Blog

By Brent Hoffmann, 2005

On a private River Cruise for executives of an insurance company, Mary Ludgin introduced herself: “I work for a real estate investment firm, not in the insurance business. But I promise to say ‘insurance’ every once in a while, and try to make it relevant.” Then she led a highly relevant tour — reviewing the business, investment and insurance opportunities offered by new construction along the river.

Mary’s been a docent since 1989. “Our classes were held at Glessner House, and there was just one Loop tour at that time,” she said. “Now we have tours on the river, and the beauty of being a docent is that you see its transformation from a sewer to a major amenity like our lake. The river has evolved as a spine for development. For example, in the 1990s, Phillip Johnson’s 190 S. LaSalle was a primary business address in Chicago. Now the attention has turned to Wacker Drive along the river. I see it every day because I work for Heitman, across the river from the new 150 N. Riverside building. Ironically, a client of my firm provided part of the capital to build a building on what was thought to be an unbuildable site. In the process, we blocked the view from our boardroom. Such is life.”

Real Estate
Mary is a managing director at Heitman, a real estate investment management firm headquartered in Chicago. She serves as the firm’s director of global investment research. A partner in the firm, she holds a seat on its investment, valuation and management committees. Mary also is a trustee of the Urban Land Institute. She served as chairman of the board of the Pension Real Estate Association and as president of the National Council of Real Estate Investment Fiduciaries. For CAF, she served on the docent council and was a member of the Foundation’s board of trustees.

Politics, Too
Mary holds an AB from Vassar College and an MA and Ph.D. in political science from Northwestern University. While a graduate student at Northwestern, her advisor was Lou Masotti, then professor of public management and urban affairs. He’d also served as an aide to former Chicago Mayor Jane Byrne. “Lou’s experience in city hall inspired me,” Mary said. “I didn’t want to be a political science Ph.D. who’d never worked in politics. So, in 1985, I took a job at city hall. I worked with Liz Hollander, who headed up Mayor Harold Washington’s department of planning, and with Dave Mosena, who now runs the Museum of Science and Industry.”

Where’s Wright?
Years later, Mary would lead two river tours for Mayor Richard M. Daley. She also did a private tour for a global group of government legislators, including former Speaker of the U.S. House of Representatives Denny Hastert.

“On one of my regularly scheduled tours, I got word that Bette Midler would be aboard, so I’d better be good,” continued Mary. “Bette sat in the bow with her husband, who asked why I didn’t show any Frank Lloyd Wright buildings.”

Accidents of Fate
“Chicago is special,” Mary said. “It has enjoyed wonderful accidents of fate. In the 19th century, it embraced the railroads. The routing of the railroad through Chicago transformed the city’s economy during the 1800s, putting us on a path of growth that caused the city’s population to reach one million by 1893. Ironically, the railroad land provided growth opportunities during the late 20th century. As the railroads lost market share to the airplane and the truck for passenger and freight traffic, developers built directly on that leftover land, or built on the air rights over it. Those big blocks of land to the south, east and west of the Loop allowed for construction of residential units — as well as the traditional downtown property types, office and retail. Having so many residents downtown helped keep it viable as an office district. And those residents, along with the hotel guests, support the amenities that office tenants benefit from.”