Real estate VP seeks $50M for new firm

For the University's top real-estate official, life after Penn comes with a price tag.

In order to jumpstart his goal of starting his own firm, Vice President of Facilities and Real Estate Services Omar Blaik hopes to raise $50 million -- a goal he says is within reach.

In charge of virtually all of Penn's facilities, Blaik announced his resignation last month. His last day at Penn will be April 7, a week after his original planned departure date of March 31.

Blaik said he feel "very comfortable that the funding will be available."

Despite the mixed emotions his approaching departure evokes, Blaik said he is looking forward to working out of his recently completed home office.

"The fact that you wake up in the morning and are your own boss and you pursue things that you want to pursue ... there is a very liberating feeling about that," he said.

Blaik is leaving his position to form a consulting firm designed to help universities around the country develop real estate in their neighborhoods.

He said that he is trying to make the transition as easy as possible for Thomas Stump, who will take over his job until a replacement is found.

Stump is currently the School of Engineering and Applied Science's executive director of budget and administration.

"I have been trying to be in the background, and I come into decisions and meetings trying to provide perspective," Blaik said. "But I'm trying to let the new decision-making process take shape."

University officials don't expect a permanent successor to be named for several months. Stump said he expects to serve for six months as both interim vice president and at his current post.

She added that Penn will choose a search firm to help locate someone permanent "in a matter of weeks."

Gutmann said that Executive Vice President Craig Carnaroli will lead the search because he will be the new vice president's immediate superior.

"My goal is that someone would be on board by the fall semester," Carnaroli said. "A high-level position like this requires a good amount of recruitment [to find] an individual of high caliber."

Stump said he sees the upcoming months as a challenge.

"These interim positions, you don't leave your other job -- that is what makes them so difficult," Stump said. "I'm spending about half my time at [Facilities and Real Estate] and half my time at the Engineering School."

Stump, who says he doesn't want the job permanently, added that he was "surprised by the breadth" of the new responsibilities that await him. These range from maintenance to construction of multimillion-dollar buildings.

Gutmann said that she is confident in Stump's abilities to lead the division in the interim.

"He has worked very closely with Facilities," Gutmann said. "He is an extreme expert in this."

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