Demystifying Industrial Investments with Ashley Capital’s Paul Rubacha (MBA ’73)

The Baker Program was honored to welcome Paul Rubacha, Chairman of the Cornell Real Estate Council and co-founder and principal of Ashley Capital, to the Distinguished Speaker Series.  Mr. Rubacha started his career in the real estate department of Prudential Financial, Inc. and transitioned to equity operations with Goldman Sachs, establishing himself on Wall Street.  When discussing his career trajectory, Mr. Rubacha talked about the transition of manufacturing activities from local United States operations to global locations, particularly in Southeast Asia, in the 1980’s.  This resulted in empty warehouses as manufacturing operations increasingly moved overseas.  Hard-hit states like Ohio, Michigan, Minnesota, and Indiana faced widespread ill-effects as a result, such as unemployment, a depressed regional economy, decline in asset values, distressed landowners, and unused land.  This is when Mr. Rubacha and his partner, Rick Morton, identified the opportunity to buy vacant warehouses, upgrade them, and lease them out to provide

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