TORTO, Raymond G.
Age 82, passed away peacefully at his home in Marblehead, on Sunday, April 7, 2024. He leaves behind his loving wife of 34 years, Elizabeth (Rowen) Torto. A devoted father, Raymond is survived by his daughter, Stephanie and her husband, Jon, his daughter, Pamela and her husband, Michael and his son, Nathaniel. Raymond leaves behind his brother, Philip, his sister-in-law, Elly; and his niece and nephew, Elissa and Michael. He is also survived by his grandchildren, Emma, Katie, Cameron, Chase and Hunter; as well as his beloved cousins and devoted friends.
Born in Lynn in 1941, Ray was the son of Edward and Lucy (Petrucci) Torto. He grew up in Lynn surrounded by a large family, who immigrated from Italy in the 1910s. Ray graduated from Lynn English High School in 1959. He met his late wife, Carol (McGrath) Torto, a student at rival Lynn Classical High School, on a blind date. Ray went on to become a ‘triple eagle,’ receiving his Bachelor’s, Master’s and PhD degrees in economics from Boston College. While at BC, Ray made lifelong friendships, including a group of friends that called themselves ‘The Potatoes.’
Ray’s vast professional career spanned roles in academia, government and the private sector as well as authoring four books. Ray began his career in the late 1960s as a Professor of Economics at Salem State College and in 1970, began teaching at the University of Massachusetts in Boston. During his 24-year tenure at UMass, he was appointed the Department Chairman and Director of the Public Policy Institute. Ray also served as a government official for the City of Boston, advising on tax policy and later, becoming the Commissioner of Assessing for Mayor Kevin White.
Ray was a pioneer of the real estate research industry. In 1982, Ray partnered with Bill Wheaton of MIT, to start Torto Wheaton Research (TWR), a commercial real estate research firm. TWR was among the first to bring data analysis and econometrics to the real estate industry, paving the way for increased institutional capital. Ray was a co-recipient, with Bill Wheaton, of the 2007 James A. Graaskamp Award for Real Estate Research Excellence. TWR was acquired by CBRE in 2009 and continues its mission today as CBRE Econometric Advisors. Ray later became the Global Chief Economist for CBRE and served as treasurer, vice chairman and chairman of the Pension Real Estate Association and as a director of the PREA board. After Ray retired from CBRE, he returned to the classroom to become a lecturer at the Harvard Graduate School of Design. Well-known in the industry for his approach to real estate economics, he also became famous for his Boston accent and use of the word ‘dater.’ Reflecting on his career in an interview in 2014, Ray said that his favorite part of the real estate industry was the many people he worked with over the years.
In his free time, Ray enjoyed sailing, tennis, cooking, a stiff Manhattan and the view of Marblehead Harbor. On almost every weekend in the summer, Ray could be found on his sailboat with his wife, Linn, and cousin, Bob. Ray loved spending time with family and friends. Soon after moving to his house in Marblehead, Ray built a bocce court, which became an integral part of the annual Torto family reunions and the site of many heated competitions. On Sunday afternoons, Ray could usually be found cooking sauce for his famous raviolis. With his warmth, quick wit and charm, Ray was truly one in a million.
A Celebration of Life is being planned for a future date. In lieu of flowers and gifts, please consider making a donation to St. Francis House, at 39 Boylston Street, Boston or The McCormack School at UMass Boston, at 100 Morrissey Blvd., Boston. For more information or online guestbook, please visit www.MurphyFuneralHome.com or call 978-744-0497.