Anthony Guma, who graduated in June with a master’s degree in Real Estate Development, won the MIT Center for Real Estate Alumni Association’s best thesis award in September. Professor Richard de Neufville of CEE was Guma’s research and thesis advisor. De Neufville teaches that planners should build flexibility into design, because the function of a building, transit system, airport, etc. may vary substantially over time. In his research project, Guma analyzed how flexibility can allow a developer to take advantage of changes in the real estate market. His thesis, “A Real Options Analysis of a Vertically Expandable Real Estate Development,” deals with a 30-story office building in downtown Chicago to which an additional 24 stories are currently being added.