CPE’s 2018 Developer of the Year
- Mar 13, 2019
CEO, The Related Cos.
Developer’s Developer: For the past quarter century, Blau has directed and overseen new developments worth more than $20 billion in almost every sector of the real estate industry. He joined privately held Related, based in New York City, in 1989 as an analyst and rose to associate and then vice president. In 2000, he became president, and in 2012, he took over the CEO spot from founder Stephen Ross.
The Numbers: Related has more than $50 billion in assets owned or under development, with offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Washington, D.C., Abu Dhabi and London and more than 3,500 employees.
Topping Out: In July, Related and Oxford Properties Group announced that 30 Hudson Yards, the second-tallest building in New York City, topped out at 1,296 feet. The 90-story, Kohn Pedersen Fox-designed office tower is part of Hudson Yards, an entirely new neighborhood bringing more than 18 million square feet of mixed-use development to Manhattan’s West Side. The observation deck will be the highest outdoor observation deck in the Western Hemisphere, rising more than 1,100 feet in the air and extending 65 feet from the building. Tenants in the 2.6 million-square-foot LEED Gold skyscraper include Kohlberg, Kravis & Roberts; WarnerMedia and its subsidiaries CNN, HBO, Warner Bros. and Turner; and Wells Fargo Securities.
Grand Financing: In November 2018, Related closed on $630 million in construction financing with Deutsche Bank for its massive The Grand project in downtown Los Angeles. The $1 billion complex, designed by architect Frank Gehry and being developed in partnership with CORE USA, is slated for completion in late 2021.
Luxury Senior Housing: Related entered into a new joint venture with Atria Senior Living to develop, own and operate more than $3 billion of modern, urban communities catering to seniors looking to live in major cities. The initial development pipeline includes sites in New York City, San Francisco, Boston, Los Angeles, Miami and Washington, D.C., among others. “Our new focus on senior living represents a culmination of our efforts and now means that Related can offer best-in-class housing options for every stage of life,” Blau stated.
Preserving Affordability: The company acquired 7,837 affordable housing units from Apartment Investment and Management Co. for $590 million, making Related one of the nation’s largest affordable preservationists.
Community Service: NAIOP Massachusetts selected Related Beal to receive its 2018 Distinguished Real Estate Award for achievements in real estate, charitable activities and community betterment, calling it a “driving force in Boston’s real estate market, transforming historic neighborhoods and reshaping key sections of the city, including North Station, Beacon Hill, Post Office Square, South End, Kenmore Square and the Seaport District.” Among its standout achievements, Related Beal developed The Beverly, Boston’s first 100 percent workforce and affordable housing development in 25 years, and revitalized the city’s historic Lovejoy Wharf with new luxury waterfront condominiums. — Sibley Fleming
President & CEO, Hines
Next Generation: A co-owner of the company formed by dad Gerald, Hines leads the company’s executive committee, chairs its steering committee, sits on the firm’s global investment committee and oversees all of the firm’s policies, procedures and day-to-day operations. He became president in 1990 and has led the development of the firm’s domestic and international acquisition program. He currently oversees a portfolio of $116 billion in assets under management.
Completions & Purchases: Hines commenced a number of impressive projects in 2018. In New York City, Hines and Welltower broke ground on Sunrise at E. 56th Street, which represents Hines’ entry into senior living. In downtown Houston, Hines and Ivanhoe Cambridge announced they will build a 47-story “next-generation” office development designed by Pelli Clarke Pelli. And in downtown Chicago, Hines announced the launch of Salesforce Tower Chicago, the third phase of the Wolf Point master plan—a three-phase development designed by Pelli Clarke Pelli—located on one of the last remaining downtown riverfront sites. Hines is developing Salesforce Tower Chicago in partnership with longtime land owner the Joseph P. Kennedy Family. — Therese Fitzgerald
CEO & Member of the Board of Directors, Howard Hughes Corp.
Master Developer: Weinreb has led Howard Hughes Corp., the publicly traded spinoff of General Growth Properties Inc., since its inception in 2010. Prior to Howard Hughes Corp., he spent 17 years as chairman & CEO of TPMC Realty Corp., a Dallas-based investment and development firm. He began his real estate career in New York City during the 1980s.
Ground Breaking: The Howard Hughes Corp. owns and develops large residential and mixed-use projects. In 2018, it broke ground on 110 N. Wacker Drive, the largest tower to be built in Chicago in the last three decades; the Merriweather District, a high-density mixed-use neighborhood in downtown Columbia, Md.; and Las Vegas Ballpark, the soon-to-be new home of HHC’s Las Vegas Aviators AAA baseball team in Downtown Summerlin, Nev. Completions included Pier 17 at the Seaport District, a new entertainment destination with a 1.5-acre rooftop, in New York City. The company also acquired 250 Water St. in the Seaport district and opened 10 Corso Como in the Fulton Market Building there. HHC also acquired two vacant Class A office buildings totaling 257,025 square feet in The Woodlands master-planned community in Houston and closed on approximately $150 million in land sales for the Summerlin master-planned community in the Las Vegas Valley. — Therese Fitzgerald