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Richard Perlmutter Speaks at Commencement
Developer Richard Perlmutter addressed the winter 2008 graduating class of
200 undergraduates, 120 MBA students, 48 students with a MS in business with a
focus in accounting, and two doctoral students at the Comcast Center on December
19, 2008..
Perlmutter has had an unusual career path—he started out by studying urban
planning, then got a law degree. He served as counsel for the U.S. Senate
Commerce Committee and then went into real estate development, eventually
becoming a senior vice president of Bank of America, responsible for managing
its real estate portfolio. The bank had $1.5 billion in unexamined equity, and
he worked on improving and selling the property at a profit. He founded Argo
Investment Company in 1996.
One of the company’s most prominent recent projects is the redevelopment of
downtown Silver Spring, Md., a multi-use development that is often credited with
revitalizing the city’s economy.
 Perlmutter’s advice to students took into account the uncertain financial
times they were entering. He urged students to keep an open mind when
considering their options. “Some of the best things in my life have been
unplanned,” said Perlmutter. “Back in the late 1980s, the real estate world
started to decline at an ever increasing pace, just like today. By being
flexible and anticipating changing market conditions, I revised my plan and
moved from a successful development company, where I had just been made partner,
to a sick, commercial bank, with enough bad real estate loans to sink a
ship…Those five years provided me with the tools and learning experiences to
build a very productive and exciting career. While that bank continued on a
downward spiral, my own career path couldn't have been brighter.”
He also urged them to value their educations and the opportunities that came
with it. “Please remember, you are one of those fortunate few and with that
comes a responsibility to make your life count,” said Perlmutter. “Appreciate
your education, learn from your experiences and don't let the world pass you by.
But most importantly, treat people the way you would like to be treated and your
success in life will be guaranteed.”
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Extreme Makeover: East Campus Edition
 In a few years, when you drive down Paint Branch Parkway toward campus you
won’t see bus parking and used furniture storehouses. Instead, you’ll be
surrounded by high-end retail shops, restaurants, housing and even a concert
venue.
The transit-oriented, mixed-use East Campus project is a public-private
partnership that is being run by Perlmutter’s Argo Investment Company. It will
be transformational for the campus and serve to connect the College Park Metro
station, the Msquare office park, and the main part of campus.
It is a tremendously complicated project, but Perlmutter is enthusiastic
about the benefits it will bring to the campus. “Maryland is competing with
universities that are in great towns, so we want to bring in the best services
and the best retail, as well as housing, hotel and office space,” says
Perlmutter.
But it’s about more than just real estate for Perlmutter. It is about
creating a sense of place, and helping the university create an environment that
supports increasing excellence in education.
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