Morehouse College and real estate distribution company Prologis brokered a partnership to create a foundation aimed at training a new generation of Black real estate agents. Essence reported that $3 million was donated to The House to advance an endowment fund aimed at creating opportunities for students to study real estate at the institution, the report said.
In a press release, Morehouse President Dr. David A. Thomas expressed gratitude for the company’s donation and efforts to foster a more diverse environment for Black real estate agents. “This partnership with Prologis is an important step toward improving diversity in commercial real estate ownership and leadership,” said Thomas. , prepares up-and-coming Morehouse students and Atlanta University Center students to compete for top jobs as brokers, managers, and entrepreneurs.”
Diversity remains a key issue in the real estate industry, with only 10% of real estate professionals and professionals being black, according to the U.S. Bureau of Labor Statistics. In contrast, 82 percent are white. R. Donahue Peebles is currently the wealthiest black real estate agent.
Historically, black colleges and universities (HBCUs) have been extremely successful in producing the majority of black professionals, including 40 percent of black engineers, 50 percent of black lawyers, 70 percent of black doctors, and 80 percent of black judges. It has played an important role. This partnership with Morehouse College presents an exciting opportunity for Prologis to contribute to the real estate sector.
“We are excited to partner with Morehouse College to establish the Real Estate Institute,” Hassan R. Moghaddam, co-founder, chairman and CEO of Prologis, said in a press release. Prologis shares that enthusiasm, and Morehouse College wants to foster and maintain this relationship to provide new avenues for Black professionals in real estate.