Sarah Byrnes (FIN ’01) entered college with a plan to go into education. But curiosity pointed her in a different direction. “It was the late nineties when I arrived, and I was very interested in what was going on in the financial markets,” she said. It was the time of the dot-com bubble and the market turmoil that came with it. Byrnes’ curiosity about what was happening in those markets and the desire to understand it led her to a new path: a bachelor’s degree in finance from Gies College of Business and a career in commercial real estate. Now she’s completing the circle and nurturing her original interest in education. She has returned to Gies Business to lead the Reichard Real Estate Academy and teach the next generation of business students how to succeed – wherever their curiosity may lead them.
After graduating from the university, Byrnes started as an analyst at a commercial finance company that was acquired six months later. She pivoted to a job as an analyst in investor relations and portfolio management at Equity Office Properties Trust in Chicago, one of the largest publicly traded real estate investments trusts (REIT) in the country.
“At the time, it was uncommon to see a publicly traded REIT that was a Fortune 500 company and listed on the S&P 500,” Byrnes said. Working in investor relations – and later on, in debt capital markets – gave her the opportunity to learn about many aspects of the company’s operations, from investments to asset management, leasing, and accounting. “I was really fortunate to have a front-row seat during a pivotal time for the company and learned a lot about how the business was run.”
In 2007, the company was purchased by the Blackstone Group in a $39-billion bid that, at the time, was the largest private equity real estate deal. Byrnes managed a $27-billion interest rate swap and cap portfolio tied to the CMBS merger financing. In addition, she secured and closed $400 million in non-recourse commercial real estate loans during the 2008-2009 financial crisis that rocked the global markets.
Her success soon led to other opportunities, including a brief stint as vice president of investor relations and capital markets at Retail Properties Trust of America and nearly eight years at Equity Commonwealth. The latter move was the result of a major company shake-up, which saw the old board removed and the company placed under new management.
“In some ways it was very similar to a merger,” said Byrnes, who eventually became senior vice president of investor relations and capital markets at the company. “They brought me on to run investor relations there, though many of us, like myself, wore many hats. When we took over the executive team put together a cross-functional team to move fast, assess the portfolio, develop a strategy, and execute. It was quite a ride and a great case study on the divergence of real estate values between the public and private markets.”
Altogether, Byrnes spent more than 20 years in the real estate industry, completing more than $2.4 billion in secured and unsecured financing and eventually having her own consulting company. Now she’s bringing that experience to her new role as director of the Reichard Real Estate Academy. Launched in 2024 and housed in the Department of Finance, the Academy provides high-performing students with unique challenges, specialized courses, and networking opportunities designed to accelerate careers in commercial real estate.
“I have always been proud of the education I received from Illinois, and I am excited for the opportunity to contribute to the growth of the real estate program,” said Byrnes, who will be building on a program that already has a lot of strengths.
“Gies Business has tremendous undergraduate finance and accounting programs that give students a great base to launch a successful career path. We also have a great team of commercial real estate faculty covering real estate investing, capital markets, and development,” Byrnes said. “I plan to focus on access, mentorship, and real-world experience in order to help students develop the critical thinking skills that are vital in the business world.”
Byrnes, who will be teaching the Academy’s core course, FIN 395: Real Estate Finance Academy, already has ideas for the program’s future. “I plan to build on the momentum the program has experienced since Nate Reichard’s gift; by expanding experiential learning opportunities for students, and working with our alumni to build pathways for networking and career opportunities for the students.”
The latter shouldn’t be too difficult, given the caliber of students she’ll be working with. In May, Byrnes had a chance to meet with several of them, including the team that recently earned a financial feasibility award at the prestigious Eisenberg Foundation Real Estate Challenge held recently in Chicago.
“They’re an impressive group,” Byrnes said. “And I’m really excited to begin working with them.”