Gino Sabatini currently serves as Head of Investments and Managing Director of W. P. Carey. In this role, he oversees the sourcing, negotiating and structuring of investments in North America and Europe. Gino joined W. P. Carey in 2000 and previously served as Head of U.S. Net Lease Investments and Managing Director. Since he began leading the Investments Team in 2011, Gino has overseen over $11 billion in acquisitions.
Gino is a graduate of the University of Pennsylvania where he was enrolled in the Management and Technology program. He received a B.Sc. in Mechanical Engineering from the Engineering School, a B.Sc. in Economics from the University of Pennsylvania’s Wharton School and an M.B.A. from Harvard Business School.
Andrés Dallal joined the Investment Department of W. P. Carey in January 2013 and currently serves as Executive Director. He is responsible for sourcing and structuring investment opportunities in North America. Since joining W. P. Carey, Andrés has focused on sale-leasebacks, build-to-suits, forward take-outs, tax advantaged structures and multi-party transactions. He also has significant experience with cross-border transactions across North America.
In addition to his role in investments, Andrés volunteers as a mentor as part of W. P. Carey’s partnership with Student Sponsor Partners, a program dedicated to helping underserved NYC high school students reach their full potential by providing college-preparatory support. He is also a member of W. P. Carey’s Diversity & Inclusion Advisory Committee.
Prior to W. P. Carey, he worked in the capital markets division of Credit Suisse advising companies and governments on restructuring and optimizing their debt portfolios. Prior to that, he worked at Oliver Wyman in their Finance & Risk and Corporate & Institutional Banking divisions.
Andrés graduated from Cornell University with a B.A. in Philosophy and Economics, with distinction in all subjects. He is also conversational in Spanish and studied French at the Sorbonne University in Paris.
Joseph Mastrocola joined W. P. Carey’s Investments Team in September 2014 and currently serves as Executive Director. He is responsible for sourcing, negotiating and structuring investment opportunities in North America. Since joining W. P. Carey, Joseph has focused on sale-leasebacks, build-to-suits, forward take-outs, tax advantaged structures and multi-party transactions. Joseph has experience completing cross-border transactions across North America as well as providing capital for companies across the credit spectrum, including private-equity-backed businesses.
Prior to W. P. Carey, he worked in the Americas Financing Group of Goldman Sachs advising corporations and private equity firms on managing interest rate and currency risk associated with their businesses, and helping them access derivatives markets to achieve their strategic objectives. Prior to that, he worked at UBS Investment Bank in the Debt Capital Markets Group.
Joseph graduated from Cornell University with a B.S. and an M.Eng. in Operations Research & Engineering. He is also a graduate of The Taft School in Watertown, CT. He is a CFA charterholder and Financial Risk Manager certified by the Global Association of Risk Professionals.
Zachary Pasanen joined W. P. Carey’s Investments Team in May 2011 and currently serves as Executive Director. With over $1.4 billion in transactional experience, Zack is responsible for sourcing, evaluating, negotiating and structuring long-term, net lease investment opportunities in North America. Since joining W. P. Carey, Zack has focused on sale-leasebacks, build-to-suits, forward take-outs, tax advantaged structures and multi-party transactions. In particular, Zack has significant experience structuring sale-leaseback transactions for the private equity community.
Prior to W. P. Carey, Zack worked at Piper Jaffray & Co. in their Healthcare Investment Banking Division. Zack graduated cum laude from Brown University with a B.A. in Public and Private Sector Organizations, now known as Commerce, Organizations and Entrepreneurship. He is also a graduate of Groton School in Groton, MA. Additionally, he was a member of the Brown Men’s Tennis Team and competed on the ATP Futures Tour.
Tyler Swann joined W. P. Carey’s Investments Team in September 2013 and currently serves as Executive Director. He is responsible for sourcing, structuring and executing investment opportunities throughout North America. Since joining W. P. Carey, Tyler has focused on sale-leaseback and build-to-suit transactions and the acquisition of net lease properties in the industrial, office, retail and special-purpose sectors.
Prior to W. P. Carey, he worked in the Liability Management group at Credit Suisse, advising corporates and sovereigns on restructuring and optimizing their debt portfolios.
Tyler graduated summa cum laude from the Wharton School of the University of Pennsylvania with a B.Sc. in Economics.
Robert Bender joined W. P. Carey’s Investments Team in June 2021. Prior to joining W. P. Carey, Robert was an Associate on the Net Lease, Single Tenant and Structured Products team at Eastdil Secured, where he primarily focused on credit-oriented transactions globally. Prior to that, he was a member of the Financial Institutions investment banking group at Sandler O’Neill & Partners (Piper Sandler) in San Francisco. He earned a B.A. from the University of California, Davis, where he majored in Economics and was a member of the Viticulture and Enology program.
Andrew Huizenga joined W. P. Carey’s Investments Team in July 2018. Prior to joining W. P. Carey, Andrew was a member of the Acquisitions team at Madison Realty Capital, where he primarily focused on evaluating and underwriting new debt investments. He earned a B.A. from Wesleyan University, where he double-majored in Mathematics and Economics, and was a member of the Men’s Lacrosse Team.
Boyd Borjiet joined W. P. Carey’s Investments Team in January 2020. Prior to W. P. Carey, he was a Summer Analyst at True North Management group, where he was responsible for evaluating and underwriting investments in growth-oriented markets across the United States. Boyd graduated from the Huntsman Program at the University of Pennsylvania, where he earned a B.A. in International Studies from the College of Arts and Sciences, and a B.Sc. in Economics from the Wharton School.
Christopher Mertlitz joined W. P. Carey's European Investments Team in 2011 and was appointed Managing Director and Head of European Investments in 2021. Prior to joining the firm, Chris worked in various industry sectors including engineering, energy and information technology in Austria and Germany.
Since joining W. P. Carey, he has been directly involved in the structuring and closing of approximately €1.8 billion in sale-leaseback, net lease and build-to-suit investments across Europe, especially in Germany, Austria, the Netherlands and the U.K. He has extensive experience acquiring industrial and specialized retail assets, and particular expertise in financial modeling and complex credit underwriting.
Chris graduated summa cum laude from Oxford University with an M.Eng. in Engineering, Economics and Management where he was also a scholar. He is fluent in German.
Karolis Adlis joined W. P. Carey’s European Investments Team in 2015 and currently serves as Senior Vice President. Prior to joining the firm, he worked at Jefferies Investment Bank as an Equity Derivatives Trader and as a Market Risk Analyst. Previously he also worked as a Credit Analyst at UBS Investment Bank.
Karolis has extensive experience structuring transactions in the Nordic and Central and Eastern European markets. Since joining the firm, he has played an instrumental role in approximately €1 billion of sale-leaseback, net lease and build-to-suit investments including a complex joint venture acquisition of a multi-jurisdictional mixed-asset property portfolio in Northern Europe.
Karolis graduated magna cum laude from the University of Bath with a B.Sc. in Business Administration. He is fluent in Lithuanian.
Kianu Kitching joined W. P. Carey’s Dallas office in September 2018 and transitioned to the European Investments Team in London in 2020. Prior to W. P. Carey, he was an Analyst on the acquisition team at Prescott Group, a full-service commercial real estate company, where he conducted due diligence on investments across the U.S., helping the team open their first fund. Kianu graduated from Southern Methodist University in Dallas, where he earned a B.B.A. in Finance from the Cox School of Business and a B.A. in World Languages from the Dedman School of Humanities and Sciences. He was also captain of Southern Methodist University (SMU)'s Division 1 Men’s Swimming & Diving Team. He is fluent in French and Spanish.
Maximilian Rooney joined W. P. Carey’s European Investments Team in 2020 and currently serves as Associate. Prior to joining W. P. Carey, Max worked in the European Leveraged Finance team at Barclays Investment Bank, where he focused on credit analysis and underwriting of financing for sub-investment-grade companies. Max graduated from Imperial College London with a M.Sc. in Finance, earning a place on the Dean’s List for academic excellence. Max also holds a B.Sc. in Economics from University College London where he was a member of the Men’s Rugby Team.
Brooks Gordon serves as Head of Asset Management and Managing Director of W. P. Carey. In this role, he oversees domestic and international asset management activity across all property types on behalf of W. P. Carey and its Managed Programs, including the CPA® series of non-traded REITs. Brooks joined W. P. Carey in 2006 and was promoted to Head of Asset Management in 2017, having previously overseen asset management in North America since 2014.
He earned his B.A. in Economics from Johns Hopkins University, with a concentration in Finance and Management. He also graduated from Groton School in Groton, MA, where he is an active alumnus, and currently serves on the Board of Directors of The Hinckley Company.
Peter Bates joined W. P. Carey in 2011 and currently serves as Head of North American Asset Management and Managing Director. In this role, he oversees the proactive asset management of the diversified domestic portfolios owned by W. P. Carey and its Managed Programs, including the CPA® series of non-traded REITs.
Prior to joining W. P. Carey, Peter was a principal at Breakwater Advisors, a commercial real estate advisory firm. Between 2007 and 2009, he was the director of acquisitions at Allegiance Realty Corporation, where he was responsible for sourcing office acquisition opportunities in targeted U.S. markets. From 2002 to 2007, Peter worked for Integra Realty Resources, providing real estate advisory and valuation services. Peter earned his B.A. in Economics from the University of Vermont.
Chris Hayes joined W. P. Carey in 2009 and currently serves as Executive Director on the Asset Management Team. His management responsibilities include overseeing disposition, refinancing, leasing, restructuring and follow-on/expansion investments for W. P. Carey's North American portfolio. In addition, he oversees management of the firm's hotel investments.
Prior to joining W. P. Carey, Chris worked at A&Co, a boutique real estate investment and development firm in New York specializing in urban redevelopment projects. Prior to joining A&Co, he worked at The Finance Project, doing financial consulting for non-profit organizations in the education industry.
Chris earned his M.B.A. from The Wharton School at the University of Pennsylvania, with a dual concentration in Finance and Real Estate. He received his B.A. from Williams College, where he captained the lacrosse team and earned Academic All-American honors.
Nicolas Isham joined W. P. Carey in 2008 and currently serves as Executive Director on the Asset Management Team. His management responsibilities include overseeing disposition, refinancing, leasing, restructuring and follow-on/expansion investments for W. P. Carey’s North American portfolio.
Nick earned his B.A. from The George Washington University’s Elliott School of International Affairs with a concentration in International Economics and a minor in Business Administration. He is also a native French speaker and an avid soccer and tennis player.
Brian Boulter joined W. P. Carey in 2017 and currently serves as Senior Vice President of Self-Storage. In this role, he is responsible for overseeing the management of W. P. Carey’s owned self storage portfolio and on behalf of its managed non-traded REIT CPA®:18 – Global.
Prior to joining W. P. Carey, Brian served as Vice President – Business Development at Wasatch Storage Partners, LLC and Director of Real Estate Acquisitions at Extra Space Storage, Inc. During his seven-year tenure at Extra Space Storage, he also served as National Procurement Manager with responsibilities including the oversight of feasibility and budgetary analysis, contract negotiations and expense management.
He holds an M.S. in Real Estate from New York University and a B.S. from Brigham Young University.
Charlie Stocks serves as Vice President, Head of Project Management on W. P. Carey’s Asset Management Team. In this role, he assists with the development and construction of W. P. Carey’s pipeline of capital investment projects. Charlie joined W. P. Carey in July 2019. Previously, he worked as a Senior Development Manager with Johnson Development Associates. Charlie earned his B.S. in Civil Engineering from Mississippi State University.
Katherine Speltz joined W. P. Carey’s Asset Management Transactions Team in 2017. Previously, she worked within the Investment Research group at Ariel Property Advisors where she performed valuation and market research work. She earned her B.S. in Finance from Tulane University and graduated from Choate Rosemary Hall in Wallingford, CT.
Aastha Tibrewala joined W. P. Carey’s Asset Management Transactions Team in 2017. She earned her B.Sc. degree from the Wharton School of the University of Pennsylvania with concentrations in Finance and Management. She is a native of Calcutta, India.
Michael Kalimtzis joined W. P. Carey’s Asset Management Team as Associate Project Manager in January 2020. In this role, he assists in managing W. P. Carey’s active pipeline of capital investment projects across North America, including build-to-suits, expansions and renovations. Previously, he worked as a Project Engineer with Gilbane Building Company. Michael earned his B.E. in Civil Engineering and M.S. in Construction Management from Stevens Institute of Technology.
Marina Folz joined W. P. Carey’s Asset Management Team in July 2019 as an Analyst and was promoted to Associate in 2021. She earned her B.S. in Hotel Administration with a minor in Real Estate from Cornell University. Marina is also a graduate of Phillips Academy in Andover, MA. She is a native German speaker and an avid skier and golfer.
Sam Rubenstein joined W. P. Carey’s Asset Management Transactions Team in 2018. He earned his B.A. in Politics, Philosophy and Economics from the University of Pennsylvania. Sam is also a graduate of Pace Academy in Atlanta, GA.
Greg Butchart joined W. P. Carey in October 2008 and was made Head of the International Asset Management Team in 2009, Executive Director in 2010 and Managing Director in 2012. He is based in Amsterdam. Prior to joining the firm, Greg was a Director in Lehman Brothers' real estate lending group and previously worked for Jones Lang LaSalle as a Senior Surveyor in Investment and Corporate Finance. During his time with JLL he also seconded to LaSalle Investment Management and Scottish Widows Investment Partnership.
Greg is originally from Scotland where he received a B.Sc. from Heriot-Watt University. He is also an MRICS Chartered Surveyor. He is an avid sportsman having played cricket for Scotland at all youth levels and he is also a keen golfer.
Olaf Jungslager joined W. P. Carey’s International Asset Management Team in 2012 and currently serves as Executive Director. He holds a M.Sc. in Engineering from the Technical University of Eindhoven, where he specialized in Architectural Engineering and Construction Management. He is responsible for all properties administered by W. P. Carey outside of the USA.
Olaf started his career in PricewaterhouseCoopers’ Real Estate Consultancy Practice. After that he worked for Schiphol airport, a publicly listed real estate fund, an engineering company and a construction management firm. He has worked in a wide range of fields in the industry, including building surveying, valuations, architectural design, project management and construction management. He is also a keen sailor and field hockey player.
Ralph van der Beek joined W. P. Carey’s International Asset Management Team in 2010 and currently serves as Executive Director. Prior to joining the firm, he started his career at DTZ in the real estate valuations department. He then worked for the Dutch asset and investment manager Ping Properties, as a Transactional Asset Manager.
Ralph is originally from the Netherlands. He received a B.Sc. in Social Geography and Urban Planning and a M.Sc. in Real Estate from the University of Groningen. Later he attended the Amsterdam School of Real Estate. He is a keen skier and a native German speaker.
Boudewijn van Gastel joined W. P. Carey’s International Asset Management Team in 2012 and currently serves as Senior Vice President. He started his career at the Nederlandsche Beleggings Maatschappij, a Dutch private real estate investor, where he was responsible for the analysis and acquisition of new investment opportunities.
Boudewijn obtained a B.Sc. in International Economics and Business at the University of Groningen. During his Bachelor’s he also studied at The Copenhagen Business School. With his background in Economics he decided to focus on Real Estate during his Master’s, gaining a M.Sc. degree in Real Estate Studies in 2010. In his free time he enjoys a game of tennis or golf.
Willem Hoes joined the International Asset Management Team in 2018 as an Associate and was promoted to Vice President in 2021. In his role he is responsible for property management, expansions and built-to-suit developments. Prior to joining W. P. Carey, he worked as a consultant at CBRE and Arcadis where he focused on monitoring, technical due diligence and redevelopment studies.
Willem is originally from the Netherlands. He earned a B.Sc. degree in Built Environment from the University of Groningen. He enjoys traveling and a wide variety of food and sports, but is especially keen on skiing and snowboarding.
Pim Sleyfer joined the International Asset Management Team in 2017 as an Associate and was promoted to Vice President in 2021. Before joining W. P. Carey he worked as a Project Manager at Turner & Townsend, Account Manager at ING Real Estate Finance and Senior Business Analyst at Atrium European Real Estate.
Pim received his B.Sc. in Built Environment and Engineering and his M.Sc. in Real Estate Management from the University of Greenwich in London. He enjoys a wide variety of sports and likes to travel in his spare time.
John Maragna joined W. P. Carey’s International Asset Management Team in 2018 and currently serves as Second Vice President, Student Housing Operations Manager. In his role he is responsible for overseeing the mobilization, strategy and operational performance of student housing developments in Europe on behalf of W. P. Carey’s managed programs. He is based in London.
John has over 20 years experience within real estate, ten of which are within student housing. Prior to joining W. P. Carey, John was Head of Student Life for Mears Group, where he was responsible for establishing a new student housing team and focused on new opportunities. John also worked for iQ Student Accommodation where he was part of a management team which oversaw the group’s growth and expansion throughout the U.K.
John graduated from Sheffield Hallam University with B.A. (Hons) in Housing Studies.
Timothy von der Heyden joined W. P. Carey’s International Asset Management Team in July 2019 as an Analyst and was promoted to Associate in 2021. Since receiving a B.Sc. in Real Estate from the University of Westminster, he has worked for the VDHGroup, an investment firm based in Malta, as well as in the real estate equity research department at Kempen in the Netherlands. He has passed Level 1 of the Chartered Financial Analyst Program and is a candidate for Level 2. Timothy speaks German, Spanish and English fluently and likes to travel in his spare time.
Ziad Hammodi joined W. P. Carey’s Legal Transactions Department in 2015 and currently serves as Managing Director and Chief Global Transaction Counsel. In this capacity, Ziad oversees the provision of all legal services for W. P. Carey’s transactions on a worldwide basis as the leader of W. P. Carey’s Legal Transactions team. He provides significant efforts on the structuring, acquisition, leasing and disposition of W. P. Carey’s global real estate portfolio.
Prior to joining W. P. Carey, Ziad was an equity partner and head of the real estate practice group of Reed Smith in New York, a global top-25 law firm, where his clients included W. P. Carey.
Ziad earned his B.S.M. in Finance from the A. B. Freeman School of Business at Tulane University in 1998 and a J.D. from Brooklyn Law School in 2001. He is admitted to practice before the New York and the New Jersey bar.
Darren Sharlach joined W. P. Carey’s Legal Transactions Department in 2015 and currently serves as Managing Director and Senior Global Transaction Counsel. In his role, Darren is responsible for leading legal teams on new investments including sale-leasebacks, build-to-suits, forward take-outs and other innovative structures designed to accommodate tenant and developer requirements. He is also responsible for leading legal teams on asset management transactions including funding expansions, lease restructurings, property redevelopments and other matters to assist tenants with their ongoing real estate needs.
Darren has a background in real estate, banking and corporate law. In particular, he has significant experience structuring sale-leasebacks to meet the requirements of private equity sponsors.
Prior to joining W. P. Carey, Darren was a Partner at Reed Smith LLP in its New York real estate group where he primarily worked on W. P. Carey matters for 17 years.
Darren earned a B.A. in Economics from the University of Connecticut and a J.D. from Syracuse University College of Law and studied at Queen Mary College of the University of London. He also has served as a board member for both his local Little League and a travel softball organization.
Daniel Hanan joined W. P. Carey’s Legal Transactions Department in 2015 and currently serves as Senior Vice President and Transaction Counsel. He is responsible for analyzing real estate transactions in both North America and Europe from a legal perspective. Daniel’s expertise spans many complex areas of commercial real estate law, with a focus on sale-leasebacks, build-to-suit developments, acquisitions, dispositions, financings, leasing, restructurings and development relating to all asset classes.
Prior to joining W. P. Carey, Daniel worked in private practice at Reed Smith LLP servicing W. P. Carey, among other clients as outside counsel, and prior to that he worked as an Associate at Duval & Stachenfeld LLP.
Daniel earned a B.A. in History from Rutgers University and a J.D., cum laude from New York Law School.
Abigail Lamb joined W. P. Carey’s Legal Transactions Department in 2015 and currently serves as Senior Vice President and Transaction Counsel. In her role, Abigail works directly with our Investments and Asset Management teams to negotiate and draft transaction documentation related to the full life-cycle of our investments.
Prior to joining W. P. Carey, Abigail worked as an Attorney at Law at Blank Rome LLP and Schulte Roth & Zabel LLP.
Abigail earned a B.A. in Political Science and Government from Middlebury College and a J.D. from Seton Hall Law School.
Directly prior to joining W. P. Carey, Jessica was an Associate at Reed Smith LLP (where she primarily worked on W. P. Carey matters) and began her legal career representing investment banks in CMBS loan origination.
In addition, Jessica was a Peace Corp Volunteer where she worked to improve access to clean water in northern Ghana.
Jessica earned a B.A. in History from Penn State University and a J.D. from New York Law School, both magna cum laude.
Jeremiah Gregory joined W. P. Carey in 2013 and has served in various roles in Capital Markets, Strategy and Corporate Finance. He was appointed Managing Director in 2015 and currently serves as Head of Capital Markets. At W. P. Carey, he oversees balance sheet strategy and execution for all capital markets transactions including equity, bonds, credit facilities and FX hedging. He helps to lead communication with rating agencies, institutional investors, investment banking and lender relationships. He also works on strategic initiatives and corporate transactions, including the 2014 and 2018 mergers with W. P. Carey’s previously managed funds, CPA®:16 – Global and CPA®:17 – Global.
Before joining W. P. Carey, Jeremiah worked as a Vice President and Director in the Real Estate Investment Banking Group at Barclays and as an Associate at Lehman Brothers in the Global Real Estate Group. He advised on and executed a wide variety of M&A, capital markets and principal transactions for public REITs and real estate sponsors. Prior to his investment banking experience, he worked at BRIDGE Housing Corporation, a San Francisco-based real estate development company focused on urban-infill, multifamily projects in California. Jeremiah received an A.B. from Harvard and an M.B.A. from Yale School of Management.
Peter Sands joined W. P. Carey in 2014 and oversees the company’s relationship with institutional investors and sell-side research, with a particular focus on communicating the company’s operating performance and business strategy and expanding its ownership among REIT-focused investors, in conjunction with the company’s Capital Markets strategy. He was appointed Executive Director in 2016.
Before joining W. P. Carey, Peter was Head of Investor Relations at Artio Global Investors (spun-out from Julius Baer) where he developed and implemented its investor relations program, with ongoing responsibility for its corporate communications activities and all aspects of its relationship with the investment community. Prior to that he was a Director in the Investor Relations Group at Merrill Lynch & Co. where he progressed through various roles over a 12-year period, including roles in Corporate Strategy, Investment Banking and Institutional Sales & Trading. Peter began his career as a corporate lawyer at Bell Gully Buddle & Weir, a leading New Zealand law firm, after graduating from the University of Auckland with Bachelor of Laws and Bachelor of Commerce degrees.
Mark Foresi joined W. P. Carey in 2014 and currently serves as Executive Director of Strategy and Capital Markets. In his role, Mark works on a variety of financing, investor relations and strategic initiatives including debt and equity issuances, foreign currency hedging and corporate transactions including W. P. Carey’s merger with its previously managed fund. Additionally, Mark served as Treasurer from 2016 to 2017.
Prior to joining W. P. Carey, Mark worked in the Real Estate Investment Banking Group at the Royal Bank of Canada advising public and private real estate companies on a variety of transactions and capital markets assignments. Prior to that, Mark worked at Citizens Financial Group and Capital One Bank in their commercial real estate lending divisions. Mark graduated from Trinity College, where he received a B.A. in Economics with Departmental Honors. He was captain of the Trinity wrestling team and an NCAA All-American. He received his M.B.A. from Columbia Business School and is a CFA charterholder.
Craig Vachris serves as the Chief Credit Officer of W. P. Carey, overseeing the credit and real estate underwriting for all domestic and international transactions. Prior to joining the Company in 2011, he was Vice President of Asset Management for Sovereign Investment company where he was responsible for underwriting, structuring and managing approximately $1 billion in net lease assets. Prior to Sovereign Investment, he worked at Gemini Realty Advisors, a real estate consulting and advisory firm, as well as at ABN AMRO and JP Morgan Chase in their respective corporate banking divisions as a credit officer. He also served in the United States Army Reserve, holding the rank of Lieutenant.
Craig received his B.A. from Brown University where he was captain of the lacrosse team. He also holds a M.S. in Real Estate Finance from New York University.
Will Carey currently serves as Senior Vice President of the Credit & Risk Team at W. P. Carey. He evaluates creditworthiness of companies in support of prospective sale-leaseback and other financing transactions. Will joined W. P. Carey in September 2010 as an Analyst in the Office of the Chairman, having previously served as an intern with the firm.
Will graduated with a B.A. from Sewanee, where he studied History and Business with a concentration in Finance, and received an M.B.A. from the University of Pennsylvania’s Wharton School. He is also a graduate of The Pennington School in Pennington, NJ.
He serves as a Trustee of the W. P. Carey Foundation. He also serves on the Boards of the Boys and Girls Harbor and the Babson Center for Global Commerce.