Morehouse College and Real Estate Logistics Company Prologis have brokered a partnership to establish a foundation aimed at cultivating a new generation of black real estate agents. Per a report by Essence, a report states that $3 million was donated to The House to promote an endowed fund, which aims to create opportunities for students to study real estate at the institution.

In a press release, Morehouse president David A. Thomas, Ph.D., expressed gratitude to the company for the donation and its commitment to fostering a more diverse environment for black real estate agents. Thomas stated, “This partnership with Prologis is an important step toward improving diversity in commercial real estate ownership and leadership. The Morehouse Real Estate Institute will serve as a talent pipeline, preparing rising Morehouse Men and Atlanta University Center students to compete for top jobs as future real estate agents, brokers, executives, and entrepreneurs.”

Diversity remains a significant issue in the real estate industry, with just 10 percent of real estate officials and professionals being black, according to the U.S. Bureau of Labor and Statistics. In contrast, 82 percent are white. R. Donahue Peebles is currently the richest black real estate agent.

Historically Black Colleges and Universities (HBCUs) have played a pivotal role in developing the majority of black professionals, accounting for 40 percent of black engineers, 50 percent of black lawyers, 70 percent of black doctors, and 80 percent of black judges. This partnership with Morehouse College presents an enticing opportunity for Prologis to contribute to the real estate field.

“We are excited to partner with Morehouse College in the creation of its Real Estate Institute,” said Prologis Co-Founder, Chairman, and CEO Hassan R. Moghadam in a press release. Prologis shares the enthusiasm, and Morehouse College hopes to nurture and sustain this relationship to provide another avenue for black professionals in the realm of real estate.