you develop," said Bell. "Not only have I developed personally and professionally, my relationship with Kenan-Flagler has become a resource. My association with the community has created a forward momentum that has enriched my life in many ways."

The Kenan-Flagler tradition carries on with the next generation. Following in their fathers' footsteps, Jonathan Durant Bell (MBA '99) and Leonard Wood Jr. (BSBA '98, MBA '03), are both members of the Kenan-Flagler community and work in real estate development. They speak highly of their Kenan-Flagler experiences and attribute much of their success to the mentorship of highly regarded faculty members.

"Excellent courses, talented peers and accessible professors marked my experience at Kenan-Flagler," said Jonathan Bell. "We benefited from the expertise of nationally renowned researchers such as Dave Hartzell and Tony Ciochetti, who took a keen interest in our professional development. In the classroom, in the hallways of McColl or in a social setting, their willingness to engage with students was a highlight of my years at Kenan-Flagler."

When asked why he chose Kenan-Flagler's MBA Program over a myriad of options, Leonard Wood Jr., answers succinctly: "Where else would you go?"

The continued excellence of Kenan-Flagler's faculty, students and programs, backed by the sustained support of friends and alumni, ensures that future generations will have the same answer.

For more information about Kenan-Flagler and the Carolina First campaign, contact Renée Dobbins, associate dean for advancement, (919) 962-4415, .